# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-23-066111
**Filing Date:** 2023-3
**Character Count:** 2204457
**Document Hash:** fe08385bf8a6f149a31cbfd0c0caf890
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-066111.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-066111

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 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:** 23719899

**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 Balanced Strategy Portfolio (Series ID: S000009314)

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

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

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

### Goldman Sachs Growth and Income Strategy Portfolio (Series ID: S000009325)

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

### Goldman Sachs Growth Strategy Portfolio (Series ID: S000009336)

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

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

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

### Goldman Sachs U.S. Tax-Managed Equity Fund (Series ID: S000009340)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025601 | Institutional   | GCTIX           |
| C000025602 | Service         | GCTSX           |
| C000025603 | Class A         | GCTAX           |
| C000025605 | Class C         | GCTCX           |
| C000091964 | Investor Shares | GQIRX           |
| C000200307 | Class R6 Shares | GCTRX           |
| C000201767 | Class P Shares  | GSDPX           |

### Goldman Sachs Real Estate Securities Fund (Series ID: S000009341)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025607 | Institutional   | GREIX           |
| C000025608 | Service         | GRESX           |
| C000025609 | Class A         | GREAX           |
| C000025611 | Class C         | GRECX           |
| C000058977 | Class R         | GRERX           |
| C000058978 | Investor Shares | GRETX           |
| C000161521 | Class R6 Shares | GREUX           |
| C000201768 | Class P Shares  | GMJPX           |

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

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

### Goldman Sachs Satellite Strategies Portfolio (Series ID: S000015982)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000043943 | Institutional Shares | GXSIX           |
| C000043944 | Class A              | GXSAX           |
| C000058996 | Class R              | GXSRX           |
| C000058997 | Investor Shares      | GXSTX           |
| C000065655 | Class C              | GXSCX           |
| C000070486 | Service              | GXSSX           |
| C000161535 | Class R6 Shares      | GXSUX           |
| C000201787 | Class P Shares       | GMFPX           |

### Goldman Sachs International Tax-Managed Equity Fund (Series ID: S000018298)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050443 | Institutional   | GHTMX           |
| C000050444 | Class A         | GATMX           |
| C000050445 | Class C         | GCTMX           |
| C000091965 | Investor Shares | GITRX           |
| C000200308 | Class R6 Shares | GHTRX           |
| C000201771 | Class P Shares  | GGCPX           |

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

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

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

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

### Goldman Sachs Managed Futures Strategy Fund (Series ID: S000034856)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000107193 | Class A         | GMSAX           |
| C000107194 | Class C         | GMSCX           |
| C000107195 | Institutional   | GMSSX           |
| C000107196 | Class R         | GFFRX           |
| C000107197 | Investor Shares | GFIRX           |
| C000200310 | Class R6 Shares | GMSWX           |
| C000201775 | Class P Shares  | GMQPX           |

### Goldman Sachs Global Infrastructure Fund (Series ID: S000050577)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000159640 | Class A Shares       | GGIAX           |
| C000159641 | Class C Shares       | GGICX           |
| C000159642 | Institutional Shares | GGIDX           |
| C000159643 | Investor Shares      | GGINX           |
| C000159644 | Class R Shares       | GGIEX           |
| C000159645 | Class R6 Shares      | GGIJX           |
| C000201776 | Class P Shares       | GGWPX           |

### Goldman Sachs Global Real Estate Securities Fund (Series ID: S000050578)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000159646 | Investor Shares      | GARJX           |
| C000159647 | Class R Shares       | GARHX           |
| C000159648 | Class R6 Shares      | GARVX           |
| C000159649 | Class A Shares       | GARGX           |
| C000159650 | Class C Shares       | GARKX           |
| C000159651 | Institutional Shares | GARSX           |
| C000201777 | Class P Shares       | GGUPX           |

### Goldman Sachs Defensive Equity Fund (Series ID: S000068943)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000220320 | Class A Shares       | GDEAX           |
| C000220321 | Institutional Shares | GDEIX           |
| C000220322 | Class C Shares       | GDECX           |

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

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Goldman Sachs Trust

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(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

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(Address of principal executive offices) (Zip code)

Copies to:

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| | |
|:---|:---|
| Caroline Kraus, Esq. | Stephen H. Bier, Esq. |
| Goldman Sachs & Co. LLC | Dechert LLP |
| 200 West Street | 1095 Avenue of the Americas |
| New York, New York 10282 | New York, NY 10036 |

---

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(Name and address of agents for service)

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

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Date of fiscal year end: December 31

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Date of reporting period: December 31, 2022

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ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

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![LOGO](g325593page001.jpg)

Goldman Sachs Funds Annual Report December 31, 2022 Fund of Funds Portfolios Balanced Strategy Growth and Income Strategy Growth Strategy Satellite Strategies

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## Goldman Sachs Fund of Funds Portfolios
∎ **BALANCED STRATEGY** 

∎ **GROWTH AND INCOME STRATEGY** 

∎ **GROWTH STRATEGY** 

∎ **SATELLITE STRATEGIES** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Market Review](#fof325593_11) | 1 |
|  [Portfolio Management Discussions and Performance Summaries](#fof325593_12) | 3 |
|  [Index Definitions](#fof325593_13) | 22 |
|  [Schedules of Investments](#fof325593_14) | 23 |
|  [Financial Statements](#fof325593_15) | 33 |
|  [Financial Highlights](#fof325593_16) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balanced Strategy](#fof325593_17) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Growth and Income Strategy](#fof325593_18) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Growth Strategy](#fof325593_19) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Satellite Strategies](#fof325593_110) | 63 |
|  [Notes to the Financial Statements](#fof325593_111) | 71 |
|  [Report of Independent Registered Public Accounting Firm](#fof325593_112) | 95 |
|  [Other Information](#fof325593_113) | 96 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

---

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MARKET REVIEW

Market Review

Ongoing macroeconomic and geopolitical uncertainty created a challenging backdrop for the capital markets during the 12-month period ended December 31, 2022 (the "Reporting Period"). The Russia/Ukraine conflict and its impact on energy prices, COVID-19 flare-ups in China, and pressure from rising wages in the U.S. led to sustained high inflation and hawkish, synchronized monetary policy responses from global central banks. (Hawkish suggests higher interest rates; opposite of dovish.)

During the first quarter of 2022, when the Reporting Period began, inflationary pressures intensified, with many developed nations experiencing their fastest price increases in decades. In February, geopolitical tensions added uncertainty to an already complex investment backdrop, as energy and commodity prices spiked in response to Russia's invasion of Ukraine late in the month. In response, global central banks, including the U.S. Federal Reserve (the "Fed"), took policy action. In March, the Fed raised interest rates, by 25 basis points, for the first time since 2018. (A basis point is 1/100th of a percentage point.) Fed Chair Jerome Powell provided guidance that policymakers were prepared to act even more aggressively to tackle inflation. In addition, a number of Fed governors indicated their openness to 50 basis point rate hikes at the next meeting or two with the possibility of getting to neutral rate levels by the end of 2022. (The neutral rate is the theoretical federal funds rate at which the stance of Fed monetary policy is neither accommodative nor restrictive. It is the short-term real interest rate consistent with the economy maintaining full employment with associated price stability.) Global equities broadly declined during the first calendar quarter. Within fixed income, credit spreads (or yield differentials to duration-equivalent government bonds) widened, as bond yields rose in response to inflationary pressures.

Global economic activity moderated noticeably in the second quarter of 2022 amid tighter financial conditions and COVID-19 outbreaks in China. Inflation accelerated, as food and energy prices continued to rise in the wake of Russia's attack on Ukraine. Major central banks focused on taming inflation, signaling they would continue to tighten monetary policy until inflation came down toward their respective target levels. In the U.S., the Fed raised interest rates twice during the second calendar quarter, by 50 basis points in May and then by 75 basis points in June, and indicated there would likely be more rate increases into the end of 2022. Investor concerns around slower economic growth deepened, with worries increasing about a potential policy miscalculation by the Fed. As a result, global equities continued to sell off, led by a steep decline in the U.S equity market. Emerging market equities also fell, though Chinese equities broadly recorded gains. Fixed income markets were mostly negative, as central bank interest rate hikes overall came faster than investors had previously anticipated. Rising short-term interest rates and expectations for further monetary policy tightening hurt duration-sensitive assets, while concerns about the economic outlook led to further credit spread widening. (Duration is a measure of a security's sensitivity to changes in interest rates.)

The themes that had dominated the capital markets during the first half of 2022 persisted into the third calendar quarter. Higher than consensus expected inflation data prompted the Fed to make two additional interest rate hikes, totaling 150 basis points, during the third quarter, increasing investor concern that Fed tightening might ultimately tip the U.S. economy into recession. In this environment, global equities and the fixed income market posted further losses. In the U.S., the S&P 500<sup>®</sup> Index recorded a third consecutive quarter of declines for the first time since the 2008 financial crisis. Within fixed income, the Fed's short-term rate hikes as well as rising longer-term yields weighed heavily on duration-sensitive assets. Higher perceived recession risk pushed credit spreads wider.

The fourth quarter of 2022 saw modest relief for risk assets, which recouped some of the losses suffered during the previous three calendar quarters. Although U.S. inflation surprised to the downside in the last months of the year, helping to drive up equity markets, major central banks generally maintained their tightening stance and signaled additional tightening, though at a slower pace. The Fed hiked interest rates twice during the fourth quarter, with a 75 basis point hike in November but a 50 basis point hike in December, in line with market expectations. Meanwhile, China began reopening its economy as the government eased its COVID-19 restrictions. In Europe, energy prices dropped, thanks to a warmer than usual winter.

Looking Ahead

At the end of the Reporting Period, we had a cautious outlook on the capital markets. In our view, the Fed was likely to continue tightening monetary policy until officials saw clear and consistent evidence of a sufficient and sustained decline in inflation. Although we acknowledged a growing investor narrative about the potential for a soft landing, we believed the Fed might find that difficult to achieve. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** 

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MARKET REVIEW

central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) Furthermore, we thought global central bank tightening cycles might diverge in terms of direction and speed based on each country's individual household vulnerabilities.

Against this backdrop, we remained cautious about the potential risk-reward balance of adding risk to our portfolios. In addition, with short-term interest rates near 5%, we believed investors were not being adequately compensated for being pro-risk amid the prevailing uncertainty around earnings growth, geopolitical developments and global monetary policy. Until we saw more clarity in the inflation/economic growth mix, we expected to favor higher yielding, high quality fixed income over equities. Going forward, we continued to believe that a dynamic investment approach and careful risk management should help us identify attractive opportunities, both regionally and across asset classes.

**2** 

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PORTFOLIO RESULTS

## Goldman Sachs Fund of Funds Portfolios – Asset Allocation
&nbsp;&nbsp;&nbsp; <br> **Investment Objective**<br>The Goldman Sachs Balanced Strategy Portfolio seeks current income and long-term capital appreciation. The Goldman Sachs Growth and Income Strategy Portfolio seeks long-term capital appreciation and current income. The Goldman Sachs Growth Strategy Portfolio seeks long-term capital appreciation and, secondarily, current income.<br>

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Multi-Asset Solutions ("MAS") Group discusses the performance and positioning of the Goldman Sachs Fund of Funds Portfolios – Asset Allocation (the "Portfolios") for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

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| | |
|:---|:---|
| **Q** | **How did the Portfolios perform during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | **Goldman Sachs Balanced Strategy Portfolio** — During the Reporting Period, the Balanced Strategy Portfolio's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns of -14.09%, -14.70%, -13.69%, -14.18%, -13.79%, -13.66%, -14.30% and -13.75%, respectively. This compares to the -13.90% average annual total return of the Portfolio's blended benchmark, which is composed 60% of the Bloomberg Global Aggregate Index (Gross, USD, Hedged) ("Bloomberg Global Index") and 40% of the MSCI All Country World Index (Net, USD, Unhedged) ("MSCI ACWI Index"), during the same period.  |

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The components of the Portfolio's blended benchmark, the Bloomberg Global Index and the MSCI ACWI Index, generated average annual total returns of -11.22% and -18.36%, respectively, during the Reporting Period. <br>

**Goldman Sachs Growth and Income Strategy Portfolio** — During the Reporting Period, the Growth and Income Strategy Portfolio's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns of -15.50%, -16.16%, -15.19%, -15.61%, -15.30%, -15.17%, -15.73% and -15.19%, respectively. This compares to the -15.33% average annual total return of the Portfolio's blended benchmark, which is composed 40% of the Bloomberg Global Index and 60% of the MSCI ACWI Index, during the same period. <br>

The components of the Portfolio's blended benchmark, the Bloomberg Global Index and the MSCI ACWI Index, generated average annual total returns of -11.22% and -18.36%, respectively, during the Reporting Period. <br>

**Goldman Sachs Growth Strategy Portfolio** — During the Reporting Period, the Growth Strategy Portfolio's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns of -17.14%, -17.76%, -16.87%, -17.27%, -16.92%, -16.85%, -17.38% and -16.85%, respectively. This compares to the -16.82% average annual total return of the Portfolio's blended benchmark, which is composed 80% of the MSCI ACWI Index and 20% of the Bloomberg Global Index, during the same period. <br>

The components of the Portfolio's blended benchmark, the Bloomberg Global Index and the MSCI ACWI Index, generated average annual total returns of -11.22% and -18.36%, respectively, during the Reporting Period. <br>

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| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Portfolios' performance during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | The Portfolios seek to achieve their respective investment objectives by investing mainly in a combination of underlying funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). Some of the Portfolios' Underlying Funds invest primarily in fixed income or money market instruments (the "Underlying Fixed Income Funds"); some of the Underlying Funds invest primarily in equity securities (the "Underlying Equity Funds"); and other Underlying Funds invest dynamically across equity, fixed income, commodity and other markets using various strategies including a managed-volatility or trend-following approach (the "Underlying Dynamic Funds").  |

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Performance is driven by three sources of return: long-term strategic asset allocation, medium-term and short-term dynamic allocation, and excess returns from investments in Underlying Funds. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

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PORTFOLIO RESULTS

as opposed to capital, across a set of asset allocation risk factors, including but not limited to, equity, interest rate, emerging markets, credit, momentum and active risk. The resulting strategic asset allocations are implemented using a range of bottom-up security selection strategies across equity, fixed income and dynamic asset classes, which may utilize fundamental or quantitative investment techniques. Then, as part of our tactical investment process, we incorporate our medium-term and short-term dynamic views into the Portfolios to adapt to changes in the markets, economic cycle and macroeconomic environment. Each Portfolio's positioning may therefore change over time based on our medium-term and short-term market views on dislocations and attractive investment opportunities. These views may impact relative weightings across asset classes, allocations to geographic regions, sectors and industries, and the Portfolios' duration and sensitivity to inflation. (Duration is a measure of a portfolio's sensitivity to changes in interest rates.) <br>

During the Reporting Period, the Portfolios generated negative absolute returns. In relative terms, the Goldman Sachs Balanced Strategy Portfolio and the Goldman Sachs Growth and Income Strategy Portfolio outperformed their respective benchmark indices, while the Goldman Sachs Growth Strategy Portfolio underperformed its benchmark index.<sup>1</sup> Long-term strategic asset allocation produced mixed results for the Portfolios. Medium-term dynamic views and short-term dynamic decisions contributed positively. Security selection within the Underlying Funds was broadly negative.

Within long-term strategic asset allocation, those Portfolios with greater exposure to managed futures performed relatively better. Specifically, long-term asset allocation added slightly to the performance of the Goldman Sachs Balanced Strategy Portfolio and the Goldman Sachs Growth and Income Strategy Portfolio. The impact of our long-term strategic asset allocation on the Goldman Sachs Growth Portfolio was muted. <br>

Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, added to the performance of all three Portfolios. The Portfolios benefited from the medium-term dynamic view that they have decreased exposure to equity beta, or less sensitivity to equity market volatility. Although all three Portfolios were helped by the medium-term dynamic view that they have reduced exposure to equities, they were negatively affected by re-allocations to fixed income, as yields rose during the <br>

Reporting Period. Medium-term dynamic allocations to U.S. and global investment grade corporate bonds detracted from the performance of all three Portfolios. In addition, medium-term dynamic allocations to U.S. Treasury securities and emerging markets debt had a negative impact on the Goldman Sachs Growth Strategy Portfolio. On the other hand, as interest rates rose during the Reporting Period, all three Portfolios benefited from their reduced allocations to our long U.S. interest rate options strategy, which generally has substantial duration sensitivity. (Our long U.S. interest rate options strategy, which seeks to profit if interest rates fall, remain constant or rise less than anticipated, is a macroeconomic hedge that buys options on short-term interest rates, including call options. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.) <br>

Short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to the performance of all three Portfolios during the Reporting Period. Between the beginning of the Reporting Period and January 17, 2022, short-term dynamic views were expressed through the Goldman Sachs Tactical Tilt Overlay Fund (the "Underlying Tactical Fund"), which generated positive returns during that period. From January 17, 2022, when we began implementing our short-term dynamic views directly, and the end of the Reporting Period, the Portfolios benefited from our decision to use S&P 500<sup>®</sup> Index options to express generally bullish short-term dynamic views on U.S. large-cap equities. Our short-term dynamic view that the Portfolios have increased exposure to energy master limited partnerships ("MLPs") also added to their performance. In addition, all three Portfolios were helped by our short-term dynamic view that they hold small tactical positions in the U.S. energy and health care sectors. <br>

Security selection within the Underlying Funds detracted overall from the performance of all three Portfolios during the Reporting Period.

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| | |
|:---|:---|
| **Q** | **How did the Portfolios' Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | Among the Underlying Equity Funds, the Goldman Sachs Emerging Markets Equity Insights Fund, the Goldman Sachs International Equity Insights Fund, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Global Real Estate Securities Fund underperformed their respective  |

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<sup>1</sup> As measured by Institutional Shares.

**4** 

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PORTFOLIO RESULTS

benchmark indices. The Goldman Sachs International Small Cap Insights Fund outperformed its benchmark index. During the Reporting Period overall, the performance of the Goldman Sachs ActiveBeta Large Cap Equity ETF versus its benchmark index was rather flat.

Among Underlying Fixed Income Funds, the Goldman Sachs Global Core Fixed Income Fund, the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund and the Goldman Sachs High Yield Floating Rate Fund underperformed their respective benchmark indices. The performance of the Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs Inflation Protected Securities Fund and the Goldman Sachs Short Duration Bond Fund was rather flat during the Reporting Period. <br>

Among Underlying Dynamic Funds, the Goldman Sachs Managed Futures Strategy Fund outperformed its cash benchmark. The Goldman Sachs Alternative Premia Fund underperformed its cash benchmark between the beginning of the Reporting Period and January 17, 2022 when it was removed as an Underlying Fund of the Goldman Sachs Balanced Strategy Portfolio and the Goldman Sachs Growth and Income Strategy Portfolio. (The Goldman Sachs Alternative Premia Fund was not an Underlying Fund for the Goldman Sachs Growth Strategy Portfolio.) <br>

The Underlying Tactical Fund outperformed its cash benchmark between the beginning of the Reporting Period and January 17, 2022, when we began implementing our short-term dynamic views directly.

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|:---|:---|
| **Q** | **How did the Portfolios use derivatives and similar instruments during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | During the Reporting Period, all three Portfolios used derivatives for passive replication of asset classes. Specifically, each of the Portfolios held a strategic position in S&P 500<sup>®</sup> Index futures (negative impact on performance). For short-term dynamic views, the Portfolios utilized equity index futures to gain exposure to Eurozone banks (negative impact). They employed equity index options on U.S. large-cap equities (positive impact) and equity index options on U.K. and South Korean equities (each had a negative impact). In addition, the Portfolios used equity options to gain access to the U.S. health care sector (positive impact).  |

---

Within fixed income, all three Portfolios invested in a strategy that utilized interest rate options to profit if interest rates fall, remain constant, or rise less than anticipated (negative impact). In addition, U.S. Treasury futures were used to express our medium-term dynamic views on longer-term Treasury securities and to position the Portfolios <br>

toward the long-term end of the U.S. Treasury yield curve (negative impact). (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

The three Portfolios used forward foreign currency exchange contracts within a foreign currency hedging strategy (positive impact), which seeks to manage the risk associated with investing in non-U.S. currencies. In addition, within short-term tactical views on currencies, the Portfolios employed forward foreign currency exchange contracts (neutral impact). <br>

During the Reporting Period, some of the Portfolios' Underlying Funds, including the Underlying Tactical Fund, used derivatives to apply their active investment views with greater versatility and potentially to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes. <br>

---

| | |
|:---|:---|
| **Q** | **What changes did you make during the Reporting Period within the Portfolios?**  |

---

---

| | |
|:---|:---|
| **A** | No changes were made to the Portfolios' long-term strategic asset allocations during the Reporting Period.  |

---

As for medium-term dynamic allocations, we decreased the Portfolios' exposures to Treasury inflation protected securities and U.S. large-cap growth equities during February 2022 and also increased their exposures to high yield corporate bonds and energy MLPs. In March, we increased the Portfolios' medium-term dynamic allocations to core fixed income and cash, while reducing their overall exposures to equities by trimming their holdings of S&P 500<sup>®</sup> Index futures. During April, we adjusted the Portfolios' duration positioning by decreasing exposures to longer-maturity bonds and increasing exposures to short duration bonds and our long U.S. interest rate options strategy. In addition, we slightly increased the Portfolios' exposures to U.S. dollar-denominated emerging markets debt and reduced their equity allocations overall by decreasing exposures to international small-cap equities. During May, we adopted the medium-term dynamic view that the Portfolios have less exposure to riskier fixed income and more exposure to less risky fixed income. As a result, we reduced the Portfolios' exposures to high yield corporate bonds and added exposures to short duration bonds. In June, we continued to decrease the Portfolios' exposures to high yield corporate bonds and also reduced their exposures to U.S. dollar-denominated emerging markets debt, moving <br>

**5** 

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PORTFOLIO RESULTS

some of the capital into core fixed income and relatively smaller amounts into cash. Additionally, we expressed the medium-term dynamic view that the Portfolios have smaller allocations to real assets by trimming their exposures to real estate and infrastructure securities. During August, we increased the Portfolios' medium-term dynamic allocations to local emerging markets debt. We reduced their exposures to emerging markets equities in order to increase their holdings of S&P 500<sup>®</sup> Index futures. Additionally, we decreased the Portfolios' medium-term dynamic allocations to U.S. large-cap growth equities during August. In October, we reduced the Portfolios' cash positions in favor of greater exposures to short duration U.S. Treasury securities. During December, we increased the Portfolios' medium-term dynamic allocations to U.S. dollar-denominated emerging markets debt by further reducing their cash positions. We also increased their exposures to emerging markets equities through decreased allocations to real estate securities. In addition, we reduced the Portfolios' overall credit risk in December by shifting their exposures slightly from short duration bonds into very short U.S. Treasury maturities. <br>

Regarding short-term dynamic allocations, we removed the Portfolios' allocations to the Underlying Tactical Fund during January 2022 and began implementing our views directly, primarily through ETFs and derivatives. Using these instruments, we added tactical exposures to U.S. equities, non-U.S. developed markets equities and currencies. In April, we expressed the short-term dynamic view that the <br>

Portfolios have slightly greater allocations to core fixed income. In May, we tactically increased the Portfolios' allocations to U.S. large-cap equity options to reflect generally bullish views. In September, we increased the size of this tactical options strategy on U.S. large-cap equities. Finally, in December, we modestly reduced the size of the Portfolios' short-term dynamic allocations to U.S. large-cap equity options. <br>

Regarding Underlying Funds, we removed the Goldman Sachs Dynamic Global Equity Fund as an Underlying Fund for the Portfolios during January 2022, reallocating the capital to other Underlying Equity Funds. In January 2022, in advance of its liquidation in February, we removed the Goldman Sachs Alternative Premia Fund as an Underlying Fund for the Portfolios. <br>

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Portfolios' portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Portfolios, joining Neill Nuttall and Siwen Wu. By design, all investment decisions for the Portfolios are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Portfolios.  |

---

**6** 

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FUND BASICS

## Balanced Strategy
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022*![LOGO](g325593dsp009.jpg)

† Strategic allocation is the process of determining the areas of the global markets in which to invest, and in
what long-term proportion, for each Underlying Fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return
tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in
global capital markets. This is called tactical asset allocation. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100%
due to rounding and/or the exclusion of other assets and liabilities.

‡ Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less
frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of December 31, 2022. Actual Underlying Fund weighting in the Portfolio may
differ from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations.

**7** 

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FUND BASICS

 **OVERALL UNDERLYING FUND WEIGHTINGS \***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of Net Assets** 

------

![LOGO](g325593dsp010.jpg)

------

\* The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio's investments but may not represent the Portfolio's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**8** 

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value, as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio's current benchmarks, the Balanced Strategy Composite Index (the "Balanced Composite"), which is comprised of 60% of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (the "Bloomberg Global Index") and 40% of the MSCI<sup>®</sup> All Country World Index (Net, USD, Unhedged) (the "MSCI ACWI Index"), the Bloomberg Global Index and the MSCI ACWI Index (each with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Balanced Strategy Portfolio's 10 Year Performance**

 **Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g325593dsp011.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -14.09% | 1.88% | 3.48% |  |
|  Including sales charges | -18.84% | 0.74% | 2.90% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -14.70% | 1.12% | 2.71% |  |
|  Including contingent deferred sales charges | -15.55% | 1.12% | 2.71% |  |
|  **Institutional** | -13.69% | 2.27% | 3.89% |  |
|  **Service** | -14.18% | 1.75% | 3.44% |  |
|  **Investor** | -13.79% | 2.15% | 3.74% |  |
|  **Class R6 (Commenced July 31, 2015)** | -13.66% | 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 3.50% |
|  **Class R** | -14.30% | 1.64% | 3.25% |  |
|  **Class P (Commenced April 17, 2018)** | -13.75% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 2.39% |
|  <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**9** 

------

FUND BASICS

## Growth and Income Strategy
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022*![LOGO](g325593dsp012.jpg)

† Strategic allocation is the process of determining the areas of the global markets in which to invest, and in
what long-term proportion, for each Underlying Fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return
tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in
global capital markets. This is called tactical asset allocation. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100%
due to rounding and/or the exclusion of other assets and liabilities.

‡ Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less
frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of December 31, 2022. Actual Underlying Fund weighting in the Portfolio may
differ from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations.

**10** 

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FUND BASICS

## Goldman Sachs Fund of Funds Portfolios – Asset Allocation
*as of December 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERALL UNDERLYING FUND WEIGHTINGS \***<br>

**Percentage of Net Assets** 

------

![LOGO](g325593dsp013.jpg)

------

\* The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio's investments but may not represent the Portfolio's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**11** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value, as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio's current benchmarks, the Growth and Income Strategy Composite Index (the "Growth and Income Composite"), which is comprised of 60% of the MSCI<sup>®</sup> All Country World Index (Net, USD, Unhedged) (the "MSCI ACWI Index") and 40% of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (the "Bloomberg Global Index"), the Bloomberg Global Index and the MSCI ACWI Index (each with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Growth and Income Strategy Portfolio's 10 Year Performance**

 **Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g325593dsp014.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -15.50% | 2.85% | 4.98% |  |
|  Including sales charges | -20.14% | 1.70% | 4.39% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -16.16% | 2.08% | 4.20% |  |
|  Including contingent deferred sales charges | -17.00% | 2.08% | 4.20% |  |
|  **Institutional** | -15.19% | 3.23% | 5.39% |  |
|  **Service** | -15.61% | 2.73% | 4.87% |  |
|  **Investor** | -15.30% | 3.11% | 5.24% |  |
|  **Class R6 (Commenced July 31, 2015)** | -15.17% | 3.24% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 4.74% |
|  **Class R** | -15.73% | 2.60% | 4.71% |  |
|  **Class P (Commenced April 17, 2018)** | 15.19% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 3.27% |
|  <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**12** 

------

FUND BASICS

## Growth Strategy
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022*![LOGO](g325593dsp015.jpg)

† Strategic allocation is the process of determining the areas of the global markets in which to invest, and in
what long-term proportion, for each Underlying Fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return
tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in
global capital markets. This is called tactical asset allocation. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100%
due to rounding and/or the exclusion of other assets and liabilities.

‡ Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less
frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of December 31, 2022. Actual Underlying Fund weighting in the Portfolio may
differ from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations.

**13** 

------

FUND BASICS

 **OVERALL UNDERLYING FUND WEIGHTINGS \***

**Percentage of Net Assets** 

------

![LOGO](g325593dsp016.jpg)

------

\* The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio's investments but may not represent the Portfolio's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**14** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value, as of December 31, 2022, of a $10,000 investment made on January 1, 2013 in Class A Shares at NAV. For comparative purposes, the performance of the Portfolio's current benchmarks, the Growth Strategy Composite Index (the "Growth Strategy Composite"), which is comprised of 80% of the MSCI<sup>®</sup> All Country World Index (Net, USD, Unhedged) (the "MSCI ACWI Index") and 20% of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (the "Bloomberg Global Index"), the Bloomberg Global Index and the MSCI ACWI Index (each with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Growth Strategy Portfolio's 10 Year Performance**

 **Performance of a $10,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g325593dsp017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -17.14% | 3.68% | 6.44% |  |
|  Including sales charges | -21.69% | 2.52% | 5.84% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -17.76% | 2.91% | 5.64% |  |
|  Including contingent deferred sales charges | -18.57% | 2.91% | 5.64% |  |
|  **Institutional** | -16.87% | 4.06% | 6.85% |  |
|  **Service** | -17.27% | 3.55% | 6.32% |  |
|  **Investor** | -16.92% | 3.94% | 6.71% |  |
|  **Class R6 (Commenced July 31, 2015)** | -16.85% | 4.09% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 5.87% |
|  **Class R** | -17.38% | 3.42% | 6.16% |  |
|  **Class P (Commenced April 17, 2018)** | -16.85% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 4.14% |
|  <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**15** 

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PORTFOLIO RESULTS

## Goldman Sachs Fund of Funds Portfolios – Satellite Strategies Portfolio
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Investment Objective**<br>The Portfolio seeks long-term capital appreciation.<br>

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Multi-Asset Solutions ("MAS") Group discusses the performance and positioning of the Goldman Sachs Fund of Funds Portfolios – Satellite Strategies Portfolio (the "Portfolio") for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Portfolio perform during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Portfolio's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns of -15.19%, -15.83%, -14.92%, -15.32%, -15.03%, -14.89%, -15.46% and -14.78%, respectively. This compares to the -14.68% average annual total return of the Portfolio's blended benchmark, which is composed 40% of the Bloomberg U.S. Aggregate Bond Index (the "Bloomberg U. S. Index"), 30% of the S&P 500<sup>®</sup> Index and 30% of the MSCI Europe, Australasia and Far East Net Total Return Index (the "MSCI EAFE Index"), during the same period.  |

---

The components of the blended benchmark, the Bloomberg U.S. Index, the S&P 500 Index and the MSCI EAFE Index, generated average annual total returns of -13.01%, -18.11% and -14.45%, respectively, during the same period. <br>

---

| | |
|:---|:---|
| **Q** | **How did various satellite asset classes perform during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, satellite asset classes broadly produced negative returns, generally performing in line with traditional equity and fixed income asset classes.  |

---

Among equity satellite asset classes, those with comparatively more exposure to beta risk, such as international small-cap equities and emerging markets equities, performed worse than large-cap developed markets equities broadly. (Beta risk generally refers to a stock's sensitivity to equity market volatility.) Among fixed income satellite asset classes, those with less interest rate sensitivity held up best. High yield floating rate loans, for example, performed better than high yield corporate bonds. Both performed better than investment grade corporate bonds, a traditional fixed income asset class. Meanwhile, U.S. dollar-denominated emerging markets debt securities were weaker than developed markets bonds. However, local <br>

emerging markets debt performed better than the broad U.S. fixed income market. Within real assets, U.S. energy master limited partnerships ("MLPs") generated double-digit gains. Global infrastructure securities posted negative returns but held up better than many other satellite asset classes, benefiting from the performance of utilities and energy infrastructure securities. Global real estate securities posted a significant decline. <br>

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Portfolio's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The Portfolio seeks to achieve its investment objective by investing mainly in a combination of underlying funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). Some of the Portfolio's Underlying Funds invest primarily in fixed income or money market instruments (the "Underlying Fixed Income Funds"), and some of the Underlying Funds invest primarily in equity securities (the "Underlying Equity Funds").  |

---

The Portfolio's performance is driven by three sources of return: long-term strategic asset allocation, medium-term dynamic allocation, and excess returns from investments in Underlying Funds. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including but not limited to, equity, interest rate, emerging markets, credit, momentum and active risk. We apply a factor-based risk budgeting approach to develop a strategic allocation across the satellite asset classes included in the Portfolio. Our model focuses on broad asset classes, such as emerging markets, high yield credit and real assets. We then incorporate our medium-term dynamic views into the Portfolio to adapt to changes in the markets, economic cycle and macroeconomic environment. The Portfolio's positioning may therefore change over time based on our medium-term dynamic views of on dislocations and <br>

**16** 

------

PORTFOLIO RESULTS

attractive investment opportunities. These views may impact relative weighting across asset classes, allocations to geographic regions, sectors and industries, and the Portfolio's duration and sensitivity to inflation. (Duration is a measure of a portfolio's sensitivity to changes in interest rates.) <br>

During the Reporting Period, our long-term strategic asset allocation generated negative absolute returns but outperformed the Portfolio's blended benchmark of core asset classes. Our medium-term dynamic allocation detracted modestly from the Portfolio's performance during the Reporting Period. Security selection within the Underlying Funds also detracted from the Portfolio's returns during the Reporting Period, with underperformance concentrated in the Underlying Funds focused on emerging markets equities and global real estate securities. <br>

Long-term strategic asset allocation added to the Portfolio's relative performance. The Portfolio benefited from its strategic allocation to energy MLPs, which appreciated 30.92% (as measured by the Alerian MLP Index) during the Reporting Period. A strategic allocation to global infrastructure securities also contributed positively to the Portfolio's relative performance. Within fixed income, the Portfolio's strategic allocation to high yield floating rate loans added slightly to its relative returns during the Reporting Period. <br>

Medium-term dynamic asset allocation detracted slightly from the Portfolio's performance. More specifically, the Portfolio was hurt by our decision to reduce its exposure to energy MLPs, as they trended up during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **How did the Portfolio's Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, security selection within the Underlying Funds overall detracted from the Portfolio's returns. Among Underlying Equity Funds, the Goldman Sachs Emerging Markets Equity Fund, the Goldman Sachs MLP Energy Infrastructure Fund, the Goldman Sachs Global Real Estate Securities Fund, the Goldman Sachs Global Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices. The Goldman Sachs International Small Cap Insights Fund outperformed its benchmark index. The performance of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF versus its benchmark index was relatively flat during the Reporting Period.  |

---

Among Underlying Fixed Income Funds, the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs High Yield Fund, the Goldman Sachs High Yield Floating Rate Fund and the Goldman Sachs Inflation Protected Securities Fund underperformed their respective benchmark indices. The Goldman Sachs Local Emerging Markets Debt Fund outperformed its benchmark index during the Reporting Period. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Portfolio use derivatives and similar instruments during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Portfolio did not directly invest in derivatives. However, some of the Underlying Funds used derivatives, which provide versatility and potentially greater risk management precision, to express active investment views. As market conditions warranted, some of these Underlying Funds may have engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes.  |

---

---

| | |
|:---|:---|
| **Q** | **What changes did you make during the Reporting Period within the Portfolio?**  |

---

---

| | |
|:---|:---|
| **A** | No changes were made to the Portfolio's long-term strategic asset allocations during the Reporting Period.  |

---

Within the medium-term dynamic asset allocation, we moderated the Portfolio's exposure to energy MLPs in January 2022, reallocating the proceeds to international small-cap equities and global real estate securities. Also in January, we increased the Portfolio's exposure to high yield floating rate loans and reduced its exposure to U.S. dollar-denominated emerging markets debt. In late February, we took the medium-term dynamic view to increase the Portfolio's exposure to high yield corporate bonds by reducing its exposure to inflation-protected securities. During April, we increased the Portfolio's exposure to U.S. dollar-denominated emerging markets debt and decreased its exposure to high yield floating rate loans. In May, we further decreased the Portfolio's exposure to high yield floating rate loans and also reduced its exposure to high yield corporate bonds. We reallocated the assets to emerging markets equities and global infrastructure securities. Near the end of June and then again in July, we decreased the Portfolio's exposure to U.S. dollar-denominated emerging markets debt and shifted the capital to inflation-protected securities and cash. We also reduced the Portfolio's allocation to real assets overall by trimming its exposure to global real estate securities and global infrastructure securities. During August, <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17** 

------

PORTFOLIO RESULTS

we increased the Portfolio's exposure to local emerging markets debt. In December, we increased its exposure to U.S. dollar-denominated emerging markets debt, decreasing its exposure to inflation-protected securities.

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Portfolio's portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Portfolio, joining Neill Nuttall and Siwen Wu. By design, all investment decisions  |

---

for the Portfolio are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Portfolio.

**18** 

------

PORTFOLIO RESULTS

## Satellite Strategies Portfolio
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO** d **AS OF 12/31/22**<br>

 **Percentage of Investment Portfolio** 

------

![LOGO](g325593dsp021.jpg)

------

<sup>d</sup> Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of December 31, 2022. Actual Underlying Fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other Underlying Fund assets and liabilities. 

**19** 

------

PORTFOLIO RESULTS

 **OVERALL UNDERLYING FUND WEIGHTINGS \***

 **Percentage of Net Assets** 

------

![LOGO](g325593dsp022.jpg)

------

\* The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. 

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**20** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value, as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio's current benchmarks, the Satellite Strategies Composite Index (the "Satellite Composite"), which is comprised of 40% of the Bloomberg U.S. Aggregate Bond Index, 30% of the S&P 500<sup>®</sup> Index, and 30% of the MSCI<sup>®</sup> Europe, Australasia and Far East Net Total Return Index (the "MSCI EAFE Index"), the S&P 500<sup>®</sup> Index, the Bloomberg U.S. Aggregate Bond Index and the MSCI EAFE Index (all with distributions reinvested), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Satellite Strategies Portfolio's 10 Year Performance**

 **Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g325593dsp023.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -15.19% | 0.13% | 1.90% |  |
|  Including sales charges | -19.85% | -0.99% | 1.33% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -15.83% | -0.62% | 1.13% |  |
|  Including contingent deferred sales charges | -16.68% | -0.62% | 1.13% |  |
|  **Institutional** | -14.92% | 0.49% | 2.29% |  |
|  **Service** | -15.32% | 0.01% | 1.78% |  |
|  **Investor** | -15.03% | 0.35% | 2.14% |  |
|  **Class R6 (Commenced July 31, 2015)** | -14.89% | 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 2.45% |
|  **Class R** | -15.46% | -0.12% | 1.65% |  |
|  **Class P (Commenced April 17, 2018)** | -14.78% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 0.62% |
|  <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | <br> \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

------

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21** 

------

FUND BASICS

## Index Definitions
**Alerian MLP Index** is the leading gauge of energy infrastructure master limited partnerships. The capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

**MSCI All Country World Index** is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

**MSCI EAFE Index** is an equity index that captures small-cap representation across developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 14% of the free float-adjusted market capitalization in each country.

**S&P 500<sup>®</sup> Index** is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

**Russell 2000<sup>®</sup> Index** is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000<sup>®</sup> Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

**Bloomberg U.S. Aggregate Bond Index** represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities.

**22** 

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – 92.5%** | **Underlying Funds<sup>(a)</sup> – 92.5%** | **Underlying Funds<sup>(a)</sup> – 92.5%** |
| **Dynamic–3.0%** | **Dynamic–3.0%** | **Dynamic–3.0%** |
| 1508403 | Goldman Sachs Managed Futures Strategy Fund - Class R6 | $15415882 |
| **Equity – 14.7%** | **Equity – 14.7%** | **Equity – 14.7%** |
| 2687463 | Goldman Sachs International Equity Insights Fund - Class R6 | 31685185 |
| 2589533 | Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 19317921 |
| 837253 | Goldman Sachs Global Infrastructure Fund - Class R6 | 10214484 |
| 662360 | Goldman Sachs International Small Cap Insights Fund - Class R6 | 7232976 |
| 271913 | Goldman Sachs Large Cap Value Insights Fund - Class R6 | 5740077 |
| 72419 | Goldman Sachs Small Cap Equity Insights Fund - Class R6 | 1598284 |
| 45554 | Goldman Sachs Large Cap Growth Insights Fund - Class R6 | 984424 |
|  |  | 76773351 |
| **Exchange Traded Funds – 35.0%** | **Exchange Traded Funds – 35.0%** | **Exchange Traded Funds – 35.0%** |
| 946088 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 72025679 |
| 1150447 | Goldman Sachs Access Investment Grade Corporate Bond ETF | 50861262 |
| 314784 | Goldman Sachs Access Treasury 0-1 Year ETF | 31387113 |
| 444738 | Goldman Sachs ActiveBeta International Equity ETF | 12799560 |
| 277182 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 7847022 |
| 109928 | Goldman Sachs MarketBeta International Equity ETF | 5161120 |
| 58442 | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 2303526 |
|  |  | 182385282 |
| **Fixed Income – 39.8%** | **Fixed Income – 39.8%** | **Fixed Income – 39.8%** |
| 14121396 | Goldman Sachs Global Core Fixed Income Fund - Class R6 | 153640783 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** |
| **Fixed Income – (continued)** | **Fixed Income – (continued)** | **Fixed Income – (continued)** |
| 2045473 | Goldman Sachs Short Duration Bond Fund - Class R6 | $19125172 |
| 1827509 | Goldman Sachs Core Fixed Income Fund - Class R6 | 16630330 |
| 890109 | Goldman Sachs Emerging Markets Debt Fund - Class R6 | 7904168 |
| 1247132 | Goldman Sachs Local Emerging Markets Debt Fund - Class R6 | 5512325 |
| 516717 | Goldman Sachs High Yield Floating Rate Fund - Class R6 | 4474767 |
| 53827 | Goldman Sachs Energy Infrastructure Fund – Class R6 | 571105 |
|  |  | 207858650 |
| **TOTAL UNDERLYING FUNDS – 92.5%<br>(Cost $518,463,544)** | **TOTAL UNDERLYING FUNDS – 92.5%<br>(Cost $518,463,544)** | $482433165 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 4.8%** | **Investment Company<sup>(a)</sup> – 4.8%** | **Investment Company<sup>(a)</sup> – 4.8%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 24882517 | 4.159% | $24882517 |
| **(Cost $24,882,517)** | **(Cost $24,882,517)** | **(Cost $24,882,517)** |
| **TOTAL INVESTMENTS – 97.3%**<br> **(Cost $543,346,061)** | **TOTAL INVESTMENTS – 97.3%**<br> **(Cost $543,346,061)** | $507315682 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.7%** | 14328991 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $521644673 |
| The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. |
| (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. |

---

 **ADDITIONAL INVESTMENT INFORMATION**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 5976387 | GBP | 4890000 | 03/15/23 | $53541 |
|  | USD | 1180963 | HKD | 9200000 | 03/15/23 | 644 |
|  | USD | 187151 | ILS | 640000 | 03/15/23 | 4310 |
|  | USD | 82675 | NZD | 130000 | 03/15/23 | 72 |

---

**The accompanying notes are an integral part of these financial statements. 23** 

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  MS & Co. Int. PLC (continued) | USD | 1504002 | SEK | 15525000 | 03/15/23 | $9760 |
|  **TOTAL** |  |  |  |  |  | $68327 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** |  | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | USD | 2843499 | AUD | 4220000 | 03/15/23 | $(38475) |
|  | USD | 4412260 | CHF | 4100000 | 03/15/23 | (58432) |
|  | USD | 1025975 | DKK | 7210000 | 03/15/23 | (17945) |
|  | USD | 13617558 | EUR | 12880000 | 03/15/23 | (241494) |
|  | USD | 8533859 | JPY | 1151000000 | 03/15/23 | (326148) |
|  | USD | 265241 | NOK | 2650000 | 03/15/23 | (6145) |
|  | USD | 472306 | SGD | 640000 | 03/15/23 | (6107) |
|  **TOTAL** |  |  |  |  |  | $(694746) |

---

FUTURES CONTRACTS — At December 31, 2022, 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:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 11 | 03/31/23 | $2255859 | $2739 |
|  Euro Stoxx 50 Index | 116 | 03/17/23 | 597579 | 17532 |
|  S&P 500 E-Mini Index | 185 | 03/17/23 | 35714250 | (1266114) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1245843) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call USD MS & Co. Int. PLC | Put EUR/Call USD MS & Co. Int. PLC | 1.192% | 03/07/2023 | 344000 | $344000 | $39907 | $19475 | $20432 |
|  **Total purchased option contract** | **Total purchased option contract** |  |  | 344000 | $344000 | $39907 | $19475 | $20432 |
|  **Written option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call USD MS & Co. Int. PLC | Put EUR/Call USD MS & Co. Int. PLC | 1.192 | 03/07/2023 | (344000) | (344000) | (39907) | (16700) | &nbsp;&nbsp;&nbsp;&nbsp;(23207) |
|  **Total written option contract** | **Total written option contract** |  |  | (344000) | $(344000) | $(39907) | $(16700) | $(23207) |
|  **TOTAL** |  |  |  |  | $— | $— | $2775 | $(2775) |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Eurodollar Futures | $97.750 | 06/20/2023 | 96 | $240000 | $3000 | $391501 | $(388501) |
|  Eurodollar Futures | 97.750 | 03/13/2023 | 172 | 430000 | 1075 | 620238 | (619163) |
|  Eurodollar Futures | 97.500 | 06/17/2024 | 231 | 577500 | 131381 | 349111 | (217730) |
|  Eurodollar Futures | 95.875 | 06/20/2023 | 71 | 177500 | 7544 | 202577 | (195033) |
|  Eurodollar Futures | 95.875 | 09/18/2023 | 66 | 165000 | 19388 | 200078 | (180690) |
|  Eurodollar Futures | 97.250 | 12/18/2023 | 102 | 255000 | 20400 | 133561 | (113161) |
|  Eurodollar Futures | 97.500 | 03/18/2024 | 262 | 655000 | 88425 | 362795 | (274370) |
|  Eurodollar Futures | 95.875 | 03/13/2023 | 44 | 110000 | 1650 | 131477 | (129827) |
|  Eurodollar Futures | 95.125 | 03/18/2024 | 13 | 32500 | 27869 | 41143 | (13274) |
|  Eurodollar Futures | 95.125 | 06/17/2024 | 13 | 32500 | 38512 | 47480 | (8968) |
|  Eurodollar Futures | 95.125 | 09/16/2024 | 13 | 32500 | 46150 | 52680 | (6530) |
|  Eurodollar Futures | 95.000 | 09/18/2023 | 8 | 20000 | 6850 | 18619 | (11769) |
|  Eurodollar Futures | 95.000 | 12/18/2023 | 10 | 25000 | 14938 | 28898 | (13960) |
|  Eurodollar Futures | 97.000 | 06/17/2024 | 71 | 177500 | 59019 | 68725 | (9706) |
|  Eurodollar Futures | 94.750 | 03/18/2024 | 69 | 172500 | 188456 | 203801 | (15345) |
|  Eurodollar Futures | 97.000 | 12/16/2024 | 181 | 452500 | 245481 | 289917 | (44436) |
|  Eurodollar Futures | 97.000 | 09/16/2024 | 107 | 267500 | 118369 | 143148 | (24779) |
|  Eurodollar Futures | 97.000 | 03/17/2025 | 162 | 405000 | 248062 | 294684 | (46622) |
|  Eurodollar Futures | 95.000 | 09/16/2024 | 34 | 85000 | 128350 | 137329 | (8979) |
|  Eurodollar Futures | 94.875 | 06/17/2024 | 38 | 95000 | 128250 | 135163 | (6913) |
|  Eurodollar Futures | 94.750 | 12/18/2023 | 66 | 165000 | 122925 | 136441 | (13516) |
|  **TOTAL** |  |  | 1829 | $4572500 | $1646094 | $3989366 | $(2343272) |

---

---

| |
|:---|
| **Currency Abbreviations:** |
|  AUD —Australian Dollar |
|  CHF —Swiss Franc |
|  DKK —Denmark Krone |
|  EUR —Euro |
|  GBP —British Pound |
|  HKD —Hong Kong Dollar |
|  ILS —Israeli Shekel |
|  JPY —Japanese Yen |
|  NOK —Norwegian Krone |
|  NZD —New Zealand Dollar |
|  SEK —Swedish Krona |
|  SGD —Singapore Dollar |
|  USD —U.S. Dollar |
| **Investment Abbreviations:** |
|  ETF —Exchange Traded Fund |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – 94.3%** | **Underlying Funds<sup>(a)</sup> – 94.3%** | **Underlying Funds<sup>(a)</sup> – 94.3%** |
| **Dynamic–2.5%** | **Dynamic–2.5%** | **Dynamic–2.5%** |
| 1994761 | Goldman Sachs Managed Futures Strategy Fund - Class R6 | $20386461 |
| **Equity – 22.3%** | **Equity – 22.3%** | **Equity – 22.3%** |
| 7165200 | Goldman Sachs International Equity Insights Fund - Class R6 | 84477712 |
| 5843583 | Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 43593127 |
| 1609445 | Goldman Sachs International Small Cap Insights Fund - Class R6 | 17575142 |
| 1317295 | Goldman Sachs Global Infrastructure Fund - Class R6 | 16070996 |
| 539608 | Goldman Sachs Large Cap Value Insights Fund - Class R6 | 11391122 |
| 165706 | Goldman Sachs Small Cap Equity Insights Fund - Class R6 | 3657131 |
| 103185 | Goldman Sachs Large Cap Growth Insights Fund - Class R6 | 2229816 |
|  |  | 178995046 |
| **Exchange Traded Funds – 47.6%** | **Exchange Traded Funds – 47.6%** | **Exchange Traded Funds – 47.6%** |
| 2613189 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 198942079 |
| 1712249 | Goldman Sachs Access Investment Grade Corporate Bond ETF | 75698528 |
| 495912 | Goldman Sachs Access Treasury 0-1 Year ETF | 49447386 |
| 1017634 | Goldman Sachs ActiveBeta International Equity ETF | 29287507 |
| 251534 | Goldman Sachs MarketBeta International Equity ETF | 11809521 |
| 382723 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 10834888 |
| 133725 | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 5270851 |
|  |  | 381290760 |
| **Fixed Income – 21.9%** | **Fixed Income – 21.9%** | **Fixed Income – 21.9%** |
| 10615859 | Goldman Sachs Global Core Fixed Income Fund - Class R6 | 115500550 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** |
| **Fixed Income – (continued)** | **Fixed Income – (continued)** | **Fixed Income – (continued)** |
| 3120601 | Goldman Sachs Short Duration Bond Fund - Class R6 | $29177620 |
| 1613323 | Goldman Sachs Emerging Markets Debt Fund - Class R6 | 14326305 |
| 1950062 | Goldman Sachs Local Emerging Markets Debt Fund - Class R6 | 8619271 |
| 814954 | Goldman Sachs High Yield Floating Rate Fund - Class R6 | 7057505 |
| 67889 | Goldman Sachs Energy Infrastructure Fund – Class R6 | 720301 |
|  |  | 175401552 |
| **TOTAL UNDERLYING FUNDS – 94.3%<br>(Cost $761,266,988)** | **TOTAL UNDERLYING FUNDS – 94.3%<br>(Cost $761,266,988)** | $756073819 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 3.0%** | **Investment Company<sup>(a)</sup> – 3.0%** | **Investment Company<sup>(a)</sup> – 3.0%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 23894296 | 4.159% | $23894296 |
| **(Cost $23,894,296)** | **(Cost $23,894,296)** | **(Cost $23,894,296)** |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $785,161,284)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $785,161,284)** | $779968115 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 21678527 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $801646642 |
| The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. |
| (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. |

---

 **ADDITIONAL INVESTMENT INFORMATION**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 9740655 | GBP | 7970000 | 03/15/23 | $87264 |
|  | USD | 1924200 | HKD | 14990000 | 03/15/23 | 1049 |
|  | USD | 304121 | ILS | 1040000 | 03/15/23 | 7004 |
|  | USD | 139912 | NZD | 220000 | 03/15/23 | 121 |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | 2448544 | SEK | 25275000 | 03/15/23 | $15889 |
|  **TOTAL** |  |  |  |  |  | $111327 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 4642585 | AUD | 6890000 | 03/15/23 | $(62819) |
|  | USD | 7177994 | CHF | 6670000 | 03/15/23 | (95059) |
|  | USD | 1673435 | DKK | 11760000 | 03/15/23 | (29269) |
|  | USD | 22202540 | EUR | 21000000 | 03/15/23 | (393739) |
|  | USD | 13901812 | JPY | 1875000000 | 03/15/23 | (531301) |
|  | USD | 430390 | NOK | 4300000 | 03/15/23 | (9971) |
|  | USD | 767497 | SGD | 1040000 | 03/15/23 | (9924) |
|  **TOTAL** |  |  |  |  |  | $(1132082) |

---

FUTURES CONTRACTS — At December 31, 2022, 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:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 15 | 03/31/23 | $3076172 | $3740 |
|  Euro Stoxx 50 Index | 160 | 03/17/23 | 824246 | 24182 |
|  S&P 500 E-Mini Index | 329 | 03/17/23 | 63513450 | (2251633) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(2223711) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  PUT EUR/CALL USD MS & Co. Int. PLC | PUT EUR/CALL USD MS & Co. Int. PLC | 1.192% | 03/07/2023 | 459000 | $459000 | $53248 | $25986 | $27262 |
|  **Total purchased option contract** | **Total purchased option contract** |  |  | 459000 | $459000 | $53248 | $25986 | $27262 |
|  **Written option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  PUT EUR/CALL USD MS & Co. Int. PLC | PUT EUR/CALL USD MS & Co. Int. PLC | 1.192 | 03/07/2023 | (459000) | (459000) | (53248) | &nbsp;&nbsp;&nbsp;&nbsp;(22282) | &nbsp;&nbsp;&nbsp;&nbsp;(30966) |
|  **Total written option contract** | **Total written option contract** |  |  | (459000) | $(459000) | $(53248) | $(22282) | $(30966) |
|  **TOTAL** |  |  |  |  | $— | $— | $3704 | $(3704) |

---

**The accompanying notes are an integral part of these financial statements. 27** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Eurodollar Futures | $97.750 | 06/20/2023 | 161 | $402500 | $5031 | $656580 | $(651549) |
|  Eurodollar Futures | 97.750 | 03/13/2023 | 285 | 712500 | 1781 | 1030250 | (1028469) |
|  Eurodollar Futures | 97.500 | 06/17/2024 | 422 | 1055000 | 240013 | 638517 | (398504) |
|  Eurodollar Futures | 95.875 | 06/20/2023 | 130 | 325000 | 13813 | 370477 | (356664) |
|  Eurodollar Futures | 95.875 | 09/18/2023 | 122 | 305000 | 35837 | 369508 | (333671) |
|  Eurodollar Futures | 97.250 | 12/18/2023 | 187 | 467500 | 37400 | 244659 | (207259) |
|  Eurodollar Futures | 97.500 | 03/18/2024 | 478 | 1195000 | 161325 | 662621 | (501296) |
|  Eurodollar Futures | 95.875 | 03/13/2023 | 81 | 202500 | 3038 | 241763 | (238725) |
|  Eurodollar Futures | 97.000 | 06/17/2024 | 98 | 245000 | 81462 | 95978 | (14516) |
|  Eurodollar Futures | 94.750 | 03/18/2024 | 93 | 232500 | 254006 | 277424 | (23418) |
|  Eurodollar Futures | 97.000 | 12/16/2024 | 247 | 617500 | 334994 | 398320 | (63326) |
|  Eurodollar Futures | 97.000 | 09/16/2024 | 146 | 365000 | 161513 | 196989 | (35476) |
|  Eurodollar Futures | 97.000 | 03/17/2025 | 222 | 555000 | 339937 | 405844 | (65907) |
|  Eurodollar Futures | 95.000 | 09/16/2024 | 46 | 115000 | 173650 | 187457 | (13807) |
|  Eurodollar Futures | 94.875 | 06/17/2024 | 51 | 127500 | 172125 | 183268 | (11143) |
|  Eurodollar Futures | 94.750 | 12/18/2023 | 90 | 225000 | 167625 | 188521 | (20896) |
|  **TOTAL** |  |  | 2859 | $7147500 | $2183550 | $6148176 | $(3964626) |

---

---

| |
|:---|
| <br> **Currency Abbreviations:** |
|  AUD —Australian Dollar |
|  CHF —Swiss Franc |
|  DKK —Denmark Krone |
|  EUR —Euro |
|  GBP —British Pound |
|  HKD —Hong Kong Dollar |
|  ILS —Israeli Shekel |
|  JPY —Japanese Yen |
|  NOK —Norwegian Krone |
|  NZD —New Zealand Dollar |
|  SEK —Swedish Krona |
|  SGD —Singapore Dollar |
|  USD —U.S. Dollar |
| <br> **Investment Abbreviations:** |
|  ETF —Exchange Traded Fund |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – 91.3%** | **Underlying Funds<sup>(a)</sup> – 91.3%** | **Underlying Funds<sup>(a)</sup> – 91.3%** |
| **Dynamic–2.0%** | **Dynamic–2.0%** | **Dynamic–2.0%** |
| 1488845 | Goldman Sachs Managed Futures Strategy Fund - Class R6 | $15216000 |
| **Equity – 31.6%** | **Equity – 31.6%** | **Equity – 31.6%** |
| 9630225 | Goldman Sachs International Equity Insights Fund - Class R6 | 113540351 |
| 8306808 | Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 61968789 |
| 2564909 | Goldman Sachs International Small Cap Insights Fund - Class R6 | 28008804 |
| 1206733 | Goldman Sachs Global Infrastructure Fund - Class R6 | 14722140 |
| 679589 | Goldman Sachs Large Cap Value Insights Fund - Class R6 | 14346135 |
| 180996 | Goldman Sachs Small Cap Equity Insights Fund - Class R6 | 3994575 |
| 180011 | Goldman Sachs Large Cap Growth Insights Fund - Class R6 | 3890038 |
|  |  | 240470832 |
| **Exchange Traded Funds – 50.8%** | **Exchange Traded Funds – 50.8%** | **Exchange Traded Funds – 50.8%** |
| 3513686 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 267496915 |
| 480631 | Goldman Sachs Access Treasury 0-1 Year ETF | 47923717 |
| 1111530 | Goldman Sachs ActiveBeta International Equity ETF | 31989833 |
| 274742 | Goldman Sachs MarketBeta International Equity ETF | 12899137 |
| 418037 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 11834627 |
| 206474 | Goldman Sachs Access Investment Grade Corporate Bond ETF | 9128216 |
| 146063 | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 5757161 |
|  |  | 387029606 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** | **Underlying Funds<sup>(a)</sup> – (continued)** |
| **Fixed Income – 6.9%** | **Fixed Income – 6.9%** | **Fixed Income – 6.9%** |
| 2989117 | Goldman Sachs Short Duration Bond Fund - Class R6 | $27948238 |
| 1780218 | Goldman Sachs Emerging Markets Debt Fund - Class R6 | 15808337 |
| 1927386 | Goldman Sachs Local Emerging Markets Debt Fund - Class R6 | 8519047 |
| 56471 | Goldman Sachs Energy Infrastructure Fund – Class R6 | 599159 |
|  |  | 52874781 |
| **TOTAL UNDERLYING FUNDS – 91.3%<br>(Cost $672,236,146)** | **TOTAL UNDERLYING FUNDS – 91.3%<br>(Cost $672,236,146)** | $695591219 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 6.1%** | **Investment Company<sup>(a)</sup> – 6.1%** | **Investment Company<sup>(a)</sup> – 6.1%** |
| 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 |
| 46852971 | 4.159% | $46852971 |
| **(Cost $46,852,971)** | **(Cost $46,852,971)** | **(Cost $46,852,971)** |
| **TOTAL INVESTMENTS – 97.4%<br>(Cost $719,089,117)** | **TOTAL INVESTMENTS – 97.4%<br>(Cost $719,089,117)** | $742444190 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | 19836665 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $762280855 |
| The percentage shown for each investment category<br>reflects the value of investments in that category as a<br>percentage of net assets. | The percentage shown for each investment category<br>reflects the value of investments in that category as a<br>percentage of net assets. | The percentage shown for each investment category<br>reflects the value of investments in that category as a<br>percentage of net assets. |
| (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. |

---

 **ADDITIONAL INVESTMENT INFORMATION**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 9207465 | GBP | 7520000 | 03/15/23 | $99121 |
|  | USD | 1816494 | HKD | 14140000 | 03/15/23 | 2394 |
|  | USD | 281133 | ILS | 960000 | 03/15/23 | 6870 |
|  | USD | 127578 | NZD | 200000 | 03/15/23 | 496 |
|  | USD | 2315487 | SEK | 23850000 | 03/15/23 | 19985 |
|  **TOTAL** |  |  |  |  |  | $128866 |

---

**The accompanying notes are an integral part of these financial statements. 29** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** |  | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 4404744 | AUD | 6490000 | 03/15/23 | $(27488) |
|  | USD | 6780150 | CHF | 6300000 | 03/15/23 | (89450) |
|  | USD | 1580127 | DKK | 11090000 | 03/15/23 | (25570) |
|  | USD | 20977304 | EUR | 19810000 | 03/15/23 | (338519) |
|  | USD | 13115042 | JPY | 1769000000 | 03/15/23 | (502120) |
|  | USD | 408011 | NOK | 4050000 | 03/15/23 | (6748) |
|  | USD | 724298 | SGD | 980000 | 03/15/23 | (8272) |
|  **TOTAL** |  |  |  |  |  | $(998167) |

---

FUTURES CONTRACTS — At December 31, 2022, 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:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 400 | 03/22/23 | $44918750 | $(257972) |
|  2 Year U.S. Treasury Notes | 10 | 03/31/23 | 2050781 | 2491 |
|  Euro Stoxx 50 Index | 119 | 03/17/23 | 613033 | 17985 |
|  S&P 500 E-Mini Index | 339 | 03/17/23 | 65443950 | (2320069) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(2557565) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  PUT EUR/CALL USD MS & Co. Int. PLC | PUT EUR/CALL USD MS & Co. Int. PLC | 1.192% | 03/07/2023 | 318000 | $318000 | $36891 | $18004 | $18887 |
|  **Total purchased option contract** | **Total purchased option contract** |  |  | 318000 | $318000 | $36891 | $18004 | $18887 |
|  **Written option contract** |  |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  PUT EUR/CALL USD MS & Co. Int. PLC | PUT EUR/CALL USD MS & Co. Int. PLC | 1.192 | 03/07/2023 | (318000) | (318000) | (36891) | &nbsp;&nbsp;&nbsp;&nbsp;(15438) | &nbsp;&nbsp;&nbsp;&nbsp;(21453) |
|  **Total written option contract** | **Total written option contract** |  |  | (318000) | $(318000) | $(36891) | $(15438) | $(21453) |
|  **TOTAL** |  |  |  |  | $— | $— | $2566 | $(2566) |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Eurodollar Futures | $97.750 | 06/20/2023 | 163 | $407500 | $5094 | $664736 | $(659642) |
|  Eurodollar Futures | 97.750 | 03/13/2023 | 310 | 775000 | 1937 | 1102302 | (1100365) |
|  Eurodollar Futures | 97.500 | 06/17/2024 | 487 | 1217500 | 276981 | 732705 | (455724) |
|  Eurodollar Futures | 95.875 | 06/20/2023 | 149 | 372500 | 15831 | 421483 | (405652) |
|  Eurodollar Futures | 95.875 | 09/18/2023 | 140 | 350000 | 41125 | 421375 | (380250) |
|  Eurodollar Futures | 97.250 | 12/18/2023 | 215 | 537500 | 43000 | 280032 | (237032) |
|  Eurodollar Futures | 97.500 | 03/18/2024 | 551 | 1377500 | 185963 | 758841 | (572878) |
|  Eurodollar Futures | 95.875 | 03/13/2023 | 94 | 235000 | 3525 | 275943 | (272418) |
|  Eurodollar Futures | 95.125 | 03/18/2024 | 14 | 35000 | 30012 | 44307 | (14295) |
|  Eurodollar Futures | 95.125 | 06/17/2024 | 14 | 35000 | 41476 | 51133 | (9657) |
|  Eurodollar Futures | 95.125 | 09/16/2024 | 14 | 35000 | 49701 | 56733 | (7032) |
|  Eurodollar Futures | 95.000 | 09/18/2023 | 9 | 22500 | 7706 | 20946 | (13240) |
|  Eurodollar Futures | 95.000 | 12/18/2023 | 11 | 27500 | 16431 | 31788 | (15357) |
|  Eurodollar Futures | 97.000 | 06/17/2024 | 119 | 297500 | 98919 | 115204 | (16285) |
|  Eurodollar Futures | 94.750 | 03/18/2024 | 114 | 285000 | 311362 | 336399 | (25037) |
|  Eurodollar Futures | 97.000 | 12/16/2024 | 301 | 752500 | 408231 | 482109 | (73878) |
|  Eurodollar Futures | 97.000 | 09/16/2024 | 178 | 445000 | 196913 | 238038 | (41125) |
|  Eurodollar Futures | 97.000 | 03/17/2025 | 271 | 677500 | 414969 | 493001 | (78032) |
|  Eurodollar Futures | 95.000 | 09/16/2024 | 57 | 142500 | 215175 | 230157 | (14982) |
|  Eurodollar Futures | 94.875 | 06/17/2024 | 63 | 157500 | 212625 | 224321 | (11696) |
|  Eurodollar Futures | 94.750 | 12/18/2023 | 109 | 272500 | 203012 | 225340 | (22328) |
|  **TOTAL** |  |  | 3383 | $8457500 | $2779988 | $7206893 | $(4426905) |

---

---

| |
|:---|
| **Currency Abbreviations:** |
|  AUD —Australian Dollar |
|  CHF —Swiss Franc |
|  DKK —Denmark Krone |
|  EUR —Euro |
|  GBP —British Pound |
|  HKD —Hong Kong Dollar |
|  ILS —Israeli Shekel |
|  JPY —Japanese Yen |
|  NOK —Norwegian Krone |
|  NZD —New Zealand Dollar |
|  SEK —Swedish Krona |
|  SGD —Singapore Dollar |
|  USD —U.S. Dollar |
| **Investment Abbreviations:** |
|  ETF —Exchange Traded Fund |

---

**The accompanying notes are an integral part of these financial statements. 31** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – 97.1%** | **Underlying Funds<sup>(a)</sup> – 97.1%** | **Underlying Funds<sup>(a)</sup> – 97.1%** |
| **Equity – 61.2%** | **Equity – 61.2%** | **Equity – 61.2%** |
| 1686651 | Goldman Sachs International Small Cap Insights Fund - Class R6 | $18418232 |
| 1385698 | Goldman Sachs Global Infrastructure Fund - Class R6 | 16905519 |
| 710762 | Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 5302279 |
| 569875 | Goldman Sachs Global Real Estate Securities Fund - Class R6 | 5037696 |
| 172225 | Goldman Sachs Emerging Markets Equity Fund - Class R6 | 3523722 |
| 85662 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | 2479904 |
|  |  | 51667352 |
| **Exchange Traded Funds – 3.6%** | **Exchange Traded Funds – 3.6%** | **Exchange Traded Funds – 3.6%** |
| 105925 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 2998737 |
| **Fixed Income – 32.3%** | **Fixed Income – 32.3%** | **Fixed Income – 32.3%** |
| 1149985 | Goldman Sachs Emerging Markets Debt Fund - Class R6 | 10211870 |
| 797664 | Goldman Sachs Inflation Protected Securities Fund - Class R6 | 7689479 |
| 799754 | Goldman Sachs High Yield Fund - Class R6 | 4254691 |
| 394040 | Goldman Sachs High Yield Floating Rate Fund - Class R6 | 3412387 |
| 392875 | Goldman Sachs Local Emerging Markets Debt Fund - Class R6 | 1736506 |
|  |  | 27304933 |
| **TOTAL UNDERLYING FUNDS – 97.1%<br>(Cost $73,614,891)** | **TOTAL UNDERLYING FUNDS – 97.1%<br>(Cost $73,614,891)** | $81971022 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 1.8%** | **Investment Company<sup>(a)</sup> – 1.8%** | **Investment Company<sup>(a)</sup> – 1.8%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539837 | 4.159% | $1539837 |
| **(Cost $1,539,837)** | **(Cost $1,539,837)** | **(Cost $1,539,837)** |
| **TOTAL INVESTMENTS – 98.9%<br>(Cost $75,154,728)** | **TOTAL INVESTMENTS – 98.9%<br>(Cost $75,154,728)** | $83510859 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.1%** | 890423 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $84401282 |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. | (a) Represents an Affiliated Issuer. |

---

 **ADDITIONAL INVESTMENT INFORMATION**

---

| |
|:---|
| **Investment Abbreviations:** |
|  ETF —Exchange Traded Fund |
|  MLP —Master Limited Partnership |

---

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

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Assets and Liabilities
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Balanced<br>Strategy Portfolio** | **Growth and Income<br>Strategy Portfolio** |
| **Assets:** |  |  |
|  Investments in Affiliated Funds, at value (cost $543,346,061 and $785,161,284, respectively) | $507315682 | $779968115 |
|  Purchased options, at value (premium paid $4,008,841 and $6,174,162, respectively) | 1686001 | 2236798 |
|  Cash | 8549861 | 18667498 |
|  Foreign currencies, at value (cost $10,642 and $34,729, respectively) | 26079 | 43495 |
|  Unrealized gain on forward foreign currency exchange contracts | 68327 | 111327 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 2919196 | 250255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 2878871 | 4992684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1215918 | 2049940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 39222 | 37774 |
|  Other assets | 65594 | 65093 |
| **Total assets** | 524764751 | 808422979 |
| **Liabilities:** |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 694746 | 1132082 |
|  Variation margin on futures contracts | 101087 | 178218 |
|  Written option contracts, at value (premium received $16,700 and $22,282, respectively) | 39907 | 53248 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares redeemed | 1506056 | 4547035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 540128 | 532248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 65786 | 103400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 54415 | 109288 |
|  Accrued expenses | 117953 | 120818 |
|  **Total liabilities** | 3120078 | 6776337 |
| **Net Assets:** |  |  |
|  Paid-in capital | 571855263 | 827376187 |
|  Total distributable loss | (50210590) | (25729545) |
|  **NET ASSETS** | $521644673 | $801646642 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $88938835 | $228850363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3740274 | 6765939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 355310464 | 331731244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 318570 | 1851277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3109869 | 7459080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2060786 | 2162316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8693391 | 4346129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 59472484 | 218480294 |
|  Total Net Assets | $521644673 | $801646642 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8474978 | 17471639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 355889 | 532653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 33872290 | 25241913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 29929 | 141712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 297815 | 572829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 196352 | 164599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 832420 | 335002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5667561 | 16635845 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.49 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 10.51 | 12.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.49 | 13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 10.64 | 13.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.44 | 13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.50 | 13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 10.44 | 12.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.49 | 13.13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (a) | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: |
|  | **Portfolio** | **Futures** | **Forwards** | **Options** |
|  | Balanced Strategy | $1598866 | $1280000 | $5 |
|  | Growth and Income Strategy | 3172675 | 1820000 | 9 |
| (b) | Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.10 and $13.86, 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. | Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.10 and $13.86, 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. | Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.10 and $13.86, 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. | Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.10 and $13.86, 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. |

---

**The accompanying notes are an integral part of these financial statements. 33** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Assets and Liabilities (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Growth<br>Strategy Portfolio** | **Satellite<br>Strategies Portfolio** |
| **Assets:** |  |  |
|  Investments in Affiliated Funds, at value (cost $719,089,117 and $75,154,728, respectively) | $742444190 | $83510859 |
|  Purchased options, at value (premium paid $7,224,897 and $0, respectively) | 2816879 |  |
|  Cash | 11765356 | 1111860 |
|  Foreign currencies, at value (cost $48,953 and $0, respectively) | 54695 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 128866 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 5770110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2043865 | 107915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 665011 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 38639 | 33797 |
|  Other assets | 65601 | 40954 |
| **Total assets** | 765793212 | 84808573 |
| **Liabilities:** |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 998167 |  |
|  Variation margin on futures contracts | 236206 |  |
|  Written option contracts, at value (premium received $15,438 and $0, respectively) | 36891 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares redeemed | 1523292 | 168152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 353559 | 100567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 137731 | 15689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 99126 | 9192 |
|  Accrued expenses | 127385 | 113691 |
|  **Total liabilities** | 3512357 | 407291 |
| **Net Assets:** |  |  |
|  Paid-in capital | 754857832 | 99233596 |
|  Total distributable earnings (loss) | 7423023 | (14832314) |
|  **NET ASSETS** | $762280855 | $84401282 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $297895543 | $32202890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13495599 | 1013506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 195962678 | 37888462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1763723 | 115665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10005723 | 9424390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7255049 | 1900454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 5491933 | 476171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 230410607 | 1379744 |
|  Total Net Assets | $762280855 | $84401282 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 19297529 | 4401006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 851597 | 138246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12704747 | 5195233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 114608 | 15816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 659248 | 1292097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 470246 | 260200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 367813 | 65295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 14931541 | 188830 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $15.44 | $7.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 15.85 | 7.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15.42 | 7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 15.39 | 7.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 15.18 | 7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15.43 | 7.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 14.93 | 7.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 15.43 | 7.31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (a) | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: | Segregated for initial margin and/or collateral as follows: |
|  | **Portfolio** | **Futures** | **Forwards** | **Options** |
|  | Growth Strategy | $3960107 | $1810000 | $3 |
| (b) | Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.34 and $7.75, 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. | Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.34 and $7.75, 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. | Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.34 and $7.75, 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. | Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $16.34 and $7.75, 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. |

---

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

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Balanced<br>Strategy Portfolio** | **Growth and Income<br>Strategy Portfolio** |
| **Investment Income:** |  |  |
|  Dividends from Affiliated Funds | $13670413 | $21933533 |
|  Interest | 22395 | 37654 |
| **Total investment income** | 13692808 | 21971187 |
| **Expenses:** |  |  |
|  Management fees | 817141 | 1313287 |
|  Transfer Agency fees<sup>(a)</sup>  | 353161 | 655649 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 333817 | 724340 |
|  Registration fees | 115973 | 119559 |
|  Professional fees | 104248 | 105545 |
|  Custody, accounting and administrative services | 71575 | 67032 |
|  Printing and mailing costs | 67387 | 95213 |
|  Trustee fees | 28454 | 29080 |
|  Service fees — Class C | 12711 | 20579 |
|  Shareholder Administration fees — Service Class | 868 | 5480 |
|  Other | 21511 | 24716 |
|  **Total expenses** | 1926846 | 3160480 |
|  Less — expense reductions | (387084) | (405665) |
| **Net expenses** | 1539762 | 2754815 |
| **NET INVESTMENT INCOME** | 12153046 | 19216372 |
| **Realized and unrealized gain (loss):** |  |  |
|  Capital Gains Distributions | 1354642 | 2018510 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 210100 | 282430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 2282051 | 10617919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (925764) | (1675261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8663850) | (14935556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 239663 | 312310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4642016 | 7546155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1784) | (2823) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (90958219) | (171292474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1697838) | (2842970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2067528) | (3358246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (23207) | (30965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (599523) | (973359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 8580 | 8065 |
| **Net realized and unrealized loss** | (96200661) | (174326265) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(84047615) | $(155109893) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
|  |  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
|  | **Portfolio** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  | Balanced Strategy | $246456 | $38133 | $869 | $48359 | $157733 | $8135 | $148858 | $139 | $6329 | $351 | $15475 | $16141 |
|  | Growth and Income Strategy | 631890 | 61736 | 5480 | 25234 | 404409 | 13170 | 147178 | 877 | 12472 | 438 | 8075 | 69030 |

---

**The accompanying notes are an integral part of these financial statements. 35** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Operations (continued)
*For the Fiscal Year Ended December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **Growth<br>Strategy Portfolio** | **Satellite<br>Strategies Portfolio** |
| **Investment Income:** |  |  |
|  Dividends from Affiliated Funds | $20271342 | $3574422 |
|  Interest | 43572 |  |
| **Total investment income** | 20314914 | 3574422 |
| **Expenses:** |  |  |
|  Management fees | 1251988 | 128540 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 967285 | 109639 |
|  Transfer Agency fees<sup>(a)</sup>  | 745400 | 104300 |
|  Registration fees | 122846 | 122014 |
|  Printing and mailing costs | 109989 | 53268 |
|  Professional fees | 106932 | 87862 |
|  Custody, accounting and administrative services | 64855 | 51259 |
|  Service fees — Class C | 39041 | 3782 |
|  Trustee fees | 29015 | 27630 |
|  Shareholder Administration fees — Service Class | 5134 | 307 |
|  Other | 21254 | 16039 |
|  **Total expenses** | 3463739 | 704640 |
|  Less — expense reductions | (421275) | (347724) |
| **Net expenses** | 3042464 | 356916 |
| **NET INVESTMENT INCOME** | 17272450 | 3217506 |
| **Realized and unrealized gain (loss):** |  |  |
|  Capital Gains Distributions | 1986274 | 103220 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 198464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 17698029 | (855675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1940417) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (17537959) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 229040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 7061093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3540) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (180951771) | (20810185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (3270769) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3820301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (21453) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (847694) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 4968 |  |
| **Net realized and unrealized loss** | (181216036) | (21562640) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(163943586) | $(18345134) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
|  |  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
|  | **Portfolio** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  | Growth Strategy | $813594 | $117118 | $5134 | $31439 | $520700 | $24985 | $84945 | $822 | $27098 | $2071 | $10060 | $74719 |
|  | Satellite Strategies | 95555 | 11347 | 307 | 2430 | 61155 | 2421 | 19046 | 49 | 19865 | 490 | 778 | 496 |

---

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

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **From operations:** |  |  |  |  |
|  Net investment income | $12153046 | $12086938 | $19216372 | $23868406 |
|  Net realized gain (loss) | (862926) | 25439871 | 4163684 | 46314054 |
|  Net change in unrealized gain (loss) | (95337735) | 5335865 | (178489949) | 42878340 |
|  **Net increase (decrease) in net assets resulting from operations** | (84047615) | 42862674 | (155109893) | 113060800 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4400604) | (6582745) | (12343223) | (18566465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (158372) | (355961) | (324426) | (600680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (18338640) | (24534890) | (18820149) | (27429776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (15352) | (22403) | (100257) | (169209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (167144) | (339317) | (418773) | (578890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (88959) | (56227) | (103053) | (193783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (410355) | (599135) | (246281) | (335400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2835170) | (3256498) | (12522135) | (17029160) |
|  **Total distributions to shareholders** | (26414596) | (35747176) | (44878297) | (64903363) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 170273887 | 155504123 | 95930879 | 156183201 |
|  Reinvestment of distributions | 26137542 | 35275963 | 43940192 | 63389324 |
|  Cost of shares redeemed | (181426260) | (149789884) | (167867951) | (159209541) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 14985169 | 40990202 | (27996880) | 60362984 |
|  **TOTAL INCREASE (DECREASE)** | (95477042) | 48105700 | (227985070) | 108520421 |
| **Net assets:** |  |  |  |  |
|  Beginning of year | 617121715 | 569016015 | 1029631712 | 921111291 |
|  End of year<br>| $521644673  | $617121715  | $801646642  | $1029631712  |

---

**The accompanying notes are an integral part of these financial statements. 37** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** |
|  | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** | **For the Fiscal** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **From operations:** |  |  |  |  |
|  Net investment income | $17272450 | $23493518 | $3217506 | $3553107 |
|  Net realized gain (loss) | 7690984 | 41643717 | (752455) | 10972061 |
|  Net change in unrealized gain (loss) | (188907020) | 69211617 | (20810185) | (2665088) |
|  **Net increase (decrease) in net assets resulting from operations** | (163943586) | 134348852 | (18345134) | 11860080 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (15373283) | (23014339) | (1170343) | (1393385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (567562) | (973896) | (29229) | (48742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (10734735) | (15126286) | (1582785) | (2042049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (91284) | (144077) | (3832) | (3921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (615276) | (871358) | (391446) | (511388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (401167) | (422854) | (70564) | (27412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (286460) | (459935) | (14936) | (15569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (12785087) | (17316359) | (52508) | (102003) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (67092) | (199842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (1676) | (6991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (90736) | (292874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (220) | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (22440) | (73344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (4045) | (3931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (856) | (2233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (3010) | (14629) |
|  **Total distributions to shareholders** | (40854854) | (58329104) | (3505718) | (4738876) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 114987141 | 198331238 | 6516757 | 12397265 |
|  Reinvestment of distributions | 39590085 | 56415779 | 3230183 | 4335872 |
|  Cost of shares redeemed | (151112511) | (142327398) | (30497924) | (72120868) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 3464715 | 112419619 | (20750984) | (55387731) |
|  **TOTAL INCREASE (DECREASE)** | (201333725) | 188439367 | (42601836) | (48266527) |
| **Net assets:** |  |  |  |  |
|  Beginning of year | 963614580 | 775175213 | 127003118 | 175269645 |
|  End of year | $762280855 | $963614580 | $84401282 | $127003118 |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.82 | $12.64 | $11.64 | $10.32 | $11.55 |
|  Net investment income <sup>(a)(b)</sup>  | 0.22 | 0.24 | 0.20 | 0.20 | 0.16 |
|  Net realized and unrealized gain (loss) | (2.02) | 0.71 | 1.04 | 1.37 | (0.95) |
|  Total from investment operations | (1.80) | 0.95 | 1.24 | 1.57 | (0.79) |
|  Distributions to shareholders from net investment income | (0.39) | (0.34) | (0.24) | (0.25) | (0.24) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.53) | (0.77) | (0.24) | (0.25) | (0.44) |
|  Net asset value, end of year | $10.49 | $12.82 | $12.64 | $11.64 | $10.32 |
|  **Total return<sup>(c)</sup>**  | (14.09)% | 7.53% | 10.71% | 15.24% | (6.90)% |
|  Net assets, end of year (in 000s) | $88939 | $113820 | $110057 | $106285 | $106235 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.63% | 0.61% | 0.64% | 0.67% | 0.63% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.56% | 0.56% | 0.57% | 0.58% | 0.59% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.91% | 1.84% | 1.71% | 1.76% | 1.46% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 39** 

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.83 | $12.67 | $11.66 | $10.34 | $11.55 |
|  Net investment income<sup>(a)(b)</sup>  | 0.11 | 0.12 | 0.10 | 0.10 | 0.05 |
|  Net realized and unrealized gain (loss) | (1.99) | 0.73 | 1.06 | 1.38 | (0.92) |
|  Total from investment operations | (1.88) | 0.85 | 1.16 | 1.48 | (0.87) |
|  Distributions to shareholders from net investment income | (0.30) | (0.26) | (0.15) | (0.16) | (0.14) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.44) | (0.69) | (0.15) | (0.16) | (0.34) |
|  Net asset value, end of year | $10.51 | $12.83 | $12.67 | $11.66 | $10.34 |
|  **Total return<sup>(c)</sup>**  | (14.70)% | 6.73% | 9.90% | 14.30% | (7.58)% |
|  Net assets, end of year (in 000s) | $3740 | $6678 | $9575 | $10978 | $12807 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.38% | 1.36% | 1.39% | 1.42% | 1.38% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.31% | 1.31% | 1.32% | 1.33% | 1.33% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.98% | 0.91% | 0.86% | 0.93% | 0.43% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.81 | $12.63 | $11.64 | $10.32 | $11.55 |
|  Net investment income<sup>(a)(b)</sup>  | 0.27 | 0.29 | 0.25 | 0.25 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.02) | 0.71 | 1.02 | 1.36 | (0.95) |
|  Total from investment operations | (1.75) | 1.00 | 1.27 | 1.61 | (0.75) |
|  Distributions to shareholders from net investment income | (0.43) | (0.39) | (0.28) | (0.29) | (0.28) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.57) | (0.82) | (0.28) | (0.29) | (0.48) |
|  Net asset value, end of year | $10.49 | $12.81 | $12.63 | $11.64 | $10.32 |
|  **Total return<sup>(c)</sup>**  | (13.69)% | 7.93% | 11.05% | 15.68% | (6.53)% |
|  Net assets, end of year (in 000s) | $355310 | $426392 | $388941 | $351189 | $292183 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.27% | 0.25% | 0.26% | 0.28% | 0.24% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.19% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.31% | 2.23% | 2.12% | 2.19% | 1.76% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.99 | $12.79 | $11.78 | $10.45 | $11.68 |
|  Net investment income<sup>(a)(b)</sup>  | 0.21 | 0.22 | 0.16 | 0.17 | 0.15 |
|  Net realized and unrealized gain (loss) | (2.05) | 0.73 | 1.07 | 1.39 | (0.95) |
|  Total from investment operations | (1.84) | 0.95 | 1.23 | 1.56 | (0.80) |
|  Distributions to shareholders from net investment income | (0.37) | (0.32) | (0.22) | (0.23) | (0.23) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.51) | (0.75) | (0.22) | (0.23) | (0.43) |
|  Net asset, end of year | $10.64 | $12.99 | $12.79 | $11.78 | $10.45 |
|  **Total return<sup>(c)</sup>**  | (14.18)% | 7.44% | 10.52% | 14.99% | (6.93)% |
|  Net assets, end of year (in 000s) | $319 | $388 | $421 | $532 | $667 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.77% | 0.75% | 0.77% | 0.78% | 0.74% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69% | 0.69% | 0.69% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.82% | 1.67% | 1.38% | 1.47% | 1.31% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.76 | $12.58 | $11.59 | $10.28 | $11.50 |
|  Net investment income<sup>(a)(b)</sup>  | 0.23 | 0.28 | 0.33 | 0.23 | 0.18 |
|  Net realized and unrealized gain (loss) | (1.99) | 0.70 | 0.93 | 1.36 | (0.93) |
|  Total from investment operations | (1.76) | 0.98 | 1.26 | 1.59 | (0.75) |
|  Distributions to shareholders from net investment income | (0.42) | (0.37) | (0.27) | (0.28) | (0.27) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.56) | (0.80) | (0.27) | (0.28) | (0.47) |
|  Net asset value, end of year | $10.44 | $12.76 | $12.58 | $11.59 | $10.28 |
|  **Total return<sup>(c)</sup>**  | (13.79)% | 7.75% | 10.97% | 15.49% | (6.61)% |
|  Net assets, end of year (in 000s) | $3110 | $5430 | $7594 | $3663 | $2937 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.38% | 0.36% | 0.39% | 0.42% | 0.38% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.31% | 0.31% | 0.32% | 0.33% | 0.34% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.01% | 2.13% | 2.78% | 2.07% | 1.64% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.82 | $12.63 | $11.64 | $10.32 | $11.55 |
|  Net investment income<sup>(a)(b)</sup>  | 0.37 | 0.21 | 0.23 | 0.23 | 0.35 |
|  Net realized and unrealized gain (loss) | (2.12) | 0.79 | 1.05 | 1.38 | (1.09) |
|  Total from investment operations | (1.75) | 1.00 | 1.28 | 1.61 | (0.74) |
|  Distributions to shareholders from net investment income | (0.43) | (0.38) | (0.29) | (0.29) | (0.29) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.57) | (0.81) | (0.29) | (0.29) | (0.49) |
|  Net asset value, end of year | $10.50 | $12.82 | $12.63 | $11.64 | $10.32 |
|  **Total return<sup>(c)</sup>**  | (13.66)% | 8.00% | 11.06% | 15.70% | (6.52)% |
|  Net assets, end of year (in 000s) | $2061 | $277 | $1449 | $1766 | $2308 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.26% | 0.24% | 0.26% | 0.27% | 0.24% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 3.28% | 1.64% | 1.89% | 2.04% | 3.10% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.76 | $12.58 | $11.59 | $10.28 | $11.50 |
|  Net investment income<sup>(a)(b)</sup>  | 0.19 | 0.22 | 0.16 | 0.18 | 0.14 |
|  Net realized and unrealized gain (loss) | (2.01) | 0.70 | 1.04 | 1.35 | (0.95) |
|  Total from investment operations | (1.82) | 0.92 | 1.20 | 1.53 | (0.81) |
|  Distributions to shareholders from net investment income | (0.36) | (0.31) | (0.21) | (0.22) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Total distributions | (0.50) | (0.74) | (0.21) | (0.22) | (0.41) |
|  Net asset value, end of year | $10.44 | $12.76 | $12.58 | $11.59 | $10.28 |
|  **Total return<sup>(c)</sup>**  | (14.30)% | 7.32% | 10.39% | 14.94% | (7.07)% |
|  Net assets, end of year (in 000s) | $8693 | $10837 | $9435 | $10241 | $8443 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.88% | 0.86% | 0.90% | 0.92% | 0.88% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.81% | 0.81% | 0.82% | 0.83% | 0.84% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.67% | 1.65% | 1.40% | 1.61% | 1.23% |
|  Portfolio turnover rate<sup>(e)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** | **Goldman Sachs Balanced Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $12.82 | $12.64 | $11.64 | $10.32 | $11.54 |
|  Net investment income<sup>(b)(c)</sup>  | 0.28 | 0.29 | 0.25 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.04) | 0.71 | 1.04 | 1.37 | (0.96) |
|  Total from investment operations | (1.76) | 1.00 | 1.29 | 1.61 | (0.76) |
|  Distributions to shareholders from net investment income | (0.43) | (0.39) | (0.29) | (0.29) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.14) | (0.43) |  |  | (0.20) |
|  Distributions to shareholders from return of capital |  |  |  |  |  |
|  Total distributions | (0.57) | (0.82) | (0.29) | (0.29) | (0.46) |
|  Net asset value, end of period | $10.49 | $12.82 | $12.64 | $11.64 | $10.32 |
|  **Total return<sup>(d)</sup>**  | (13.75)% | 7.94% | 11.15% | 15.69% | (6.67)% |
|  Net assets, end of period (in 000s) | $59472 | $53299 | $41545 | $42118 | $43098 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.26% | 0.24% | 0.25% | 0.27% | 0.24%<sup>(f)</sup> |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets<sup>(c)</sup>  | 2.46% | 2.24% | 2.10% | 2.17% | 2.48%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup>  | 30% | 9% | 19% | 55% | 45% |
| (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.35 | $15.51 | $14.26 | $12.26 | $13.81 |
|  Net investment income <sup>(a)(b)</sup>  | 0.28 | 0.36 | 0.20 | 0.22 | 0.18 |
|  Net realized and unrealized gain (loss) | (2.80) | 1.53 | 1.54 | 2.06 | (1.41) |
|  Total from investment operations | (2.52) | 1.89 | 1.74 | 2.28 | (1.23) |
|  Distributions to shareholders from net investment income | (0.50) | (0.53) | (0.23) | (0.28) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.73) | (1.05) | (0.49) | (0.28) | (0.32) |
|  Net asset value, end of year | $13.10 | $16.35 | $15.51 | $14.26 | $12.26 |
|  **Total return<sup>(c)</sup>**  | (15.50)% | 12.27% | 12.29% | 18.60% | (8.94)% |
|  Net assets, end of year (in 000s) | $228850 | $297996 | $293868 | $286721 | $272658 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.61% | 0.59% | 0.62% | 0.64% | 0.61% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.56% | 0.56% | 0.57% | 0.58% | 0.59% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.94% | 2.15% | 1.38% | 1.65% | 1.29% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 47** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.88 | $15.12 | $13.92 | $11.98 | $13.49 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.20 | 0.06 | 0.09 | 0.01 |
|  Net realized and unrealized gain (loss) | (2.71) | 1.53 | 1.53 | 2.04 | (1.31) |
|  Total from investment operations | (2.56) | 1.73 | 1.59 | 2.13 | (1.30) |
|  Distributions to shareholders from net investment income | (0.39) | (0.45) | (0.13) | (0.19) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.62) | (0.97) | (0.39) | (0.19) | (0.21) |
|  Net asset value, end of year | $12.70 | $15.88 | $15.12 | $13.92 | $11.98 |
|  **Total return<sup>(c)</sup>**  | (16.16)% | 11.44% | 11.44% | 17.78% | (9.62)% |
|  Net assets, end of year (in 000s) | $6766 | $10130 | $13454 | $19069 | $27099 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.36% | 1.34% | 1.37% | 1.39% | 1.36% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.31% | 1.31% | 1.32% | 1.33% | 1.34% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.08% | 1.23% | 0.45% | 0.66% | 0.11% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.40 | $15.56 | $14.31 | $12.29 | $13.85 |
|  Net investment income<sup>(a)(b)</sup>  | 0.33 | 0.44 | 0.25 | 0.27 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.81) | 1.52 | 1.54 | 2.08 | (1.39) |
|  Total from investment operations | (2.48) | 1.96 | 1.79 | 2.35 | (1.19) |
|  Distributions to shareholders from net investment income | (0.55) | (0.60) | (0.28) | (0.33) | (0.37) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.78) | (1.12) | (0.54) | (0.33) | (0.37) |
|  Net asset value, end of year | $13.14 | $16.40 | $15.56 | $14.31 | $12.29 |
|  **Total return<sup>(c)</sup>**  | (15.19)% | 12.64% | 12.68% | 19.17% | (8.63)% |
|  Net assets, end of year (in 000s) | $331731 | $443099 | $364206 | $371610 | $360006 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24% | 0.23% | 0.24% | 0.25% | 0.22% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.19% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.29% | 2.65% | 1.77% | 2.01% | 1.48% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 49** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.30 | $15.48 | $14.23 | $12.23 | $13.77 |
|  Net investment income<sup>(a)(b)</sup>  | 0.25 | 0.34 | 0.16 | 0.21 | 0.15 |
|  Net realized and unrealized gain (loss) | (2.78) | 1.51 | 1.56 | 2.05 | (1.38) |
|  Total from investment operations | (2.53) | 1.85 | 1.72 | 2.26 | (1.23) |
|  Distributions to shareholders from net investment income | (0.48) | (0.51) | (0.21) | (0.26) | (0.31) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.71) | (1.03) | (0.47) | (0.26) | (0.31) |
|  Net asset, end of year | $13.06 | $16.30 | $15.48 | $14.23 | $12.23 |
|  **Total return<sup>(c)</sup>**  | (15.61)% | 12.03% | 12.18% | 18.51% | (9.00)% |
|  Net assets, end of year (in 000s) | $1851 | $2755 | $2669 | $2920 | $2780 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.74% | 0.73% | 0.74% | 0.75% | 0.72% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69% | 0.69% | 0.69% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.75% | 2.07% | 1.17% | 1.53% | 1.13% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.26 | $15.44 | $14.19 | $12.20 | $13.74 |
|  Net investment income<sup>(a)(b)</sup>  | 0.32 | 0.41 | 0.23 | 0.26 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.80) | 1.51 | 1.54 | 2.04 | (1.38) |
|  Total from investment operations | (2.48) | 1.92 | 1.77 | 2.30 | (1.18) |
|  Distributions to shareholders from net investment income | (0.53) | (0.58) | (0.26) | (0.31) | (0.36) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.76) | (1.10) | (0.52) | (0.31) | (0.36) |
|  Net asset value, end of year | $13.02 | $16.26 | $15.44 | $14.19 | $12.20 |
|  **Total return<sup>(c)</sup>**  | (15.30)% | 12.48% | 12.64% | 18.91% | (8.68)% |
|  Net assets, end of year (in 000s) | $7459 | $8948 | $7997 | $7670 | $7366 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.36% | 0.34% | 0.37% | 0.39% | 0.36% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.31% | 0.31% | 0.32% | 0.33% | 0.34% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.24% | 2.50% | 1.64% | 1.92% | 1.48% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 51** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.40 | $15.55 | $14.30 | $12.29 | $13.85 |
|  Net investment income<sup>(a)(b)</sup>  | 0.43 | 0.32 | 0.22 | 0.26 | 0.36 |
|  Net realized and unrealized gain (loss) | (2.91) | 1.64 | 1.57 | 2.08 | (1.54) |
|  Total from investment operations | (2.48) | 1.96 | 1.79 | 2.34 | (1.18) |
|  Distributions to shareholders from net investment income | (0.55) | (0.59) | (0.28) | (0.33) | (0.38) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.78) | (1.11) | (0.54) | (0.33) | (0.38) |
|  Net asset value, end of year | $13.14 | $16.40 | $15.55 | $14.30 | $12.29 |
|  **Total return<sup>(c)</sup>**  | (15.17)% | 12.69% | 12.70% | 19.10% | (8.61)% |
|  Net assets, end of year (in 000s) | $2162 | $923 | $4694 | $6300 | $6331 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.23% | 0.22% | 0.23% | 0.24% | 0.22% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 3.02% | 1.94% | 1.59% | 1.92% | 2.67% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.20 | $15.39 | $14.15 | $12.17 | $13.70 |
|  Net investment income<sup>(a)(b)</sup>  | 0.25 | 0.31 | 0.16 | 0.20 | 0.13 |
|  Net realized and unrealized gain (loss) | (2.79) | 1.52 | 1.53 | 2.02 | (1.37) |
|  Total from investment operations | (2.54) | 1.83 | 1.69 | 2.22 | (1.24) |
|  Distributions to shareholders from net investment income | (0.46) | (0.50) | (0.19) | (0.24) | (0.29) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.69) | (1.02) | (0.45) | (0.24) | (0.29) |
|  Net asset value, end of year | $12.97 | $16.20 | $15.39 | $14.15 | $12.17 |
|  **Total return<sup>(c)</sup>**  | (15.73)% | 11.94% | 12.05% | 18.30% | (9.10)% |
|  Net assets, end of year (in 000s) | $4346 | $5579 | $5270 | $4991 | $4251 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.86% | 0.84% | 0.87% | 0.89% | 0.86% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.81% | 0.81% | 0.82% | 0.83% | 0.84% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.75% | 1.87% | 1.15% | 1.46% | 1.00% |
|  Portfolio turnover rate<sup>(e)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 53** 

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth and Income Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $16.39 | $15.55 | $14.30 | $12.29 | $13.91 |
|  Net investment income<sup>(b)(c)</sup>  | 0.34 | 0.44 | 0.26 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.82) | 1.52 | 1.53 | 2.05 | (1.52) |
|  Total from investment operations | (2.48) | 1.96 | 1.79 | 2.34 | (1.29) |
|  Distributions to shareholders from net investment income | (0.55) | (0.60) | (0.28) | (0.33) | (0.33) |
|  Distributions to shareholders from net realized gains | (0.23) | (0.52) | (0.26) |  |  |
|  Total distributions | (0.78) | (1.12) | (0.54) | (0.33) | (0.33) |
|  Net asset value, end of period | $13.13 | $16.39 | $15.55 | $14.30 | $12.29 |
|  **Total return<sup>(d)</sup>**  | (15.19)% | 12.66% | 12.70% | 19.10% | (9.29)% |
|  Net assets, end of period (in 000s) | $218480 | $260202 | $228953 | $212702 | $185028 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.23% | 0.22% | 0.23% | 0.24% | 0.22%<sup>(f)</sup> |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets<sup>(c)</sup>  | 2.38% | 2.62% | 1.80% | 2.12% | 2.48%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup>  | 29% | 8% | 13% | 61% | 32% |
| (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.62 | $17.88 | $16.18 | $13.73 | $15.83 |
|  Net investment income <sup>(a)(b)</sup>  | 0.32 | 0.47 | 0.19 | 0.25 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.68) | 2.49 | 2.07 | 2.80 | (1.93) |
|  Total from investment operations | (3.36) | 2.96 | 2.26 | 3.05 | (1.74) |
|  Distributions to shareholders from net investment income | (0.56) | (0.70) | (0.21) | (0.32) | (0.36) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.82) | (1.22) | (0.56) | (0.60) | (0.36) |
|  Net asset value, end of year | $15.44 | $19.62 | $17.88 | $16.18 | $13.73 |
|  **Total return<sup>(c)</sup>**  | (17.14)% | 16.54% | 13.96% | 22.24% | (10.98)% |
|  Net assets, end of year (in 000s) | $297896 | $387436 | $353363 | $338384 | $308475 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.61% | 0.60% | 0.64% | 0.65% | 0.62% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.56% | 0.56% | 0.57% | 0.58% | 0.59% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.87% | 2.40% | 1.18% | 1.61% | 1.19% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 55** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $20.09 | $18.27 | $16.51 | $13.98 | $15.81 |
|  Net investment income (loss)<sup>(a)(b)</sup>  | 0.18 | 0.29 | 0.05 | 0.10 | (0.03) |
|  Net realized and unrealized gain (loss) | (3.74) | 2.57 | 2.11 | 2.87 | (1.80) |
|  Total from investment operations | (3.56) | 2.86 | 2.16 | 2.97 | (1.83) |
|  Distributions to shareholders from net investment income | (0.42) | (0.52) | (0.05) | (0.16) |  |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.68) | (1.04) | (0.40) | (0.44) |  |
|  Net asset value, end of year | $15.85 | $20.09 | $18.27 | $16.51 | $13.98 |
|  **Total return<sup>(c)</sup>**  | (17.76)% | 15.67% | 13.10% | 21.31% | (11.58)% |
|  Net assets, end of year (in 000s) | $13496 | $19334 | $22590 | $29424 | $36201 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.36% | 1.35% | 1.39% | 1.40% | 1.37% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.31% | 1.31% | 1.32% | 1.33% | 1.34% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup>  | 1.03% | 1.44% | 0.28% | 0.64% | (0.20)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.61 | $17.86 | $16.17 | $13.72 | $15.81 |
|  Net investment income<sup>(a)(b)</sup>  | 0.38 | 0.57 | 0.25 | 0.24 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.68) | 2.47 | 2.06 | 2.87 | (1.87) |
|  Total from investment operations | (3.30) | 3.04 | 2.31 | 3.11 | (1.68) |
|  Distributions to shareholders from net investment income | (0.63) | (0.77) | (0.27) | (0.38) | (0.41) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.89) | (1.29) | (0.62) | (0.66) | (0.41) |
|  Net asset value, end of year | $15.42 | $19.61 | $17.86 | $16.17 | $13.72 |
|  **Total return<sup>(c)</sup>**  | (16.87)% | 17.03% | 14.29% | 22.77% | (10.65)% |
|  Net assets, end of year (in 000s) | $195963 | $249377 | $169166 | $147389 | $247863 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24% | 0.23% | 0.26% | 0.26% | 0.23% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.19% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.24% | 2.88% | 1.58% | 1.59% | 1.22% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 57** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.56 | $17.83 | $16.13 | $13.69 | $15.77 |
|  Net investment income<sup>(a)(b)</sup>  | 0.29 | 0.46 | 0.15 | 0.22 | 0.15 |
|  Net realized and unrealized gain (loss) | (3.66) | 2.46 | 2.08 | 2.80 | (1.90) |
|  Total from investment operations | (3.37) | 2.92 | 2.23 | 3.02 | (1.75) |
|  Distributions to shareholders from net investment income | (0.54) | (0.67) | (0.18) | (0.30) | (0.33) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.80) | (1.19) | (0.53) | (0.58) | (0.33) |
|  Net asset, end of year | $15.39 | $19.56 | $17.83 | $16.13 | $13.69 |
|  **Total return<sup>(c)</sup>**  | (17.27)% | 16.41% | 13.81% | 22.10% | (11.06)% |
|  Net assets, end of year (in 000s) | $1764 | $2413 | $2120 | $2266 | $2252 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.74% | 0.73% | 0.76% | 0.77% | 0.73% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69% | 0.69% | 0.69% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.70% | 2.36% | 0.94% | 1.47% | 0.96% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.29 | $17.60 | $15.93 | $13.53 | $15.59 |
|  Net investment income<sup>(a)(b)</sup>  | 0.34 | 0.75 | 0.22 | 0.28 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.60) | 2.21 | 2.05 | 2.76 | (1.86) |
|  Total from investment operations | (3.26) | 2.96 | 2.27 | 3.04 | (1.68) |
|  Distributions to shareholders from net investment income | (0.59) | (0.75) | (0.25) | (0.36) | (0.38) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.85) | (1.27) | (0.60) | (0.64) | (0.38) |
|  Net asset value, end of year | $15.18 | $19.29 | $17.60 | $15.93 | $13.53 |
|  **Total return<sup>(c)</sup>**  | (16.92)% | 16.86% | 14.24% | 22.50% | (10.74)% |
|  Net assets, end of year (in 000s) | $10006 | $13836 | $7004 | $7204 | $6477 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.36% | 0.35% | 0.39% | 0.40% | 0.37% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.31% | 0.31% | 0.32% | 0.33% | 0.33% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.02% | 3.83% | 1.38% | 1.85% | 1.14% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 59** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.62 | $17.87 | $16.17 | $13.72 | $15.81 |
|  Net investment income<sup>(a)(b)</sup>  | 0.42 | 0.55 | 0.21 | 0.31 | 0.39 |
|  Net realized and unrealized gain (loss) | (3.72) | 2.49 | 2.11 | 2.80 | (2.06) |
|  Total from investment operations | (3.30) | 3.04 | 2.32 | 3.11 | (1.67) |
|  Distributions to shareholders from net investment income | (0.63) | (0.77) | (0.27) | (0.38) | (0.42) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.89) | (1.29) | (0.62) | (0.66) | (0.42) |
|  Net asset value, end of year | $15.43 | $19.62 | $17.87 | $16.17 | $13.72 |
|  **Total return<sup>(c)</sup>**  | (16.85)% | 17.02% | 14.35% | 22.72% | (10.55)% |
|  Net assets, end of year (in 000s) | $7255 | $6263 | $6792 | $7554 | $6603 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.24% | 0.22% | 0.25% | 0.26% | 0.22% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.48% | 2.79% | 1.31% | 2.00% | 2.54% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $19.01 | $17.36 | $15.74 | $13.37 | $15.42 |
|  Net investment income<sup>(a)(b)</sup>  | 0.26 | 0.44 | 0.15 | 0.20 | 0.14 |
|  Net realized and unrealized gain (loss) | (3.56) | 2.39 | 1.99 | 2.73 | (1.87) |
|  Total from investment operations | (3.30) | 2.83 | 2.14 | 2.93 | (1.73) |
|  Distributions to shareholders from net investment income | (0.52) | (0.66) | (0.17) | (0.28) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.78) | (1.18) | (0.52) | (0.56) | (0.32) |
|  Net asset value, end of year | $14.93 | $19.01 | $17.36 | $15.74 | $13.37 |
|  **Total return<sup>(c)</sup>**  | (17.38)% | 16.31% | 13.61% | 21.98% | (11.18)% |
|  Net assets, end of year (in 000s) | $5492 | $7788 | $6353 | $6400 | $5475 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.86% | 0.85% | 0.89% | 0.90% | 0.87% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.81% | 0.81% | 0.82% | 0.83% | 0.84% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.58% | 2.31% | 0.94% | 1.36% | 0.90% |
|  Portfolio turnover rate<sup>(e)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (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.<br> (d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 61** 

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $19.62 | $17.87 | $16.17 | $13.72 | $15.96 |
|  Net investment income<sup>(b)(c)</sup>  | 0.39 | 0.59 | 0.26 | 0.32 | 0.28 |
|  Net realized and unrealized gain (loss) | (3.69) | 2.45 | 2.06 | 2.79 | (2.10) |
|  Total from investment operations | (3.30) | 3.04 | 2.32 | 3.11 | (1.82) |
|  Distributions to shareholders from net investment income | (0.63) | (0.77) | (0.27) | (0.38) | (0.42) |
|  Distributions to shareholders from net realized gains | (0.26) | (0.52) | (0.35) | (0.28) |  |
|  Total distributions | (0.89) | (1.29) | (0.62) | (0.66) | (0.42) |
|  Net asset value, end of period | $15.43 | $19.62 | $17.87 | $16.17 | $13.72 |
|  **Total return<sup>(d)</sup>**  | (16.85)% | 17.03% | 14.36% | 22.72% | (11.39)% |
|  Net assets, end of period (in 000s) | $230411 | $277169 | $207786 | $183763 | $148866 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.23% | 0.22% | 0.25% | 0.26% | 0.22%<sup>(f)</sup> |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.19%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets<sup>(c)</sup>  | 2.26% | 2.98% | 1.62% | 2.08% | 2.56%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup>  | 27% | 5% | 8% | 69% | 29% |
| (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) Annualized.<br> (g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.56 | $8.45 | $7.38 | $8.45 |
|  Net investment income <sup>(a)(b)</sup>  | 0.23 | 0.22 | 0.15 | 0.27 | 0.19 |
|  Net realized and unrealized gain (loss) | (1.59) | 0.48 | 0.11 | 1.08 | (1.06) |
|  Total from investment operations | (1.36) | 0.70 | 0.26 | 1.35 | (0.87) |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.15) | (0.28) | (0.20) |
|  Distributions to shareholders from return of capital | (0.01) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.27) | (0.31) | (0.15) | (0.28) | (0.20) |
|  Net asset value, end of year | $7.32 | $8.95 | $8.56 | $8.45 | $7.38 |
|  **Total return<sup>(d)</sup>**  | (15.19)% | 8.20% | 3.40% | 18.38% | (10.39)% |
|  Net assets, end of year (in 000s) | $32203 | $46066 | $46265 | $46921 | $39384 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.88% | 0.75% | 0.75% | 0.66% | 0.61% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.54% | 0.54% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.95% | 2.42% | 1.90% | 3.30% | 2.35% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 63** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.54 | $8.42 | $7.34 | $8.40 |
|  Net investment income<sup>(a)(b)</sup>  | 0.15 | 0.12 | 0.07 | 0.16 | 0.12 |
|  Net realized and unrealized gain (loss) | (1.57) | 0.51 | 0.13 | 1.12 | (1.04) |
|  Total from investment operations | (1.42) | 0.63 | 0.20 | 1.28 | (0.92) |
|  Distributions to shareholders from net investment income | (0.19) | (0.22) | (0.08) | (0.20) | (0.14) |
|  Distributions to shareholders from return of capital | (0.01) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.20) | (0.22) | (0.08) | (0.20) | (0.14) |
|  Net asset value, end of year | $7.33 | $8.95 | $8.54 | $8.42 | $7.34 |
|  **Total return<sup>(d)</sup>**  | (15.83)% | 7.39% | 2.59% | 17.55% | (11.07)% |
|  Net assets, end of year (in 000s) | $1014 | $2209 | $5772 | $16235 | $28041 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 1.62% | 1.49% | 1.49% | 1.40% | 1.36% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 1.29% | 1.28% | 1.30% | 1.31% | 1.31% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.87% | 1.33% | 0.95% | 2.01% | 1.53% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.92 | $8.54 | $8.43 | $7.36 | $8.43 |
|  Net investment income<sup>(a)(b)</sup>  | 0.26 | 0.23 | 0.17 | 0.27 | 0.21 |
|  Net realized and unrealized gain (loss) | (1.59) | 0.49 | 0.12 | 1.11 | (1.05) |
|  Total from investment operations | (1.33) | 0.72 | 0.29 | 1.38 | (0.84) |
|  Distributions to shareholders from net investment income | (0.28) | (0.34) | (0.18) | (0.31) | (0.23) |
|  Distributions to shareholders from return of capital | (0.02) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.30) | (0.34) | (0.18) | (0.31) | (0.23) |
|  Net asset value, end of year | $7.29 | $8.92 | $8.54 | $8.43 | $7.36 |
|  **Total return<sup>(d)</sup>**  | (14.92)% | 8.49% | 3.81% | 18.86% | (10.06)% |
|  Net assets, end of year (in 000s) | $37888 | $58742 | $99006 | $194783 | $260987 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.51% | 0.38% | 0.36% | 0.27% | 0.22% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.17% | 0.17% | 0.17% | 0.18% | 0.17% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 3.24% | 2.62% | 2.19% | 3.38% | 2.62% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 65** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.94 | $8.56 | $8.44 | $7.37 | $8.43 |
|  Net investment income<sup>(a)(b)</sup>  | 0.23 | 0.21 | 0.13 | 0.25 | 0.18 |
|  Net realized and unrealized gain (loss) | (1.60) | 0.47 | 0.13 | 1.09 | (1.05) |
|  Total from investment operations | (1.37) | 0.68 | 0.26 | 1.34 | (0.87) |
|  Distributions to shareholders from net investment income | (0.25) | (0.30) | (0.14) | (0.27) | (0.19) |
|  Distributions to shareholders from return of capital | (0.01) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.26) | (0.30) | (0.14) | (0.27) | (0.19) |
|  Net asset, end of year | $7.31 | $8.94 | $8.56 | $8.44 | $7.37 |
|  **Total return<sup>(d)</sup>**  | (15.32)% | 7.94% | 3.32% | 18.25% | (10.41)% |
|  Net assets, end of year (in 000s) | $116 | $137 | $128 | $258 | $243 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 1.01% | 0.88% | 0.86% | 0.78% | 0.72% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.67% | 0.67% | 0.67% | 0.68% | 0.67% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.96% | 2.34% | 1.62% | 3.13% | 2.20% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.92 | $8.53 | $8.43 | $7.36 | $8.43 |
|  Net investment income<sup>(a)(b)</sup>  | 0.24 | 0.23 | 0.16 | 0.27 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.58) | 0.49 | 0.11 | 1.10 | (1.05) |
|  Total from investment operations | (1.34) | 0.72 | 0.27 | 1.37 | (0.85) |
|  Distributions to shareholders from net investment income | (0.27) | (0.33) | (0.17) | (0.30) | (0.22) |
|  Distributions to shareholders from return of capital | (0.02) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.29) | (0.33) | (0.17) | (0.30) | (0.22) |
|  Net asset value, end of year | $7.29 | $8.92 | $8.53 | $8.43 | $7.36 |
|  **Total return<sup>(d)</sup>**  | (15.03)% | 8.50% | 3.55% | 18.71% | (10.19)% |
|  Net assets, end of year (in 000s) | $9424 | $15372 | $18816 | $22706 | $27782 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.63% | 0.50% | 0.50% | 0.41% | 0.36% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.29% | 0.29% | 0.30% | 0.32% | 0.31% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 3.08% | 2.62% | 2.12% | 3.39% | 2.53% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 67** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.93 | $8.55 | $8.44 | $7.36 | $8.43 |
|  Net investment income<sup>(a)(b)</sup>  | 0.30 | 0.25 | 0.14 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.63) | 0.47 | 0.15 | 1.10 | (1.07) |
|  Total from investment operations | (1.33) | 0.72 | 0.29 | 1.39 | (0.84) |
|  Distributions to shareholders from net investment income | (0.28) | (0.34) | (0.18) | (0.31) | (0.23) |
|  Distributions to shareholders from return of capital | (0.02) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.30) | (0.34) | (0.18) | (0.31) | (0.23) |
|  Net asset value, end of year | $7.30 | $8.93 | $8.55 | $8.44 | $7.36 |
|  **Total return<sup>(d)</sup>**  | (14.89)% | 8.50% | 3.79% | 19.02% | (10.04)% |
|  Net assets, end of year (in 000s) | $1900 | $812 | $815 | $45956 | $44046 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.51% | 0.37% | 0.33% | 0.26% | 0.22% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.16% | 0.16% | 0.16% | 0.17% | 0.16% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 3.93% | 2.76% | 1.79% | 3.59% | 2.88% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.92 | $8.53 | $8.42 | $7.35 | $8.41 |
|  Net investment income<sup>(a)(b)</sup>  | 0.23 | 0.19 | 0.12 | 0.23 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.61) | 0.48 | 0.12 | 1.09 | (1.05) |
|  Total from investment operations | (1.38) | 0.67 | 0.24 | 1.32 | (0.88) |
|  Distributions to shareholders from net investment income | (0.24) | (0.28) | (0.13) | (0.25) | (0.18) |
|  Distributions to shareholders from return of capital | (0.01) | — <sup>(c)</sup> |  |  |  |
|  Total distributions | (0.25) | (0.28) | (0.13) | (0.25) | (0.18) |
|  Net asset value, end of year | $7.29 | $8.92 | $8.53 | $8.42 | $7.35 |
|  **Total return<sup>(d)</sup>**  | (15.46)% | 7.93% | 3.09% | 18.12% | (10.56)% |
|  Net assets, end of year (in 000s) | $476 | $554 | $724 | $1140 | $1955 |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 1.13% | 1.00% | 0.99% | 0.91% | 0.86% |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.79% | 0.79% | 0.80% | 0.81% | 0.81% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 2.87% | 2.08% | 1.56% | 2.88% | 2.09% |
|  Portfolio turnover rate<sup>(f)</sup>  | 25% | 33% | 5% | 6% | 17% |
| (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (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 Portfolio invests.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.<br> (e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (f) The Portfolio'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 Portfolio's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 69** 

------

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** | **Goldman Sachs Satellite Strategies Portfolio** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $8.93 | $8.55 | $8.44 | $7.37 | $8.37 |
|  Net investment income<sup>(b)(c)</sup>  | 0.25 | 0.25 | 0.18 | 0.30 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.57) | 0.47 | 0.11 | 1.08 | (1.01) |
|  Total from investment operations | (1.32) | 0.72 | 0.29 | 1.38 | (0.81) |
|  Distributions to shareholders from net investment income | (0.29) | (0.34) | (0.18) | (0.31) | (0.19) |
|  Distributions to shareholders from return of capital | (0.01) | — <sup>(d)</sup> |  |  |  |
|  Total distributions | (0.30) | (0.34) | (0.18) | (0.31) | (0.19) |
|  Net asset value, end of period | $7.31 | $8.93 | $8.55 | $8.44 | $7.37 |
|  **Total return<sup>(e)</sup>**  | (14.78)% | 8.49% | 3.82% | 18.85% | (9.76)% |
|  Net assets, end of period (in 000s) | $1380 | $3111 | $3743 | $3722 | $2902 |
|  Ratio of total expenses to average net assets<sup>(f)</sup>  | 0.50% | 0.37% | 0.36% | 0.27% | 0.22%<sup>(g)</sup> |
|  Ratio of net expenses to average net assets<sup>(f)</sup>  | 0.16% | 0.16% | 0.16% | 0.17% | 0.16%<sup>(g)</sup> |
|  Ratio of net investment income to average net assets<sup>(c)</sup>  | 3.17% | 2.80% | 2.31% | 3.70% | 3.51%<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(h)</sup>  | 25% | 33% | 5% | 6% | 17% |

---

(a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.<br> (d) Amount is less than $0.005 per share.<br> (e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.<br> (f) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.<br> (g) Annualized.<br> (h) The Portfolio'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 Portfolio's portfolio turnover rate may be higher.<br>

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

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Notes to Financial Statements
*December 31, 2022* 

 **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:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| All Portfolios | A, C, Institutional, Service, Investor, R6, R, P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the 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 that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds ("ETFs") (collectively, the "Underlying Funds").

 **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.

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, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

Expenses included in the accompanying financial statements reflect the expenses of each 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.

**71** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

## Notes to Financial Statements (continued)
*December 31, 2022* 

 **2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

&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:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Balanced Strategy, Growth and Income Strategy and Satellite Strategies | Quarterly | Annually |
| Growth Strategy | 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 the Portfolios 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.

 **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 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).

**72** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, 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 the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Underlying Funds (including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Portfolios invest primarily in other mutual funds that fluctuate in value, the Portfolios' shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A 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, 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;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&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;iii. Options — When a 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 a 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;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the 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 the 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 and derivatives classified in the fair value hierarchy as of December 31, 2022:

**BALANCED STRATEGY** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynamic | $15415882 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 76773351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 182385282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 207858650 |  |  |
|  Investment Company | 24882517 |  |  |
|  **Total** | $507315682 | $— | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $68327 | $— |
|  Futures Contracts | 20271 |  |  |
|  Options Purchased | 1646094 |  |  |
|  Over-The-Counter Options On Foreign Currency |  | 39907 |  |
|  **Total** | $1666365 | $108234 | $— |

---

**74** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

**BALANCED STRATEGY (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Over-The-Counter Options On Foreign Currency | $— | $(39907) | $— |
|  Forward Foreign Currency Exchange Contracts |  | (694746) |  |
|  Futures Contracts | (1266114) |  |  |
|  **Total** | $(1266114) | $(734653) | $— |
|  **GROWTH AND INCOME STRATEGY** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynamic | $20386461 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 178995046 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 381290760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 175401552 |  |  |
|  Investment Company | 23894296 |  |  |
|  **Total** | $779968115 | $— | $— |
|  **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $111327 | $— |
|  Futures Contracts | 27922 |  |  |
|  Options Purchased | 2183550 |  |  |
|  Over-The-Counter Options On Foreign Currency |  | 53248 |  |
|  **Total** | $2211472 | $164575 | $— |
|  **Liabilities** |  |  |  |
|  Over-The-Counter Options On Foreign Currency | $— | $(53248) | $— |
|  Forward Foreign Currency Exchange Contracts |  | (1132082) |  |
|  Futures Contracts | (2251633) |  |  |
|  **Total** | $(2251633) | $(1185330) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GROWTH STRATEGY** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynamic | $15216000 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 240470832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 387029606 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 52874781 |  |  |
|  Investment Company | 46852971 |  |  |
|  **Total** | $742444190 | $— | $— |
|  **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $128866 | $— |
|  Futures Contracts | 20476 |  |  |
|  Options Purchased | 2779988 |  |  |
|  Over-The-Counter Options On Foreign Currency |  | 36891 |  |
|  **Total** | $2800464 | $165757 | $— |
|  **Liabilities** |  |  |  |
|  Over-The-Counter Options On Foreign Currency | $— | $(36891) | $— |
|  Forward Foreign Currency Exchange Contracts |  | (998167) |  |
|  Futures Contracts | (2578041) |  |  |
|  **Total** | $(2578041) | $(1035058) | $— |
|  **SATELLITE STRATEGIES** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | $51667352 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 2998737 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 27304933 |  |  |
|  Investment Company | 1539837 |  |  |
|  **Total** | $83510859 | $— | $— |

---

For further information regarding security characteristics, see the Schedules of Investments.

 **4. INVESTMENTS IN DERIVATIVES**

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. 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

**76** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **4. INVESTMENTS IN DERIVATIVES (continued)**

effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio's net exposure.

**BALANCED** 

**STRATEGY PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Currency | Receivable for unrealized gain on forward<br> foreign currency exchange contracts. | $108234 | Payable for unrealized loss on forward<br> foreign currency exchange contracts. | $&nbsp;&nbsp;&nbsp;&nbsp;(734653) |
|  Equity | Variation margin on futures contracts; | 17532 | Variation margin on futures contracts; | (1266114) |
|  Interest rate | Variation margin on futures contracts;<br> Purchased options, at value | 1648833 | Written Options, at value |  |
|  **Total** |  | $1774599 |  | $(2000767) |

---

**GROWTH AND INCOME** 

**STRATEGY PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Currency | Receivable for unrealized gain on forward<br> foreign currency exchange contracts;<br> Purchased options, at value | $164575 | Payable for unrealized loss on forward<br> foreign currency exchange contracts.;<br> Written options, at value | $(1185330) |
|  Equity | Variation margin on futures contracts;<br> Purchased options, at value | 24182 | Variation margin on futures contracts; | (2251633) |
|  Interest rate | Variation margin on futures contracts; | 2187290 | Variation margin on futures contracts; |  |
|  **Total** |  | $2376047 |  | $(3436963) |

---

**GROWTH** 

**STRATEGY PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Currency | Receivable for unrealized gain on forward<br> foreign currency exchange contracts;<br> Purchased options, at value | $165757 | Payable for unrealized loss on forward<br> foreign currency exchange contracts.<br> Written options, at value | $(1035058) |
|  Equity | Variation margin on futures contracts | 17985 | Variation margin on futures contracts | (2320069) |
|  Interest rate | Variation margin on futures contracts;<br> Purchased options, at value | 2782479 | Variation margin on futures contracts | (257972) |
|  **Total** |  | $2966221 |  | $(3613099) |

---

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 December 31, 2022. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **4. INVESTMENTS IN DERIVATIVES (continued)**

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

**BALANCED** 

**STRATEGY PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Currency | Net realized gain from forward foreign currency exchange contracts and purchased options<br> /Net change in unrealized gain on forward foreign currency exchange contracts | $4717094 | $(602298) |
|  Equity | Net realized gain (loss) from futures contracts and swap contracts /Net change in<br> unrealized gain on futures contracts and purchased options | &nbsp;&nbsp;&nbsp;&nbsp;(8346119) | (1910546) |
|  Interest rate | Net realized gain from purchased options /Net change in unrealized gain on futures<br> contracts, purchased options and written options | &nbsp;&nbsp;&nbsp;&nbsp;(1099661) | (1875252) |
|  **Total** |  | $(4728686) | $(4388096) |
| <br> **GROWTH AND INCOME**<br> **STRATEGY PORTFOLIO** | <br> **GROWTH AND INCOME**<br> **STRATEGY PORTFOLIO** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Currency | Net realized gain from forward foreign currency exchange contracts, purchased options<br> and written options /Net change in unrealized gain on forward foreign currency exchange contracts | $7608097 | $(977062) |
|  Equity | Net realized gain (loss) from swap contract, futures contracts, purchased options and<br> written options/Net change in unrealized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(10282263) | &nbsp;&nbsp;&nbsp;&nbsp;(3060941) |
|  Interest rate | Net realized gain from futures contracts, purchased options and written options/Net change<br> in unrealized gain on futures contracts, purchased options and written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112250 | &nbsp;&nbsp;&nbsp;&nbsp;(3167537) |
|  **Total** |  | $3438084 | $(7205540) |
| <br> **GROWTH**<br> **STRATEGY PORTFOLIO** | <br> **GROWTH**<br> **STRATEGY PORTFOLIO** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Currency | Net realized gain from forward foreign currency exchange contracts; purchased options<br> and written options /Net change in unrealized gain on forward foreign currency exchange<br> contracts; purchased options and written options | $7104188 | $286989 |
|  Equity | Net realized gain (loss) from futures contracts; purchased options and written options /Net<br> change in unrealized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(10786585) | &nbsp;&nbsp;&nbsp;&nbsp;(3283531) |
|  Interest rate | Net realized gain (loss) from futures contracts; swaps contracts; purchased options and<br> written options /Net change in unrealized gain on futures contracts; Purchased options, at<br> value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8538577) | &nbsp;&nbsp;&nbsp;&nbsp;(4963675) |
|  **Total** |  | $(12220974) | $(7960217) |

---

**78** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **4. INVESTMENTS IN DERIVATIVES (continued)**

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>**  |
| | **Futures<br>contracts** | **Forward<br>contracts** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Balanced Strategy | 401 | $40796439 | 4667719 | $500000 | 337846 | $1000000 |
|  Growth and Income Strategy | 610 | 66869772 | 7710347 | 600000 | 450626 | 1200000 |
|  Growth Strategy | 757 | 62520671 | 8315935 | 500000 | 312323 | 1000000 |

---

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward
contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the
Portfolio held such derivatives during the fiscal year ended December 31, 2022.

 **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 average daily net assets of 0.124% for the Satellite Strategies Portfolio and 0.15% for each of the other Portfolios.

&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 the average daily net assets attributable to Class A Shares of the Portfolios, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Portfolio, 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 Portfolios, as set forth below.

The Trust, on behalf of Service Shares of each applicable Portfolio, 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 Portfolios, 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 Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&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 and Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge**  | **Contigent Deferred<br>Sales Charge**  |
| <br>**Fund** | **Class A** | **Class C** |
|  Balanced Strategy | $4355 | $197 |
|  Growth and Income Strategy | 8942 | &nbsp;&nbsp;&nbsp;&nbsp;719 |
|  Growth Strategy | 14659 | &nbsp;&nbsp;&nbsp;&nbsp;796 |
|  Satellite Strategies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Portfolio, 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 Portfolios, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. 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: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the 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 are 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 29, 2023 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Balanced Strategy | $93 | $386991 | $387084 |
|  Growth and Income Strategy | 155 | &nbsp;&nbsp;&nbsp;&nbsp;405510 | &nbsp;&nbsp;&nbsp;&nbsp;405665 |
|  Growth Strategy | 315 | &nbsp;&nbsp;&nbsp;&nbsp;420960 | &nbsp;&nbsp;&nbsp;&nbsp;421275 |
|  Satellite Strategies | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;347705 | &nbsp;&nbsp;&nbsp;&nbsp;347724 |

---

**80** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2022, the Portfolios participated in a $1,250,000,000 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 December 31, 2022, the Portfolios did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended December 31, 2022 (in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Balanced Strategy Portfolio** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $55301 | $7588 | $(1455) | $(401) | $(10172) | $50861 | 1150 | $1523 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Goldman Sachs Access Treasury 0-1 Year ETF |  | 31412 |  |  | (25) | 31387 | 315 | 228 |  |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF |  | 9386 |  |  | (1539) | 7847 | 277 | 148 |  |
|  Goldman Sachs ActiveBeta International Equity ETF |  | 15602 |  |  | (2802) | 12800 | 445 | 385 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 59496 | 31029 | (2061) | (352) | (16086) | 72026 | 946 | 1125 |  |
|  Goldman Sachs Alternative Premia Fund — Class R6 | 12468 |  | (12056) | (3486) | 3074 |  |  |  |  |
|  Goldman Sachs Core Fixed Income Fund — Class R6 | 17132 | 2393 |  |  | (2895) | 16630 | 1828 | 385 |  |
|  Goldman Sachs Dynamic Global Equity Fund — Class R6 | 93155 |  | (91947) | 15716 | (16924) |  |  |  |  |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 13728 | 14420 | (15761) | (4200) | (283) | 7904 | 890 | 603 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 17744 | 9723 | (3000) | (670) | (4479) | 19318 | 2590 | 498 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 |  | 8465 | (8200) | 282 | 24 | 571 | 54 | 109 | 16 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 34000 | 204052 | (213169) |  |  | 24883 | 24883 | 727 |  |
|  Goldman Sachs Global Core Fixed Income Fund — Class R6 | 160917 | 25951 | (9558) | (1741) | (21928) | 153641 | 14121 | 3050 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Balanced Strategy Portfolio (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | $10862 | $1716 | $(1300) | $(54) | $(1009) | $10215 | 837 | $228 | $— |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 7002 | 1452 | (6307) | (798) | (1349) |  |  | 66 |  |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6414 | 11330 | (12300) | (652) | (317) | 4475 | 517 | 417 |  |
|  Goldman Sachs High Yield Fund — Class R6 | 5724 | 6350 | (10712) | (1441) | 79 |  |  | 180 |  |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 5882 |  | (5726) | (166) | 10 |  |  |  |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 31550 | 11739 | (4100) | (894) | (6610) | 31685 | 2687 | 1206 |  |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 12503 | 1813 | (4557) | (219) | (2307) | 7233 | 662 | 217 |  |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 |  | 9831 | (7999) | (514) | (334) | 984 | 46 | 5 | 157 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 |  | 6491 |  |  | (751) | 5740 | 272 | 83 | 121 |
|  Goldman Sachs Local Emerging- Markets Debt Fund — Class R6 | 114 | 5761 | (104) | (10) | (249) | 5512 | 1247 | 263 |  |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 16809 | 3567 | (5800) | 803 | 37 | 15416 | 1508 | 1605 | 1061 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF |  | 3008 |  |  | (704) | 2304 | 58 | 70 |  |
|  Goldman Sachs MarketBeta International Equity ETF |  | 6237 |  |  | (1076) | 5161 | 110 | 133 |  |
|  Goldman Sachs Short Duration Bond Fund — Class R6 | 11672 | 13802 | (5216) | (387) | (746) | 19125 | 2045 | 402 |  |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 |  | 1958 |  |  | (360) | 1598 | 72 | 14 |  |
|  Goldman Sachs Tactical Tilt Overlay Fund — Class R6 | 29401 |  | (29630) | 1466 | (1237) |  |  |  |  |
|  **Total** | $601874 | $445076 | $(450958) | $2282 | $(90958) | $507316 |  | $13670 | $1355 |

---

**82** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth and Income Strategy Portfolio** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $90188 | $4543 | $(2191) | $(685) | $(16156) | $75699 | 1712 | $2377 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Goldman Sachs Access Treasury 0-1 Year ETF |  | 49483 |  |  | (36) | 49447 | 496 | 352 |  |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF |  | 14337 |  |  | (3502) | 10835 | 383 | 321 |  |
|  Goldman Sachs ActiveBeta International Equity ETF |  | 35699 |  |  | (6411) | 29288 | 1018 | 880 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 219223 | 59365 | (27310) | (4228) | (48108) | 198942 | 2613 | 3347 |  |
|  Goldman Sachs Alternative Premia Fund — Class R6 | 13361 |  | (12919) | (5116) | 4674 |  |  |  |  |
|  Goldman Sachs Dynamic Global Equity Fund — Class R6 | 213153 |  | (210390) | 35844 | (38607) |  |  |  |  |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 25550 | 29373 | (31885) | (8729) | 17 | 14326 | 1613 | 1145 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 45259 | 15100 | (4500) | (1012) | (11254) | 43593 | 5844 | 1124 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 |  | 17464 | (17200) | 425 | 31 | 720 | 68 | 222 | 20 |
|  Goldman Sachs Financial Square Government Fund -— Institutional Shares | 42000 | 245986 | (264092) |  |  | 23894 | 23894 | 1003 |  |
|  Goldman Sachs Global Core Fixed Income Fund — Class R6 | 93871 | 37579 | (1200) | (289) | (14460) | 115501 | 10616 | 2079 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 18590 | 3788 | (4500) | (29) | (1778) | 16071 | 1317 | 383 |  |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 11279 | 3281 | (10933) | (1518) | (2109) |  |  | 109 |  |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | 9356 | 19267 | (20000) | (1065) | (500) | 7058 | 815 | 663 |  |
|  Goldman Sachs High Yield Fund — Class R6 | 9975 | 9748 | (17463) | (2472) | 212 |  |  | 274 |  |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 10034 |  | (9769) | (282) | 17 |  |  |  |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 84567 | 20433 | (2000) | (387) | (18135) | 84478 | 7165 | 3216 |  |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 26933 | 4179 | (7865) | (490) | (5182) | 17575 | 1609 | 528 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth and Income Strategy Portfolio (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | $— | $21569 | $(17426) | $(1157) | $(756) | $2230 | 103 | $11 | $356 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 |  | 14801 | (1700) | (220) | (1490) | 11391 | 540 | 175 | 240 |
|  Goldman Sachs Local Emerging- Markets Debt Fund — Class R6 | 3616 | 9052 | (3246) | (612) | (191) | 8619 | 1950 | 453 |  |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 24314 | 3524 | (9000) | 1333 | 215 | 20386 | 1995 | 2123 | 1403 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF |  | 6882 |  |  | (1611) | 5271 | 134 | 161 |  |
|  Goldman Sachs MarketBeta International Equity ETF |  | 14272 |  |  | (2463) | 11809 | 252 | 303 |  |
|  Goldman Sachs Short Duration Bond Fund — Class R6 | 19912 | 21654 | (10500) | (779) | (1109) | 29178 | 3121 | 653 |  |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 |  | 4481 |  |  | (824) | 3657 | 166 | 32 |  |
|  Goldman Sachs Tactical Tilt Overlay Fund — Class R6 | 39750 |  | (40060) | 2086 | (1776) |  |  |  |  |
|  **Total** | $1000931 | $665860 | $(726149) | $10618 | $(171292) | $779968 |  | $21934 | $2019 |
| **Growth Strategy Portfolio** |  |  |  |  |  |  |  |  |  |
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $9254 | $1639 | $— | $— | $(1765) | $9128 | 206 | $262 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Goldman Sachs Access Treasury 0-1 Year ETF |  | 47959 |  |  | (35) | 47924 | 481 | 339 |  |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF |  | 15660 |  |  | (3825) | 11835 | 418 | 350 |  |
|  Goldman Sachs ActiveBeta International Equity ETF |  | 38993 |  |  | (7003) | 31990 | 1112 | 962 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 290906 | 64673 | (20084) | (3041) | (64957) | 267497 | 3514 | 4450 |  |
|  Goldman Sachs Dynamic Global Equity Fund — Class R6 | 232821 |  | (229803) | 39151 | (42169) |  |  |  |  |

---

**84** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Strategy Portfolio (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | $29836 | $30259 | $(34417) | $(9468) | $(402) | $15808 | 1780 | $1284 | $— |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 65053 | 15654 | (1500) | (830) | (16408) | 61969 | 8307 | 1598 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 |  | 17864 | (17800) | 509 | 26 | 599 | 56 | 227 | 17 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 51000 | 231616 | (235763) |  |  | 46853 | 46853 | 1315 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 17818 | 4084 | (5500) | 89 | (1769) | 14722 | 1207 | 364 |  |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 9480 | 3619 | (9778) | (1505) | (1816) |  |  | 153 |  |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 |  | 16374 | (15523) | (851) |  |  |  | 221 |  |
|  Goldman Sachs High Yield Fund — Class R6 | 10039 | 9155 | (16928) | (2411) | 145 |  |  | 322 |  |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 9429 |  | (9180) | (265) | 16 |  |  |  |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 110571 | 33886 | (7000) | (1355) | (22562) | 113540 | 9630 | 4323 |  |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 44367 | 4830 | (11757) | (2128) | (7303) | 28009 | 2565 | 841 |  |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 |  | 22807 | (16392) | (1206) | (1319) | 3890 | 180 | 19 | 620 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 |  | 16223 |  |  | (1877) | 14346 | 680 | 208 | 303 |
|  Goldman Sachs Local Emerging- Markets Debt Fund — Class R6 | 46 | 8790 | (42) | 131 | (406) | 8519 | 1927 | 289 |  |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 13811 | 3631 | (2500) | 341 | (67) | 15216 | 1489 | 1584 | 1046 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF |  | 7516 |  |  | (1759) | 5757 | 146 | 176 |  |
|  Goldman Sachs MarketBeta International Equity ETF |  | 15589 |  |  | (2690) | 12899 | 275 | 331 |  |
|  Goldman Sachs Short Duration Bond Fund — Class R6 | 18710 | 20618 | (9600) | (712) | (1068) | 27948 | 2989 | 618 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Strategy Portfolio (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | $— | $4895 | $— | $— | $(900) | $3995 | 181 | $35 | $— |
|  Goldman Sachs Tactical Tilt Overlay Fund — Class R6 | 26883 |  | (27093) | 1249 | (1039) |  |  |  |  |
|  **Total** | $940024 | $636334 | $(670660) | $17698 | $(180952) | $742444 |  | $20271 | $1986 |
| **Satellite Strategies Portfolio** |  |  |  |  |  |  |  |  |  |
| **Underlying Fund** | **Market**<br> **Value as of**<br> **12/31/21** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market<br>Value as of**<br> **12/31/22** | **Shares as of<br>12/31/22** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $3920 | $— | $— | $— | $(921) | $2999 | 106 | $89 | $— |
|  Goldman Sachs Emerging Markets Debt Fund - Class R6 | 19274 | 5947 | (10099) | (1079) | (3831) | 10212 | 1150 | 891 |  |
|  Goldman Sachs Emerging Markets Equity Fund – Class R6 | 5424 | 1109 | (1300) | 47 | (1756) | 3524 | 172 | 9 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 6782 | 841 | (700) | (240) | (1381) | 5302 | 711 | 142 |  |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares |  | 17706 | (16166) |  |  | 1540 | 1540 | 19 |  |
|  Goldman Sachs Global Infrastructure Fund - Class R6 | 25635 | 1208 | (8111) | 1401 | (3228) | 16905 | 1386 | 407 |  |
|  Goldman Sachs Global Real Estate Securities Fund – Class R6 | 8257 | 1348 | (2150) | (122) | (2295) | 5038 | 570 | 72 | 76 |
|  Goldman Sachs High Yield Floating Rate Fund – Class R6 | 6351 | 1935 | (4436) | (199) | (239) | 3412 | 394 | 264 |  |
|  Goldman Sachs High Yield Fund – Class R6 | 6427 | 2650 | (3500) | (235) | (1087) | 4255 | 800 | 289 |  |
|  Goldman Sachs Inflation Protected Securities Fund – Class R6 | 10006 | 6336 | (7050) | (708) | (895) | 7689 | 798 | 509 | 27 |
|  Goldman Sachs International Small Cap Insights Fund - Class R6 | 26598 | 1771 | (4410) | (586) | (4955) | 18418 | 1687 | 571 |  |
|  Goldman Sachs Local Emerging- Markets Debt Fund - Class R6 | 1178 | 1119 | (300) | (83) | (177) | 1737 | 393 | 119 |  |
|  Goldman Sachs MLP Energy Infrastructure Fund – Class R6 | 6113 | 194 | (4730) | 948 | (45) | 2480 | 86 | 193 |  |
|  **Total** | $125965 | $42164 | $(62952) | $(856) | $(20810) | $83511 |  | $3574 | $103 |

---

**86** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
|  Balanced Strategy | $160020785 | $147675636 |
|  Growth and Income Strategy | 230496049 | 254087660 |
|  Growth Strategy | 197573810 | 206798537 |
|  Satellite Strategies | 24534900 | 46785228 |

---

 **7. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Balanced<br>Strategy** | **Growth and<br>Income Strategy** | **Growth<br>Strategy** | **Satellite<br>Strategies** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $20064071 | $31708913 | $28267274 | $3315643 |
|  Net long-term capital gains | 6350525 | 13169384 | 12587580 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $26414596 | $44878297 | $40854854 | $3315643 |
|  Tax return of capital | $— | $— | $— | $190075 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Balanced<br>Strategy** | **Growth and<br>Income Strategy** | **Growth<br>Strategy** | **Satellite<br>Strategies** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $21056715 | $39538347 | $39671545 | $4144469 |
|  Net long-term capital gains | 14690462 | 25365016 | 18657559 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $35747177 | $64903363 | $58329104 | $4144469 |
|  Tax return of capital | $— | $— | $— | $594407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **7.** **TAX INFORMATION (continued)**

As of December 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br>Strategy** | **Growth and<br>Income Strategy** | **Growth**<br> **Strategy** | **Satellite<br>Strategies** |
|  Undistributed ordinary income — net | $176095 | $323489 | $808529 | $— |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (8437505) | (8261795) | (2380187) | (340027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  |  |  | (18780563) |
|  Total capital loss carryforwards | (8437505) | (8261795) | (2380187) | (19120590) |
|  Timing differences (Qualified Late Year Loss Deferral and Straddle Loss Deferral) | $(4128726) | $(6634433) | $(8417835) | $(595676) |
|  Unrealized gains (loss) — net | (37820454) | (11156806) | 17412516 | 4883950 |
|  Total accumulated earnings (loss) net | $(50210590) | $(25729545) | $7423023 | $(14832316) |

---

As of December 31, 2022, the Portfolios' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br>Strategy** | **Growth and<br>Income Strategy** | **Growth<br>Strategy** | **Satellite<br>Strategies** |
|  Tax Cost | $544942105 | $790095054 | $724405976 | $78626909 |
|  Gross unrealized gain | 9681856 | 47974169 | 62051692 | 7315680 |
|  Gross unrealized loss | (47502310) | (59130975) | (44639176) | (2431730) |
|  Net unrealized loss | $(37820454) | $(11156806) | $17412516 | $4883950 |

---

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, options contracts, and foreign currency contracts.

GSAM has reviewed the Portfolios' 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 Portfolios' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 **8.** **OTHER RISKS**

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

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.

**88** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **8.** **OTHER RISKS (continued)**

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.

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 Portfolio or an Underlying 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 Portfolio or an Underlying 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 Portfolio's or an Underlying 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 Portfolio or an Underlying 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 Portfolio or an Underlying Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk — The investments of the Portfolios may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Portfolios' investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolios are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A 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 the Portfolio's or the 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 expense ratio of the Portfolio or the Underlying Fund. Similarly, large Portfolio or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **8.** **OTHER RISKS (continued)**

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.

Liquidity Risk — A Portfolio or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio or an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio or an Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio's or an Underlying Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio's or an Underlying Fund's liquidity.

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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats 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.

 **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.

 **10.** **SUBSEQUENT EVENTS**

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

**90** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **11.** **SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2022** | **For the Fiscal Year Ended**<br> **December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | <br> **Shares** | <br> **Dollars** | <br> **Shares** | <br> **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 603462 | $6961258 | 882441 | $11568762 |
|  Reinvestment of distributions | 386303 | 4156467 | 479560 | 6211490 |
|  Shares redeemed | (1395598) | (15916652) | (1191360) | (15594930) |
|  | (405833) | (4798927) | 170641 | 2185322 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 59973 | 674933 | 62236 | 819411 |
|  Reinvestment of distributions | 14742 | 158221 | 27446 | 355496 |
|  Shares redeemed | (239430) | (2702276) | (325028) | (4238947) |
|  | (164715) | (1869122) | (235346) | (3064040) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 8369679 | 95772780 | 9610152 | 126204107 |
|  Reinvestment of distributions | 1699997 | 18321277 | 1892322 | 24498342 |
|  Shares redeemed | (9476217) | (109352179) | (9012460) | (117833634) |
|  | 593459 | 4741878 | 2490014 | 32868815 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 53 | 584 | 61 | 804 |
|  Shares redeemed |  |  | (3118) | (40495) |
|  | 53 | 584 | (3057) | (39691) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 56404 | 665590 | 92915 | 1228623 |
|  Reinvestment of distributions | 15547 | 167144 | 26313 | 339317 |
|  Shares redeemed | (199826) | (2290183) | (297322) | (3792091) |
|  | (127875) | (1457449) | (178094) | (2224151) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 252983 | 2854714 | 7652 | 100736 |
|  Reinvestment of distributions | 8321 | 88908 | 1212 | 15707 |
|  Shares redeemed | (86588) | (967661) | (101913) | (1327087) |
|  | 174716 | 1975961 | (93049) | (1210644) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 84335 | 963832 | 81994 | 1080919 |
|  Reinvestment of distributions | 38381 | 410355 | 46496 | 599113 |
|  Shares redeemed | (139867) | (1546266) | (29032) | (380994) |
|  | (17151) | (172079) | 99458 | 1299038 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 5647267 | 62380196 | 1117076 | 14500761 |
|  Reinvestment of distributions | 263834 | 2835170 | 251253 | 3256498 |
|  Shares redeemed | (4401940) | (48651043) | (497659) | (6581706) |
|  | 1509161 | 16564323 | 870670 | 11175553 |
|  **NET INCREASE** | 1561815 | $14985169 | 3121237 | $40990202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **11.** **SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | <br> **Shares** | <br> **Dollars** | <br> **Shares** | <br> **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 529274 | $7590807 | 924031 | $15131597 |
|  Reinvestment of distributions | 860604 | 11559230 | 1052123 | 17367488 |
|  Shares redeemed | (2146090) | (30818322) | (2689504) | (44400979) |
|  | (756212) | (11668285) | (713350) | (11901894) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 59443 | 838699 | 88439 | 1416143 |
|  Reinvestment of distributions | 24983 | 324307 | 37387 | 599913 |
|  Shares redeemed | (189823) | (2601929) | (377363) | (5986984) |
|  | (105397) | (1438923) | (251537) | (3970928) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4530330 | 64093167 | 6433958 | 107492095 |
|  Reinvestment of distributions | 1387276 | 18750924 | 1654960 | 27399204 |
|  Shares redeemed | (7691416) | (109164056) | (4476473) | (73927656) |
|  | (1773810) | (26319965) | 3612445 | 60963643 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 3980 | 58963 | 21432 | 351503 |
|  Reinvestment of distributions | 1197 | 16013 | 1259 | 20718 |
|  Shares redeemed | (32452) | (482190) | (26139) | (426688) |
|  | (27275) | (407214) | (3448) | (54467) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 111579 | 1611680 | 114316 | 1896250 |
|  Reinvestment of distributions | 31316 | 418773 | 35253 | 578890 |
|  Shares redeemed | (120429) | (1752360) | (117292) | (1940176) |
|  | 22466 | 278093 | 32277 | 534964 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 121774 | 1774210 | 48558 | 797639 |
|  Reinvestment of distributions | 7630 | 102529 | 3537 | 58551 |
|  Shares redeemed | (21065) | (306208) | (297620) | (4953119) |
|  | 108339 | 1570531 | (245525) | (4096929) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 58434 | 840946 | 34402 | 560370 |
|  Reinvestment of distributions | 18536 | 246281 | 20504 | 335400 |
|  Shares redeemed | (86348) | (1173317) | (52998) | (875316) |
|  | (9378) | (86090) | 1908 | 20454 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1334321 | 19122407 | 1738325 | 28537604 |
|  Reinvestment of distributions | 927933 | 12522135 | 1028942 | 17029160 |
|  Shares redeemed | (1500417) | (21569569) | (1613715) | (26698623) |
|  | 761837 | 10074973 | 1153552 | 18868141 |
|  **NET INCREASE (DECREASE)** | (1779430) | $(27996880) | 3586322 | $60362984 |

---

**92** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

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

 **11.** **SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | <br> **Shares** | <br> **Dollars** | <br> **Shares** | <br> **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 810119 | $13831137 | 1215844 | $23918249 |
|  Reinvestment of distributions | 904539 | 14222585 | 1075018 | 21305550 |
|  Shares redeemed | (2161725) | (37084791) | (2313832) | (45295447) |
|  | (447067) | (9031069) | (22970) | (71648) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 93441 | 1661622 | 178476 | 3503010 |
|  Reinvestment of distributions | 34957 | 564337 | 47782 | 968121 |
|  Shares redeemed | (239017) | (4173692) | (500803) | (9817915) |
|  | (110619) | (1947733) | (274545) | (5346784) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2827688 | 49296522 | 6151190 | 117824612 |
|  Reinvestment of distributions | 681659 | 10702609 | 761391 | 15081997 |
|  Shares redeemed | (3519805) | (60945263) | (3666804) | (70356702) |
|  | (10458) | (946132) | 3245777 | 62549907 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 10730 | 181558 | 12046 | 235463 |
|  Reinvestment of distributions | 1649 | 25848 | 2007 | 39645 |
|  Shares redeemed | (21131) | (361942) | (9640) | (189476) |
|  | (8752) | (154536) | 4413 | 85632 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 749886 | 13133835 | 397717 | 7801529 |
|  Reinvestment of distributions | 39626 | 615276 | 44692 | 871358 |
|  Shares redeemed | (847416) | (13747674) | (123241) | (2397561) |
|  | (57904) | 1437 | 319168 | 6275326 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 196844 | 3396109 | 78715 | 1563410 |
|  Reinvestment of distributions | 24685 | 387883 | 18814 | 372814 |
|  Shares redeemed | (70569) | (1209906) | (158395) | (3112316) |
|  | 150960 | 2574086 | (60866) | (1176092) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 47287 | 791398 | 49910 | 956362 |
|  Reinvestment of distributions | 18830 | 286460 | 23958 | 459935 |
|  Shares redeemed | (107987) | (1803697) | (30109) | (559716) |
|  | (41870) | (725839) | 43759 | 856581 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1899566 | 32694960 | 2171043 | 42528603 |
|  Reinvestment of distributions | 813657 | 12785087 | 873749 | 17316359 |
|  Shares redeemed | (1908252) | (31785546) | (544784) | (10598265) |
|  | 804971 | 13694501 | 2500008 | 49246697 |
|  **NET INCREASE** | 279261 | $3464715 | 5754744 | $112419619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*December 31, 2022* 

 **11.** **SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 159453 | $1262505 | 523296 | $4647666 |
|  Reinvestment of distributions | 149264 | 1105954 | 157690 | 1409842 |
|  Shares redeemed | (1057436) | (8243511) | (936839) | (8394866) |
|  | (748719) | (5875052) | (255853) | (2337358) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 2830 | 22625 | 16649 | 152803 |
|  Reinvestment of distributions | 3725 | 27596 | 5866 | 52532 |
|  Shares redeemed | (115122) | (910290) | (451497) | (3988734) |
|  | (108567) | (860069) | (428982) | (3783399) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 401094 | 3260212 | 568524 | 5060671 |
|  Reinvestment of distributions | 207146 | 1535182 | 238157 | 2121044 |
|  Shares redeemed | (1999412) | (15535466) | (5819509) | (51168764) |
|  | (1391172) | (10740072) | (5012828) | (43987049) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 383 | 2987 | 253 | 2279 |
|  Reinvestment of distributions | 329 | 2431 | 295 | 2637 |
|  Shares redeemed | (261) | (2005) | (165) | (1493) |
|  | 451 | 3413 | 383 | 3423 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 38320 | 303462 | 233017 | 2094224 |
|  Reinvestment of distributions | 55891 | 413886 | 65648 | 584732 |
|  Shares redeemed | (525757) | (4061447) | (779692) | (6936508) |
|  | (431546) | (3344099) | (481027) | (4257552) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 194814 | 1620055 | 25403 | 223151 |
|  Reinvestment of distributions | 9970 | 73824 | 3433 | 30651 |
|  Shares redeemed | (35511) | (276434) | (33260) | (295954) |
|  | 169273 | 1417445 | (4424) | (42152) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 5310 | 40411 | 5524 | 49585 |
|  Reinvestment of distributions | 2145 | 15792 | 1997 | 17802 |
|  Shares redeemed | (4244) | (34830) | (30318) | (268324) |
|  | 3211 | 21373 | (22797) | (200937) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 612 | 4500 | 19473 | 166886 |
|  Reinvestment of distributions | 7491 | 55518 | 13058 | 116632 |
|  Shares redeemed | (167428) | (1433941) | (122297) | (1066225) |
|  | (159325) | (1373923) | (89766) | (782707) |
|  **NET DECREASE** | (2666394) | $(20750984) | (6295294) | $(55387731) |

---

**94** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio, and Goldman Sachs Satellite Strategies Portfolio

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio, and Goldman Sachs Satellite Strategies Portfolio (four of the Portfolios constituting Goldman Sachs Trust, referred to hereafter as the "Portfolios") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the 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 December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

**Portfolio Expenses — Six Month Period Ended December 31, 2022 (Unaudited)** 

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Class R and Service Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

*Actual Expenses —* The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes —* The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Balanced Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth and Income Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Growth Strategy Portfolio** | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** | **Satellite Strategies Portfolio** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22\*** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid for the<br>6 months ended<br>12/31/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22** |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $991.60 |  | $2.83 | $1000.00 | $1003.50 | $2.85 | $1000.00 | $1009.20 | $2.86 | $1000.00 | $995.30 | $2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.40 | <sup>+</sup> | 2.88 | 1000.00 | 1022.40 | 2.88 | 1000.00 | 1022.40 | 2.87 | 1000.00 | 1022.50 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 988.90 |  | 6.59 | 1000.00 | 999.40 | 6.62 | 1000.00 | 1005.00 | 6.64 | 1000.00 | 990.60 | 6.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.60 | <sup>+</sup> | 6.69 | 1000.00 | 1018.60 | 6.69 | 1000.00 | 1018.60 | 6.69 | 1000.00 | 1018.70 | 6.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 994.50 |  | 0.98 | 1000.00 | 1004.70 | 0.98 | 1000.00 | 1010.00 | 0.98 | 1000.00 | 996.10 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.20 | <sup>+</sup> | 0.99 | 1000.00 | 1024.20 | 0.99 | 1000.00 | 1024.20 | 0.99 | 1000.00 | 1024.30 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 991.00 |  | 3.49 | 1000.00 | 1002.00 | 3.50 | 1000.00 | 1008.20 | 3.51 | 1000.00 | 993.30 | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1025.20 | <sup>+</sup> | 3.54 | 1000.00 | 1025.20 | 3.54 | 1000.00 | 1025.20 | 3.54 | 1000.00 | 1025.20 | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 993.80 |  | 1.58 | 1000.00 | 1004.10 | 1.59 | 1000.00 | 1010.50 | 1.59 | 1000.00 | 995.40 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1023.60 | <sup>+</sup> | 1.60 | 1000.00 | 1023.60 | 1.60 | 1000.00 | 1023.60 | 1.60 | 1000.00 | 1023.70 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 994.60 |  | 0.93 | 1000.00 | 1004.80 | 0.93 | 1000.00 | 1010.80 | 0.93 | 1000.00 | 996.10 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.30 | <sup>+</sup> | 0.94 | 1000.00 | 1024.30 | 0.94 | 1000.00 | 1024.30 | 0.94 | 1000.00 | 1024.40 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 991.00 |  | 4.08 | 1000.00 | 1001.40 | 4.11 | 1000.00 | 1007.50 | 4.12 | 1000.00 | 994.00 | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.10 | <sup>+</sup> | 4.15 | 1000.00 | 1021.10 | 4.15 | 1000.00 | 1021.10 | 4.15 | 1000.00 | 1021.20 | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 993.60 |  | 0.92 | 1000.00 | 1004.80 | 0.93 | 1000.00 | 1010.80 | 0.93 | 1000.00 | 997.50 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.30 | <sup>+</sup> | 0.94 | 1000.00 | 1024.30 | 0.94 | 1000.00 | 1024.30 | 0.94 | 1000.00 | 1024.40 | 0.84 |

---

\* Expenses for each share class are calculated using the Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Balanced Strategy | 0.56% | 1.31% | 0.19% | 0.69% | 0.31% | 0.18% | 0.81% | 0.18% |
|  Growth and Income Strategy | 0.56 | 1.31 | 0.19 | 0.69 | 0.31 | 0.18 | 0.81 | 0.18 |
|  Growth Strategy | 0.56 | 1.31 | 0.19 | 0.69 | 0.31 | 0.18 | 0.81 | 0.18 |
|  Satellite Strategies | 0.54 | 1.29 | 0.17 | 0.67 | 0.29 | 0.16 | 0.79 | 0.16 |

---

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on each Portfolio's actual annualized net expenses ratios and an assumed rate of return of 5% per year before expenses.  |

---

**96** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>**  |
| **Jessica Palmer<sup>5</sup>** <br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007- 2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present) Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** |  | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels<sup>5</sup>**<br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion, Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97** 

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>**  |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** |  | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** |  | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

---

**Interested Trustee\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and<br>Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**98** 

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 52** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 43** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Goldman Sachs Fund of Funds Portfolios – Tax Information (unaudited)**<br>For the year ended December 31, 2022, 6.02%, 10.77%, 15.45% and 0.09% of the dividends paid from net investment company taxable income by the Balanced Strategy, Growth and Income Strategy, Growth Strategy and Satellite Strategies Portfolios, respectively, qualify for the dividends received deduction available to corporations.<br>For the 2022 tax year, each Portfolio has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Balanced Strategy, Growth and Income Strategy, Growth Strategy, and Satellite Strategies Portfolios from sources within foreign countries and possessions of the United States was $0.0588, $0.1152, $0.1884, and $0.0268 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Balanced Strategy, Growth and Income Strategy, Growth Strategy, and Satellite Strategies Portfolios during the year from foreign sources was 18.48%, 28.08%, 39.91%, and 8.13%, respectively. The total amount of taxes paid by the Balanced Strategy, Growth and Income Strategy, Growth Strategy, and Satellite Strategies Portfolios to such countries was $0.0079, $0.0145, $0.0238, and $0.0066 per share, respectively.<br>For the year ended December 31, 2022, 21.94%, 34.77%, 49.83%, and 40.82% of the dividends paid from net investment company taxable income by the Balanced Strategy, Growth and Income Strategy, Growth Strategy, and Satellite Strategies Portfolios, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.<br>Pursuant to Section 852 of the Internal Revenue Code, Balanced Strategy, Growth and Income Strategy, and Growth Strategy designate $6,350,525, $13,169,384, and $12,587,580, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2022.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99** 

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FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

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| | |
|:---|:---|
| **Fixed** | **Income Alternatives**  |

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∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

<sup>2</sup> **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

<sup>3</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. 5 Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund. 

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

**\*** **This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.** 

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![LOGO](g325593page103.jpg)

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **December 31, 2022** |
|  | Alternative Funds I |
|  | &nbsp;&nbsp; Managed Futures Strategy |

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![LOGO](g385320gsamhorizwhite.jpg)

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## Goldman Sachs Alternative Funds I
∎ **MANAGED FUTURES STRATEGY** 

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Portfolio Management Discussions and Performance Summary](#ifc385320_1) | 1 |
|  [Consolidated Schedule of Investments](#ifc385320_2) | 6 |
|  [Consolidated Financial Statements](#ifc385320_3) | 12 |
|  [Consolidated Financial Highlights](#ifc385320_4) | 15 |
|  [Notes to Financial Statements](#ifc385320_6) | 22 |
|  [Report of Independent Registered Public Accounting Firm](#ifc385320_7) | 35 |
|  [Other Information](#ifc385320_8) | 36 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

---

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PORTFOLIO RESULTS

## Goldman Sachs Managed Futures Strategy Fund
**Investment Objective** 

The Fund seeks to generate long-term absolute return.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Managed Futures Strategy Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 20.08%, 19.26%, 20.59%, 20.43%, 20.47%, 19.77% and 20.62%, respectively. These returns compare to the 1.47% average annual total return of the Fund's benchmark, the ICE BofA Merrill Lynch Three-Month U.S. Treasury Bill Index ("the Index"), during the same time period. |

---

We note that the Fund's benchmark being the Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

---

| | |
|:---|:---|
| **Q** | **What were the primary contributors to and detractors from the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes, including equities, fixed income and currencies, among others, to seek long-term absolute return. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange-traded funds ("ETFs") and structured securities. As a result of the Fund's use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments. The Fund's investments are made without restriction as to issuer capitalization, country, currency, maturity or credit rating. |

---

During the Reporting Period, the Fund generated double-digit positive performance. Exposures to developed markets fixed income and commodities contributed most positively. Conversely, exposures to developed markets equities detracted the most from the Fund's performance.

More specifically, positioning in short-term fixed income in developed markets was the largest positive contributor to Fund returns during the Reporting Period, with six of the seven regions in which the Fund invests adding value. Short-term fixed income in the U.S. was the best contributor by geography. The Fund ended the Reporting Period with net short positions within short-term fixed income. In terms of commodities, positioning in nickel was the largest contributor. The Fund was long nickel and net long commodities at the end of the Reporting Period.

Conversely, within developed markets equities, exposure to U.S. equities detracted the most from returns during the Reporting Period. The Fund ended the Reporting Period with net short positions in U.S. equities and net long positions in developed markets equities overall.

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund used derivatives, including futures, swaps and forwards, to implement long and short positions. The Fund invested in equity index futures, forward foreign currency exchange contracts and currency forwards to achieve exposure to equities (both in U.S. and non-U.S. companies) and currencies (U.S. and non-U.S. currencies), respectively. The Fund used interest rate swaps, Treasury futures and currency forwards to achieve exposure to fixed income. We used commodity futures as a means of expressing momentum/trend views on various commodity assets. The use of these instruments is integral to the Fund's investment strategy, which, overall, realized positive absolute returns during the Reporting Period.  |

---

**1** 

------

PORTFOLIO RESULTS

---

| | |
|:---|:---|
| **Q** | **What positioning changes did you make within the Fund during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Relative to the Fund's positioning at the start of the Reporting Period, the Fund reduced its long positioning in developed markets equities and maintained its long positioning in emerging markets equities. We reduced the Fund's short positioning in developed markets fixed income, and the Fund's positioning in emerging markets fixed income shifted from short to long. Among currencies, the Fund's short positioning in both developed markets currencies and emerging markets currencies was reduced. We decreased the Fund's long positions in commodities during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was positioned long developed markets equities, emerging markets equities, emerging markets fixed income and commodities. The Fund was positioned short developed markets fixed income, developed markets currencies and emerging markets currencies at the end of the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund, and Oliver Bunn, Vice President, and Jay Seo, Vice President, began serving as portfolio managers for the Fund. Momoko Ono continues to serve as a portfolio manager for the Fund. Mr. Bunn is head of the QIS Alternatives team within Goldman Sachs Asset Management. He joined Goldman Sachs in 2014. Ms. Seo is a portfolio manager on the QIS Alternatives team within Goldman Sachs Asset Management. She first joined Goldman Sachs in 2008 and, prior to rejoining the firm in 2020, she worked at Cubist Systematic Strategies and Quantport from 2016-2020. Momoko Ono, Vice President, has managed the Fund since 2017. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical asset allocation view and strategy for the months ahead?** |

---

---

| | |
|:---|:---|
| **A** | Going into 2023, we intend to continue to seek to identify price trends in various asset classes over short-, medium- and long-term horizons via a proprietary investment model. Upon identifying a trend in a given instrument or asset, the Fund will take a long or short position in the instrument or asset. Long positions benefit from an increase in price of the underlying instrument or asset, while short positions benefit from a decrease in price of the underlying instrument or asset. The size of the Fund's position in an instrument or asset is primarily related to the strength of the overall trend identified by the investment model. |

---

Going forward, the Fund seeks to maintain economic exposure to commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the "Subsidiary") and in commodity index-linked notes. The Subsidiary primarily obtains its commodity exposure investing in futures and swaps instruments. The Subsidiary may also hold bonds or other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions.

We continue to believe that the Fund's trend-following strategy is important because it attempts to adapt to changing markets, seeking what we believe are the best opportunities for investment and attempting to manage risk when the markets become unstable. There is no guarantee that the Fund's trend-following strategy will cause it to achieve its investment objective.

**2** 

------

FUND BASICS

## Managed Futures Strategy Fund
*as of December 31, 2022* 

**FUND COMPOSITION<sup>1</sup>**

![LOGO](g385320g70i16.jpg)

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<sup>1</sup> The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund's investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

------

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund's investment strategies, holdings, and performance.

**3** 

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $10,000 investment made on January 1, 2013 in Investor Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the ICE BofA 3 Month U.S. Treasury Bill Index ("3 Month T-Bill Index"), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**Managed Futures Strategy Fund's 10 Year Performance**

**Performance of a $10,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g385320g01p01.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | 20.08% | 5.99% | 3.25% |  |
|  Including sales charges | 13.52% | 4.80% | 2.67% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | 19.26% | 5.20% | 2.47% |  |
|  Including contingent deferred sales charges | 18.11% | 5.20% | 2.47% |  |
|  **Institutional** | 20.59% | 6.38% | 3.65% |  |
|  **Investor** | 20.43% | 6.25% | 3.50% |  |
|  **Class R6 (Commenced April 30, 2018)** | 20.47% | N/A | N/A | 7.19% |
|  **Class R** | 19.77% | 5.71% | 2.98% |  |
|  **Class P (Commenced April 17, 2018)** | 20.62% | N/A | N/A | 6.68% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**4** 

------

FUND BASICS

## Index Definitions
ICE BofAML Three-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury Bill issued at the most recent 3-month auction, it is also possible for a seasoned 6-month Bill to be selected.

**5** 

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

## Consolidated Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 78.1%** | **Investment Company<sup>(a)</sup> – 78.1%** | **Investment Company<sup>(a)</sup> – 78.1%** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 366294788 | 4.159% | $366294788 |
| **TOTAL INVESTMENTS – 78.1%** | **TOTAL INVESTMENTS – 78.1%** | **TOTAL INVESTMENTS – 78.1%** |
| **(Cost $366,294,788)** | **(Cost $366,294,788)** | $366294788 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.9%** | 102644015 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $468938803 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  100 oz Gold | 1 | 02/24/23 | $182990 | $2842 |
|  Amsterdam Exchange Index | 33 | 01/20/23 | 4872359 | (119247) |
|  Brent Crude Oil | 9 | 01/31/23 | 773910 | 54397 |
|  CAC 40 10 Euro Index | 207 | 01/20/23 | 14337546 | (93864) |
|  Cocoa | 12 | 03/16/23 | 311040 | 8527 |
|  E-Mini Dow | 37 | 03/17/23 | 6157725 | (140970) |
|  FTSE 100 Index | 237 | 03/17/23 | 21391671 | 71520 |
|  FTSE/JSE Top 40 Index | 265 | 03/16/23 | 10561789 | (287123) |
|  FTSE/MIB Index | 170 | 03/17/23 | 21571507 | (275439) |
|  Hang Seng Index | 102 | 01/30/23 | 13012254 | 439512 |
|  IBEX 35 Index | 265 | 01/20/23 | 23244723 | (105062) |
|  Lean Hogs | 8 | 02/14/23 | 281520 | 12743 |
|  Live Cattle | 78 | 02/28/23 | 4927260 | 100949 |
|  LME Copper Base Metal | 9 | 02/15/23 | 3349204 | (1340) |
|  LME Copper Base Metal | 16 | 01/17/23 | 1884488 | (9445) |
|  LME Lead Base Metal | 185 | 01/16/23 | 10741563 | 888980 |
|  LME Lead Base Metal | 85 | 02/13/23 | 4916188 | 241538 |
|  LME Nickel Base Metal | 28 | 02/13/23 | 4843962 | 175312 |
|  LME Nickel Base Metal | 27 | 01/16/23 | 5034120 | 893257 |
|  LME Primary Aluminium | 72 | 01/17/23 | 4229118 | (134354) |
|  LME Primary Aluminium | 11 | 02/15/23 | 648865 | (17769) |
|  LME Zinc Base Metal | 87 | 01/16/23 | 6503794 | (141699) |
|  LME Zinc Base Metal | 52 | 02/13/23 | 3878225 | (165585) |
|  Low Sulphur Gasoil | 12 | 02/10/23 | 1111800 | 121476 |
|  MSCI EAFE E-Mini Index | 158 | 03/17/23 | 15400260 | (144325) |
|  Nikkei 225 Index | 31 | 03/09/23 | 6160317 | (395295) |
|  NY Harbor USLD | 5 | 01/31/23 | 691152 | 85236 |
|  OMXS30 Index | 854 | 01/20/23 | 16711960 | (263827) |
|  RBOB Gasoline | 14 | 01/31/23 | 1462415 | 199477 |
|  S&P 500 E-Mini Index | 124 | 03/17/23 | 23938200 | 61164 |
|  S&P/TSX 60 Index | 81 | 03/16/23 | 13997326 | (226829) |

---

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

**ADDITIONAL INVESTMENT INFORMATION (continued)**

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts: (continued)** |  |  |  |  |
|  SET50 Index | 2993 | 03/30/23 | $17409262 | $666898 |
|  Silver | 38 | 03/29/23 | 4586600 | 327434 |
|  Soybean | 10 | 03/14/23 | 762125 | 25967 |
|  SPI 200 Index | 195 | 03/16/23 | 23207466 | (381403) |
|  Sugar No. 11 | 58 | 02/28/23 | 1301798 | 89524 |
|  TurkDEX ISE 30 | 2023 | 02/28/23 | 6775153 | 187098 |
|  WTI Crude Oil | 21 | 01/20/23 | 1687980 | 123903 |
| **Total** |  |  |  | $1874178 |
|  **Short position contracts:** |  |  |  |  |
|  CBOE Volatility Index | (314) | 01/18/23 | (7252803) | 219053 |
|  Coffee "C" | (80) | 03/21/23 | (5013000) | (223018) |
|  Corn | (21) | 03/14/23 | (712425) | (31514) |
|  Cotton No. 2 | (59) | 03/09/23 | (2459415) | 9097 |
|  EURO STOXX 50 Index | (181) | 03/17/23 | (7333497) | 119037 |
|  Feeder Cattle | (17) | 03/30/23 | (1581212) | (19822) |
|  FTSE China A50 Index | (198) | 01/30/23 | (2590632) | (26257) |
|  FTSE Taiwan Index Equity Index | (5) | 01/30/23 | (248350) | 138 |
|  German Stock Index | (3) | 03/17/23 | (1123010) | (1893) |
|  Hard Red Winter Wheat | (18) | 03/14/23 | (798525) | 1962 |
|  HSCEI | (6) | 01/30/23 | (259818) | (8638) |
|  KOSPI 200 Index | (41) | 03/09/23 | (2373834) | 196018 |
|  LME Copper Base Metal | (16) | 01/17/23 | (3349204) | (163328) |
|  LME Copper Base Metal | (10) | 02/15/23 | (2093875) | 7219 |
|  LME Lead Base Metal | (185) | 01/16/23 | (10741562) | (1216457) |
|  LME Nickel Base Metal | (27) | 01/16/23 | (4843962) | (207461) |
|  LME Nickel Base Metal | (7) | 02/13/23 | (1258530) | (27070) |
|  LME Primary Aluminium | (72) | 01/17/23 | (4229118) | (37115) |
|  LME Primary Aluminium | (44) | 02/15/23 | (2595461) | 102929 |
|  LME Zinc Base Metal | (87) | 01/16/23 | (6503794) | (288524) |
|  LME Zinc Base Metal | (33) | 02/13/23 | (2461181) | 118492 |
|  Mini VSTOXX<sup>®</sup>Index | (3498) | 01/18/23 | (8219038) | 37808 |
|  MSCI EAFE E-Mini Index | (335) | 03/17/23 | (16069950) | 165138 |
|  NASDAQ 100 E-Mini Index | (19) | 03/17/23 | (4188455) | 192101 |
|  Natural Gas | (47) | 01/27/23 | (2083510) | 814285 |
|  Russell 2000 E-Mini Index | (361) | 03/17/23 | (31964745) | 340127 |
|  S&P 500 E-Mini Index | (66) | 03/17/23 | (12741300) | 451019 |
|  TOPIX Index | (40) | 03/09/23 | (5765011) | 171736 |
|  Wheat | (22) | 03/14/23 | (870100) | 58804 |
| **Total** |  |  |  | $753866 |
| **Total Futures Contracts** |  |  |  | $2628044 |

---

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

## Consolidated Schedule of Investments (continued)
*December 31, 2022* 

**ADDITIONAL INVESTMENT INFORMATION (continued)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  Morgan Stanley Co., Inc. | AUD | 9780000 | USD | 6660121 | 3/15/2023 | $18130 |
|  | NOK | 140500000 | USD | 14086782 | 3/15/2023 | 299676 |
|  | PLN | 7980000 | USD | 1775417 | 3/15/2023 | 34777 |
|  | AUD | 33020000 | USD | 22299298 | 3/15/2023 | 248336 |
|  | CAD | 1013000 | USD | 745068 | 3/15/2023 | 3508 |
|  | BRL | 25260000 | USD | 4659829 | 1/4/2023 | 122525 |
|  | CHF | 70000 | USD | 75282 | 3/15/2023 | 1023 |
|  | HUF | 624000000 | USD | 1598133 | 3/16/2023 | 40174 |
|  | CLP | 2930000000 | USD | 3368669 | 3/15/2023 | 52850 |
|  | MXN | 30250000 | USD | 1507661 | 3/15/2023 | 24244 |
|  | JPY | 56276000 | USD | 416909 | 3/15/2023 | 16101 |
|  | CAD | 131000 | USD | 96255 | 3/15/2023 | 550 |
|  | CHF | 16000 | USD | 17324 | 3/15/2023 | 117 |
|  | CZK | 1756000 | USD | 76953 | 3/15/2023 | 447 |
|  | PLN | 215000 | USD | 48609 | 3/15/2023 | 162 |
|  | USD | 7046926 | COP | 34562000000 | 3/15/2023 | 16289 |
|  | USD | 471613 | GBP | 384000 | 3/15/2023 | 6539 |
|  | USD | 34572267 | SEK | 358292000 | 3/15/2023 | 93658 |
|  | EUR | 1517000 | USD | 1606951 | 3/15/2023 | 25021 |
|  | USD | 2173845 | GBP | 1774000 | 3/15/2023 | 25300 |
|  | USD | 20554077 | INR | 1699000000 | 3/15/2023 | 118114 |
|  | ZAR | 64820000 | USD | 3715358 | 3/15/2023 | 76035 |
|  | BRL | 40620000 | USD | 7640796 | 2/2/2023 | 4095 |
|  | CAD | 1368000 | USD | 1003587 | 3/15/2023 | 7323 |
|  | CLP | 1350000000 | USD | 1500901 | 3/15/2023 | 75567 |
|  | EUR | 3750000 | USD | 3972439 | 3/15/2023 | 61769 |
|  | KRW | 5180000000 | USD | 3976360 | 3/15/2023 | 144030 |
|  | MXN | 280148000 | USD | 13946995 | 3/15/2023 | 240122 |
|  | USD | 674529 | SEK | 6948000 | 3/15/2023 | 5919 |
|  | BRL | 15360000 | USD | 2876047 | 1/4/2023 | 31987 |
|  | CAD | 34460000 | USD | 25258800 | 3/15/2023 | 206082 |
|  | JPY | 4816000000 | USD | 35667416 | 3/15/2023 | 1388795 |
|  | USD | 29595646 | GBP | 24203000 | 3/15/2023 | 282649 |
|  | CAD | 2740000 | USD | 2008640 | 3/15/2023 | 16136 |
|  | CHF | 133000 | USD | 143281 | 3/15/2023 | 1698 |
|  | CZK | 164800000 | USD | 7101559 | 3/15/2023 | 162369 |
|  | EUR | 3700000 | USD | 3914711 | 3/15/2023 | 65707 |
|  | NOK | 225900000 | USD | 22656763 | 3/15/2023 | 474204 |
|  | PLN | 8141000 | USD | 1797320 | 3/15/2023 | 49395 |
|  | USD | 41778473 | NZD | 65260000 | 3/15/2023 | 311769 |
|  | CZK | 36000000 | USD | 1567293 | 3/15/2023 | 19487 |
|  | NZD | 20980000 | USD | 13324482 | 3/15/2023 | 6371 |
|  | PLN | 7020000 | USD | 1575686 | 3/15/2023 | 16740 |
| **TOTAL** |  |  |  |  |  | $4795790 |

---

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

**ADDITIONAL INVESTMENT INFORMATION (continued)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  Morgan Stanley Co., Inc. | USD | 139536 | AUD | 207000 | 3/15/2023 | $(1814) |
|  | GBP | 13530000 | USD | 16607926 | 3/15/2023 | (221327) |
|  | USD | 2412690 | EUR | 2264000 | 3/15/2023 | (22895) |
|  | USD | 97247 | AUD | 144000 | 3/15/2023 | (1083) |
|  | USD | 34523211 | CAD | 46938000 | 3/15/2023 | (162530) |
|  | USD | 1304526 | CHF | 1213000 | 3/15/2023 | (17726) |
|  | USD | 1565055 | NOK | 15500000 | 3/15/2023 | (22063) |
|  | SEK | 30820400 | USD | 2994264 | 3/15/2023 | (28402) |
|  | USD | 5267430 | INR | 438000000 | 3/15/2023 | (935) |
|  | USD | 35833515 | JPY | 4836949000 | 3/15/2023 | (1383886) |
|  | SEK | 55200000 | USD | 5359827 | 3/15/2023 | (47905) |
|  | USD | 27864 | CAD | 38000 | 3/15/2023 | (217) |
|  | USD | 276448 | CLP | 250000000 | 3/15/2023 | (15491) |
|  | USD | 10895 | CZK | 252000 | 3/15/2023 | (213) |
|  | USD | 50263 | EUR | 47000 | 3/15/2023 | (299) |
|  | GBP | 17486000 | USD | 21282320 | 3/15/2023 | (104488) |
|  | USD | 175579 | MXN | 3521000 | 3/15/2023 | (2730) |
|  | USD | 62554 | PLN | 281000 | 3/15/2023 | (1189) |
|  | USD | 824132 | EUR | 778000 | 3/15/2023 | (12832) |
|  | GBP | 2020000 | USD | 2475292 | 3/15/2023 | (28808) |
|  | USD | 2727946 | AUD | 4060000 | 3/15/2023 | (44416) |
|  | USD | 11806941 | JPY | 1602000000 | 3/15/2023 | (519481) |
|  | USD | 7685176 | BRL | 40620000 | 1/4/2023 | (5213) |
|  | USD | 64579 | AUD | 97000 | 3/15/2023 | (1657) |
|  | USD | 443104 | CAD | 604000 | 3/15/2023 | (3233) |
|  | USD | 1136647 | EUR | 1073000 | 3/15/2023 | (17674) |
|  | USD | 1492198 | MXN | 30000000 | 3/15/2023 | (27048) |
|  | SEK | 4343000 | USD | 421610 | 3/15/2023 | (3681) |
|  | USD | 8838340 | ZAR | 153002000 | 3/15/2023 | (110915) |
|  | USD | 4664393 | KRW | 6100000000 | 3/15/2023 | (187803) |
|  | USD | 602191 | HUF | 243280000 | 3/16/2023 | (36539) |
|  | USD | 25533034 | EUR | 24100000 | 3/15/2023 | (393475) |
|  | GBP | 2572750 | USD | 3145982 | 3/15/2023 | (30045) |
|  | NZD | 18420000 | USD | 11749823 | 3/15/2023 | (45614) |
|  | USD | 15082 | CHF | 14000 | 3/15/2023 | (179) |
|  | USD | 19319 | CZK | 449000 | 3/15/2023 | (472) |
|  | USD | 11217234 | EUR | 10602000 | 3/15/2023 | (188278) |
|  | USD | 26575729 | IDR | 412020000000 | 3/15/2023 | (16866) |
| **TOTAL** |  |  |  |  |  | $(3709422) |

---

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*December 31, 2022* 

**ADDITIONAL INVESTMENT INFORMATION (continued)**

SWAP CONTRACTS — At December 31, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund<sup>(a)</sup>** | **Payments<br>Received<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amounts (000's)** | **Notional<br>Amounts (000's)** | **Value** | **Upfront<br>Premium Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  1 Day ESTRON<sup>(b)</sup> | 0.000% | 03/15/2024 | EUR | 173600 | $664659 | $(434844) | $1099503 |
|  1 Day SOFR<sup>(b)</sup> | 0.000 | 03/15/2024 | CHF | 148500 | 696030 | (73987) | 770017 |
|  1 Day SONIO<sup>(b)</sup> | 0.00 | 03/15/2024 | GBP | 14470 | (57027) | (77026) | 19999 |
|  3 Month BA<sup>(c)</sup> | 4.750 | 03/15/2024 | CAD | 283530 | 196461 | (206015) | 402476 |
|  3 Month BBR<sup>(d)</sup> | 4.000 | 03/15/2024 | AUD | 52240 | 23581 |  | 23581 |
|  3 Month STIBOR<sup>(b)</sup> | 3.500 | 03/15/2024 | SEK | 1304910 | 206075 | (242477) | 448552 |
| 4.750<sup>(b)</sup> | 0.000 | 03/15/2024 | USD | 926680 | 1362590 | (702858) | 2065448 |
|  1 Day ESTRON<sup>(b)</sup> | 0.000 | 03/15/2025 | EUR | 161090 | 766060 | (1341150) | 2107210 |
|  1 Day SOFR<sup>(b)</sup> | 4.000 | 03/15/2025 | USD | 158430 | 1014348 |  | 1014348 |
|  1 Day SONIO<sup>(b)</sup> | 0.000 | 03/15/2025 | GBP | 100330 | 32288 | (392192) | 424480 |
|  3 Month JIBAR<sup>(d)</sup> | 8.500 | 03/15/2028 | ZAR | 22950 | (7666) | (36380) | 28714 |
| 4.500<sup>(b)</sup> | 6 Month PRIBOR | 03/15/2028 | CZK | 102020 | (111511) |  | (111511) |
| 5.750<sup>(b)</sup> | 6 Month WIBOR | 03/15/2028 | PLN | 18740 | (60984) |  | (60984) |
| 8.750<sup>(e)</sup> | 1 Month TIIE | 03/15/2028 | MXN | 77040 | 8150 | 68613 | (60463) |
|  BUBORON<sup>(b)</sup> | 10.75 | 03/16/2028 | HUF | 1826530 | (15409) | (966120) | 950711 |
|  1 Day ESTRON<sup>(b)</sup> | 0.000 | 03/15/2033 | EUR | 44270 | 1829935 | (824462) | 2654397 |
|  1 Day SOFR<sup>(b)</sup> | 0.000 | 03/15/2033 | CHF | 1290 | 77643 |  | 77643 |
|  1 Day SOFR<sup>(b)</sup> | 3.25 | 03/15/2033 | USD | 16230 | 376450 | (112787) | 489237 |
|  1 Day SONIO<sup>(b)</sup> | 0.000 | 03/15/2033 | GBP | 1760 | 41865 | (50451) | 92316 |
|  3 Month BA<sup>(c)</sup> | 3.250 | 03/15/2033 | CAD | 2730 | 79025 | (2446) | 81471 |
|  3 Month STIBOR<sup>(b)</sup> | 2.500 | 03/15/2033 | SEK | 29590 | 153775 |  | 153775 |
| 0.000<sup>(b)</sup> | 1 Day SONIO | 03/15/2053 | GBP | 5970 | (260181) | 489649 | (749830) |
| 0.000<sup>(b)</sup> | 1 Day ESTRON | 03/15/2053 | EUR | 25550 | (2556704) | 1127363 | (3684067) |
| 3.000<sup>(b)</sup> | 1 Day SOFR | 03/15/2053 | USD | 17990 | (646568) | 423339 | (1069907) |
| **TOTAL** |  |  |  |  | $3812885 | $(3354231) | $7167116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made semi-annually.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made monthly.

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  BA | —Banker Acceptance Rate |
|  BBR | —Banker Bill Reference Rate |
|  BUBORON | —Budapest Interbank Offered Rate |
|  ESTRON | —Euro Short-Term Rate |
|  JIBAR | —Johannesburg Interbank Agreed Rate |
|  PRIBOR | —Prague Interbank Offered Rate |
|  SOFR | —Secured Overnight Financing Rate |
|  SONIO | —Sterling Overnight Index Average |
|  STIBOR | —Stockholm Interbank Offered Rate |
|  TIIE | —Interbank Equilibrium Interest Rate |
|  WIBOR | —Warsaw Interbank Offered Rate |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |
|  AUD | —Australian Dollar |
|  BRL | —Brazilian Real |
|  CAD | —Canadian Dollar |
|  CHF | —Swiss Franc |
|  CLP | —Chilean Peso |
|  COP | —Colombian Peso |
|  CZK | —Czech Koruna |
|  EUR | —Euro |
|  GBP | —British Pound |
|  HUF | —Hungarian Forint |
|  IDR | —Indonesian Rupiah |
|  INR | —Indian Rupee |
|  JPY | —Japanese Yen |
|  KRW | —South Korean Won |
|  MXN | —Mexican Peso |
|  NOK | —Norwegian Krone |
|  NZD | —New Zealand Dollar |
|  PLN | —Polish Zloty |
|  SEK | —Swedish Krona |
|  USD | —United States Dollar |
|  ZAR | —South African Rand |

---

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS ALTERNATIVE FUNDS

## Consolidated Statement of Assets and Liabilities<sup>(a)</sup>
*December 31, 2022* 

---

| | |
|:---|:---|
|  | **Managed Futures<br>Strategy Fund<sup>(a)</sup>** |
| **Assets:** | **Assets:** |
|  Investments in affiliated issuers, at value (cost $366,294,788) | $366294788 |
|  Cash | 29540368 |
|  Foreign currency, at value (cost $18,218,906) | 18581231 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 54005347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 851260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 154785 |
|  Unrealized gain on forward foreign currency exchange contracts | 4795790 |
|  Variation margin on swaps | 885691 |
|  Other assets | 32228 |
| **Total assets** | 475141488 |
| **Liabilities:** | **Liabilities:** |
|  Variation margin on futures contracts | 1303548 |
|  Unrealized loss on forward foreign currency exchange contracts | 3709422 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 479835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 427355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 50085 |
|  Accrued expenses | 232440 |
| **Total liabilities** | 6202685 |
| **Net Assets:** | **Net Assets:** |
|  Paid-in capital | 474102129 |
|  Total distributable earnings (loss) | (5163326) |
| **NET ASSETS** | $468938803 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $16840681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5486444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 140429477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 239659999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 65652909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 855735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 13558 |
|  Total Net Assets | $468938803 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1715618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 608287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 13744602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23809135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6422625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 89697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1328 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Asset and Liabilities for the Managed Futures Strategy Fund is consolidated and includes the balances of Cayman Commodity-MFS, LLC. (wholly-owned subsidiary). Accordingly, all interfund balances and
transactions have been eliminated.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Forwards** | **Futures** | **Swaps** |
|  Managed Futures Strategy Fund | $6980000 | $30620493 | $16404854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of the Managed Futures Strategy Fund is $10.39. 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.

---

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

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS

## Consolidated Statement of Operations<sup>(a)</sup>
*For the Fiscal Year Ended December 31, 2022* 

---

| | |
|:---|:---|
|  | **Managed Futures<br>Strategy Fund<sup>(a)</sup>** |
| **Investment income:** | **Investment income:** |
|  Dividends — affiliated issuers | $5583712 |
| **Total investment income** | 5583712 |
| **Expenses:** | **Expenses:** |
|  Management fees | 4154343 |
|  Overdraft fees | 720940 |
|  Transfer Agency fees<sup>(b)</sup> | 411528 |
|  Custody, accounting and administrative services | 143759 |
|  Registration fees | 140168 |
|  Professional fees | 137911 |
|  Distribution and/or Service (12b-1) fees<sup>(b)</sup> | 92267 |
|  Printing and mailing costs | 79729 |
|  Trustee fees | 28200 |
|  Service fees — Class C | 12601 |
|  Other | 1142 |
| **Total expenses** | 5922588 |
|  Less — expense reductions | (832947) |
| **Net expenses** | 5089641 |
| **NET INVESTMENT INCOME** | 494071 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11067588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 68978129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1141764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3220709 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (989849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (2266608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1516729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3143268) |
| **Net realized and unrealized gain** | 57390018 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $57884089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Operations for the Managed Futures Strategy Fund is consolidated and includes the balances of Cayman Commodity-MFS, LLC. (wholly-owned subsidiary). Accordingly, all interfund balances and transactions have
been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** |
| **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
| $51325 | $37802 | $3140 | $32848 | $8065 | $39177 | $309287 | $21142 | $1005 | $4 |

---

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS ALTERNATIVE FUNDS

## Consolidated Statements of Changes in Net Assets<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Managed Futures Strategy Fund<sup>(a)</sup>** | **Managed Futures Strategy Fund<sup>(a)</sup>** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |
|  Net investment income (loss) | $494071 | $(4101188) |
|  Net realized gain | 62273014 | 14035416 |
|  Net change in unrealized gain (loss) | (4882996) | 2783198 |
| **Net increase in net assets resulting from operations** | 57884089 | 12717426 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3183394) | (1210096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1041483) | (266704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (23196882) | (4043423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (41920577) | (9944849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (11409940) | (4018251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (146868) | (30205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2349) | (778) |
| **Total distributions to shareholders** | (80901493) | (19514306) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |
|  Proceeds from sales of shares | 369443119 | 88484718 |
|  Reinvestment of distributions | 80636192 | 19398048 |
|  Cost of shares redeemed | (234798979) | (94537306) |
| **Net increase in net assets resulting from share transactions** | 215280332 | 13345460 |
| **TOTAL INCREASE** | 192262928 | 6548580 |
| **Net Assets:** |  |  |
|  Beginning of year | $276675875 | $270127295 |
|  End of year | $468938803 | $276675875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Managed Futures Strategy Fund are consolidated and include the balances of Cayman Commodity-MFS, LLC. (wholly-owned subsidiary). Accordingly, all interfund balances and
transactions have been eliminated.

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

## Consolidated Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $9.85 | $10.12 | $9.61 | $10.03 | $10.30 |
|  Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.19) | (0.12) | 0.01 | (0.02) |
|  Net realized and unrealized gain (loss) | 2.00 | 0.64 | 0.76 | 0.23 | (0.23) |
|  Total from investment operations | 1.96 | 0.45 | 0.64 | 0.24 | (0.25) |
|  Distributions to shareholders from net investment income | (1.14) | (0.03) |  | (0.59) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (1.99) | (0.72) | (0.13) | (0.66) | (0.02) |
|  Net asset value, end of year | $9.82 | $9.85 | $10.12 | $9.61 | $10.03 |
| **Total Return<sup>(b)</sup>** | 20.08% | 4.64% | 6.62% | 2.28% | (2.37)% |
|  Net assets, end of year (in 000's) | $16841 | $16922 | $11964 | $7712 | $8622 |
|  Ratio of net expenses to average net assets | 1.58% | 1.83% | 1.48% | 1.49% | 1.47% |
|  Ratio of total expenses to average net assets | 1.71% | 1.89% | 1.63% | 1.64% | 1.62% |
|  Ratio of net investment income (loss) to average net assets | (0.31)% | (1.79)% | (1.21)% | 0.06% | (0.19)% |
|  Portfolio turnover rate<sup>(c)</sup> | —% | —% | —% | —% | —% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $9.21 | $9.52 | $9.11 | $9.56 | $9.88 |
|  Net investment loss<sup>(a)</sup> | (0.10) | (0.25) | (0.18) | (0.07) | (0.09) |
|  Net realized and unrealized gain (loss) | 1.85 | 0.59 | 0.72 | 0.21 | (0.21) |
|  Total from investment operations | 1.75 | 0.34 | 0.54 | 0.14 | (0.30) |
|  Distributions to shareholders from net investment income | (1.09) |  |  | (0.52) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.65) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (1.94) | (0.65) | (0.13) | (0.59) | (0.02) |
|  Net asset value, end of year | $9.02 | $9.21 | $9.52 | $9.11 | $9.56 |
| **Total Return<sup>(b)</sup>** | 19.26% | 3.71% | 5.88% | 1.51% | (3.08)% |
|  Net assets, end of year (in 000's) | $5486 | $3890 | $3335 | $3279 | $3281 |
|  Ratio of net expenses to average net assets | 2.33% | 2.58% | 2.22% | 2.24% | 2.22% |
|  Ratio of total expenses to average net assets | 2.46% | 2.64% | 2.37% | 2.39% | 2.37% |
|  Ratio of net investment loss to average net assets | (0.95)% | (2.54)% | (1.92)% | (0.69)% | (0.95)% |
|  Portfolio turnover rate<sup>(c)</sup> | —% | —% | —% | —% | —% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $10.19 | $10.43 | $9.87 | $10.28 | $10.52 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | (0.15) | (0.07) | 0.04 | 0.02 |
|  Net realized and unrealized gain (loss) | 2.02 | 0.66 | 0.76 | 0.25 | (0.24) |
|  Total from investment operations | 2.07 | 0.51 | 0.69 | 0.29 | (0.22) |
|  Distributions to shareholders from net investment income | (1.19) | (0.06) |  | (0.63) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (2.04) | (0.75) | (0.13) | (0.70) | (0.02) |
|  Net asset value, end of year | $10.22 | $10.19 | $10.43 | $9.87 | $10.28 |
| **Total Return<sup>(b)</sup>** | 20.59% | 4.99% | 6.95% | 2.82% | (2.13)% |
|  Net assets, end of year (in 000's) | $140429 | $51494 | $49052 | $90623 | $83425 |
|  Ratio of net expenses to average net assets | 1.20% | 1.46% | 1.07% | 1.11% | 1.07% |
|  Ratio of total expenses to average net assets | 1.33% | 1.52% | 1.24% | 1.26% | 1.22% |
|  Ratio of net investment income (loss) to average net assets | 0.39% | (1.42)% | (0.74)% | 0.42% | 0.16% |
|  Portfolio turnover rate<sup>(c)</sup> | —% | —% | —% | —% | —% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $10.06 | $10.32 | $9.77 | $10.19 | $10.44 |
|  Net investment income (loss)<sup>(a)</sup> | 0.01 | (0.16) | (0.10) | 0.03 | 0.01 |
|  Net realized and unrealized gain (loss) | 2.03 | 0.64 | 0.78 | 0.23 | (0.24) |
|  Total from investment operations | 2.04 | 0.48 | 0.68 | 0.26 | (0.23) |
|  Distributions to shareholders from net investment income | (1.18) | (0.05) |  | (0.61) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (2.03) | (0.74) | (0.13) | (0.68) | (0.02) |
|  Net asset value, end of year | $10.07 | $10.06 | $10.32 | $9.77 | $10.19 |
| **Total Return<sup>(b)</sup>** | 20.43% | 4.83% | 6.92% | 2.60% | (2.24)% |
|  Net assets, end of year (in 000's) | $239660 | $146008 | $149762 | $106968 | $105393 |
|  Ratio of net expenses to average net assets | 1.33% | 1.57% | 1.22% | 1.24% | 1.22% |
|  Ratio of total expenses to average net assets | 1.46% | 1.64% | 1.38% | 1.39% | 1.37% |
|  Ratio of net investment income (loss) to average net assets | 0.10% | (1.54)% | (0.96)% | 0.31% | 0.06% |
|  Portfolio turnover rate<sup>(c)</sup> | —% | —% | —% | —% | —% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $10.19 | $10.44 | $9.87 | $10.29 | $10.36 |
|  Net investment income (loss)<sup>(b)</sup> | 0.01 | (0.15) | (0.08) | 0.05 | 0.02 |
|  Net realized and unrealized gain (loss) | 2.06 | 0.65 | 0.78 | 0.23 | (0.07) |
|  Total from investment operations | 2.07 | 0.50 | 0.70 | 0.28 | (0.05) |
|  Distributions to shareholders from net investment income | (1.19) | (0.06) |  | (0.63) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (2.04) | (0.75) | (0.13) | (0.70) | (0.02) |
|  Net asset value, end of period | $10.22 | $10.19 | $10.44 | $9.87 | $10.29 |
| **Total Return<sup>(c)</sup>** | 20.47% | 5.00% | 7.05% | 2.72% | (0.52)% |
|  Net assets, end of period (in 000's) | $65653 | $57900 | $55439 | $51499 | $50649 |
|  Ratio of net expenses to average net assets | 1.20% | 1.45% | 1.08% | 1.09% | 1.12 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.33% | 1.51% | 1.24% | 1.23% | 1.27 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.07% | (1.41)% | (0.79)% | 0.47% | 0.31 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | —% | —% | —% | —% | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on April 30, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $9.64 | $9.92 | $9.45 | $9.87 | $10.16 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.21) | (0.13) | (0.02) | (0.04) |
|  Net realized and unrealized gain (loss) | 1.93 | 0.62 | 0.73 | 0.23 | (0.23) |
|  Total from investment operations | 1.89 | 0.41 | 0.60 | 0.21 | (0.27) |
|  Distributions to shareholders from net investment income | (1.14) |  |  | (0.56) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (1.99) | (0.69) | (0.13) | (0.63) | (0.02) |
|  Net asset value, end of year | $9.54 | $9.64 | $9.92 | $9.45 | $9.87 |
| **Total Return<sup>(b)</sup>** | 19.77% | 4.33% | 6.30% | 2.14% | (2.70)% |
|  Net assets, end of year (in 000's) | $856 | $451 | $504 | $539 | $584 |
|  Ratio of net expenses to average net assets | 1.83% | 2.08% | 1.72% | 1.74% | 1.72% |
|  Ratio of total expenses to average net assets | 1.96% | 2.14% | 1.87% | 1.89% | 1.87% |
|  Ratio of net investment loss to average net assets | (0.36)% | (2.04)% | (1.41)% | (0.19)% | (0.44)% |
|  Portfolio turnover rate<sup>(c)</sup> | —% | —% | —% | —% | —% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** | **Goldman Sachs Managed Futures Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $10.17 | $10.42 | $9.86 | $10.28 | $10.56 |
|  Net investment income (loss)<sup>(b)</sup> | 0.01 | (0.15) | (0.08) | 0.05 | 0.02 |
|  Net realized and unrealized gain (loss) | 2.07 | 0.65 | 0.77 | 0.23 | (0.28) |
|  Total from investment operations | 2.08 | 0.50 | 0.69 | 0.28 | (0.26) |
|  Distributions to shareholders from net investment income | (1.19) | (0.06) |  | (0.63) |  |
|  Distributions to shareholders from net realized gains | (0.85) | (0.69) | (0.13) | (0.07) | (0.02) |
|  Total distributions | (2.04) | (0.75) | (0.13) | (0.70) | (0.02) |
|  Net asset value, end of period | $10.21 | $10.17 | $10.42 | $9.86 | $10.28 |
| **Total Return<sup>(c)</sup>** | 20.62% | 4.98% | 6.95% | 2.71% | (2.50)% |
|  Net assets, end of period (in 000's) | $14 | $11 | $71 | $166 | $429 |
|  Ratio of net expenses to average net assets | 1.20% | 1.44% | 1.08% | 1.09% | 1.12 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.32% | 1.51% | 1.24% | 1.23% | 1.27 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.10% | (1.40)% | (0.84)% | 0.49% | 0.32 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | —% | —% | —% | —% | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS

## Notes to Financial Statements
*December 31, 2022* 

**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. Goldman Sachs Managed Futures Strategy Fund (the "Fund") is a diversified portfolio and currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class R6, Class R, and Class P Shares.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, 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 Fund pursuant to a management agreement (the "Agreement") with the Trust.

**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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Basis of Consolidation for Managed Futures Strategy Fund — Cayman Commodity-MFS, LLC. (a "Subsidiary"), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of December 31, 2022, the Fund's net assets were $468,938,803, of which $94,485,974, or 20%, is represented by the Subsidiary.

B. Investment Valuation — The Fund's valuation policy is to value investments at fair value.

C. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on the 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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement 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.

D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

E. Federal Taxes and Distributions to Shareholders — It is the 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, the 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. Net investment income distributions and capital gains distributions, if any, are declared and paid at least annually.

**22** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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 the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

**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 Fund's policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated the Adviser 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 Fund's 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.

**23** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

## Notes to Financial Statements (continued)
*December 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed

**24** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the 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.

C. Fair Value Hierarchy — The following is a summary of the Fund's investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **MANAGED FUTURES STRATEGY FUND** | **MANAGED FUTURES STRATEGY FUND** | **MANAGED FUTURES STRATEGY FUND** | **MANAGED FUTURES STRATEGY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Investment Company | $366294788 | $— | $— |
| **Total** | $366294788 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Contracts | $— | $4795790 | $— |
|  Futures Contracts | 7782717 |  |  |
|  Interest Rate Swap Contracts |  | 12903878 |  |
| **Total** | $7782717 | $17699668 | $— |
| **Derivative Type** |  |  |  |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(3709422) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts | (5154673) |  |  |
|  Interest Rate Swap Contracts |  | (5736762) |  |
| **Total** | $(5154673) | $(9446184) | $— |

---

(a) Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Consolidated Schedule of Investments.

**25** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

*December 31, 2022* 

**4. INVESTMENTS IN DERIVATIVES**

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. These instruments were used as part of the Fund's 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 Fund's net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Managed Futures Strategy** | **Managed Futures Strategy** | **Managed Futures Strategy** | | |
| **Risk** | **Consolidated<br>Statements of Assets<br>and Liabilities** | **Assets** | <br>**Consolidated<br>Statements of Assets<br>and Liabilities** | <br>**Liabilities** |
|  Commodity | Variation margin on futures contracts | $4264873 <sup>(a)</sup> | Variation margin on futures contracts | $(2684501) <sup>(a)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 4795790 | Payable for unrealized gain on forward foreign currency exchange contracts | (3709422) |
|  Equity | Variation margin on futures contracts | 3517844 <sup>(a)</sup> | Variation margin on futures contracts | (2470172) <sup>(a)</sup> |
|  Interest Rate | Variation margin on swap contracts | 12903878 <sup>(a)</sup> | Variation margin on swap contracts | (5736762) <sup>(a)</sup> |
| **Total** |  | $25482385 |  | $(14600857) |

---

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation
margin as of December 31, 2022, is reported within the Consolidated Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund's gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2022. 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 Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Managed Futures Strategy** | **Managed Futures Strategy** | **Managed Futures Strategy** | |
| **Risk** | **Consolidated Statement of Operations** | **Net Realized<br>Gain (Loss)** | <br>**Net Change in<br>Unrealized<br>Gain (Loss)** |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $2141724 | $930592 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 1141764 | 1516729 |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (15770823) | (1920441) |
| Interest Rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 71539640 | (2266608) |
| **Total** |  | $59052305 | $(1739728) |

---

**26** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

**4. INVESTMENTS IN DERIVATIVES (continued)**

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Average number of Contracts or Notional Amounts<sup>(1)</sup>** | **Average number of Contracts or Notional Amounts<sup>(1)</sup>** | **Average number of Contracts or Notional Amounts<sup>(1)</sup>** |
| **Managed Futures Strategy**<br>| **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** |
|  Managed Futures Strategy | 3672 | $1044638816 | $4466796 |

---

(1) Amounts disclosed represent average number of contracts for futures contracts, 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 Fund held such derivatives during the fiscal year ended December 31, 2022.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following table sets forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**Derivative<br>Assets<sup>(1)</sup>** | <br>**Derivative<br>Liabilities<sup>(1)</sup>** | **Net Derivative**<br>**Assets<br>(Liabilities)** | **Collateral**<br>**(Received)<br>Pledged<sup>(1)</sup>** | **Net<br>Amount<sup>(2)</sup>** |
| **Managed Futures Strategy**<br>**Counterparty** | **Forwards** | **Forwards** | **Net Derivative**<br>**Assets<br>(Liabilities)** | **Collateral**<br>**(Received)<br>Pledged<sup>(1)</sup>** | **Net<br>Amount<sup>(2)</sup>** |
|  Morgan Stanley Co., Inc. | $4795790 | $(3709422) | $1086368 | $(1086368) | $— |

---

(1) Gross amounts available for offset but not netted in the Consolidated Statements of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement.

**27** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

*December 31, 2022* 

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets.

For the year ended December 31, 2022, 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** | | **Effective Net<br>Management<br>Rate^<sup>(1)</sup>** |
| <br>**Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** |<br>**Effective<br>Rate** | **Effective Net<br>Management<br>Rate^<sup>(1)</sup>** |
| Managed Futures Strategy | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 0.89% |

---

^ 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.

(1) Reflects combined management fees paid to GSAM under the Agreement and the Fund's Subsidiary Agreement (as defined below) after the waivers.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary's average daily net assets. In consideration of the Subsidiary's management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended December 31, 2022, GSAM waived $324,076 of the Fund's management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund's investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended December 31, 2022, GSAM waived $37,887 of the Fund's management fees.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the 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 Fund, as set forth below.

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
| | **Class A**\* | **Class C**\* | **Class R**\* |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund 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

**28** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

December 31, 2022, Goldman Sachs retained $6,968 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for the Fund.

D. Service Plan — The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Fund.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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: 0.16% 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 Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is 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 Fund are 0.254%. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Subsidiary also pays certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit the Subsidiary's expenses (excluding management fees) to 0.004% of the Subsidiary's average daily net assets for the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other Expense<br>Reimbursement** | **Total<br>Expense<br>Reductions** |
| Managed Futures Strategy | $795060 | $37887 | $832947 |

---

G. Line of Credit Facility — As of December 31, 2022, the Fund participated in a $1,250,000,000 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 Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — The following table provides information about the Fund's investment in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>December 31, 2022** | **Shares as of<br>December 31, 2022** | **Dividend<br>Income** |
|  Managed Futures Strategy | $186867060 | $597513627 | $(418085899) | $366294788 | 366294788 | $5583712 |

---

**29** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

*December 31, 2022* 

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

As of December 31, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the Fund:

---

| | |
|:---|:---|
| **Fund** | **Class P** |
|  Managed Futures Strategy | 100% |

---

**6. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
| | **Managed<br>Futures Strategy** |
|  Distributions paid from: |  |
|  Ordinary income | $80344451 |
|  Net long-term capital gains | 557042 |
|  Total taxable distributions | $80901493 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | |
|:---|:---|
| | **Managed<br>Futures Strategy** |
|  Distributions paid from: |  |
|  Ordinary income | $15224786 |
|  Net long-term capital gains | 4289520 |
|  Total taxable distributions | $19514306 |

---

As of December 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | |
|:---|:---|
| | **Managed<br>Futures Strategy** |
|  Timing differences (Qualified Late year Loss Deferral, and Straddle Loss Deferral) | $(13214411) |
|  Unrealized gains — net | 8051085 |
|  Total | $(5163326) |

---

As of December 31, 2022, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
| | **Managed<br>Futures Strategy** |
|  Tax cost | $368155714 |
|  Gross unrealized gain | 17963917 |
|  Gross unrealized loss | (9912832) |
|  Net unrealized gain (loss) | $8051085 |

---

**30** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**6. TAX INFORMATION (continued)**

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to net mark-to-market gains (losses) on regulated futures and foreign currency contracts and differences in the tax treatment of underlying fund investments.

The Managed Futures Strategy Fund reclassified $918,193 from distributable earnings to paid-in capital for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from taxable overdistributions and underlying fund investments.

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

**7. OTHER RISKS**

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

Derivatives Risk — The Fund's 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 Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund 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 Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which the 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 the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**31** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

*December 31, 2022* 

**7. OTHER RISKS (continued)**

Foreign Custody Risk — The Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in the general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of the Fund's investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund's liquidity

Market and Credit Risks — In the normal course of business, the 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 the

**32** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**7. OTHER RISKS (continued)**

Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the 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.

Tax Risk — Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly- owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. The IRS recently issued final regulations that would generally treat the Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion, or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Fund has limited its investments in commodity index-linked structured notes. The Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund's income from such investments should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the income from investments in the Subsidiary was not "qualifying income", in which case the Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deductions for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

**8. 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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

**9. SUBSEQUENT EVENTS**

Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

**33** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

*December 31, 2022* 

**10. SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 1200973 | $13980844 | 775155 | $8103920 |
|  Reinvestment of distributions | 314898 | 3183394 | 123207 | 1210096 |
|  Shares redeemed | (1518157) | (17580452) | (362560) | (3753053) |
|  | (2286) | (416214) | 535802 | 5560963 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 237854 | 2563902 | 112873 | 1106535 |
|  Reinvestment of distributions | 111897 | 1041483 | 29189 | 266704 |
|  Shares redeemed | (163784) | (1713311) | (70213) | (681254) |
|  | 185967 | 1892074 | 71849 | 691985 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 11993718 | $143316333 | 2127784 | 22859468 |
|  Reinvestment of distributions | 2184178 | 22931915 | 386304 | 3929319 |
|  Shares redeemed | (5488006) | (64867307) | (2160311) | (22852193) |
|  | 8689890 | 101380941 | 353777 | 3936594 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 15748088 | 185838210 | 5277859 | 56050862 |
|  Reinvestment of distributions | 4050829 | 41920243 | 989878 | 9943473 |
|  Shares redeemed | (10496723) | (122558476) | (6275580) | (66484483) |
|  | 9302194 | 105199977 | (7843) | (490148) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1916178 | 23334351 | 29530 | 320620 |
|  Reinvestment of distributions | 1086492 | 11409940 | 395007 | 4018251 |
|  Shares redeemed | (2260881) | (27986272) | (54137) | (590020) |
|  | 741789 | 6758019 | 370400 | 3748851 |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 36015 | 409474 | 4152 | 42535 |
|  Reinvestment of distributions | 14978 | 146868 | 3149 | 30205 |
|  Shares redeemed | (8033) | (93156) | (11373) | (115062) |
|  | 42960 | 463186 | (4072) | (42322) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 1 | 5 | 77 | 778 |
|  Reinvestment of distributions | 223 | 2349 |  |  |
|  Shares redeemed | (1) | (5) | (5772) | (61241) |
|  | 223 | 2349 | (5695) | (60463) |
|  **NET INCREASE** | 18960737 | $215280332 | 1314218 | $13345460 |

---

**34** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Managed Futures Strategy Fund

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Goldman Sachs Managed Futures Strategy Fund and its subsidiary (one of the Funds constituting Goldman Sachs Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the consolidated changes in net assets for each of the two years in the period ended December 31, 2022 and each of the consolidated financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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

**35** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

&nbsp;&nbsp;&nbsp; **Fund Expenses (Unaudited) — Six Month Period Ended December 31, 2022**<br>

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days in a 365 day year.

*Actual Expenses* — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Beginning<br>Account Value<br>7/1/2022** | **Ending<br>Account Value<br>12/31/2022** |  | **Expenses Paid for the<br>6 months ended<br>12/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.36 |  | $8.38 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1016.84 | + | 8.44 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 999.47 |  | 12.15 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1013.06 | + | 12.23 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.78 |  | 6.52 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.70 | + | 6.56 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.77 |  | 7.12 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.10 | + | 7.17 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.74 |  | 6.47 |
| &nbsp;&nbsp;&nbsp; Hypothethical 5% return | 1000.00 | 1018.75 | + | 6.51 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1001.55 |  | 9.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1015.58 | + | 9.70 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.80 |  | 6.47 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.75 | + | 6.51 |

---

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on the Fund's actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |

---

\* Expenses for each share class are calculated using the Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Managed Futures Strategy Fund | 1.66% | 2.41% | 1.29% | 1.41% | 1.28% | 1.91% | 1.28% |

---

**36** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**Trustees and Officers (Unaudited) Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup>**<br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels<sup>5</sup>**<br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

---

**37** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**Trustees and Officers (Unaudited) (continued) Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

---

**38** 

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GOLDMAN SACHS ALTERNATIVE FUNDS

**Trustees and Officers (Unaudited) (continued) Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 45 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**39** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS

**Trustees and Officers (Unaudited) (continued) Officers of the Trust\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Positions Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **Trustee and President** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

**Goldman Sachs Trust — Alternative Funds — Tax Information (Unaudited)** 

Pursuant to Section 852 of the Internal Revenue Code, the Managed Futures Strategy Fund designated $557,042, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2022.

During the fiscal year ended December 31, 2022, the Managed Futures Strategy Fund designated $31,705,603 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**40** 

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FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management ("GSAM") has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund<sup>4</sup>

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>2</sup> **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>3</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>4</sup> **Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.**

<sup>5</sup> **Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.**

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

\* **This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.**

------

---

| | |
|:---|:---|
| **TRUSTEES**<br> Gregory G. Weaver, *Chair*<br> Dwight L. Bush<br> John G. Chou<br> Kathryn A. Cassidy<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Paul C. Wirth | **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria, *Principal Financial Officer, Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary* |
| **GOLDMAN SACHS & CO. LLC**<br> Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.** Investment Adviser |

---

Visit our web site at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") web site at http://www.sec.gov.

The Fund will file its portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of December 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2023 Goldman Sachs. All rights reserved. 307094-OTU-1744991 SELSATAR-23

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![LOGO](g327514page001.jpg)

Goldman Sachs Funds Annual Report December 31, 2022 Alternative Funds II Absolute Return Tracker Commodity Strategy Defensive Equity [Graphic Appears Here]

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## Goldman Sachs Alternative Funds II
∎ **ABSOLUTE RETURN TRACKER FUND** 

∎ **COMMODITY STRATEGY FUND** 

∎ **DEFENSIVE EQUITY FUND** 

**TABLE OF CONTENTS** 

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|:---|:---|
|  [Portfolio Management Discussion and Analysis](#alt2327514_1) | 1 |
|  [Fund Basics](#alt2327514_2) | 4 |
|  [Index Definitions](#alt2327514_3) | 19 |
|  [Schedules of Investments](#alt2327514_4) | 20 |
|  [Financial Statements](#alt2327514_5) | 46 |
|  [Financial Highlights](#alt2327514_6) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Absolute Return Tracker](#alt2327514_7) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Commodity Strategy](#alt2327514_8) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Defensive Equity](#alt2327514_9) | 66 |
|  [Notes to the Financial Statements](#alt2327514_10) | 69 |
|  [Report of Independent Registered Public Accounting Firm](#alt2327514_11) | 91 |
|  [Other Information](#alt2327514_12) | 92 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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FUND RESULTS

## Goldman Sachs Absolute Return Tracker Fund
&nbsp;&nbsp;&nbsp; <br> **Investment Objective**<br>The Fund's investment objective is to seek to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds.<br>

Portfolio Management Discussion and Analysis

**As of the close of business on January 12, 2022, the Goldman Sachs Absolute Return Tracker Fund's (the "Fund") benchmark index was changed to the ICE BofA Three-Month U.S. Treasury Bill Index. The Adviser believes the ICE BofA Three-Month U.S. Treasury Bill Index is an appropriate index against which to measure performance in light of the Fund's investment strategy. Below, the Goldman Sachs Quantitative Investment Strategies ("QIS") Team discusses the Fund's performance and positioning for the 12-month period ended December 31, 2022 ("the Reporting Period").** 

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|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?**  |

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|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -6.62%, -7.23%, -6.27%, -6.37%, -6.17%, -6.79% and -6.16%, respectively. These returns compare to the 1.47% average annual total return of the Fund's benchmark, the ICE BofA Three-Month U.S. Treasury Bill Index (net of management, administrative and performance incentive fees), during the same time period.  |

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|:---|:---|
| **Q** | **What economic and market factors most influenced the hedge fund asset class as a whole during the Reporting Period?**  |

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|:---|:---|
| **A** | Risk assets broadly experienced negative returns in 2022, chiefly due to repricing valuations at significantly higher interest rates. Inflation and the resultant central bank policy decisions to raise interest rates globally had a notably negative effect on most equities and credit assets. Government bonds were no defense, as they also suffered negative returns during the Reporting Period. These pressures were further impacted by the war between Russia and Ukraine, which exacerbated already existing global supply-chain interruptions.  |

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Amid this backdrop, hedge funds generally had a challenging year on an absolute basis, with most hedge fund styles posting declines. The exception to this were global macro hedge fund strategies, which overall produced robust positive performance in 2022 through outright short positions on bonds and long positions on the U.S. dollar and commodities. <br>

At the same time, most hedge funds dampened volatility relative to equities and bonds, and portfolios that included hedge funds were likely better off in 2022 than those that did not allocate to them.

More specifically, equity long/short hedge fund strategies had difficulties generating positive returns during the Reporting Period not only due to the negative performance and heightened volatility of the equity markets overall but also because many of the strong stocks of 2021 proved to be exposed to the inflation risk that dominated 2022. Market favor rotated to a commodity trade in early 2022 and later to a deep-value focus. Interestingly, quality stocks did not outperform since the interest rate hiking cycle began in March 2022, making short position decisions particularly difficult. <br>

Event driven hedge fund strategies came under pressure from rising interest rates, as capital for credit assets began to dry up. Markets demanded both high quality and better return from debt assets, producing detractions for most of these strategies. The growth of private market assets in these funds somewhat shielded them from the market-to-market pressure of wider credit spreads. <br>

Relative value hedge fund strategies were similarly impacted by spread widening, but less by a lack of liquidity and more by a demand for higher yielding assets. Investment grade and convertible assets were affected by rising interest rates in 2022. Volatility markets were orderly, however, and did not necessarily add to the pain by significantly increasing the cost of prudent hedges. <br>

Global macro hedge fund strategies generally enjoyed significantly positive performance in 2022 due primarily to trend-following strategies. Consistent negative price

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FUND RESULTS

momentum resulted in positive returns, as these funds took short positions in most of the assets least favored by investors. Trends were clear during much of the Reporting Period in bonds, interest rates, currencies and commodities. The exception was equity trends, which were muddled and did not produce significant results. <br>

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| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | We believe hedge funds derive a large portion of their returns from exposure to sources of market risk ("Market Exposures") and "Trading Strategies" involving long and/or short positions in Market Exposures and/or individual securities or baskets of securities. In seeking to meet its investment objective, the Fund uses a dynamic investment process to seek to identify the appropriate weights to Market Exposures and Trading Strategies that approximate the return and risk patterns of specific hedge fund sub-strategies. To establish the Market Exposures and Trading Strategies that drive the returns of the hedge fund sub-strategies, we use industry analysis of hedge funds, including hedge fund return databases, prime brokerage reports, industry participants and regulatory filings and other public sources. We then apply a quantitative methodology, in combination with a qualitative overlay, to assess the appropriate weight to each Market Exposure and Trading Strategy.  |

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The Fund is designed to passively follow the performance of the hedge fund industry with lower fees and daily liquidity. While absolute returns disappointed, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Reporting Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. In our view, the Reporting Period produced some outperformance for real hedge funds at least partially attributable to exposure to private assets that are not priced in the open market. <br>

On an absolute basis, three of the four Fund Sub-Strategies detracted from performance during the Reporting Period.

Among the Fund's four Sub-Strategies, the Equity Long/Short Hedge Fund Sub-Strategy, which represented close to 50% of the Fund's portfolio, detracted most from the Fund's absolute return during the Reporting Period. Long-biased and information technology-oriented strategies <br>

within the Equity Long/Short Hedge Fund Sub-Strategy detracted most. Market neutral value strategies, which contributed positively during the Reporting Period, offset some declines.

The Fund's Event Driven Hedge Fund Sub-Strategy was a more modest detractor from the Fund's absolute return during the Reporting Period. Long positions in credit hurt most, as free capital for credit assets decreased as spreads widened and markets began to reprice the risk of default.

Similarly, the Fund's Relative Value Hedge Fund Sub-Strategy was a modest detractor from the Fund's absolute return during the Reporting Period. Credit exposures through investment grade and convertible bonds detracted most. To a lesser degree, the Fund's short volatility strategies also hurt, despite their exposure to negative equity markets. <br>

The Fund's Macro Hedge Fund Sub-Strategy contributed positively to the Fund's return on an absolute basis during the Reporting Period, producing strong positive performance due primarily to profits from trend-following strategies. Short positions on interest rates and government bonds helped most. Long positions on the U.S. dollar also added value as policy divergence between the U.S. and other countries began to play a role in markets. Additionally, long commodities positions were positive contributors early in the Reporting Period, as the shock of supply-chain disruptions produced sharp spikes in energy prices. <br>

In addition to the asset classes mentioned above, the Fund was invested in a variety of developed and emerging market equities, short-term interest rates, government bonds, currencies, credit, real estate and commodities during the Reporting Period.

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|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?**  |

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|:---|:---|
| **A** | The Fund used commodity futures to gain exposure to commodities. The Fund used centrally-cleared index credit default swaps to gain exposure to high yield and investment grade credit markets across the U.S. and Europe. The Fund used total return swaps to gain exposure to U.K. and continental European large capitalization equity indices, developed market and developed market growth and momentum equity indices, global equity sector exposures, a basket of equity names that are acquisition targets, and Master Limited Partnerships. The Fund used an excess return swap to gain exposure to a broad universe of commodities. The Fund used currency forward contracts to gain exposure to select developed and emerging market currencies of non-U.S. developed markets. The Fund used exchange-traded  |

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**2** 

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FUND RESULTS

index futures contracts to gain exposure to U.S. large-cap and small-cap equities, non-U.S. developed market equities including those in Europe, the U.K. and Japan, emerging markets equities, commodities, government bonds and short-term interest rates. The Fund used exchange-traded put options on the S&P 500<sup>®</sup> Index, exchange-traded VIX call options, and exchange-traded VIX futures to gain exposure to volatility and within the put writing sub-strategies to gain exposure to U.S. large-cap equities. While the use of these derivatives as a whole had a negative impact on Fund performance, the use of these instruments is integral to the Fund's investment strategy. <br>

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|:---|:---|
| **Q** | **Were there any changes made in the Fund's investment strategy during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | The Fund changed its benchmark to the ICE BofA Three-Month U.S. Treasury Bill Index, as mentioned earlier. There were no other notable changes made in the Fund's investment strategy during the Reporting Period.  |

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| | |
|:---|:---|
| **Q** | **How was the Fund positioned at the end of the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund had a 45% allocation to the Equity Long/Short Hedge Fund Sub-Strategy, 25% to the Macro Hedge Fund Sub-Strategy, 24% to the Relative Value Hedge Fund Sub-Strategy and 6% to the Event Driven Hedge Fund Sub-Strategy, quite similar to the Sub-Strategy allocations at the start of the Reporting Period. This was in line with the distribution of hedge fund styles in the industry, which have historically changed at an evolutionary pace. The underlying strategies themselves adapted to the conditions of the Reporting Period. For example, long equity risk was reduced by half during the Reporting Period, and the Fund adopted a negative duration profile for most of the calendar year.  |

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| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?**  |

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| | |
|:---|:---|
| **A** | Effective at the close of business on June 23, 2022, Federico Gilly no longer served as a portfolio manager for the Fund, and effective the same date, James Park began serving as a portfolio manager of the Fund along with Oliver Bunn, Vice President. Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund. Oliver Bunn continues to serve as the portfolio manager for the Fund. Mr. Bunn is head of the QIS Alternatives team within Goldman Sachs Asset Management. He joined Goldman Sachs in 2014 and has been a portfolio manager of the Fund since 2017. By design, all investment decisions for the Fund  |

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are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.

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|:---|:---|
| **Q** | **What is the Fund's strategy going forward?**  |

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| | |
|:---|:---|
| **A** | At the end of the Reporting Period, we believed 2023 would likely present a different regime within which hedge funds would invest. In our view, higher interest rates, increased costs of capital, and diverging political and fiscal policies may produce an environment with interesting opportunities for adding value not seen since before the financial crisis of 2008. These changes not only increase the opportunity set, in our opinion, but diversify it. Hedge funds have historically had the flexibility to adapt to market recoveries, enabling them to benefit from changes in market preferences. Of course, these opportunities do not come without risk, as hedge funds are also affected by rising costs.  |

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All that said, in the coming months, we intend to remain focused on the Fund's investment objective of seeking to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds. We understand that the hedge fund industry is dynamic, and to keep pace, we seek to understand trends in the hedge fund industry by digesting information from a number of sources, including hedge fund return databases, prime brokerage reports, hedge fund consultants, regulatory filings and other public sources. Additionally, we emphasize ongoing research and continued process and model enhancement, which we can implement through our scalable, robust technological platform. <br>

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FUND BASICS

## Absolute Return Tracker Fund
*as of December 31, 2022* 

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS AS OF 12/31/22 <sup>±</sup>**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holding** | <br>**% of Net Assets** | <br>**Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | 11.5% | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 5-10 Year Investment Grade Corporate Bond ETF | 3.7 | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible Securities ETF | 3.4 | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1.3 | Software |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1.1 | Technology Hardware, Storage & Peripherals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF | 1 | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. | 0.8 | Interactive Media & Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 0.7 | Internet & Direct Marketing Retail |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF | 0.5 | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 0.5 | Health Care Providers & Services |

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<sup>±</sup> The top 10 holdings may not be representative of the Fund's future investments. The Top 10 holdings exclude investments in money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FUND COMPOSITION \***<br>

![LOGO](g327514dsp006a.jpg)

\* The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund's investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The graph does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 1.2% of the Fund's net assets as of December 31, 2022. The above graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**4** 

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GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the ICE Bank of America Merill Lynch Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Absolute Return Tracker Fund's 10 Year Performance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g327514dsp7.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -6.62% | 1.88% | 2.85% |  |
|  Including sales charges | -11.78% | 0.74% | 2.27% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -7.23% | 1.14% | 2.08% |  |
|  Including contingent deferred sales charges | -8.21% | 1.14% | 2.08% |  |
|  **Institutional** | -6.27% | 2.26% | 3.25% |  |
|  **Investor** | -6.37% | 2.14% | 3.11% |  |
|  **Class R6 (Commenced July 31, 2015)** | -6.17% | 2.28% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 2.74% |
|  **Class R** | -6.79% | 1.61% | 2.58% |  |
|  **Class P (Commenced April 17, 2018)** | -6.16% | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 2.28% |
|  \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

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For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

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FUND RESULTS

## Goldman Sachs Commodity Strategy Fund
&nbsp;&nbsp;&nbsp; <br> **Investment Objective**<br>The Fund seeks long-term total return.<br>

Portfolio Management Discussion and Analysis

**Below, CoreCommodity Management, LLC ("CoreCommodity") discusses the Fund's performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

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| **Q** | **How did the Fund perform during the Reporting Period?**  |

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| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 15.36%, 14.51%, 15.75%, 15.79%, 15.84%, 15.07% and 15.84%, respectively. These returns compare to the 16.09% annual total return of the Fund's benchmark, the Bloomberg Commodity Total Return Index (the "Bloomberg Commodity Index"), during the same period.  |

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| **Q** | **What economic and market factors most influenced the commodities markets as a whole during the Reporting Period?**  |

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| **A** | Commodity markets overall, as measured by the Bloomberg Commodity Index, posted double-digit positive returns during calendar year 2022, registering a second consecutive year of strong performance. For the Reporting Period, the Bloomberg Commodity Index significantly outperformed both the -18.11% of the S&P 500<sup>®</sup> Index and the -13.01% return of the Bloomberg US Aggregate Bond Index, measuring the U.S. equity market and U.S. fixed income market, respectively. Commodities retained many of the same tailwinds from the prior year, but were also propelled higher by several new, growing trends within the broader economy.  |

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Despite what may appear as a natural and smooth continuation of the prevailing bull market for commodities during the Reporting Period, the first six months and the last six months of 2022 were directed by two distinct narratives. The most important event of the first half of the year was the Russian invasion of Ukraine, initiated in late February. Arguably the leading supplier of commodities, including palladium, natural gas, fertilizer and wheat, Russia is paramount to the global flow of natural resources. Placing much of Russia's capacity in question produced a significant shock to the system. In the ensuing months, the Bloomberg Commodity Index quickly appreciated until it reached its <br>

peak for the Reporting Period in mid-June at approximately 40% above its start-of-the-year level. Ultimately, the war converted Russia's status on the geopolitical stage to that of a pariah state and, perhaps more importantly, ignited a newfound appreciation for energy security, food security and national security more broadly. <br>

The Russia/Ukraine war exacerbated many of the supply-chain issues originally discovered during the onset of the COVID-19 pandemic. As such, inflation spiked, spare capacity diminished, and stockpiles for commodities from copper to diesel eventually collapsed to multi-year lows. At the peak, U.S. Consumer Price Index ("CPI") levels exceeded 9%; European Union CPI levels exceeded 10%; and U.K. CPI levels exceeded 11%. Most economies entered an inflationary period unrivaled since the early 1980s. Being a large factor in consumer goods/services and possessing a strong historical correlation to inflation, commodities naturally benefited from the move—a relationship that persisted through the end of the Reporting Period. The effects were evident in flat prices but were even more pronounced in the shape and behavior of the forward curves. Backwardation, a state in which near-term prices demand a premium to deferred prices, neared historic levels for various commodity markets and successfully provided a boost to returns via positive roll yield. (A flat price is the basic price of a security without applying any interest that has been generated by the asset. Forward curves show the price at which it is possible to exchange commodities at points in the future for a price agreed today. Roll yield is the amount of return generated in the futures market after an investor rolls a short-term contract into a longer-term contract and profits from the convergence of the futures price toward a higher spot or cash price. Roll yield is positive when a futures market is in backwardation. Backwardation is a situation when the futures price of a commodity is lower than the current spot price. The spot price of the commodity can be high due to the sudden rise in demand for the commodity or due to a disruption in the supply.) <br>

**6** 

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FUND RESULTS

A decidedly bullish backdrop for commodities started to lose steam around the middle of the year when market participants shifted their attention away from fundamentals and towards the actions of select, leading central banks. To combat inflation, the U.S. Federal Reserve ("Fed"), the European Central Bank, the Bank of England and other monetary authorities mounted one of the most rapid interest rate hiking cycles since the 1980s. For the calendar year, the Fed raised its targeted federal funds rate by 425 basis points in a series of seven consecutive rate hikes. (A basis point is 1/100th of a percentage point.) As the magnitude of the adjustment shifted from 25 basis point to 75 basis point increments, the commodities market began to pull forward expectations for weaker economic growth—encouraging markets to retrace. By front-loading interest rate hikes within the U.S., the Fed fostered an especially strong U.S. dollar relative to almost all other currencies. The consequences were two-fold: (i) a far more severe cost of living crisis outside the U.S., particularly among developing economies; and (ii) a material headwind for many U.S. dollar-denominated assets, namely metals, for much of the year. <br>

One more key determinant to commodity price action during the Reporting Period was the situation on the ground in China. While most western economies emerged, more or less, from COVID-19-era restrictions around the beginning of 2022, the Chinese economy remained in a state of paralysis for the entirety of the calendar year. It was not until December that the Chinese government walked back many of its more stringent controls on mobility and social distancing, beginning to position the country to re-engage once again. For commodities to have appreciated more than 16% without the world's leading consumer during the Reporting Period was a testament to the fundamental strength of the market. <br>

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|:---|:---|
| **Q** | **Which commodity subsectors were strongest during the Reporting Period?**  |

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|:---|:---|
| **A** | The energy subsector of the Bloomberg Commodity Index was the best performer during the Reporting Period, with a return of 36.2%. All six constituents of the subsector appreciated at least 20% or more, led higher by petroleum products, including heating oil (+94.9%), gasoil (+81.6%) and gasoline (+48.7%). Refined products in particular were lifted by an acute loss of global refining capacity due to the COVID-19 pandemic, a shortage of supplies out of China, and the mass self-sanctioning of Russian barrels. Global gas benchmarks reached new highs. Beyond the impact of the Russia/Ukraine war, gas was used more heavily among industrial users and power plants due to weak output from  |

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the world's wind, hydro and nuclear fleet. Energy equities similarly had a stellar year, rising nearly 66%, a new record for the S&P 500 Energy sub-index. <br>

The agriculture component of the Bloomberg Commodity Index was the second-strongest subsector during the Reporting Period, gaining 15.6%. While agriculture was propelled by an array of drivers, the subsector overall benefited from severe weather and diminished supplies out of the Black Sea region. Whereas drought and severe heat crippled much of the global farming community, extreme flooding also devastated key growing regions in places like Pakistan and Australia. Weather took its toll on crop yields as did a lack of fertilizer use, much of which is sourced from Russia, Ukraine and neighboring Belarus. Orange juice, plagued by multi-decade low inventories and citrus greening disease, was the subsector leader, up 76.3%. Other soft commodities like cotton (-6.9%), cocoa (-1.7%) and coffee (-21.9%) failed to hold gains into the second half of the calendar year, as investors priced in a potential decrease in discretionary spending. <br>

The livestock component of the Bloomberg Commodity Index was also quite strong during the Reporting Period, rising 7.4%. Both pork and beef prices benefited from a broad increase in feed costs and diesel prices and a devastating outbreak among the local poultry flock. Live cattle (+4.7%) was further supported by severe drought in the U.S. and an international outbreak of foot-and-mouth disease. Lean hogs (+13.0%) similarly benefited from a viral outbreak among the Mexican hog herd, encouraging greater cross-border trade. <br>

The precious metals subsector rose, albeit more modestly, with a muted return of just 0.1%, despite the significant increase in inflation. Among the two Bloomberg Commodity Index constituents in the subsector, silver (+2.6%) managed to outpace gold (-0.8%). Contrary to most other commodity subsectors, precious metals collapsed for the majority of the Reporting Period, only to stage a rebound late in the fourth calendar quarter. Given neither silver nor gold is interest-bearing, rising interest rates—and the ensuring U.S. dollar appreciation—posed the greatest headwind. Some of that was negated as the probability of recession increased into year-end, and holdings of precious metals significantly increased among central bank reserves. <br>

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|:---|:---|
| **Q** | **Which commodity subsectors were weakest during the Reporting Period?**  |

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|:---|:---|
| **A** | Industrial metals was the only subsector of the Bloomberg Commodity Index to post a negative return, down 2.4%, during the Reporting Period. Aluminum decreased 15.2%,  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** 

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FUND RESULTS

copper 13.5% and zinc 10.6%. Nickel (+46.5%) was the only constituent of the subsector to increase during the Reporting Period, primarily due to a historic short squeeze that sent prices rising more than 250% in a matter of several days. (A short squeeze is an unusual condition that triggers rapidly rising prices for an asset. It occurs when a security has a significant number of short sellers, meaning lots of investors are betting on its price falling. The short squeeze begins when the price jumps higher unexpectedly and gains momentum as a significant measure of the short sellers decide to cut losses and exit their positions.) In general, the subsector enjoyed a strong first calendar quarter, only to fall thereafter on a worsening COVID-19 situation and real estate shock across mainland China. Despite the headwinds, industrial metals were well positioned, in our view, as of year-end 2022 due to rock-bottom inventory levels, a potential bottoming in Chinese economic activity and an accelerated transition toward electrification. <br>

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The Fund posted double-digit absolute gains but modestly underperformed the Bloomberg Commodity Index during the Reporting Period. The Fund outperformed in energy and precious metals and underperformed in agriculture, livestock and industrial metals.  |

---

Within energy, the Fund benefited from an overweight and deferred positioning in petroleum. Tactical natural gas positioning detracted during the Reporting Period. Within precious metals, the benefits of including platinum in the Fund's portfolio were more impactful than the detracting effect of having a broad subsector underweight. Within agriculture, having an underweight to the soybean complex detracted in a rising market. An overweight to coffee and deferred placement in sugar also hurt. The inclusion of frozen concentrated orange juice in the Fund's portfolio was beneficial. Within livestock, deferred positioning in live cattle and an underweight to lean hogs detracted from performance. Within industrial metals, an overweight to the subsector in a declining market hurt. <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund's roll-timing strategies impact performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As indicated above, the Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Reporting Period overall. The investment team implements a roll-timing strategy by deviating from the Bloomberg Commodity Index roll convention, which occurs  |

---

during the fifth through ninth business days of each month. During the Reporting Period, the Fund obtained the majority of its exposure to commodities through the CRB 3-Month Forward Index, which rolls during the first through fourth business day. Additionally, the CRB 3-Month Forward Index rolls certain commodities, such as commodities in the energy subsector, on a more frequent basis, i.e. monthly, than the Bloomberg Commodity Index, i.e. quarterly. Furthermore, the CRB 3-Month Forward Index rebalances on the sixth business day of every month, unlike the Bloomberg Commodity Index, which rebalances annually. Our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically. <br>

---

| | |
|:---|:---|
| **Q** | **How did you implement the Fund's enhanced cash management strategy?**  |

---

---

| | |
|:---|:---|
| **A** | The investment team does not seek to add meaningful outperformance through an enhanced cash management strategy, or collateral management. The cash portion of the Fund's portfolio is typically invested in a conservative collateral portfolio of U.S. Treasury securities up to 12 months in maturity.  |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | As mentioned earlier in some detail, the Fund used commodity index-linked total return swaps and commodity futures in implementing roll-timing strategies in order to gain exposure to the commodity markets. The use of these instruments is integral to the Fund's investment strategy, which, overall, realized positive absolute returns during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **Did you make any changes in the Fund's strategy or allocations during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The Fund's strategic allocation differed materially from the Bloomberg Commodity Index during the Reporting Period. At the subsector level, the Fund was overweight industrial metals and energy and underweight agriculture, precious metals and livestock on average relative to the Bloomberg Commodity Index during the Reporting Period.  |

---

Within industrial metals, the Fund was overweight aluminum, zinc and copper and underweight nickel. The team partially substituted COMEX copper for LME copper exposure to benefit from the curve structure in place. (COMEX is the primary futures and options market for trading metals such as gold, silver, copper and aluminum. <br>

**8** 

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FUND RESULTS

COMEX is an abbreviation of the exchange's full name: The Commodity Exchange Inc. The London Metal Exchange (LME) is a commodities exchange that deals in metals futures and options.)

Within energy, the team generally favored deferred positioning in West Texas Intermediate ("WTI") crude oil, reformulated blendstock for oxygenate blending ("RBOB") gasoline and heating oil as well as front month positioning in Brent crude oil and gasoil. Natural gas positioning was spread across the curve to benefit from seasonality. <br>

Within agriculture, the Fund was overweight soft commodities, including coffee, cotton, sugar, cocoa and frozen concentrated orange juice, at the expense of staple crops, such as corn, wheat and soybeans. The Fund included cocoa and frozen concentrated orange juice in its allocation, though these are not constituents of the Bloomberg Commodity Index. <br>

Within precious metals, the Fund included exposure to platinum, which is not a constituent of the Bloomberg Commodity Index. It also held underweights to gold and silver relative to the Bloomberg Commodity Index.

Within livestock, the Fund was overweight live cattle and underweight lean hogs versus the Bloomberg Commodity Index, while maintaining the majority of its allocation in deferred contracts.

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned at the end of the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was, via commodity index-linked securities, such as swaps and futures, overweight the energy and industrial metals subsectors and was underweight the agriculture, precious metals and livestock subsectors, each as relative to the Bloomberg Commodity Index.  |

---

At the end of the Reporting Period, approximately 100% of the Fund's net assets were invested in commodity-linked derivatives. The commodity exposure was collateralized with approximately 93% in U.S. Treasury securities and the remaining approximately 7% in cash. <br>

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | There were no changes to the Fund's portfolio management team during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's view and strategy going forward?**  |

---

---

| | |
|:---|:---|
| **A** | Price volatility amongst many of the constituents of the Bloomberg Commodity Index was high during the Reporting Period. Fundamental supply/demand issues, geopolitical stress and weather-related inputs all converged on the commodity markets in 2022. Macro factors, including tightening central bank monetary policy, a stronger U.S. dollar, and higher production costs due to elevated labor and financing changes combined to make it less advantageous for companies to deploy greater capital toward meaningful supply expansion. Political stasis and a lack of clarity for the future were also impediments, particularly for fossil fuel providers and the U.S. shale industry.  |

---

Historically, during market cycles of the past, high prices—similar to the magnitude experienced during the first half of 2022—would have been enough to induce producers to invest more into the ground, thereby increasing production and reserves. This reaction function altogether failed to manifest during the Reporting Period. Supplies remained tight, and the pipeline for new projects to satisfy anticipated demand remained minimal. <br>

The two commodity subsectors believed to remain especially vulnerable at the end of the Reporting Period to supply constraints and incrementally stronger demand growth were energy and industrial metals. We intend to maintain Fund overweights to these two subsectors relative to the Bloomberg Commodity Index for the near term. <br>

At the end of the Reporting Period, political leanings on a global basis were favoring, in our view, "green energy" and electrified solutions. This transition necessitates the consumption of huge amounts of industrial metals—multiples of the currently available production. Unfortunately, above-ground storage was running near historic lows at the end of 2022. The price and structure of these markets will likely remain elevated for the foreseeable future, in our opinion. Meanwhile, geopolitical stress, weather volatility, and current demand requirements necessitate more conventional energy, even as we contemplate the politically desired shift away from carbon-based energy. <br>

We believe the fundamental scenario seen at the end of the Reporting Period, defined by a severe lack of capital investment into future commodity production and acute shortages, especially in the energy and industrial metals subsectors, was too severe to reverse easily or rapidly. Regardless of the economic environment, the tight supply situation is probably going to linger. A "hard landing" that <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9** 

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FUND RESULTS

might place the U.S. economy into a more serious recession could cause near-term demand growth for a variety of commodities to decline. (A hard landing in economics refers to a marked economic slowdown or downturn following a period of rapid growth.) In that event, we would attempt to reposition Fund assets to minimize the fallout. At the end of the Reporting Period, we believed a significant economic recession was a low-probability scenario given then-current macroeconomic data, and past cycles suggest only the most severe downturns produce an actual reduction in demand for vital resources, like oil and copper. The decline in broad commodity prices seen during the second half of the Reporting Period suggests to us that the commodities complex remains well supported on a technical basis and offers a rather attractive risk/reward trade-off at end of 2022 levels. <br>

**10** 

------

FUND BASICS

## Commodity Strategy Fund
*as of December 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FUND COMPOSITION \***<br>

![LOGO](g327514dsp13.jpg)

------

\* The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments. 

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

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GOLDMAN SACHS COMMODITY STRATEGY FUND

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Bloomberg Commodity Total Return Index (Gross, USD, Unhedged) ("Bloomberg Commodity Index"), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commodity Strategy Fund's 10 Year Performance**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g327514dsp14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | 15.36% | 3.06% | -4.66% |  |
|  Including sales charges | 10.17% | 2.12% | -5.09% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | 14.51% | 2.29% | -5.36% |  |
|  Including contingent deferred sales charges | 13.40% | 2.29% | -5.36% |  |
|  **Institutional** | 15.75% | 3.41% | -4.35% |  |
|  **Investor** | 15.79% | 3.35% | -4.39% |  |
|  **Class R6 (Commenced July 31, 2015)** | 15.84% | 3.42% | N/A | 1.19% |
|  **Class R** | 15.07% | 2.82% | -4.92% |  |
|  **Class P (Commenced April 17, 2018)** | 15.84% | N/A | N/A | 2.76% |
|  \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R, and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**12** 

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FUND RESULTS

## Goldman Sachs Defensive Equity Fund
&nbsp;&nbsp;&nbsp; <br> **Investment Objective**<br>The Fund seeks long-term growth of capital with lower volatility than equity markets.<br>

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies ("QIS") Team discusses the Goldman Sachs Defensive Equity Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C and Institutional Shares generated average annual total returns, without sales charges, of -13.01%, -13.65% and -12.57%, respectively. These returns compare to the -18.11% average annual total return of the Fund's benchmark, the Standard & Poor's 500<sup>®</sup> Index (with dividends reinvested) (the "S&P 500<sup>®</sup> Index"), during the same period.  |

---

The Fund's Investor, R6, R and P Shares were liquidated on October 27, 2022.

---

| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the Fund during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The U.S. equity market, represented by the S&P 500<sup>®</sup> Index, fell in each of the first three quarters of 2022 before breaking the streak of losses with a gain in the fourth quarter. Still, it was the worst calendar year for the S&P 500<sup>®</sup> Index since 2008, when it returned -37.00%, and it was the seventh-worst performance for an annual period since the S&P 500<sup>®</sup> Index's inception. The market decline was driven by aggressive Federal Reserve ("Fed") interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions and elevated concerns around China's zero-COVID policy.  |

---

In the first quarter of 2022, the S&P 500<sup>®</sup> Index declined, marking its first quarterly decline since the first quarter of 2020. Among the major economic and geopolitical developments were the dramatic repricing of the Fed's interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures. The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record. (Hawkish suggests higher interest rates; opposite of dovish.) COVID-19, and more specifically, the <br>

Omicron variant, was still an overhang, with resurgent cases bringing back supply-chain issues and worker shortages. Tensions arising from geopolitical conflict, most dominantly Russia's late-February invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came into question. Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.) Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term. <br>

The S&P 500<sup>®</sup> Index fell more dramatically in the second quarter of 2022, as inflation, the Fed's policy response and recession worries were at the core of investors' narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere. Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends. On the other hand, equity inflows, strength in stock buybacks, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds. In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date low represented the start of a recovery or a bear market rally. This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500<sup>®</sup> Index to a new year-to-date low. Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed's unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100th of a percentage point.) At the end of the quarter, investors were looking ahead to the second quarter corporate <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13** 

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FUND RESULTS

earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

The S&P 500<sup>®</sup> Index declined again in the third quarter of 2022, marking its longest losing streak since 2008. Through the third calendar quarter, the S&P 500<sup>®</sup> Index had its third-worst performance since the 1950s. The noticeable tightening of financial conditions, guided by expectations for a more aggressive global interest rate hike cycle, was the major story for the quarter. The Fed increased its "raise and hold" messaging, and its hawkish policy received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate proof of cooling. Geopolitical tensions remained heightened due to the possible weaponization of energy flows, which, in turn, caused energy prices to stay relatively high. From an equities perspective, there appeared to be a great deal of concern that corporate earnings could be next in line to suffer given the combination of profit margin pressures, demand destruction, higher labor costs, slower economic activity and a stronger U.S. dollar eroding overseas sales. <br>

In the fourth quarter of 2022, the S&P 500<sup>®</sup> Index solidly increased, attributable primarily to gains in October and November. Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. Positive inflation developments further supported aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. On the geopolitical front, the most <br>

constructive takeaways came from China's "zero-COVID" pivot and pro-growth focus as well as Europe's warmer than anticipated weather that helped settle concerns about an energy crisis there.

For the Reporting Period overall, only two of the 11 sectors in the S&P 500<sup>®</sup> Index posted positive absolute returns. Energy was by far the best performing sector in the S&P 500<sup>®</sup> Index, as measured by total return, followed at some distance by utilities. The weakest performing sectors in the S&P 500<sup>®</sup> Index during the Reporting Period were information technology, consumer discretionary and communication services. <br>

Within the U.S. equity market, all capitalization segments posted double-digit negative returns, with small-cap stocks, as measured by the Russell 2000<sup>®</sup> Index, the weakest, followed by large-cap stocks, as measured by the Russell 1000<sup>®</sup> Index, and then mid-cap stocks, as measured by the Russell Midcap<sup>®</sup> Index. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) <br>

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The Fund aims to provide exposure to large capitalization US issuers, while seeking to provide lower volatility and enhanced downside protection as compared to the S&P 500<sup>®</sup> Index. The QIS Team uses a quantitative style of management, in combination with a qualitative overlay, when selecting investments for the Fund. In addition, the QIS Team employs an options-based overlay strategy in an effort to provide lower volatility and enhanced downside protection for the Fund.  |

---

During the Reporting Period, the Fund posted negative absolute returns but outperformed the S&P 500<sup>®</sup> Index, with our options-based overlay strategy adding to relative returns. The Fund's equity strategy detracted from relative performance during the Reporting Period. Specifically, the Fund was hampered by selection among large-cap equities, offset somewhat by stock selection and an allocation to small-cap equities, which contributed positively. At the sector level, an underweight position versus the S&P 500<sup>®</sup> Index in energy, especially in the oil, gas and consumable fuels industry, detracted from performance. The Fund benefited from its overweight positions in health care (i.e., pharmaceuticals, biotechology and life sciences) and consumer staples (i.e., beverage and tobacco) during the Reporting Period. <br>

**14** 

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FUND RESULTS

---

| | |
|:---|:---|
| **Q** | **How did the Fund's options-based overlay strategy affect its performance?**  |

---

---

| | |
|:---|:---|
| **A** | Consistent with our investment approach, we employed an options-based overlay strategy whereby the Fund simultaneously purchases near-the-money put options while selling out-of-the-money call and put options on the S&P 500<sup>®</sup> Index. The Fund constructs the options-based overlay by buying S&P 500<sup>®</sup> Index put options at a higher strike price and writing S&P 500<sup>®</sup> Index put options at a relatively lower strike price, resulting in what is known as a put option spread, and at the same time selling S&P 500<sup>®</sup> Index call options. The put option spread is designed to provide the Fund with some downside protection, but this protection is limited to the extent of the difference between the strike price of a put option purchased and the strike price of a put option sold. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date. A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. "Near-the-money" is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. "Out-of-the-money" is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset.)  |

---

As the seller of S&P 500<sup>®</sup> Index call and put options, the Fund will receive cash (the "premium") from the purchaser. If the purchaser exercises the call option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the index. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of call and put options. <br>

During periods in which the U.S. equity markets are falling, a diversified portfolio of equity investments, with an options-based overlay strategy designed to seek to provide downside protection, may outperform the same portfolio without such an option-based overlay strategy. However, in strong rising markets, a portfolio with an options-based overlay strategy could significantly underperform the same portfolio without an options-based overlay strategy. During the Reporting Period, the S&P 500<sup>®</sup> Index declined, and the Fund's options-based overlay strategy contributed positively to performance. <br>

Our options-based overlay strategy has the potential to reduce the Fund's volatility. Since its inception, the realized daily volatility of the Fund has been 10.83% compared to the realized annualized volatility of the S&P 500<sup>®</sup> Index of 18.91%. During the Reporting Period, the realized daily volatility of the Fund was 12.61% compared to the realized volatility of the S&P 500<sup>®</sup> Index of 22.02%.1 <br>

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used equity index call options and equity index put options as part of the Fund's options-based overlay. The use of these derivatives had a positive impact on the Fund's performance during the Reporting Period overall. In addition, futures contracts were employed to equitize the Fund's cash holdings, which did not have a material impact on the Fund's performance during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Portfolios' portfolio management team during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Effective June 23, 2022, Federico Gilly no longer served as a portfolio manager for the Fund. As of that date, Patrick Harnett became a portfolio manager for the Fund, joining Jorge Murillo. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.  |

---

---

| | |
|:---|:---|
| **Q** | **What changes or enhancements did you make to your quantitative model during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | We made no significant changes to our quantitative model during the Reporting Period, though we optimized some of our existing techniques.  |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?**  |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, we continued to employ our options-based overlay strategy, which may provide lower volatility and enhanced downside protection for the Fund, as we seek to provide investors with favorable risk-adjusted returns.  |

---

<sup>1</sup> The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on Goldman Sachs Asset Management calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15** 

------

FUND RESULTS

&nbsp;&nbsp;&nbsp; <br> **Conversion of the Fund with and into the Goldman Sachs Defensive Equity ETF**<br>At meetings held on September 19-20, 2022, the Board of Trustees of the Goldman Sachs Trust (the "Board") approved the conversion of the Fund through an Agreement and Plan of Reorganization (the "Plan") which contemplates the reorganization of the Fund with and into the Goldman Sachs Defensive Equity ETF (the "Acquiring Fund"). The Acquiring Fund is a newly created series of the Goldman Sachs ETF Trust. The reorganization was recommended by the Funds' investment adviser, Goldman Sachs Asset Management, L.P. (the "Investment Adviser"), because it believes the investment strategy of the Acquired Fund would be better positioned in an ETF format.<br>The reorganization closed on January 20, 2023 (the "Closing Date"). Under the terms of the Plan, the Fund transferred all of its assets to the Acquiring Fund and the Acquiring Fund assumed all of its liabilities. Effective on the Closing Date, the Fund was liquidated and shareholders of the Fund became shareholders of the Acquiring Fund. Shareholders of the Fund received ETF shares of the Acquiring Fund that are equal in aggregate net asset value to the shares of the Fund held on the Closing Date. For any fractional shares of the Fund owned by a shareholder, such shareholder received a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable.<br>

**16** 

------

FUND BASICS

## Defensive Equity Fund
*as of December 31, 2022* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS AS OF 12/31/22 <sup>‡</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS AS OF 12/31/22 <sup>‡</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS AS OF 12/31/22 <sup>‡</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Holding** | **% of Net Assets** | **Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.9% | Technology Hardware, Storage & Peripherals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. | 3.0 | Interactive Media & Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1.8 | Health Care Providers & Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. | 1.7 | Diversified Financial Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1.6 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1.5 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1.3 | Banks |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. | 1.3 | IT Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. | 1.3 | Household Products |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. | 1.2 | IT Services |

---

<sup>‡</sup> The top 10 holdings may not be representative of the Fund's future investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FUND VS. BENCHMARK SECTOR ALLOCATION <sup>†</sup>**<br>

**As of December 31, 2022** 

------

![LOGO](g327514dsp19.jpg)

------

---

| | |
|:---|:---|
| <sup>†</sup> | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the market value. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.  |

---

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17** 

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on September 30, 2020 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the S&P 500 (TR, Unhedged, USD) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Defensive Equity Fund's Lifetime Performance**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance of a $1,000,000 investment, with distributions reinvested, from September 30, 2020 through December 31, 2022.**![LOGO](g327514dsp20.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Since Inception** |
|  **Class A (Commenced September 30, 2020)** |  |  |
|  Excluding sales charges | -13.01% | 0.48% |
|  Including sales charges | -17.78% | -2.00% |
|  **Class C (Commenced September 30, 2020)** |  |  |
|  Excluding contingent deferred sales charges | -13.65% | -0.31% |
|  Including contingent deferred sales charges | -14.52% | -0.31% |
|  **Institutional (Commenced September 30, 2020)** | -12.57% | 0.88% |
|  \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. | \* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |

---

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**18** 

------

FUND BASICS

## Index Definitions
**S&P 500<sup>®</sup> Index** is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

It is not possible to invest directly in an unmanaged index.

**The Bloomberg Commodity Total Return Index** is composed of futures contracts and reflects the returns on a fully collateralized investment in the BCOM. This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.

It is not possible to invest in an unmanaged index.

**ICE BofAML Three-Month U.S. Treasury Bill Index** is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury Bill issued at the most recent 3-month auction, it is also possible for a seasoned 6-month Bill to be selected.

It is not possible to invest in an unmanaged index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 21.6%** | **Common Stocks – 21.6%** | **Common Stocks – 21.6%** |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| 3205 | Airbus SE | $381082 |
| 4311 | Chemring Group PLC | 15464 |
| 107 | Dassault Aviation SA | 18146 |
| 4775 | General Dynamics Corp. | 1184725 |
| 9056 | Howmet Aerospace, Inc. | 356897 |
| 5839 | Leonardo SpA | 50360 |
| 9431 | QinetiQ Group PLC | 40555 |
| 56340 | Raytheon Technologies Corp. | 5685833 |
| 370 | Rheinmetall AG | 73658 |
| 52618 | Rolls-Royce Holdings PLC\* | 58773 |
| 2127 | Textron, Inc. | 150592 |
| 2160 | Thales SA | 275981 |
| 3193 | TransDigm Group, Inc. | 2010473 |
|  |  | 10302539 |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| 2048 | C.H. Robinson Worldwide, Inc. | 187515 |
| 5749 | Deutsche Post AG | 215165 |
| 2225 | Expeditors International of Washington, Inc. | 231222 |
| 1298 | FedEx Corp. | 224813 |
| 13099 | International Distributions Services PLC | 33577 |
| 1000 | SG Holdings Co. Ltd. | 13866 |
| 502 | Yamato Holdings Co. Ltd. | 7955 |
|  |  | 914113 |
| **Airlines\* – 0.0%** | **Airlines\* – 0.0%** | **Airlines\* – 0.0%** |
| 2329 | Alaska Air Group, Inc. | 100007 |
| 1800 | ANA Holdings, Inc. | 38120 |
| 24010 | Deutsche Lufthansa AG | 197916 |
| 6498 | easyJet PLC | 25489 |
| 5300 | Japan Airlines Co. Ltd. | 107949 |
| 6756 | Southwest Airlines Co. | 227475 |
| 3179 | United Airlines Holdings, Inc. | 119848 |
|  |  | 816804 |
| **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** |
| 2787 | BorgWarner, Inc. | 112177 |
| 3462 | Faurecia SE\* | 52398 |
| 900 | Koito Manufacturing Co. Ltd. | 13417 |
| 602 | NGK Spark Plug Co. Ltd. | 11033 |
| 200 | Stanley Electric Co. Ltd. | 3783 |
| 2338 | Valeo | 41775 |
|  |  | 234583 |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| 5304 | Bayerische Motoren Werke AG | 469589 |
| 17631 | Ford Motor Co. | 205049 |
| 118422 | General Motors Co. | 3983716 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Automobiles – (continued)** | **Automobiles – (continued)** | **Automobiles – (continued)** |
| 4241 | Honda Motor Co. Ltd. | $96733 |
| 3900 | Mazda Motor Corp. | 29235 |
| 4397 | Mercedes-Benz Group AG | 287541 |
| 12600 | Mitsubishi Motors Corp.\* | 47850 |
| 14200 | Nissan Motor Co. Ltd. | 44438 |
| 2497 | Renault SA\* | 83321 |
| 38672 | Stellantis NV | 549543 |
| 2500 | Subaru Corp. | 37850 |
| 600 | Suzuki Motor Corp. | 19216 |
| 6535 | Tesla, Inc.\* | 804981 |
| 500 | Yamaha Motor Co. Ltd. | 11301 |
|  |  | 6670363 |
| **Banks – 0.8%** | **Banks – 0.8%** | **Banks – 0.8%** |
| 300 | Aozora Bank Ltd. | 5896 |
| 66752 | Banco Bilbao Vizcaya Argentaria SA | 402065 |
| 89720 | Banco Santander SA | 268273 |
| 239475 | Bank of America Corp. | 7931412 |
| 311 | Bank of Georgia Group PLC | 9727 |
| 67959 | Barclays PLC | 129313 |
| 533 | BAWAG Group AG\*<sup>(a)</sup> | 28404 |
| 7260 | Citigroup, Inc. | 328370 |
| 3375 | Citizens Financial Group, Inc. | 132874 |
| 1238 | Comerica, Inc. | 82760 |
| 4 | Commerce Bancshares, Inc. | 272 |
| 13230 | Credit Agricole SA | 139171 |
| 1561 | Erste Group Bank AG | 49945 |
| 2924 | Fifth Third Bancorp | 95936 |
| 5084 | FinecoBank Banca Fineco SpA | 84425 |
| 500 | Fukuoka Financial Group, Inc. | 11359 |
| 134507 | Huntington Bancshares, Inc. | 1896549 |
| 86500 | JPMorgan Chase & Co. | 11599650 |
| 1557 | KBC Group NV | 100248 |
| 12646 | KeyCorp. | 220293 |
| 3543 | Mizuho Financial Group, Inc. | 49915 |
| 22979 | Nordea Bank Abp | 246720 |
| 1500 | Seven Bank Ltd. | 2991 |
| 1304 | Signature Bank | 150247 |
| 5502 | Societe Generale SA | 138010 |
| 12582 | Standard Chartered PLC | 93843 |
| 4800 | Sumitomo Mitsui Financial Group, Inc. | 193116 |
| 500 | Sumitomo Mitsui Trust Holdings, Inc. | 17448 |
| 523 | SVB Financial Group\* | 120363 |
| 168 | TBC Bank Group PLC | 4610 |
| 5575 | Truist Financial Corp. | 239892 |
| 7180 | Virgin Money UK PLC | 15790 |
| 39549 | Wells Fargo & Co. | 1632978 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 1517 | Zions Bancorp NA | $74576 |
|  |  | 26497441 |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| 3346 | Anheuser-Busch InBev SA | 201533 |
| 698 | Asahi Group Holdings Ltd. | 21727 |
| 7869 | Britvic PLC | 73313 |
| 3889 | Coca-Cola HBC AG\* | 91931 |
| 4733 | Davide Campari-Milano NV | 48051 |
| 5951 | Diageo PLC | 260486 |
| 259 | Heineken Holding NV | 20003 |
| 1389 | Heineken NV | 130833 |
| 100 | Ito En Ltd. | 3639 |
| 26888 | Keurig Dr Pepper, Inc. | 958826 |
| 1000 | Kirin Holdings Co. Ltd. | 15242 |
| 2497 | Molson Coors Beverage Co. Class B | 128646 |
| 53888 | PepsiCo, Inc. | 9735406 |
| 2940 | Pernod Ricard SA | 578364 |
| 2 | Remy Cointreau SA | 337 |
| 500 | Suntory Beverage & Food Ltd. | 17026 |
| 2 | The Boston Beer Co., Inc. Class A\* | 659 |
| 159758 | The Coca-Cola Co. | 10162206 |
|  |  | 22448228 |
| **Biotechnology – 0.4%** | **Biotechnology – 0.4%** | **Biotechnology – 0.4%** |
| 60026 | AbbVie, Inc. | 9700802 |
| 744 | Biogen, Inc.\* | 206028 |
| 7768 | Gilead Sciences, Inc. | 666883 |
| 2852 | Incyte Corp.\* | 229073 |
| 2833 | Moderna, Inc.\* | 508863 |
| 439 | Regeneron Pharmaceuticals, Inc.\* | 316734 |
| 13018 | Vertex Pharmaceuticals, Inc.\* | 3759338 |
|  |  | 15387721 |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| 3008 | A.O. Smith Corp. | 172178 |
| 800 | AGC, Inc. | 26549 |
| 2973 | Allegion PLC | 312938 |
| 16862 | Carrier Global Corp. | 695558 |
| 5224 | Cie de Saint-Gobain | 255562 |
| 1627 | Fortune Brands Innovations, Inc. | 92918 |
| 1549 | Genuit Group PLC | 5262 |
| 5622 | Johnson Controls International PLC | 359808 |
| 1058 | Lennox International, Inc. | 253105 |
| 492 | Lixil Corp. | 7417 |
| 3758 | Masco Corp. | 175386 |
| 1627 | Masterbrand, Inc. | 12284 |
| 18122 | Owens Corning | 1545807 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Building Products – (continued)** | **Building Products – (continued)** | **Building Products – (continued)** |
| 200 | TOTO Ltd. | $6784 |
| 771 | Trane Technologies PLC | 129597 |
| 16 | Trex Co., Inc.\* | 677 |
| 7 | Volution Group PLC | 31 |
|  |  | 4051861 |
| **Capital Markets – 0.5%** | **Capital Markets – 0.5%** | **Capital Markets – 0.5%** |
| 7984 | 3i Group PLC | 128761 |
| 18153 | Abrdn PLC | 41251 |
| 1969 | AJ Bell PLC | 8615 |
| 977 | Ameriprise Financial, Inc. | 304208 |
| 406 | Amundi SA<sup>(a)</sup> | 23024 |
| 21 | Ashmore Group PLC | 60 |
| 12217 | Cboe Global Markets, Inc. | 1532867 |
| 1940 | CMC Markets PLC<sup>(a)</sup> | 5254 |
| 7900 | Daiwa Securities Group, Inc. | 34908 |
| 14401 | Deutsche Bank AG | 161890 |
| 853 | Deutsche Boerse AG | 146878 |
| 2 | Euronext NV<sup>(a)</sup> | 148 |
| 222 | FactSet Research Systems, Inc. | 89069 |
| 5000 | Franklin Resources, Inc. | 131900 |
| 4826 | Hargreaves Lansdown PLC | 49698 |
| 7246 | IG Group Holdings PLC | 68274 |
| 1333 | IntegraFin Holdings PLC | 4870 |
| 27398 | Intercontinental Exchange, Inc. | 2810761 |
| 5675 | Intermediate Capital Group PLC | 78356 |
| 6569 | Invesco Ltd. | 118176 |
| 7205 | Investec PLC | 44046 |
| 543 | Japan Exchange Group, Inc. | 7826 |
| 10830 | Jupiter Fund Management PLC | 17387 |
| 567 | Liontrust Asset Management PLC | 7645 |
| 51892 | Man Group PLC | 133511 |
| 311 | MarketAxess Holdings, Inc. | 86735 |
| 1373 | Molten Ventures PLC\* | 5869 |
| 559 | Moody's Corp. | 155749 |
| 54605 | Morgan Stanley | 4642517 |
| 4 | MSCI, Inc. | 1861 |
| 1587 | Nasdaq, Inc. | 97362 |
| 2752 | Ninety One PLC | 6153 |
| 4000 | Nomura Holdings, Inc. | 14822 |
| 1584 | Northern Trust Corp. | 140168 |
| 1 | Rathbones Group PLC | 25 |
| 5510 | Raymond James Financial, Inc. | 588743 |
| 15899 | S&P Global, Inc. | 5325211 |
| 1300 | SBI Holdings, Inc. | 24769 |
| 6141 | Schroders PLC | 32268 |
| 1704 | SEI Investments Co. | 99343 |
| 23 | St. James's Place PLC | 303 |

---

**The accompanying notes are an integral part of these financial statements. 21** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 2434 | State Street Corp. | $188805 |
| 2319 | T. Rowe Price Group, Inc. | 252910 |
| 4556 | The Bank of New York |  |
|  | Mellon Corp. | 207389 |
| 3675 | The Charles Schwab Corp. | 305980 |
| 5677 | TP ICAP Group PLC | 11976 |
|  |  | 18138341 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| 13 | Air Liquide SA | 1845 |
| 624 | Air Products & Chemicals, Inc. | 192354 |
| 1561 | Akzo Nobel NV | 104747 |
| 372 | Arkema SA | 33460 |
| 1600 | Asahi Kasei Corp. | 11390 |
| 1098 | Ashland, Inc. | 118068 |
| 1245 | Celanese Corp. | 127289 |
| 2636 | CF Industries Holdings, Inc. | 224587 |
| 9676 | Corteva, Inc. | 568755 |
| 6 | Croda International PLC | 477 |
| 7126 | Dow, Inc. | 359079 |
| 1001 | Eastman Chemical Co. | 81521 |
| 11 | Ecolab, Inc. | 1601 |
| 18413 | FMC Corp. | 2297942 |
| 4018 | Johnson Matthey PLC | 102689 |
| 2207 | K&S AG | 43509 |
| 300 | Kansai Paint Co. Ltd. | 3672 |
| 2173 | Koninklijke DSM NV | 266833 |
| 900 | Kuraray Co. Ltd. | 7203 |
| 17667 | Linde PLC | 5762622 |
| 1590 | Linde PLC\* | 518278 |
| 3598 | LyondellBasell Industries NV Class A | 298742 |
| 4300 | Mitsubishi Chemical Group Corp. | 22261 |
| 1200 | Nippon Paint Holdings Co. Ltd. | 9425 |
| 500 | Nippon Sanso Holdings Corp. | 7243 |
| 200 | Nissan Chemical Corp. | 8721 |
| 500 | Nitto Denko Corp. | 28797 |
| 2512 | OCI NV | 89810 |
| 600 | Showa Denko KK | 9125 |
| 448 | Solvay SA | 45296 |
| 5710 | Sumitomo Chemical Co. Ltd. | 20474 |
| 5 | Symrise AG | 543 |
| 6205 | Synthomer PLC | 10817 |
| 333 | Teijin Ltd. | 3245 |
| 3161 | The Mosaic Co. | 138673 |
| 14578 | The Sherwin-Williams Co. | 3459797 |
| 100 | Tokyo Ohka Kogyo Co. Ltd. | 4520 |
| 1096 | Umicore SA | 40311 |
| 427 | Victrex PLC | 8219 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 281 | Wacker Chemie AG | $35810 |
|  |  | 15069750 |
| **Commerical Services & Supplies – 0.2%** | **Commerical Services & Supplies – 0.2%** | **Commerical Services & Supplies – 0.2%** |
| 5346 | Cintas Corp. | 2414360 |
| 1336 | Clean Harbors, Inc.\* | 152464 |
| 1702 | Copart, Inc.\* | 103635 |
| 832 | Elis SA | 12281 |
| 6769 | Mitie Group PLC | 6068 |
| 300 | Park24 Co. Ltd.\* | 5132 |
| 149 | Rentokil Initial PLC | 915 |
| 16779 | Republic Services, Inc. | 2164323 |
| 2118 | Rollins, Inc. | 77392 |
| 600 | Secom Co. Ltd. | 34235 |
| 36910 | Serco Group PLC | 69343 |
| 1200 | Toppan, Inc. | 17721 |
| 19527 | Waste Management, Inc. | 3063396 |
|  |  | 8121265 |
| **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** |
| 143126 | Cisco Systems, Inc. | 6818523 |
| 1139 | F5, Inc.\* | 163458 |
| 2355 | Juniper Networks, Inc. | 75266 |
| 9252 | Motorola Solutions, Inc. | 2384333 |
| 28644 | Nokia Oyj | 133071 |
| 11458 | Spirent Communications PLC | 36402 |
|  |  | 9611053 |
| **Construction & Engineering – 0.0%** | **Construction & Engineering – 0.0%** | **Construction & Engineering – 0.0%** |
| 12632 | Balfour Beatty PLC | 51556 |
| 1002 | Eiffage SA | 98561 |
| 3400 | JGC Holdings Corp. | 43098 |
| 100 | Nishimatsu Construction Co. Ltd. | 2972 |
| 1800 | Obayashi Corp. | 13597 |
| 945 | Quanta Services, Inc. | 134663 |
| 6483 | Vinci SA | 646270 |
|  |  | 990717 |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| 7679 | CRH PLC | 305488 |
| 2550 | HeidelbergCement AG | 144496 |
| 7444 | Ibstock PLC<sup>(a)</sup> | 13916 |
| 619 | Taiheiyo Cement Corp. | 9627 |
| 557 | Wienerberger AG | 13426 |
|  |  | 486953 |
| **Consumer Finance – 0.2%** | **Consumer Finance – 0.2%** | **Consumer Finance – 0.2%** |
| 31231 | American Express Co. | 4614380 |
| 3600 | Capital One Financial Corp. | 334656 |
| 329 | Credit Saison Co. Ltd. | 4242 |
| 2947 | Discover Financial Services | 288305 |
| 7117 | Synchrony Financial | 233865 |
|  |  | 5475448 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| 84 | Amcor PLC | $1000 |
| 520 | Avery Dennison Corp. | 94120 |
| 23506 | DS Smith PLC | 90672 |
| 3 | Huhtamaki Oyj | 103 |
| 3087 | International Paper Co. | 106903 |
| 613 | Packaging Corp. of America | 78409 |
| 2557 | Smurfit Kappa Group PLC | 91611 |
| 3484 | Westrock Co. | 122497 |
|  |  | 585315 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 1555 | Genuine Parts Co. | 269808 |
| 5495 | Inchcape PLC | 54254 |
| 2502 | LKQ Corp. | 133632 |
|  |  | 457694 |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| 16925 | Pearson PLC | 191114 |
| **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** |  |
| 50550 | Berkshire Hathaway, Inc. Class B\* | 15614895 |
| 457 | Eurazeo SE | 28452 |
| 275 | EXOR NV\* | 20134 |
| 1600 | Mitsubishi HC Capital, Inc. | 7870 |
| 3100 | ORIX Corp. | 49620 |
| 1388 | Plus500 Ltd. | 30135 |
| 100 | Tokyo Century Corp. | 3371 |
| 117 | Wendel SE | 10929 |
|  |  | 15765406 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 23812 | AT&T, Inc. | 438379 |
| 46127 | BT Group PLC | 62284 |
| 43748 | Deutsche Telekom AG | 870435 |
| 1025 | Elisa Oyj | 54330 |
| 200 | Internet Initiative Japan, Inc. | 3705 |
| 49282 | Koninklijke KPN NV | 152540 |
| 19458 | Lumen Technologies, Inc.\* | 101571 |
| 2177 | Nippon Telegraph & Telephone Corp. | 62085 |
| 14873 | Orange SA | 147572 |
| 377088 | Telecom Italia SpA\* | 87391 |
| 18329 | Telefonica Deutschland Holding AG | 45016 |
| 31251 | Telefonica SA | 113132 |
| 13260 | Verizon Communications, Inc. | 522444 |
|  |  | 2660884 |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| 231 | Acciona SA | 42511 |
| 8265 | American Electric Power Co., Inc. | 784762 |
| 900 | Chubu Electric Power Co., Inc. | 9307 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |
| 9578 | Duke Energy Corp. | $986438 |
| 18050 | EDP - Energias de Portugal SA | 89976 |
| 264 | Elia Group SA | 37531 |
| 1366 | Evergy, Inc. | 85962 |
| 1384 | Eversource Energy | 116035 |
| 14448 | FirstEnergy Corp. | 605949 |
| 26577 | Iberdrola SA | 310246 |
| 2823 | NRG Energy, Inc. | 89828 |
| 13 | OGE Energy Corp. | 514 |
| 9 | Pinnacle West Capital Corp. | 684 |
| 3742 | PPL Corp. | 109341 |
| 7029 | Red Electrica Corp. SA | 122221 |
| 9096 | Terna - Rete Elettrica Nazionale | 67176 |
| 2945 | The Southern Co. | 210303 |
| 6500 | Tokyo Electric Power Co. Holdings, Inc.\* | 23409 |
| 2 | Verbund AG | 168 |
| 26 | Xcel Energy, Inc. | 1823 |
|  |  | 3694184 |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| 2 | Alfen Beheer BV\*<sup>(a)</sup> | 181 |
| 17924 | Eaton Corp. PLC | 2813172 |
| 1802 | Emerson Electric Co. | 173100 |
| 1300 | Fuji Electric Co. Ltd. | 49061 |
| 600 | Fujikura Ltd. | 4510 |
| 1661 | Hubbell, Inc. | 389804 |
| 2680 | Legrand SA | 214887 |
| 1700 | Mitsubishi Electric Corp. | 16845 |
| 415 | Nexans SA | 37561 |
| 3248 | Prysmian SpA | 120681 |
| 6 | Rockwell Automation, Inc. | 1546 |
| 4159 | Siemens Energy AG\* | 78090 |
| 600 | Ushio, Inc. | 7357 |
|  |  | 3906795 |
| **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** |
| 22 | Amphenol Corp. Class A | 1675 |
| 3432 | CDW Corp. | 612887 |
| 9 | Cognex Corp. | 424 |
| 400 | Dexerials Corp. | 7685 |
| 800 | Ibiden Co. Ltd. | 28850 |
| 9 | Keysight Technologies, Inc.\* | 1540 |
| 2200 | Murata Manufacturing Co. Ltd. | 108493 |
| 2147 | National Instruments Corp. | 79224 |
| 259 | Renishaw PLC | 11491 |
| 300 | Shimadzu Corp. | 8493 |
| 1452 | Spectris PLC | 52601 |
| 2300 | TDK Corp. | 74827 |
| 5636 | TE Connectivity Ltd. | 647013 |

---

**The accompanying notes are an integral part of these financial statements. 23** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 644 | Yokogawa Electric Corp. | $10221 |
|  |  | 1645424 |
| **Energy Equipment & Services\* – 0.0%** | **Energy Equipment & Services\* – 0.0%** | **Energy Equipment & Services\* – 0.0%** |
| 8217 | Petrofac Ltd. | 6979 |
| **Entertainment – 0.3%** | **Entertainment – 0.3%** | **Entertainment – 0.3%** |
| 2462 | Bollore SE | 13759 |
| 1075 | Electronic Arts, Inc. | 131344 |
| 200 | Koei Tecmo Holdings Co. Ltd. | 3617 |
| 300 | Konami Group Corp. | 13609 |
| 1891 | Live Nation Entertainment, Inc.\* | 131878 |
| 700 | Nexon Co. Ltd. | 15716 |
| 27242 | Take-Two Interactive Software, Inc.\* | 2836709 |
| 65868 | The Walt Disney Co.\* | 5722612 |
| 4267 | Universal Music Group NV | 103187 |
| 16866 | Warner Bros Discovery, Inc.\* | 159890 |
| 2291 | World Wrestling Entertainment, Inc. Class A | 156979 |
|  |  | 9289300 |
| **Equity Real Estate Investment Trusts (REITs) – 0.3%** | **Equity Real Estate Investment Trusts (REITs) – 0.3%** | **Equity Real Estate Investment Trusts (REITs) – 0.3%** |
| 274 | Aedifica SA | 22295 |
| 21992 | American Tower Corp. | 4659225 |
| 60604 | Assura PLC | 39967 |
| 604 | AvalonBay Communities, Inc. | 97558 |
| 7 | Big Yellow Group PLC | 97 |
| 1688 | Boston Properties, Inc. | 114075 |
| 1037 | Camden Property Trust | 116020 |
| 5741 | Capital & Counties Properties PLC | 7392 |
| 300 | Covivio | 17808 |
| 1307 | Crown Castle, Inc. | 177281 |
| 283 | Equinix, Inc. | 185374 |
| 7319 | Equity Residential | 431821 |
| 2277 | Essex Property Trust, Inc. | 482542 |
| 633 | Federal Realty Investment Trust | 63958 |
| 2 | Gecina SA | 204 |
| 13693 | Healthpeak Properties, Inc. | 343284 |
| 7519 | Host Hotels & Resorts, Inc. | 120680 |
| 3553 | Inmobiliaria Colonial Socimi SA | 22854 |
| 4202 | Invitation Homes, Inc. | 124547 |
| 5465 | Kimco Realty Corp. | 115749 |
| 2003 | Klepierre SA\* | 46230 |
| 17260 | LondonMetric Property PLC | 35827 |
| 34564 | LXI REIT Plc | 47233 |
| 5448 | Merlin Properties Socimi SA | 51096 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 31629 | Primary Health Properties PLC | $42357 |
| 6 | Rayonier, Inc. | 198 |
| 3180 | Regency Centers Corp. | 198750 |
| 3858 | Safestore Holdings PLC | 43994 |
| 464 | SBA Communications Corp. | 130064 |
| 69 | Segro PLC | 636 |
| 1241 | Simon Property Group, Inc. | 145793 |
| 27193 | Supermarket Income Reit PLC | 33704 |
| 63256 | Tritax Big Box REIT PLC | 106012 |
| 15307 | UK Commercial Property REIT Ltd. | 10807 |
| 1527 | Unibail-Rodamco- Westfield\* | 79825 |
| 12951 | Urban Logistics REIT PLC | 21087 |
| 2974 | Ventas, Inc. | 133979 |
| 6943 | Vornado Realty Trust | 144484 |
| 9632 | Warehouse Reit PLC | 12180 |
| 6 | Warehouses De Pauw CVA | 172 |
| 8358 | Weyerhaeuser Co. | 259098 |
|  |  | 8686257 |
| **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** |
| 700 | Aeon Co. Ltd. | 14781 |
| 5351 | BJ's Wholesale Club Holdings, Inc.\* | 354022 |
| 4546 | Carrefour SA | 76036 |
| 200 | Cosmos Pharmaceutical Corp. | 20321 |
| 14708 | Costco Wholesale Corp. | 6714202 |
| 2937 | HelloFresh SE\* | 64100 |
| 17658 | J Sainsbury PLC | 46314 |
| 7015 | Jeronimo Martins SGPS SA | 151773 |
| 2405 | Kesko Oyj Class B | 53141 |
| 13111 | Koninklijke Ahold Delhaize NV | 376958 |
| 100 | Kusuri No. Aoki Holdings Co. Ltd. | 5825 |
| 131 | Lawson, Inc. | 5008 |
| 39346 | Marks & Spencer Group PLC\* | 58045 |
| 300 | MatsukiyoCocokara & Co. | 15079 |
| 872 | Seven & i Holdings Co. Ltd. | 37371 |
| 300 | Sugi Holdings Co. Ltd. | 13342 |
| 7334 | Sysco Corp. | 560684 |
| 36561 | Tesco PLC | 98527 |
| 3958 | The Kroger Co. | 176448 |
| 4406 | Walgreens Boots Alliance, Inc. | 164608 |
| 12954 | Walmart, Inc. | 1836748 |
| 800 | Welcia Holdings Co. Ltd. | 18648 |
|  |  | 10861981 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – 0.1%** | **Food Products – 0.1%** | **Food Products – 0.1%** |
| 600 | Ajinomoto Co., Inc. | $18338 |
| 2734 | Archer-Daniels-Midland Co. | 253852 |
| 3210 | Associated British Foods PLC | 60858 |
| 200 | Calbee, Inc. | 4544 |
| 4034 | Campbell Soup Co. | 228929 |
| 3759 | Conagra Brands, Inc. | 145473 |
| 4779 | General Mills, Inc. | 400719 |
| 708 | Hilton Food Group PLC | 4740 |
| 2869 | Hormel Foods Corp. | 130683 |
| 577 | JDE Peet's NV | 16690 |
| 6405 | Kellogg Co. | 456292 |
| 1550 | Kerry Group PLC Class A | 140012 |
| 200 | MEIJI Holdings Co. Ltd. | 10252 |
| 12862 | Mondelez International, Inc. Class A | 857252 |
| 200 | Morinaga & Co. Ltd. | 5967 |
| 200 | Morinaga Milk Industry Co. Ltd. | 7595 |
| 200 | Nichirei Corp. | 4370 |
| 100 | Nissin Foods Holdings Co. Ltd. | 7919 |
| 7346 | Tate & Lyle PLC | 62935 |
| 645 | The Hershey Co. | 149363 |
| 5740 | The Kraft Heinz Co. | 233675 |
| 2370 | Tyson Foods, Inc. Class A | 147532 |
| 200 | Yakult Honsha Co. Ltd. | 13020 |
|  |  | 3361010 |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| 764 | Atmos Energy Corp. | 85621 |
| 5013 | Enagas SA | 83359 |
| 11323 | Italgas SpA | 62870 |
| 35794 | Snam SpA | 173559 |
| 500 | Tokyo Gas Co. Ltd. | 9790 |
|  |  | 415199 |
| **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** |
| 11798 | Abbott Laboratories | 1295302 |
| 477 | Align Technology, Inc.\* | 100599 |
| 300 | Asahi Intecc Co. Ltd. | 4894 |
| 16810 | Becton Dickinson & Co. | 4274783 |
| 478 | BioMerieux | 50220 |
| 72161 | Boston Scientific Corp.\* | 3338889 |
| 25311 | ConvaTec Group PLC<sup>(a)</sup> | 70888 |
| 5995 | DENTSPLY SIRONA, Inc. | 190881 |
| 1391 | Dexcom, Inc.\* | 157517 |
| 253 | DiaSorin SpA | 35401 |
| 2345 | EssilorLuxottica SA | 424288 |
| 3357 | Hologic, Inc.\* | 251137 |
| 519 | Hoya Corp. | 49709 |
| 295 | IDEXX Laboratories, Inc.\* | 120348 |
| 4990 | Insulet Corp.\* | 1469006 |
| 100 | Jeol Ltd. | 2689 |
| 7792 | Koninklijke Philips NV | 117248 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 51344 | Medtronic PLC | $3990456 |
| 100 | Menicon Co. Ltd. | 2103 |
| 7800 | Olympus Corp. | 137573 |
| 2682 | Siemens Healthineers AG<sup>(a)</sup> | 133783 |
| 700 | Sysmex Corp. | 42259 |
| 474 | Teleflex, Inc. | 118325 |
| 900 | Terumo Corp. | 25516 |
| 407 | The Cooper Cos., Inc. | 134583 |
| 2273 | Zimmer Biomet Holdings, Inc. | 289807 |
|  |  | 16828204 |
| **Health Care Providers & Services – 1.3%** | **Health Care Providers & Services – 1.3%** | **Health Care Providers & Services – 1.3%** |
| 300 | Alfresa Holdings Corp. | 3813 |
| 15667 | AmerisourceBergen Corp. | 2596179 |
| 2638 | Amplifon SpA | 78770 |
| 8926 | Cardinal Health, Inc. | 686142 |
| 2999 | Centene Corp.\* | 245948 |
| 1183 | Cigna Corp. | 391975 |
| 54069 | CVS Health Corp. | 5038690 |
| 1516 | DaVita, Inc.\* | 113200 |
| 11260 | Elevance Health, Inc. | 5776042 |
| 1768 | Fresenius Medical Care AG & Co. KGaA | 57747 |
| 3824 | Fresenius SE & Co. KGaA | 106812 |
| 12599 | HCA Healthcare, Inc. | 3023256 |
| 2491 | Henry Schein, Inc.\* | 198956 |
| 7669 | Humana, Inc. | 3927985 |
| 1163 | Laboratory Corp. of America Holdings | 273863 |
| 12540 | McKesson Corp. | 4704005 |
| 270 | Medipal Holdings Corp. | 3569 |
| 2106 | Molina Healthcare, Inc.\* | 695443 |
| 1692 | Quest Diagnostics, Inc. | 264696 |
| 5 | Spire Healthcare Group PLC\*<sup>(a)</sup> | 14 |
| 31450 | UnitedHealth Group, Inc. | 16674161 |
| 874 | Universal Health Services, Inc. Class B | 123138 |
|  |  | 44984404 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |
| 1100 | M3, Inc. | 29879 |
| 10 | Veeva Systems, Inc. Class A\* | 1614 |
|  |  | 31493 |
| **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** |
| 2364 | Booking Holdings, Inc.\* | 4764122 |
| 99 | Chipotle Mexican Grill, Inc.\* | 137361 |
| 1444 | Choice Hotels International, Inc. | 162652 |
| 1578 | Darden Restaurants, Inc. | 218285 |
| 6756 | Domino's Pizza Group PLC | 23964 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 294 | Domino's Pizza, Inc. | $101842 |
| 7793 | Entain PLC | 124104 |
| 1505 | Expedia Group, Inc.\* | 131838 |
| 4 | Flutter Entertainment PLC\* | 548 |
| 800 | Food & Life Cos. Ltd. | 15772 |
| 948 | Greggs PLC | 26636 |
| 4288 | Hilton Worldwide Holdings, Inc. | 541832 |
| 13 | InterContinental Hotels Group PLC | 746 |
| 1059 | J D Wetherspoon PLC\* | 5658 |
| 375 | La Francaise des Jeux SAEM<sup>(a)</sup> | 15089 |
| 5306 | Marriott International, Inc. Class A | 790010 |
| 1591 | McDonald's Corp. | 419276 |
| 3941 | MGM Resorts International | 132142 |
| 3048 | Playtech PLC\* | 18702 |
| 30398 | Royal Caribbean Cruises Ltd.\* | 1502573 |
| 1305 | Sodexo SA | 124860 |
| 7153 | SSP Group PLC\* | 19593 |
| 2126 | Trainline PLC\*<sup>(a)</sup> | 7058 |
| 11036 | TUI AG\* | 17697 |
| 1474 | Whitbread PLC | 45574 |
| 1111 | Yum! Brands, Inc. | 142297 |
|  |  | 9490231 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** | **Household Durables – 0.1%** |
| 8326 | Barratt Developments PLC | 39767 |
| 400 | Casio Computer Co. Ltd. | 4058 |
| 4354 | Crest Nicholson Holdings PLC | 12395 |
| 3518 | D.R. Horton, Inc. | 313595 |
| 9 | Leggett & Platt, Inc. | 290 |
| 34594 | Lennar Corp. Class A | 3130757 |
| 875 | Mohawk Industries, Inc.\* | 89443 |
| 31 | NVR, Inc.\* | 142990 |
| 4900 | Panasonic Holdings Corp. | 41008 |
| 4333 | PulteGroup, Inc. | 197281 |
| 3135 | Redrow PLC | 17179 |
| 100 | Rinnai Corp. | 7442 |
| 700 | Sekisui Chemical Co. Ltd. | 9757 |
| 500 | Sumitomo Forestry Co. Ltd. | 8837 |
| 3497 | Vistry Group PLC | 26339 |
| 1375 | Whirlpool Corp. | 194508 |
|  |  | 4235646 |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| 1749 | Church & Dwight Co., Inc. | 140987 |
| 2397 | Colgate-Palmolive Co. | 188860 |
| 1132 | Kimberly-Clark Corp. | 153669 |
| 700 | Lion Corp. | 8052 |
| 200 | Pigeon Corp. | 3278 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Products – (continued)** | **Household Products – (continued)** | **Household Products – (continued)** |
| 3507 | Reckitt Benckiser Group PLC | $243092 |
| 719 | The Clorox Co. | 100897 |
|  |  | 838835 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 3904 | Drax Group PLC | 33115 |
| 7 | Encavis AG | 138 |
| 113418 | The AES Corp. | 3261902 |
|  |  | 3295155 |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| 1642 | 3M Co. | 196908 |
| 663 | DCC PLC | 32601 |
| 4154 | General Electric Co. | 348064 |
| 1900 | Hitachi Ltd. | 95601 |
| 14 | Honeywell International, Inc. | 3000 |
| 51184 | Melrose Industries PLC | 82463 |
| 2848 | Siemens AG | 392600 |
|  |  | 1151237 |
| **Insurance – 0.4%** | **Insurance – 0.4%** | **Insurance – 0.4%** |
| 2218 | Admiral Group PLC | 56938 |
| 36766 | Aflac, Inc. | 2644946 |
| 1070 | Ageas SA | 47478 |
| 6616 | American International Group, Inc. | 418396 |
| 10471 | Aon PLC Class A | 3142766 |
| 2399 | Arch Capital Group Ltd.\* | 150609 |
| 7558 | Assicurazioni Generali SpA | 134400 |
| 761 | Assurant, Inc. | 95171 |
| 12157 | AXA SA | 338639 |
| 4019 | Beazley PLC | 32869 |
| 1569 | Chubb Ltd. | 346121 |
| 2200 | Dai-ichi Life Holdings, Inc. | 49683 |
| 22467 | Direct Line Insurance Group PLC | 59883 |
| 1 | Erie Indemnity Co. Class A | 249 |
| 342 | Everest Re Group Ltd. | 113294 |
| 654 | Globe Life, Inc. | 78840 |
| 3792 | Japan Post Holdings Co. Ltd. | 31906 |
| 688 | Japan Post Insurance Co. Ltd. | 12100 |
| 2981 | Lancashire Holdings Ltd. | 23439 |
| 2252 | Loews Corp. | 131359 |
| 1334 | Marsh & McLennan Cos., Inc. | 220750 |
| 6 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 1941 |
| 2097 | NN Group NV | 85751 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 5162 | Old Republic International Corp. | $124662 |
| 9269 | Poste Italiane SpA<sup>(a)</sup> | 90433 |
| 3080 | Principal Financial Group, Inc. | 258474 |
| 8 | Ryan Specialty Holdings, Inc. \* | 332 |
| 2108 | Sampo Oyj Class A | 110100 |
| 2201 | The Hartford Financial Services Group, Inc. | 166902 |
| 25629 | The Progressive Corp. | 3324338 |
| 1978 | The Travelers Cos., Inc. | 370855 |
| 2100 | Tokio Marine Holdings, Inc. | 44861 |
| 28790 | W.R. Berkley Corp. | 2089290 |
|  |  | 14797775 |
| **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** |
| 325160 | Alphabet, Inc. Class A\* | 28688867 |
| 9493 | Auto Trader Group PLC<sup>(a)</sup> | 59116 |
| 300 | Kakaku.com, Inc. | 4814 |
| 1988 | Match Group, Inc.\* | 82482 |
| 104951 | Meta Platforms, Inc. Class A\* | 12629803 |
| 7870 | Rightmove PLC | 48687 |
| 938 | Scout24 SE<sup>(a)</sup> | 47213 |
|  |  | 41560982 |
| **Internet & Direct Marketing Retail – 0.7%** | **Internet & Direct Marketing Retail – 0.7%** | **Internet & Direct Marketing Retail – 0.7%** |
| 288074 | Amazon.com, Inc.\* | 24198216 |
| 6269 | eBay, Inc. | 259975 |
| 846 | Etsy, Inc.\* | 101334 |
| 3112 | Zalando SE\*<sup>(a)</sup> | 109557 |
| 300 | ZOZO, Inc. | 7409 |
|  |  | 24676491 |
| **IT Services – 1.0%** | **IT Services – 1.0%** | **IT Services – 1.0%** |
| 7878 | Accenture PLC Class A | 2102166 |
| 223 | Adyen NV\*<sup>(a)</sup> | 309580 |
| 2534 | Akamai Technologies, Inc.\* | 213616 |
| 171 | Alten SA | 21424 |
| 4890 | Amadeus IT Group SA\* | 253682 |
| 14521 | Automatic Data Processing, Inc. | 3468486 |
| 3205 | Capgemini SE | 535799 |
| 5425 | Cognizant Technology Solutions Corp. Class A | 310256 |
| 480 | Computacenter PLC | 11147 |
| 4231 | DXC Technology Co.\* | 112121 |
| 688 | FDM Group Holdings PLC | 6230 |
| 3608 | Fidelity National Information Services, Inc. | 244803 |
| 16600 | Finablr PLC\*<sup>(a)(b)</sup> |  |
| 2884 | Fiserv, Inc.\* | 291486 |
| 716 | FleetCor Technologies, Inc.\* | 131515 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 323 | Gartner, Inc.\* | $108573 |
| 40254 | Genpact Ltd. | 1864565 |
| 1935 | Global Payments, Inc. | 192184 |
| 2102 | International Business Machines Corp. | 296151 |
| 600 | Itochu Techno-Solutions Corp. | 13917 |
| 489 | Jack Henry & Associates, Inc. | 85849 |
| 406 | Kainos Group PLC | 7574 |
| 29233 | Mastercard, Inc. Class A | 10165191 |
| 1632 | NCC Group PLC | 3946 |
| 1654 | NEC Corp. | 58005 |
| 5202 | Nexi SpA\*<sup>(a)</sup> | 41064 |
| 700 | Nomura Research Institute Ltd. | 16642 |
| 1285 | NTT Data Corp. | 18726 |
| 400 | Otsuka Corp. | 12608 |
| 4428 | PayPal Holdings, Inc.\* | 315362 |
| 186 | SCSK Corp. | 2815 |
| 100 | SHIFT, Inc.\* | 17603 |
| 2234 | Softcat PLC | 32035 |
| 541 | VeriSign, Inc.\* | 111143 |
| 64902 | Visa, Inc. Class A | 13484040 |
| 5216 | Worldline SA\*<sup>(a)</sup> | 204271 |
|  |  | 35064575 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 300 | Bandai Namco Holdings, Inc. | 18804 |
| 223 | Games Workshop Group PLC | 23019 |
| 800 | Sega Sammy Holdings, Inc. | 12079 |
|  |  | 53902 |
| **Life Sciences Tools & Services – 0.6%** | **Life Sciences Tools & Services – 0.6%** | **Life Sciences Tools & Services – 0.6%** |
| 272 | Bio-Rad Laboratories, Inc. Class A\* | 114373 |
| 448 | Charles River Laboratories International, Inc.\* | 97619 |
| 33038 | Danaher Corp. | 8768946 |
| 3028 | Eurofins Scientific SE | 217405 |
| 11974 | Illumina, Inc.\* | 2421143 |
| 1633 | IQVIA Holdings, Inc.\* | 334585 |
| 1824 | Mettler-Toledo International, Inc.\* | 2636501 |
| 3527 | PerkinElmer, Inc. | 494556 |
| 2148 | QIAGEN NV\* | 107981 |
| 1 | Sartorius Stedim Biotech | 325 |
| 12338 | Thermo Fisher Scientific, Inc. | 6794413 |
|  |  | 21987847 |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| 3128 | Alstom SA | 76532 |

---

**The accompanying notes are an integral part of these financial statements. 27** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| 1000 | Amada Co. Ltd. | $7787 |
| 524 | ANDRITZ AG | 29995 |
| 1058 | Bodycote PLC | 7272 |
| 700 | Daifuku Co. Ltd. | 32630 |
| 11251 | Deere & Co. | 4823979 |
| 600 | DMG Mori Co. Ltd. | 7946 |
| 2971 | Dover Corp. | 402303 |
| 9868 | Fortive Corp. | 634019 |
| 868 | GEA Group AG | 35299 |
| 9 | Graco, Inc. | 605 |
| 2300 | Hino Motors Ltd.\* | 8739 |
| 100 | Hoshizaki Corp. | 3516 |
| 5 | IDEX Corp. | 1142 |
| 800 | IHI Corp. | 23175 |
| 1404 | IMI PLC | 21927 |
| 2808 | Ingersoll Rand, Inc. | 146718 |
| 490 | Knorr-Bremse AG | 26657 |
| 11 | Kone Oyj Class B | 570 |
| 100 | Kurita Water Industries Ltd. | 4130 |
| 979 | Lincoln Electric Holdings, Inc. | 141456 |
| 4585 | Metso Outotec Oyj | 47214 |
| 300 | MISUMI Group, Inc. | 6520 |
| 1200 | Mitsubishi Heavy Industries Ltd. | 47420 |
| 162 | Nabtesco Corp. | 4109 |
| 500 | NGK Insulators Ltd. | 6339 |
| 393 | Nordson Corp. | 93424 |
| 3600 | NTN Corp. | 7134 |
| 1684 | Otis Worldwide Corp. | 131874 |
| 24744 | PACCAR, Inc. | 2448914 |
| 1194 | Parker-Hannifin Corp. | 347454 |
| 2145 | Pentair PLC | 96482 |
| 33 | Rational AG | 19596 |
| 4086 | Rotork PLC | 15184 |
| 1505 | Snap-on, Inc. | 343877 |
| 4482 | Stanley Black & Decker, Inc. | 336688 |
| 200 | Sumitomo Heavy Industries Ltd. | 3993 |
| 300 | Tadano Ltd. | 2070 |
| 400 | The Japan Steel Works Ltd. | 7858 |
| 500 | Toyota Industries Corp. | 27163 |
| 1519 | Westinghouse Air Brake Technologies Corp. | 151611 |
|  |  | 10581321 |
| **Marine – 0.0%** | **Marine – 0.0%** | **Marine – 0.0%** |
| 105 | Clarkson PLC | 4107 |
| 1500 | Kawasaki Kisen Kaisha Ltd. | 31764 |
| 1700 | Mitsui OSK Lines Ltd. | 42479 |
| 2300 | Nippon Yusen KK | 54235 |
|  |  | 132585 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 4276 | Ascential PLC\* | $10422 |
| 686 | Charter Communications, Inc. Class A\* | 232622 |
| 14629 | Comcast Corp. Class A | 511576 |
| 1200 | CyberAgent, Inc. | 10683 |
| 309 | Dentsu Group, Inc. | 9693 |
| 4764 | Fox Corp. Class A | 144683 |
| 1004 | Future PLC | 15303 |
| 1000 | Hakuhodo DY Holdings, Inc. | 10036 |
| 8708 | Informa PLC | 64960 |
| 800 | Kadokawa Corp. | 14615 |
| 10778 | News Corp. Class A | 196159 |
| 2806 | Publicis Groupe SA | 179254 |
| 21392 | ViacomCBS, Inc. Class B | 361097 |
| 5362 | Vivendi SE | 51223 |
| 6319 | WPP PLC | 62432 |
|  |  | 1874758 |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| 11384 | Anglo American PLC | 445796 |
| 3958 | Antofagasta PLC | 73886 |
| 5059 | ArcelorMittal SA | 133467 |
| 230 | Aurubis AG | 18722 |
| 13293 | Centamin PLC | 18165 |
| 200 | Dowa Holdings Co. Ltd. | 6311 |
| 912 | Endeavour Mining PLC | 19289 |
| 7048 | Evraz PLC\*<sup>(b)</sup> |  |
| 6785 | Ferrexpo PLC | 12816 |
| 11263 | Freeport-McMoRan, Inc. | 427994 |
| 2308 | Fresnillo PLC | 25218 |
| 42870 | Glencore PLC | 285885 |
| 1900 | Kobe Steel Ltd. | 9215 |
| 200 | Maruichi Steel Tube Ltd. | 4089 |
| 200 | Mitsui Mining & Smelting Co. Ltd. | 4681 |
| 3066 | Newmont Corp. | 144715 |
| 2600 | Nippon Steel Corp. | 45113 |
| 2560 | Nucor Corp. | 337434 |
| 4071 | Rio Tinto PLC | 286533 |
| 919 | voestalpine AG | 24344 |
|  |  | 2323673 |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 10256 | B&M European Value Retail SA | 50909 |
| 3654 | Dollar Tree, Inc.\* | 516822 |
| 2700 | Isetan Mitsukoshi Holdings Ltd. | 29356 |
| 918 | J. Front Retailing Co. Ltd. | 8331 |
| 2496 | Next PLC | 174896 |
| 1600 | Pan Pacific International Holdings Corp. | 29719 |
| 900 | Ryohin Keikaku Co. Ltd. | 10641 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Multiline Retail – (continued)** | **Multiline Retail – (continued)** | **Multiline Retail – (continued)** |
| 20357 | Target Corp. | $3034007 |
|  |  | 3854681 |
| **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** |  |
| 36680 | A2A SpA | 48904 |
| 14 | Ameren Corp. | 1245 |
| 45966 | Centrica PLC | 53461 |
| 6494 | CMS Energy Corp. | 411265 |
| 1893 | Consolidated Edison, Inc. | 180422 |
| 3908 | DTE Energy Co. | 459307 |
| 12173 | E.ON SE | 121024 |
| 10326 | Engie SA | 147725 |
| 20156 | National Grid PLC | 241456 |
| 1001 | Telecom Plus PLC | 26497 |
| 4561 | Veolia Environnement SA | 117192 |
| 5258 | WEC Energy Group, Inc. | 492990 |
|  |  | 2301488 |
| **Oil, Gas & Consumable Fuels – 1.6%** | **Oil, Gas & Consumable Fuels – 1.6%** |  |
| 5037 | Apa Corp. | 235127 |
| 45848 | BP PLC | 264540 |
| 2056 | Capricorn Energy PLC\* | 6507 |
| 66517 | Chevron Corp. | 11939136 |
| 51412 | ConocoPhillips | 6066616 |
| 9575 | Coterra Energy, Inc. | 235258 |
| 45546 | Devon Energy Corp. | 2801535 |
| 1989 | Diamondback Energy, Inc. | 272056 |
| 1878 | DTE Midstream LLC\* | 103778 |
| 15794 | Eni SpA | 224582 |
| 26188 | EOG Resources, Inc. | 3391870 |
| 3346 | EQT Corp. | 113195 |
| 130777 | Exxon Mobil Corp. | 14424703 |
| 6649 | Galp Energia SGPS SA | 89699 |
| 202 | Gaztransport Et Technigaz SA | 21588 |
| 8497 | Harbour Energy PLC | 31356 |
| 22032 | Hess Corp. | 3124578 |
| 4500 | Inpex Corp. | 48354 |
| 153447 | Kinder Morgan, Inc. | 2774322 |
| 9121 | Marathon Oil Corp. | 246906 |
| 25926 | Marathon Petroleum Corp. | 3017527 |
| 14 | Neste Oyj | 646 |
| 3719 | Occidental Petroleum Corp. | 234260 |
| 654 | OMV AG | 33642 |
| 2325 | Phillips 66 | 241986 |
| 14077 | Pioneer Natural Resources Co. | 3215046 |
| 10202 | Repsol SA | 162385 |
| 9281 | Shell PLC | 261639 |
| 1743 | Targa Resources Corp. | 128111 |
| 22287 | TotalEnergies SE | 1399025 |
| 15976 | Tullow Oil PLC\* | 7148 |
| 1874 | Valero Energy Corp. | 237736 |
|  |  | 55354857 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 10962 | Mondi PLC | $185377 |
| 3240 | Stora Enso Oyj Class R | 45683 |
|  |  | 231060 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** |  |
| 688 | Beiersdorf AG | 78619 |
| 200 | Fancl Corp. Class C | 4072 |
| 30417 | Haleon PLC\* | 120348 |
| 100 | Kobayashi Pharmaceutical Co. Ltd. | 6854 |
| 996 | L'Oreal SA | 356665 |
| 200 | Pola Orbis Holdings, Inc. | 2815 |
| 300 | Rohto Pharmaceutical Co. Ltd. | 5270 |
| 767 | The Estee Lauder Cos., Inc. Class A | 190300 |
| 18 | Unilever PLC | 909 |
|  |  | 765852 |
| **Pharmaceuticals – 1.5%** | **Pharmaceuticals – 1.5%** |  |
| 1506 | Astellas Pharma, Inc. | 22900 |
| 3824 | AstraZeneca PLC | 517461 |
| 10636 | Bayer AG | 547435 |
| 85515 | Bristol-Myers Squibb Co. | 6152804 |
| 926 | Chugai Pharmaceutical Co. Ltd. | 23619 |
| 600 | Eisai Co. Ltd. | 39571 |
| 26849 | Eli Lilly & Co. | 9822438 |
| 30814 | GSK PLC | 532566 |
| 1562 | Hikma Pharmaceuticals PLC | 29109 |
| 1599 | Indivior PLC\* | 35783 |
| 360 | Ipsen SA | 38722 |
| 76973 | Johnson & Johnson | 13597281 |
| 1000 | Kyowa Kirin Co. Ltd. | 22904 |
| 87713 | Merck & Co., Inc. | 9731757 |
| 4 | Merck KGaA | 772 |
| 200 | Nippon Shinyaku Co. Ltd. | 11350 |
| 1700 | Ono Pharmaceutical Co. Ltd. | 39735 |
| 549 | Orion Oyj Class B | 30098 |
| 801 | Otsuka Holdings Co. Ltd. | 26123 |
| 187825 | Pfizer, Inc. | 9624153 |
| 1487 | Recordati Industria Chimica e Farmaceutica SpA | 61811 |
| 8525 | Sanofi | 822036 |
| 479 | Santen Pharmaceutical Co. Ltd. | 3903 |
| 2000 | Shionogi & Co. Ltd. | 99786 |
| 974 | Sumitomo Pharma Co. Ltd. | 7383 |
| 1943 | Takeda Pharmaceutical Co. Ltd. | 60712 |
| 1352 | UCB SA | 106529 |
| 13341 | Viatris, Inc. | 148485 |

---

**The accompanying notes are an integral part of these financial statements. 29** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| 4861 | Zoetis, Inc. | $712380 |
|  |  | 52869606 |
| **Professional Services – 0.0%** | **Professional Services – 0.0%** |  |
| 252 | Arcadis NV | 9921 |
| 3465 | Bureau Veritas SA | 91317 |
| 4077 | Experian PLC | 138081 |
| 18634 | Hays PLC | 26122 |
| 7 | Intertek Group PLC | 341 |
| 1310 | Leidos Holdings, Inc. | 137799 |
| 700 | Nihon M&A Center Holdings, Inc. | 8613 |
| 800 | Outsourcing, Inc. | 5733 |
| 200 | Persol Holdings Co. Ltd. | 4254 |
| 1900 | Recruit Holdings Co. Ltd. | 59474 |
| 8447 | RELX PLC | 233543 |
| 1451 | Robert Half International, Inc. | 107127 |
| 100 | TechnoPro Holdings, Inc. | 2662 |
| 1035 | Teleperformance | 247433 |
| 1480 | Wolters Kluwer NV | 154860 |
|  |  | 1227280 |
| **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** |  |
| 10299 | Aroundtown SA | 23991 |
| 2350 | CBRE Group, Inc. Class A\* | 180856 |
| 200 | Daito Trust Construction Co. Ltd. | 20477 |
| 600 | Hulic Co. Ltd. | 4711 |
| 11136 | IWG PLC\* | 22250 |
| 846 | Kojamo Oyj | 12511 |
| 5200 | Mitsubishi Estate Co. Ltd. | 67359 |
| 1000 | Nomura Real Estate Holdings, Inc. | 21383 |
| 1815 | Savills PLC | 18077 |
| 400 | Tokyo Tatemono Co. Ltd. | 4843 |
| 5300 | Tokyu Fudosan Holdings Corp. | 25133 |
| 5610 | Vonovia SE | 132151 |
|  |  | 533742 |
| **Road & Rail – 0.2%** | **Road & Rail – 0.2%** |  |
| 800 | Central Japan Railway Co. | 98224 |
| 5359 | Firstgroup PLC | 6536 |
| 700 | Keikyu Corp. | 7370 |
| 500 | Kintetsu Group Holdings Co. Ltd. | 16508 |
| 1200 | Kyushu Railway Co. | 26572 |
| 200 | Nagoya Railroad Co. Ltd. | 3297 |
| 3831 | National Express Group PLC\* | 6007 |
| 421 | Old Dominion Freight Line, Inc. | 119471 |
| 1581 | Redde Northgate PLC | 7875 |
| 300 | Tobu Railway Co. Ltd. | 6998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – (continued)** | **Road & Rail – (continued)** | **Road & Rail – (continued)** |
| 27819 | Union Pacific Corp. | $5760480 |
|  |  | 6059338 |
| **Semiconductors & Semiconductor Equipment – 1.1%** | **Semiconductors & Semiconductor Equipment – 1.1%** | **Semiconductors & Semiconductor Equipment – 1.1%** |
| 5664 | Advanced Micro Devices, Inc.\* | 366857 |
| 8 | Allegro MicroSystems, Inc.\* | 240 |
| 26646 | Analog Devices, Inc. | 4370743 |
| 3270 | Applied Materials, Inc. | 318433 |
| 1403 | ASM International NV | 355990 |
| 823 | Broadcom, Inc. | 460164 |
| 100 | Disco Corp. | 28502 |
| 9 | Enphase Energy, Inc.\* | 2385 |
| 5017 | Entegris, Inc. | 329065 |
| 16091 | Infineon Technologies AG | 489036 |
| 587 | Lam Research Corp. | 246716 |
| 14 | Lattice Semiconductor Corp.\* | 908 |
| 4871 | Microchip Technology, Inc. | 342188 |
| 8829 | Micron Technology, Inc. | 441273 |
| 4691 | Monolithic Power Systems, Inc. | 1658785 |
| 89447 | NVIDIA Corp. | 13071785 |
| 2231 | NXP Semiconductors NV | 352565 |
| 2555 | ON Semiconductor Corp.\* | 159355 |
| 1326 | Qorvo, Inc.\* | 120189 |
| 42461 | QUALCOMM, Inc. | 4668162 |
| 6650 | Renesas Electronics Corp.\* | 58774 |
| 266 | SCREEN Holdings Co. Ltd. | 16962 |
| 600 | Shinko Electric Industries Co. Ltd. | 15270 |
| 1466 | Skyworks Solutions, Inc. | 133597 |
| 1 | SOITEC\* | 164 |
| 20500 | STMicroelectronics NV | 728433 |
| 3336 | Sumco Corp. | 44197 |
| 2404 | Teradyne, Inc. | 209989 |
| 44856 | Texas Instruments, Inc. | 7411108 |
| 343 | Ulvac, Inc. | 14295 |
| 4 | Universal Display Corp. | 432 |
|  |  | 36416562 |
| **Software – 2.1%** | **Software – 2.1%** |  |
| 1083 | Adobe, Inc.\* | 364462 |
| 886 | Aspen Technology, Inc.\* | 181984 |
| 3778 | Autodesk, Inc.\* | 705995 |
| 3482 | Bytes Technology Group PLC | 16291 |
| 957 | Cadence Design Systems, Inc.\* | 153733 |
| 17770 | Crowdstrike Holdings, Inc. Class A\* | 1871003 |
| 7023 | Darktrace PLC\* | 22031 |
| 3353 | Dassault Systemes SE | 120573 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 6091 | Micro Focus International PLC | $39019 |
| 188705 | Microsoft Corp. | 45255233 |
| 422 | Nemetschek SE | 21575 |
| 100 | Oracle Corp Japan | 6502 |
| 64788 | Oracle Corp. | 5295771 |
| 19507 | Palo Alto Networks, Inc.\* | 2722007 |
| 290 | Paycom Software, Inc.\* | 89990 |
| 43526 | Salesforce, Inc.\* | 5771112 |
| 800 | Sansan, Inc.\* | 7708 |
| 4806 | SAP SE | 496175 |
| 11078 | ServiceNow, Inc.\* | 4301255 |
| 493 | Synopsys, Inc.\* | 157410 |
| 6787 | The Sage Group PLC | 61115 |
| 300 | Trend Micro, Inc. | 14030 |
| 14531 | Workday, Inc. Class A\* | 2431472 |
| 31483 | Zoom Video Communications, Inc. Class A\* | 2132658 |
| 12163 | Zscaler, Inc.\* | 1361040 |
|  |  | 73600144 |
| **Specialty Retail – 0.7%** | **Specialty Retail – 0.7%** | **Specialty Retail – 0.7%** |
| 100 | ABC-Mart, Inc. | 5653 |
| 551 | Advance Auto Parts, Inc. | 81014 |
| 158 | AutoZone, Inc.\* | 389657 |
| 2921 | Bath & Body Works, Inc. | 123091 |
| 1211 | Best Buy Co., Inc. | 97134 |
| 4695 | Currys PLC | 3034 |
| 100 | Fast Retailing Co. Ltd. | 60853 |
| 1148 | Frasers Group PLC\* | 9842 |
| 25516 | Industria de Diseno Textil SA | 677731 |
| 25658 | JD Sports Fashion PLC | 38991 |
| 400 | K's Holdings Corp. | 3431 |
| 23839 | Lowe's Cos., Inc. | 4749682 |
| 3861 | O'Reilly Automotive, Inc.\* | 3258800 |
| 3373 | Pets at Home Group PLC | 11565 |
| 1234 | Ross Stores, Inc. | 143230 |
| 100 | Sanrio Co. Ltd. | 3613 |
| 104 | Shimamura Co. Ltd. | 10364 |
| 31305 | The Home Depot, Inc. | 9887997 |
| 48355 | The TJX Cos., Inc. | 3849058 |
| 7 | Tractor Supply Co. | 1575 |
| 1306 | Ulta Beauty, Inc.\* | 612605 |
| 1200 | USS Co. Ltd. | 19041 |
| 1539 | WH Smith PLC\* | 27372 |
| 4200 | Yamada Holdings Co. Ltd. | 14909 |
|  |  | 24080242 |
| **Technology Hardware, Storage & Peripherals – 1.2%** | **Technology Hardware, Storage & Peripherals – 1.2%** | **Technology Hardware, Storage & Peripherals – 1.2%** |
| 302296 | Apple, Inc. | 39277319 |
| 1325 | Canon, Inc. | 28678 |
| 1600 | FUJIFILM Holdings Corp. | 80002 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Technology Hardware, Storage & Peripherals – (continued)** | **Technology Hardware, Storage & Peripherals – (continued)** | **Technology Hardware, Storage & Peripherals – (continued)** |
| 10463 | Hewlett Packard Enterprise Co. | $166990 |
| 10543 | HP, Inc. | 283291 |
| 1319 | NetApp, Inc. | 79219 |
| 56250 | Pure Storage, Inc. Class A\* | 1505250 |
| 1704 | Ricoh Co. Ltd. | 12969 |
| 1898 | Seagate Technology Holdings PLC | 99854 |
| 619 | Seiko Epson Corp. | 9006 |
| 3241 | Western Digital Corp.\* | 102254 |
|  |  | 41644832 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 300 | Asics Corp. | 6594 |
| 3744 | Burberry Group PLC | 91025 |
| 4201 | Dr. Martens PLC | 9534 |
| 1 | Hermes International | 1548 |
| 976 | HUGO BOSS AG | 56423 |
| 1494 | Kering SA | 760337 |
| 868 | LVMH Moet Hennessy Louis Vuitton SE | 631637 |
| 1803 | Moncler SpA | 95806 |
| 30 | NIKE, Inc. Class B | 3510 |
| 5150 | Tapestry, Inc. | 196112 |
|  |  | 1852526 |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| 6490 | Ashtead Group PLC | 368663 |
| 806 | Brenntag SE | 51403 |
| 1907 | Bunzl PLC | 63446 |
| 571 | Diploma PLC | 19196 |
| 2317 | Fastenal Co. | 109640 |
| 6420 | Howden Joinery Group PLC | 43350 |
| 1147 | ITOCHU Corp. | 35985 |
| 2732 | Marubeni Corp. | 31298 |
| 3335 | Mitsubishi Corp. | 108270 |
| 1681 | Mitsui & Co. Ltd. | 48960 |
| 506 | MonotaRO Co. Ltd. | 7127 |
| 2176 | Rexel SA\* | 43038 |
| 9993 | RS Group PLC | 107596 |
| 500 | Sojitz Corp. | 9527 |
| 1400 | Sumitomo Corp. | 23272 |
| 5457 | United Rentals, Inc.\* | 1939527 |
| 1075 | W.W. Grainger, Inc. | 597969 |
| 958 | Watsco, Inc. | 238925 |
|  |  | 3847192 |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| 981 | Aena SME SA\*<sup>(a)</sup> | 122976 |
| 1 | Aeroports de Paris\* | 134 |
| 100 | Japan Airport Terminal Co. Ltd.\* | 4932 |
| 200 | Kamigumi Co. Ltd. | 4072 |

---

**The accompanying notes are an integral part of these financial statements. 31** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description**<br>| **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Transportation Infrastructure – (continued)** | **Transportation Infrastructure – (continued)** | **Transportation Infrastructure – (continued)** |
| 500 | Mitsubishi Logistics Corp. | $11468 |
|  |  | 143582 |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| 1976 | Severn Trent PLC | 63129 |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| 22255 | Airtel Africa PLC | 29989 |
| 3099 | Freenet AG | 67386 |
| 5700 | KDDI Corp. | 172863 |
| 3200 | SoftBank Group Corp. | 135337 |
| 34118 | T-Mobile US, Inc.\* | 4776520 |
| 115605 | Vodafone Group PLC | 117075 |
|  |  | 5299170 |
| **TOTAL COMMON STOCKS<br>(Cost $697,118,687)** | **TOTAL COMMON STOCKS<br>(Cost $697,118,687)** | $750799119 |
| **Shares** | **Dividend<br>Rate**<br>| **Value** |
| **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** |
| **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** |
| Volkswagen AG | Volkswagen AG |  |
| 6294 | 22.881% | $780768 |
| **(Cost $801,584)** | **(Cost $801,584)** |  |
| **TOTAL PREFERRED STOCKS<br>(Cost $801,584)** | **TOTAL PREFERRED STOCKS<br>(Cost $801,584)** | $780768 |
| **Shares** | **Description**<br>| **Value** |
| **Exchange Traded Funds – 20.8%** | **Exchange Traded Funds – 20.8%** | **Exchange Traded Funds – 20.8%** |
| 532373 | Invesco Senior Loan ETF | $10929618 |
| 2584305 | iShares 5-10 Year Investment Grade Corporate Bond ETF | 127948941 |
| 8553927 | iShares Core MSCI |  |
|  | Emerging Markets ETF | 399468391 |
| 44300 | iShares JP Morgan USD |  |
|  | Emerging Markets Bond ETF | 3747337 |
| 835814 | SPDR Blackstone Senior Loan ETF | 34184793 |
| 1828622 | SPDR Bloomberg Convertible Securities ETF | 117653539 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description**<br>| **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 456557 | Vaneck Fallen Angel High |  |
|  | Yield Bond ETF | $12336170 |
| 223600 | Vanguard Real Estate ETF | 18442528 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $777,538,006)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $777,538,006)** | $724711317 |
| **Shares** | **Dividend<br>Rate**<br>| **Value** |
| **Investment Company<sup>(c)</sup> – 52.4%** | **Investment Company<sup>(c)</sup> – 52.4%** | **Investment Company<sup>(c)</sup> – 52.4%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 1824635728 | 4.159% | $1824635728 |
| **(Cost $1,824,635,728)** | **(Cost $1,824,635,728)** |  |
| **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT –<br>94.8%<br>(Cost $3,300,094,005)** | **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT –<br>94.8%<br>(Cost $3,300,094,005)** | $3300926932 |
| **Securities Lending Reinvestment Vehicle<sup>(c)</sup> –1.2%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> –1.2%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> –1.2%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 43069598 | 4.159% | $43069598 |
| **(Cost $43,069,598)** | **(Cost $43,069,598)** |  |
| **TOTAL INVESTMENTS – 96.0%<br>(Cost $3,343,163,603)** | **TOTAL INVESTMENTS – 96.0%<br>(Cost $3,343,163,603)** | $3343996530 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.0%** | 139187311 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $3483183841 |

---

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

\* Non-income producing security.

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

(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(c) Represents an Affiliated Issuer.

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 **ADDITIONAL INVESTMENT INFORMATION**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | CHF | 5290000 | USD | 5730311 | 01/25/23 | $7518 |
|  | CZK | 100260000 | USD | 4396379 | 01/25/23 | 32931 |
|  | MXN | 87640000 | USD | 4417383 | 01/25/23 | 57531 |
|  | USD | 7774048 | GBP | 6410000 | 01/25/23 | 19124 |
|  **TOTAL** |  |  |  |  |  | $117104 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | PHP | 238050000 | USD | 4329363 | 01/03/23 | $(53030) |
|  | USD | 13945762 | CAD | 18970000 | 01/25/23 | (66312) |
|  | USD | 25109387 | EUR | 23570000 | 01/25/23 | (166911) |
|  | USD | 7793007 | IDR | 121312730000 | 01/31/23 | (42847) |
|  | USD | 10778985 | INR | 895580000 | 02/01/23 | (26654) |
|  | USD | 5034145 | JPY | 661470000 | 01/25/23 | (23561) |
|  | USD | 4141945 | PHP | 238050000 | 01/03/23 | (134388) |
|  **TOTAL** |  |  |  |  |  | $(513703) |

---

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  IBEX 35 Index | 67 | 01/20/23 | $5876961 | $6654 |
|  Amsterdam Exchanges Index | 35 | 01/20/23 | 5167648 | (328585) |
|  ASX 90 Day Bank Accepted Bills | 40 | 03/09/23 | 26993724 | (9103) |
|  CAC40 Index | 97 | 01/20/23 | 6718553 | (272906) |
|  Canada 10 Year Government Bonds | 39 | 03/22/23 | 3529874 | (121867) |
|  Copper | 4 | 03/29/23 | 381050 | (6806) |
|  Corn | 24 | 03/14/23 | 814200 | (731) |
|  DAX Index | 34 | 03/17/23 | 12727430 | (506872) |
|  E-Mini Russell 2000 Index | 39 | 03/17/23 | 3453255 | (79435) |
|  Euro Stoxx 50 Index | 4012 | 03/17/23 | 162552251 | (2310861) |
|  FTSE 100 Index | 791 | 03/17/23 | 71395830 | (297632) |
|  FTSE/JSE Top 40 Index | 123 | 03/16/23 | 4902264 | (192852) |
|  FTSE/MIB Index | 46 | 03/17/23 | 5836990 | (4346) |
|  Gasoil | 6 | 02/10/23 | 543600 | 938 |
|  Gold 100 Oz | 36 | 02/24/23 | 6574320 | 89665 |
|  Hang Seng Index | 35 | 01/30/23 | 4464989 | 25844 |
|  HSCEI | 50 | 01/30/23 | 2165154 | 858 |
|  Lead | 35 | 01/16/23 | 2032188 | 138917 |
|  Lead | 24 | 02/13/23 | 1388100 | 62236 |
|  Live Cattle | 71 | 02/28/23 | 4484360 | 59285 |
|  Nickel | 4 | 01/16/23 | 717624 | 119988 |
|  Nickel | 6 | 02/13/23 | 1078740 | (51786) |
|  NYMEX NY Harbor ULSD | 6 | 01/31/23 | 830340 | 133181 |
|  OMXS 30 Index | 244 | 01/20/23 | 4774846 | (242268) |

---

**The accompanying notes are an integral part of these financial statements. 33** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Primary Aluminum | 26 | 01/16/23 | $1527182 | $(77961) |
|  S&P Toronto Stock Exchange 60 Index | 16 | 03/16/23 | 2764904 | (76985) |
|  Silver | 23 | 03/29/23 | 2764600 | 85042 |
|  Soybean | 56 | 03/14/23 | 4267200 | 135611 |
|  Sugar 11 | 146 | 02/28/23 | 3276941 | 30246 |
|  Topix Index | 251 | 03/09/23 | 36175442 | (1006957) |
|  Ultra Long U.S. Treasury Bonds | 14 | 03/22/23 | 1754813 | (72544) |
|  Zinc | 25 | 01/16/23 | 1868906 | (112490) |
|  Zinc | 10 | 02/13/23 | 745813 | (74331) |
|  **Total** |  |  |  | $(4958853) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year German Euro-Bund | (124) | 03/08/23 | (17644562) | 353538 |
|  10 Year U.K. Long Gilt | (39) | 03/29/23 | (4710190) | 1528 |
|  10 Year U.S. Treasury Notes | (56) | 03/22/23 | (6288625) | (15716) |
|  2 Year U.S. Treasury Notes | (21) | 03/31/23 | (4306641) | (2470) |
|  5 Year German Euro-Bobl | (98) | 03/08/23 | (12142644) | 127235 |
|  5 Year U.S. Treasury Notes | (1) | 03/31/23 | (107930) | (201) |
|  ASX 90 Day Bank Accepted Bills | (42) | 06/08/23 | (28312273) | 2080 |
|  ASX 90 Day Bank Accepted Bills | (51) | 09/07/23 | (34362410) | 10716 |
|  Australian 10 Year Government Bonds | (14) | 03/15/23 | (1102664) | (22) |
|  Bank Accept Index | (125) | 03/13/23 | (21918852) | 89460 |
|  Bank Accept Index | (112) | 06/19/23 | (19643427) | 95943 |
|  Bank Accept Index | (85) | 09/18/23 | (14936208) | 38207 |
|  Brent Crude | (23) | 01/31/23 | (1975930) | (170034) |
|  Cattle Feeder | (12) | 03/30/23 | (1117350) | (17888) |
|  CBOE Volatility Index | (112) | 01/18/23 | (2586987) | 841776 |
|  CBOE Volatility Index | (133) | 02/15/23 | (3264525) | 397185 |
|  CBOE Volatility Index | (134) | 03/22/23 | (3396967) | (33560) |
|  Coffee | (21) | 03/21/23 | (1317487) | (32041) |
|  Cotton No.2 | (23) | 03/09/23 | (958755) | 28283 |
|  Euro Buxl 30 Year Bonds | (14) | 03/08/23 | (2026746) | 79150 |
|  Eurodollars | (319) | 03/13/23 | (78082875) | 85412 |
|  Eurodollars | (267) | 06/19/23 | (65186149) | 216054 |
|  Eurodollars | (238) | 09/18/23 | (58097119) | 213547 |
|  Eurodollars | (221) | 12/18/23 | (54218661) | 175447 |
|  Eurodollars | (178) | 03/18/24 | (44206357) | 115794 |
|  Eurodollars | (175) | 06/17/24 | (43606204) | 82831 |
|  Eurodollars | (146) | 09/16/24 | (36644789) | 57342 |
|  Eurodollars | (137) | 12/16/24 | (34486593) | 38529 |
|  Euro-Schatz | (148) | 03/08/23 | (16701324) | 60718 |
|  French 10 Year Government Bonds | (32) | 03/08/23 | (4360583) | 78339 |
|  Italian 10 Year Government Bonds | (28) | 03/08/23 | (3264614) | 32135 |
|  Japan 10 Year Government Bonds | (13) | 03/13/23 | (14408564) | 3619 |
|  Lead | (35) | 01/16/23 | (2032187) | (168633) |
|  Lean Hogs | (1) | 02/14/23 | (35080) | (2427) |
|  Nasdaq 100 E-Mini Index | (12) | 03/17/23 | (2645340) | 39877 |
|  Natural Gas | (25) | 01/27/23 | (1118750) | 188291 |
|  Nickel | (4) | 01/16/23 | (717624) | 34500 |
|  Primary Aluminum | (26) | 01/16/23 | (1527181) | (9941) |
|  Primary Aluminum | (12) | 02/13/23 | (707853) | (235) |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | (52) | 03/17/23 | $(10038600) | $(38534) |
|  Wheat | (60) | 03/14/23 | (2376000) | 44914 |
|  WTI Crude | (38) | 01/20/23 | (3049880) | (310005) |
|  Zinc | (25) | 01/16/23 | (1868906) | (59608) |
|  Zinc | (19) | 02/13/23 | (1417044) | 58171 |
|  **Total** |  |  |  | $2729306 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(2229547) |

---

SWAP CONTRACTS — At December 31, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2022<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 4.832% | 12/20/27 | $16250 | $132755 | $(438307) | $571062 |
|  CDX.NA.IG Index 39 | 1.000 | 0.813 | 12/20/27 | 104000 | 893270 | 87774 | 805496 |
|  ICE CD ITXEB 38 | 1.000 | 0.905 | 12/20/27 | 94850 | 467803 | (931170) | 1398973 |
|  ICE CD ITXEX 38 | 5.000 | 4.750 | 12/20/27 | 14200 | 172385 | (497515) | 669900 |
|  **TOTAL** |  |  |  |  | $1666213 | $(1779218) | $3445431 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of
payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term
of the swap contract increase.

**The accompanying notes are an integral part of these financial statements. 35** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/**<br> **Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund** | **Counterparty** | **Termination**<br> **Date<sup>#</sup>** | **Notional**<br> **Amount**<br> **(000s)** | **Unrealized<br>Application/<br>(Depreciation)\*** |
|  AMZX Index | 1M USD LIBOR+0.520% | BofA Securities LLC | 12/13/23 | $6407 | $73293 |
|  MSCI WORLD DAILY NET RTN INDEX | 1M USD LIBOR+0.190 | BofA Securities LLC | 10/13/23 | 27787 | 389094 |
|  NDDUWI Index | 1M SOFR+0.060 | BofA Securities LLC | 02/10/23 | 133485 | 1881196 |
|  NDDUWI Index | 1M USD LIBOR-0.050 | BofA Securities LLC | 04/12/23 | 33942 | 477222 |
|  NDUGWI Index | 1M USD LIBOR+0.180 | BofA Securities LLC | 06/12/23 | 45700 | (1302016) |
|  NDUGWI Index | 1M USD LIBOR+0.090 | BofA Securities LLC | 11/10/23 | 77777 | (2214048) |
|  RU10INTR Index | 1M SOFR+0.370 | BofA Securities LLC | 02/02/23 | 30574 | 1889689 |
|  BCOMRS Index | 1M SOFR+0.010 | JPMorgan Securities, Inc. | 12/08/23 | 7185 | 24875 |
|  JPGSGLHN Index | 1M USD LIBOR-0.040 | JPMorgan Securities, Inc. | 11/22/23 | 34178 | (381429) |
|  JPGSGLMN Index | 1M USD LIBOR-0.020 | JPMorgan Securities, Inc. | 05/22/23 | 21203 | (180135) |
|  JPGSGLTN Index | 1M USD LIBOR-0.070 | JPMorgan Securities, Inc. | 11/22/23 | 31638 | (1218977) |
|  JPGSMARB Index | 1M USD LIBOR+0.780 | JPMorgan Securities, Inc. | 08/11/23 | 144255 | 704975 |
|  M1WO Index | 1M USD LIBOR-0.050 | JPMorgan Securities, Inc. | 03/10/23 | 16659 | 233920 |
|  NDDUWI Index | 1M SOFR+0.030 | JPMorgan Securities, Inc. | 01/13/23 | 53197 | 749121 |
|  NDDUWI Index | 1M SOFR-0.050 | JPMorgan Securities, Inc. | 02/28/23-03/10/23 | 158313 | 2224797 |
|  NDDUWI Index | 1M USD LIBOR-0.110 | JPMorgan Securities, Inc. | 09/13/23 | 9195 | 129084 |
|  NDUGWI Index | 1M USD LIBOR-0.140 | JPMorgan Securities, Inc. | 10/13/23 | (52251) | (1482247) |
|  NDUGWI Index | 1M USD LIBOR+0.110 | JPMorgan Securities, Inc. | 06/12/23 | 22445 | (638467) |
|  SXXGT Index | 1M USD LIBOR+0.180 | JPMorgan Securities, Inc. | 06/19/23 | &nbsp;&nbsp;&nbsp;&nbsp;26025 | 283517 |
|  TUKXG Index | 1M SONIA+0.170 | JPMorgan Securities, Inc. | 03/16/23 | 8952 | (31905) |
|  **TOTAL** |  |  |  |  | $1611559 |

---

\* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

(a) Payments made monthly.

**A basket (JPGSMARB) of common stocks** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Sector** | **Shares** | **Value** | **Weight** |
|  Tower Semiconductor Ltd | Information Technology | 811 | $35056 | 3.6 |
|  Cowen Inc | Financials | 915 | 35334 | 3.6 |
|  ForgeRock Inc | Information Technology | 1561 | 35547 | 3.6 |
|  1Life Healthcare Inc | Health Care | 2128 | 35555 | 3.6 |
|  MoneyGram International Inc | Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 | 35608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
|  Maxar Technologies Inc | Industrials | 688 | 35620 | 3.7 |
|  KnowBe4 Inc | Information Technology | 1438 | 35626 | 3.7 |
|  LHC Group Inc | Health Care | 220 | 35643 | 3.7 |
|  Poshmark Inc | Consumer Discretionary | 1994 | 35660 | 3.7 |
|  STORE Capital Corp | Financials | 1112 | 35663 | 3.7 |
|  First Horizon Corp | Financials | 1456 | 35670 | 3.7 |
|  Evo Payments Inc | Information Technology | 1054 | 35672 | 3.7 |
|  Atlas Air Worldwide Holdings Inc | Industrials | 354 | 35676 | 3.7 |
|  Aerojet Rocketdyne Holdings Inc | Industrials | 639 | 35723 | 3.7 |
|  Altra Industrial Motion Corp | Industrials | 598 | 35724 | 3.7 |
|  iRobot Corp | Consumer Discretionary | 743 | 35744 | 3.7 |
|  Signify Health Inc | Health Care | 1249 | 35803 | 3.7 |
|  Horizon Therapeutics Plc | Health Care | 315 | 35893 | 3.7 |
|  Activision Blizzard Inc | Communication Services | 469 | 35922 | 3.7 |
|  South Jersey Industries Inc | Utilities | 1011 | 35934 | 3.7 |
|  Coupa Software Inc | Information Technology | 454 | 35977 | 3.7 |
|  VMware Inc | Information Technology | 294 | 36034 | 3.7 |
|  OZ Minerals Ltd | Materials | 1300 | 36272 | 3.7 |
|  TEGNA Inc | Communication Services | 1721 | 36466 | 3.7 |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

**A basket (JPGSMARB) of common stocks (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Sector** | **Shares** | **Value** | **Weight** |
|  Resolute Forest Products Inc | Materials | 1705 | $36817 | 3.8 |
|  Black Knight Inc | Information Technology | 601 | 37082 | 3.8 |
|  Shaw Communications Inc | Communication Services | 1001 | 39050 | 4.0 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED INDEX OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $32.50 | 01/18/2023 | 1120 | $3640000 | $33040 | $428960 | $(395920) |
|  CBOE Volatility Index | 30.00 | 02/15/2023 | 1330 | 3990000 | 161595 | 384370 | (222775) |
|  CBOE Volatility Index | 28.00 | 03/22/2023 | 1340 | 3752000 | 308870 | 340360 | (31490) |
|  **Total purchased option contracts** |  |  | 3790 | $11761000 | $503505 | $1153690 | $(650185) |
|  **TOTAL** |  |  | 3790 | $11761000 | $503505 | $1153690 | $(650185) |

---

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $3300.000 | 01/31/2023 | 4 | $1320000 | $1360 | $4251 | $(2891) |
|  S&P 500 Index | 3325.000 | 01/31/2023 | 11 | 3657500 | 4180 | 5178 | (998) |
|  S&P 500 Index | 3380.000 | 01/31/2023 | 14 | 4732000 | 6930 | 7151 | (221) |
|  S&P 500 Index | 3425.000 | 01/31/2023 | 7 | 2397500 | 4515 | 8510 | (3995) |
|  **Total purchased option contracts** |  |  | 36 | $12107000 | $16985 | $25090 | $(8105) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3705.000 | 01/31/2023 | (11) | (4075500) | (45100) | (41830) | (3270) |
|  S&P 500 Index | 3715.000 | 01/31/2023 | (14) | (5201000) | (60900) | (63450) | 2550 |
|  S&P 500 Index | 3845.000 | 01/31/2023 | (4) | (1538000) | (35460) | (35745) | 285 |
|  S&P 500 Index | 3935.000 | 01/31/2023 | (7) | (2754500) | (95375) | (86725) | (8650) |
|  **Total written option contracts** |  |  | (36) | $(13569000) | $(236835) | $(227750) | $(9085) |
|  **TOTAL** |  |  | - | $(1462000) | $(219850) | $(202660) | $(17190) |

---

**The accompanying notes are an integral part of these financial statements. 37** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| IDR | —Indonesia Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| PHP | —Philippines Peso |
| USD | —U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | —Assured Guaranty Corp. |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BOFA | —BofA Securities LLC |
| CDX.NA.HY Ind 39 | —CDX North America Investment Grade Index 39 |
| CDX.NA.IG Ind 39 | —CDX North America Investment Grade Index 39 |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| ICE CD ITXEB 38 | —iTraxx Europe Index 38 |
| ICE CD ITXEX | —iTraxx Europe Crossover Index |
| ICE CD ITXEX 38 | —iTraxx Ex-Japan Index 38 |
| LIBOR | —London Interbank Offered Rate |
| SOFR | —Secured Overnight Funding Rate |
| SONIA | —Sterling Overnight Index Average |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 7.6%** | **Investment Company<sup>(a)</sup> – 7.6%** | **Investment Company<sup>(a)</sup> – 7.6%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 72571959 | 4.159% | $72571959 |
| **(Cost $72,571,959)** | **(Cost $72,571,959)** | **(Cost $72,571,959)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 93.0%** | **Short-term Investments<sup>(b)</sup> – 93.0%** | **Short-term Investments<sup>(b)</sup> – 93.0%** | **Short-term Investments<sup>(b)</sup> – 93.0%** |
|  **U.S. Treasury Obligations – 93.0%** | **U.S. Treasury Obligations – 93.0%** | **U.S. Treasury Obligations – 93.0%** | **U.S. Treasury Obligations – 93.0%** |
|  United States Treasury Bills | United States Treasury Bills |  |  |
| $17700000 | 0.000%<sup>(c)</sup> | 01/17/23 | $17674678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000000 | 0.000<sup>(c)</sup> | 01/24/23 | 83811803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88800000 | 0.000<sup>(c)</sup> | 01/31/23 | 88527877 |
| &nbsp;&nbsp;&nbsp;&nbsp;151300000 | 0.000<sup>(c)</sup> | 02/07/23 | 150724874 |
| &nbsp;&nbsp;&nbsp;&nbsp;103000000 | 0.000<sup>(c)</sup> | 02/14/23 | 102515808 |
| &nbsp;&nbsp;&nbsp;&nbsp;100000000 | 0.000<sup>(c)</sup> | 02/28/23 | 99333153 |
| &nbsp;&nbsp;&nbsp;&nbsp;111000000 | 0.000<sup>(c)</sup> | 03/07/23 | 110181255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87100000 | 0.000<sup>(c)</sup> | 03/21/23 | 86312553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 0.000 | 03/23/23 | 9906925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92100000 | 0.000<sup>(c)</sup> | 04/04/23 | 91106103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 0.000 | 04/11/23 | 9881447 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** |
|  **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| $20000000<br> 0.000%<sup>(c)</sup> | 04/13/23 | $19774167 |
| &nbsp;&nbsp;&nbsp;&nbsp;20000000<br> 0.000<sup>(c)</sup> | 04/20/23 | 19739247 |
|  **TOTAL SHORT- TERM INVESTMENTS** | **TOTAL SHORT- TERM INVESTMENTS** |  |
|  **(Cost $889,334,960)** | **(Cost $889,334,960)** | $889489890 |
|  **TOTAL INVESTMENTS – 100.6%** | **TOTAL INVESTMENTS – 100.6%** |  |
|  **(Cost $961,906,919)** | **(Cost $961,906,919)** | $962061849 |
|  **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.6)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.6)%** | (5818032 ) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $956243817  |

---

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

(a) Represents an Affiliated Issuer.

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

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

 **ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Brent Crude | 853 | 01/31/23 | $73281230 | $3357533 |
|  Copper | 42 | 05/26/23 | 4005225 | (572) |
|  Corn | 261 | 03/14/23 | 8854425 | 124209 |
|  Gasoil | 96 | 01/12/23 | 8841600 | 207359 |
|  Gasoil | 274 | 02/10/23 | 24824400 | (516294) |
|  Gold 100 Oz | 178 | 02/24/23 | 32506360 | 1135191 |
|  Lean Hogs | 145 | 04/17/23 | 5527400 | 3909 |
|  Natural Gas | 933 | 01/27/23 | 41751750 | (19121481) |
|  Natural Gas | 1529 | 02/24/23 | 62750160 | (24972073) |
|  Nickel | 133 | 01/16/23 | 23860998 | 474447 |
|  Platinum | 185 | 04/26/23 | 10016825 | 752032 |
|  Primary Aluminum | 830 | 01/16/23 | 48752333 | (878746) |
|  Primary Aluminum | 1004 | 03/13/23 | 59537451 | (178190) |
|  Primary Aluminum | 830 | 06/19/23 | 49914125 | (423453) |
|  Silver | 365 | 03/29/23 | 43873000 | 5320927 |
|  Soybean Meal | 518 | 03/14/23 | 24397800 | 890559 |
|  Soybean Oil | 503 | 03/14/23 | 19336326 | 352050 |
|  Wheat | 735 | 03/14/23 | 29528400 | (1095304) |
|  WTI Crude | 564 | 01/20/23 | 45266640 | 2732443 |
|  Zinc | 425 | 01/16/23 | 31771406 | (3143504 ) |
|  **Total** |  |  |  | $(34978958 ) |
|  **Short position contracts:** |  |  |  |  |
|  Cocoa | (1404) | 03/16/23 | (36504000) | (3093678) |
|  Coffee | (193) | 05/18/23 | (12083006) | (23040) |

---

**The accompanying notes are an integral part of these financial statements. 39** 

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments (continued)
*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  Cotton No.2 | (376) | 05/08/23 | $(15688600) | $222889 |
|  Gasoline RBOB | (33) | 03/31/23 | (3646427) | 106504 |
|  Gasoline RBOB | (29) | 04/28/23 | (3192378) | (405206) |
|  Live Cattle | (383) | 02/28/23 | (24190280) | (525488) |
|  Natural Gas | (792) | 03/29/23 | (31022640) | 7245581 |
|  Natural Gas | (417) | 04/26/23 | (16392270) | 4253344 |
|  NY Harbor ULSD | (1) | 02/28/23 | (133526) | 9170 |
|  NY Harbor ULSD | (27) | 03/31/23 | (3470153) | 211663 |
|  NY Harbor ULSD | (23) | 04/28/23 | (2878970) | (327562) |
|  Oranges | (13) | 03/13/23 | (398190) | 4714 |
|  Primary Aluminum | (830) | 01/16/23 | (48752333) | 404807 |
|  Primary Aluminum | (978) | 03/13/23 | (57995645) | 583886 |
|  Primary Aluminum | (1004) | 06/19/23 | (60378050) | (197266) |
|  Soybean | (163) | 03/14/23 | (12420600) | (354098) |
|  Sugar 11 | (1092) | 02/28/23 | (24509722) | (2547544) |
|  WTI Crude | (584) | 03/21/23 | (47029520) | (2178588) |
|  WTI Crude<br>| (1692 ) | 04/20/23  | (136121400 ) | (8979257 ) |
|  **Total** |  |  |  | $(5589169) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(40568127) |

---

SWAP CONTRACTS — At December 31, 2022, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS<sup>#</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Application/<br>(Depreciation)\*** |
|  CRB 3M Forward Index | 3M USD LIBOR + 0.024% | Citibank NA | 01/31/23 | $294318 | $— |
|  CRB 3M Forward Index | 3M USD LIBOR + 0.025% | Merrill Lynch & Co., Inc. | 01/31/23 | 285997 | (70730) |
|  CRB 3M Forward Index | 3M USD LIBOR + 0.025% | UBS AG (London) | 01/31/23 | 256240 | (63371) |
|  **TOTAL** |  |  |  |  | $(134101 ) <br>|

---

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made monthly.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | —London Interbank Offered Rate |

---

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

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.4%** | **Common Stocks – 95.4%** | **Common Stocks – 95.4%** |
| **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** |
| 96 | General Dynamics Corp. | $23819 |
| 267 | Howmet Aerospace, Inc. | 10523 |
| 53 | L3Harris Technologies, Inc. | 11035 |
| 58 | Lockheed Martin Corp. | 28216 |
| 334 | Raytheon Technologies Corp. | 33707 |
| 17 | TransDigm Group, Inc. | 10704 |
|  |  | 118004 |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| 51 | Expeditors International of Washington, Inc. | 5300 |
| 168 | United Parcel Service, Inc. Class B | 29205 |
|  |  | 34505 |
| **Automobiles\* – 1.1%** | **Automobiles\* – 1.1%** | **Automobiles\* – 1.1%** |
| 485 | Tesla, Inc. | 59742 |
| **Banks – 2.2%** | **Banks – 2.2%** | **Banks – 2.2%** |
| 551 | JPMorgan Chase & Co. | 73889 |
| 81 | The PNC Financial Services Group, Inc. | 12793 |
| 856 | Wells Fargo & Co. | 35345 |
|  |  | 122027 |
| **Beverages – 3.1%** | **Beverages – 3.1%** | **Beverages – 3.1%** |
| 80 | Brown-Forman Corp. Class B | 5254 |
| 73 | Constellation Brands, Inc. Class A | 16918 |
| 542 | Keurig Dr Pepper, Inc. | 19328 |
| 119 | Molson Coors Beverage Co. Class B | 6131 |
| 136 | Monster Beverage Corp.\* | 13808 |
| 313 | PepsiCo, Inc. | 56546 |
| 900 | The Coca-Cola Co. | 57249 |
|  |  | 175234 |
| **Biotechnology – 2.9%** | **Biotechnology – 2.9%** | **Biotechnology – 2.9%** |
| 335 | AbbVie, Inc. | 54139 |
| 139 | Amgen, Inc. | 36507 |
| 263 | Gilead Sciences, Inc. | 22579 |
| 31 | Regeneron Pharmaceuticals, Inc.\* | 22366 |
| 80 | Vertex Pharmaceuticals, Inc.\* | 23102 |
|  |  | 158693 |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| 409 | Carrier Global Corp. | 16871 |
| 79 | Trane Technologies PLC | 13279 |
|  |  | 30150 |
| **Capital Markets – 2.6%** | **Capital Markets – 2.6%** | **Capital Markets – 2.6%** |
| 39 | Ameriprise Financial, Inc. | 12143 |
| 89 | CME Group, Inc. | 14966 |
| 18 | FactSet Research Systems, Inc. | 7222 |
| 201 | Intercontinental Exchange, Inc. | 20621 |
| 299 | Morgan Stanley | 25421 |
| 33 | MSCI, Inc. | 15351 |
| 149 | Nasdaq, Inc. | 9141 |
| 106 | Raymond James Financial, Inc. | 11326 |
| 350 | The Charles Schwab Corp. | 29141 |
|  |  | 145332 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** |
| 72 | Air Products & Chemicals, Inc. | $22195 |
| 304 | Corteva, Inc. | 17869 |
| 81 | Ecolab, Inc. | 11790 |
| 97 | Linde PLC | 31639 |
| 81 | The Sherwin-Williams Co. | 19224 |
|  |  | 102717 |
| **Commerical Services & Supplies – 1.1%** | **Commerical Services & Supplies – 1.1%** |  |
| 45 | Cintas Corp. | 20323 |
| 108 | Republic Services, Inc. | 13931 |
| 150 | Rollins, Inc. | 5481 |
| 152 | Waste Management, Inc. | 23846 |
|  |  | 63581 |
| **Communications Equipment – 1.2%** | **Communications Equipment – 1.2%** |  |
| 90 | Arista Networks, Inc.\* | 10921 |
| 812 | Cisco Systems, Inc. | 38684 |
| 77 | Motorola Solutions, Inc. | 19844 |
|  |  | 69449 |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |  |
| 50 | Vulcan Materials Co. | 8756 |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |  |
| 121 | American Express Co. | 17878 |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |  |
| 494 | Amcor PLC | 5884 |
| 37 | Avery Dennison Corp. | 6697 |
|  |  | 12581 |
| **Distributors – 0.2%** | **Distributors – 0.2%** |  |
| 73 | Genuine Parts Co. | 12666 |
| **Diversified Financial Services\* – 1.7%** | **Diversified Financial Services\* – 1.7%** |  |
| 308 | Berkshire Hathaway, Inc. Class B | 95141 |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |  |
| 1330 | AT&T, Inc. | 24485 |
| **Electric Utilities – 2.9%** | **Electric Utilities – 2.9%** |  |
| 72 | Alliant Energy Corp. | 3975 |
| 200 | American Electric Power Co., Inc. | 18990 |
| 244 | Duke Energy Corp. | 25129 |
| 72 | Entergy Corp. | 8100 |
| 95 | Eversource Energy | 7965 |
| 294 | Exelon Corp. | 12710 |
| 274 | FirstEnergy Corp. | 11492 |
| 444 | NextEra Energy, Inc. | 37118 |
| 270 | The Southern Co. | 19281 |
| 211 | Xcel Energy, Inc. | 14793 |
|  |  | 159553 |
| **Electrical Equipment – 1.1%** | **Electrical Equipment – 1.1%** |  |
| 78 | AMETEK, Inc. | 10898 |
| 108 | Eaton Corp. PLC | 16951 |
| 211 | Emerson Electric Co. | 20269 |
| 48 | Rockwell Automation, Inc. | 12363 |
|  |  | 60481 |

---

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

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – 1.4%** | **Electronic Equipment, Instruments & Components – 1.4%** | **Electronic Equipment, Instruments & Components – 1.4%** |
| 219 | Amphenol Corp. Class A | $16675 |
| 46 | CDW Corp. | 8215 |
| 200 | Corning, Inc. | 6388 |
| 99 | Keysight Technologies, Inc.\* | 16936 |
| 162 | TE Connectivity Ltd. | 18597 |
| 15 | Teledyne Technologies, Inc.\* | 5999 |
| 81 | Trimble, Inc.\* | 4095 |
|  |  | 76905 |
| **Entertainment – 1.5%** | **Entertainment – 1.5%** |  |
| 105 | Electronic Arts, Inc. | 12829 |
| 90 | Netflix, Inc.\* | 26539 |
| 63 | Take-Two Interactive Software, Inc.\* | 6560 |
| 418 | The Walt Disney Co.\* | 36316 |
|  |  | 82244 |
| **Equity Real Estate Investment Trusts (REITs) – 1.3%** | **Equity Real Estate Investment Trusts (REITs) – 1.3%** | **Equity Real Estate Investment Trusts (REITs) – 1.3%** |
| 50 | AvalonBay Communities, Inc. | 8076 |
| 31 | Equinix, Inc. | 20306 |
| 105 | Equity Residential | 6195 |
| 271 | Healthpeak Properties, Inc. | 6794 |
| 53 | Public Storage | 14850 |
| 108 | Regency Centers Corp. | 6750 |
| 24 | SBA Communications Corp. | 6727 |
|  |  | 69698 |
| **Food & Staples Retailing – 2.2%** | **Food & Staples Retailing – 2.2%** |  |
| 100 | Costco Wholesale Corp. | 45650 |
| 223 | Sysco Corp. | 17048 |
| 186 | The Kroger Co. | 8292 |
| 364 | Walmart, Inc. | 51612 |
|  |  | 122602 |
| **Food Products – 2.4%** | **Food Products – 2.4%** |  |
| 113 | Campbell Soup Co. | 6413 |
| 233 | Conagra Brands, Inc. | 9017 |
| 196 | General Mills, Inc. | 16435 |
| 225 | Hormel Foods Corp. | 10249 |
| 179 | Kellogg Co. | 12707 |
| 65 | Lamb Weston Holdings, Inc. | 5808 |
| 109 | McCormick & Co., Inc. | 9035 |
| 466 | Mondelez International, Inc. Class A | 31059 |
| 87 | The Hershey Co. | 20146 |
| 349 | The Kraft Heinz Co. | 14208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135077 |
| **Health Care Equipment & Supplies – 4.2%** | **Health Care Equipment & Supplies – 4.2%** |  |
| 453 | Abbott Laboratories | 49735 |
| 102 | Becton Dickinson & Co. | 25938 |
| 451 | Boston Scientific Corp.\* | 20868 |
| 109 | Dexcom, Inc.\* | 12343 |
| 227 | Edwards Lifesciences Corp.\* | 16936 |
| 142 | Hologic, Inc.\* | 10623 |
| 30 | IDEXX Laboratories, Inc.\* | 12239 |
| 79 | Intuitive Surgical, Inc.\* | 20963 |
| 276 | Medtronic PLC | 21451 |
| 60 | ResMed, Inc. | 12488 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 67 | Stryker Corp. | $16381 |
| 107 | Zimmer Biomet Holdings, Inc. | 13642 |
|  |  | 233607 |
| **Health Care Providers & Services – 5.5%** | **Health Care Providers & Services – 5.5%** |  |
| 57 | AmerisourceBergen Corp. | 9445 |
| 185 | Cardinal Health, Inc. | 14221 |
| 157 | Centene Corp.\* | 12876 |
| 68 | Cigna Corp. | 22531 |
| 303 | CVS Health Corp. | 28237 |
| 59 | Elevance Health, Inc. | 30265 |
| 65 | HCA Healthcare, Inc. | 15597 |
| 70 | Henry Schein, Inc.\* | 5591 |
| 45 | Humana, Inc. | 23049 |
| 61 | McKesson Corp. | 22882 |
| 25 | Molina Healthcare, Inc.\* | 8255 |
| 79 | Quest Diagnostics, Inc. | 12359 |
| 188 | UnitedHealth Group, Inc. | 99674 |
|  |  | 304982 |
| **Hotels, Restaurants & Leisure – 2.7%** | **Hotels, Restaurants & Leisure – 2.7%** |  |
| 15 | Chipotle Mexican Grill, Inc.\* | 20812 |
| 38 | Darden Restaurants, Inc. | 5257 |
| 24 | Domino's Pizza, Inc. | 8314 |
| 140 | Hilton Worldwide Holdings, Inc. | 17690 |
| 90 | Marriott International, Inc. Class A | 13400 |
| 179 | McDonald's Corp. | 47172 |
| 295 | Starbucks Corp. | 29264 |
| 78 | Yum! Brands, Inc. | 9990 |
|  |  | 151899 |
| **Household Products – 2.2%** | **Household Products – 2.2%** |  |
| 64 | Church & Dwight Co., Inc. | 5159 |
| 210 | Colgate-Palmolive Co. | 16546 |
| 150 | Kimberly-Clark Corp. | 20363 |
| 46 | The Clorox Co. | 6455 |
| 473 | The Procter & Gamble Co. | 71688 |
|  |  | 120211 |
| **Industrial Conglomerates – 1.0%** | **Industrial Conglomerates – 1.0%** |  |
| 233 | General Electric Co. | 19523 |
| 175 | Honeywell International, Inc. | 37503 |
|  |  | 57026 |
| **Insurance – 2.1%** | **Insurance – 2.1%** |  |
| 59 | Aon PLC Class A | 17708 |
| 58 | Arthur J. Gallagher & Co. | 10935 |
| 80 | Chubb Ltd. | 17648 |
| 180 | Marsh & McLennan Cos., Inc. | 29786 |
| 132 | MetLife, Inc. | 9553 |
| 111 | The Progressive Corp. | 14398 |
| 53 | The Travelers Cos., Inc. | 9937 |
| 119 | W.R. Berkley Corp. | 8636 |
|  |  | 118601 |
| **Interactive Media & Services\* – 3.9%** | **Interactive Media & Services\* – 3.9%** |  |
| 1908 | Alphabet, Inc. Class A | 168343 |

---

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

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Interactive Media & Services\* – (continued)** | **Interactive Media & Services\* – (continued)** | **Interactive Media & Services\* – (continued)** |
| 395 | Meta Platforms, Inc. Class A | $47534 |
|  |  | 215877 |
| **IT Services – 5.7%** | **IT Services – 5.7%** |  |
| 156 | Accenture PLC Class A | 41627 |
| 96 | Automatic Data Processing, Inc. | 22931 |
| 130 | Cognizant Technology Solutions Corp. Class A | 7435 |
| 197 | Fiserv, Inc.\* | 19911 |
| 32 | Gartner, Inc.\* | 10756 |
| 187 | International Business Machines Corp. | 26346 |
| 57 | Jack Henry & Associates, Inc. | 10007 |
| 187 | Mastercard, Inc. Class A | 65025 |
| 153 | Paychex, Inc. | 17681 |
| 232 | PayPal Holdings, Inc.\* | 16523 |
| 24 | VeriSign, Inc.\* | 4931 |
| 349 | Visa, Inc. Class A | 72508 |
|  |  | 315681 |
| **Life Sciences Tools & Services – 2.4%** | **Life Sciences Tools & Services – 2.4%** |  |
| 111 | Agilent Technologies, Inc. | 16611 |
| 154 | Danaher Corp. | 40875 |
| 63 | IQVIA Holdings, Inc.\* | 12908 |
| 6 | Mettler-Toledo International, Inc.\* | 8673 |
| 48 | PerkinElmer, Inc. | 6730 |
| 82 | Thermo Fisher Scientific, Inc. | 45157 |
|  |  | 130954 |
| **Machinery – 2.8%** | **Machinery – 2.8%** |  |
| 96 | Caterpillar, Inc. | 22998 |
| 61 | Cummins, Inc. | 14780 |
| 54 | Deere & Co. | 23153 |
| 88 | Dover Corp. | 11916 |
| 217 | Fortive Corp. | 13942 |
| 30 | IDEX Corp. | 6850 |
| 77 | Illinois Tool Works, Inc. | 16963 |
| 227 | Otis Worldwide Corp. | 17776 |
| 42 | Parker-Hannifin Corp. | 12222 |
| 40 | Snap-on, Inc. | 9140 |
| 63 | Xylem, Inc. | 6966 |
|  |  | 156706 |
| **Media – 0.6%** | **Media – 0.6%** |  |
| 807 | Comcast Corp. Class A | 28221 |
| 191 | Fox Corp. Class A | 5801 |
|  |  | 34022 |
| **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** |  |
| 59 | Dollar General Corp. | 14529 |
| 78 | Dollar Tree, Inc.\* | 11032 |
|  |  | 25561 |
| **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** |  |
| 102 | Ameren Corp. | 9070 |
| 119 | CMS Energy Corp. | 7536 |
| 186 | Dominion Energy, Inc. | 11405 |
| 111 | DTE Energy Co. | 13046 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** |
| 141 | Public Service Enterprise Group, Inc. | $8639 |
| 118 | Sempra Energy | 18236 |
| 108 | WEC Energy Group, Inc. | 10126 |
|  |  | 78058 |
| **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** |  |
| 225 | ConocoPhillips | 26550 |
| 234 | Coterra Energy, Inc. | 5749 |
| 152 | Devon Energy Corp. | 9350 |
| 777 | Exxon Mobil Corp. | 85703 |
| 119 | ONEOK, Inc. | 7818 |
| 256 | The Williams Cos., Inc. | 8423 |
|  |  | 143593 |
| **Personal Products – 0.3%** | **Personal Products – 0.3%** |  |
| 57 | The Estee Lauder Cos., Inc. Class A | 14142 |
| **Pharmaceuticals – 4.7%** | **Pharmaceuticals – 4.7%** |  |
| 428 | Bristol-Myers Squibb Co. | 30795 |
| 174 | Eli Lilly & Co. | 63656 |
| 498 | Johnson & Johnson | 87972 |
| 481 | Merck & Co., Inc. | 53367 |
| 181 | Zoetis, Inc. | 26525 |
|  |  | 262315 |
| **Professional Services – 0.2%** | **Professional Services – 0.2%** |  |
| 38 | Leidos Holdings, Inc. | 3997 |
| 40 | Verisk Analytics, Inc. | 7057 |
|  |  | 11054 |
| **Road & Rail – 1.3%** | **Road & Rail – 1.3%** |  |
| 429 | CSX Corp. | 13291 |
| 64 | Norfolk Southern Corp. | 15771 |
| 39 | Old Dominion Freight Line, Inc. | 11067 |
| 158 | Union Pacific Corp. | 32717 |
|  |  | 72846 |
| **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** |
| 73 | Broadcom, Inc. | 40816 |
| 48 | Enphase Energy, Inc.\* | 12718 |
| 436 | NVIDIA Corp. | 63717 |
| 204 | QUALCOMM, Inc. | 22428 |
| 212 | Texas Instruments, Inc. | 35027 |
|  |  | 174706 |
| **Software – 2.4%** | **Software – 2.4%** |  |
| 63 | Autodesk, Inc.\* | 11773 |
| 223 | Fortinet, Inc.\* | 10902 |
| 55 | Intuit, Inc. | 21407 |
| 284 | Oracle Corp. | 23214 |
| 15 | Paycom Software, Inc.\* | 4655 |
| 34 | Roper Technologies, Inc. | 14691 |
| 217 | Salesforce, Inc.\* | 28772 |
| 44 | ServiceNow, Inc.\* | 17084 |
|  |  | 132498 |
| **Specialty Retail – 3.2%** | **Specialty Retail – 3.2%** |  |
| 9 | AutoZone, Inc.\* | 22196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 43** 

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | <br> **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |
| 135 | Lowe's Cos., Inc. | $26897 |
| 29 | O'Reilly Automotive, Inc.\* | 24477 |
| 181 | The Home Depot, Inc. | 57171 |
| 303 | The TJX Cos., Inc. | 24119 |
| 51 | Tractor Supply Co. | 11473 |
| 25 | Ulta Beauty, Inc.\* | 11727 |
|  |  | 178060 |
| **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** |
| 2515 | Apple, Inc. | 326774 |
| 65 | NetApp, Inc. | 3904 |
|  |  | 330678 |
| **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** |  |
| 298 | NIKE, Inc. Class B | 34869 |
| **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** |  |
| 287 | Fastenal Co. | 13581 |
| 22 | W.W. Grainger, Inc. | 12237 |
|  |  | 25818 |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |  |
| 51 | American Water Works Co., Inc. | 7773 |
| **Wireless Telecommunication Services\* – 0.5%** | **Wireless Telecommunication Services\* – 0.5%** |  |
| 186 | T-Mobile US, Inc. | 26040 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $5,503,977)** | **(Cost $5,503,977)** | $5315078 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 5.0%** | **Investment Company<sup>(a)</sup> – 5.0%** | **Investment Company<sup>(a)</sup> – 5.0%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 278504 | 4.159% | $278504 |
|  **(Cost $278,504)** | **(Cost $278,504)** |  |
|  **TOTAL INVESTMENTS – 100.4%** | **TOTAL INVESTMENTS – 100.4%** |  |
|  **(Cost $5,782,481)** | **(Cost $5,782,481)** | $5593582 |
|  **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.4)%** |  | (24983) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $5568599 |

---

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.

 **ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 2 | 03/17/23 | $386100 | $(16389) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $3740.000 | 01/31/2023 | 15 | $5610000 | $73425 | $93082 | $(19657) |
|  **Total purchased option contract** |  |  | 15 | $5610000 | $73425 | $93082 | $(19657) |

---

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

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $3980.000 | 01/31/2023 | (15) | $(5970000) | $(53400) | $(38742) | $(14658) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3535.000 | 01/31/2023 | (15) | (5302500) | (19500) | (25581) | 6081 |
|  **Total written option contracts** |  |  | (30) | $(11272500) | $(72900) | $(64323) | $(8577) |
|  **TOTAL** |  |  | (15) | $(5662500) | $525 | $28759 | $(28234) |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |

---

&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. 45** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Statements of Assets and Liabilities
*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund<sup>(a)</sup>** | **Commodity<br>Strategy<br>Fund<sup>(a)</sup>** | **Defensive<br>Equity<br>Fund** |
|  Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,475,458,277, $889,334,960 and $5,503,977, respectively)<sup>(b)</sup> | $1476291204 | $889489890 | $5315078 |
|  Investments in affiliated issuers, at value (cost $1,824,635,728, $72,571,959 and $278,504, respectively) | 1824635728 | 72571959 | 278504 |
|  Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $43,069,598, $0 and $0, respectively) | 43069598 |  |  |
| Purchased options, at value (premium paid $1,178,780, $0 and $93,082, respectively) | 520490 |  | 73425 |
| Cash | 63938003 | 1475360 | 85864 |
| Foreign currencies, at value (cost $17,893,784, $0 and $0, respectively) | 18306028 |  |  |
| Unrealized gain on swap contracts | 9060783 |  |  |
| Unrealized gain on forward foreign currency exchange contracts | 117104 |  |  |
| Variation margin on futures contracts |  |  | 5350 |
| Variation margin on swaps contracts | 130628 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 88448910 |  | 23320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 47231204 |  | 694406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 9215331 | 2513188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7184815 | 295893 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 327143 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 283844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 77753 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 65963 | 21947 | 33086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment |  | 259328 |  |
| Other assets | 105781 | 374954 | 54402 |
| **Total assets** | 3589010310 | 967002519 | 6568398 |
|  **Liabilities:** |  |  |  |
| Unrealized loss on swap contracts | 7449224 | 134101 |  |
| Variation margin on futures contracts | 3174025 | 5165845 |  |
| Unrealized loss on forward foreign currency exchange contracts | 513703 |  |  |
| Written option contracts, at value (premium received $227,750, $0 and $64,323, respectively) | 236835 |  | 72900 |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 43069598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 27254217 | 295893 | 803027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 20936174 | 1130107 | 12908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1725891 | 426204 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 546033 | 3215676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 165950 | 56439 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 75410 |  |  |
| Accrued expenses | 679409 | 334437 | 107856 |
| **Total liabilities** | 105826469 | 10758702 | 999799 |
|  **Net Assets:** |  |  |  |
| Paid-in capital | 3838304339 | 966343238 | 6118242 |
| Total distributable loss | (355120498) | (10099421) | (549643) |
| **NET ASSETS** | $3483183841 | $956243817 | $5568599 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $41000743 | $35334494 | $236211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5573652 | 6197282 | 300909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2795271915 | 339163773 | 5031479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 248085390 | 115917793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 169335319 | 155511398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1485665 | 4207957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 222431157 | 299911120 |  |
| Total Net Assets | $3483183841 | $956243817 | $5568599 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4902682 | 3797527 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 746384 | 727077 | 32815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 320115815 | 35837969 | 120615 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 28809238 | 12242074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 19421568 | 16387900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 184719 | 463838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 25480767 | 31614300 |  |
| Net asset value, offering and redemption price per share:<sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.36 | $9.30 | $9.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7.47 | 8.52 | 9.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.73 | 9.46 | 41.72 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.61 | 9.47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.72 | 9.49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.04 | 9.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.73 | 9.49 |  |

---

\* On January 18, 2023, the Fund effected a 4.5 -for-1 reverse share split. Shares outstanding and net asset value has been adjusted to reflect the reverse share split.

(a) Statements of Assets and Liabilities for the Absolute Return Tracker Fund and Commodity Strategy Fund are
consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $42,079,521, $0 and $0, respectively.

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

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## &nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities (continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Options** |
|  <br> Absolute Return Tracker | $39610430 | $44367629 | $4470851 |
|  Defensive Equity | 23320 |  |  |

---

(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker, Commodity
Strategy and Defensive Equity Funds is $8.85, $9.74 and $9.81, 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.

**The accompanying notes are an integral part of these financial statements. 47** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Statements of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return**<br> **Tracker Fund<sup>(a)</sup>** | **Commodity**<br> **Strategy**<br> **Fund<sup>(a)</sup>** | **Defensive**<br> **Equity**<br> **Fund** |
|  **Investment Income:** |  |  |  |
|  Dividends — unaffiliated issuers (net of foreign taxes withheld of $343,719, $0 and $12,respectively) | $38480594 | $— | $78788 |
|  Dividends — affiliated issuers | 30106880 | 1992526 | 3394 |
|  Securities lending income — affiliated issuers | 971030 |  |  |
|  Interest | 268001 | 14175557 | 232 |
|  **Total investment income** | 69826505 | 16168083 | 82414 |
|  **Expenses:** |  |  |  |
|  Management fees | 24464785 | 5840407 | 31475 |
|  Transfer Agency fees<sup>(b)</sup> | 1853879 | 480929 | 3099 |
|  Custody, accounting and administrative services | 675959 | 271872 | 41071 |
|  Registration fees | 255931 | 208426 | 75855 |
|  Printing and mailing costs | 249650 | 41375 | 36522 |
|  Professional fees | 215977 | 197500 | 141458 |
|  Distribution and Service (12b-1) fees<sup>(b)</sup> | 181294 | 175563 | 2954 |
|  Prime broker fees | 41290 |  |  |
|  Trustee fees | 34642 | 29505 | 27444 |
|  Service fees — Class C | 17293 | 14907 | 713 |
|  Other | 85171 | 33181 | 82 |
|  **Total expenses** | 28075871 | 7293665 | 360673 |
|  Less — expense reductions | (3892012) | (1202409) | (322522) |
|  **Net expenses** | 24183859 | 6091256 | 38151 |
|  **NET INVESTMENT INCOME** | 45642646 | 10076827 | 44263 |
|  **Realized and unrealized gain (loss):** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (158517558) | 337243 | (717576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (5914024) |  | (213568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 84020142 | (1261758) | (68240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (3754419) |  | 653925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 24502947 | 46431885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 30520027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (8843871) |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (259327064) | 178229 | (597312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (287303) |  | 70661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4927928) | (22539074) | (26273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (125056) |  | (26632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 8527680 | (131293) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3786041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1440781) |  |  |
|  **Net realized and unrealized gain (loss)** | (291781167) | 23015232 | (925015) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(246138521) | $33092059 | $(880752) |

---

(a) Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and
include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Statements of Operations (continued)
*For the Fiscal Year Ended December 31, 2022* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
| Absolute Return Tracker | $122078 | $51880 | $7336 | $78130 | $11068 | $1218721 | $424048 | $46344 | $2348 | $73220 |
| Commodity Strategy | 109622 | 44720 | 21221 | 52618 | 7155 | 133977 | 135921 | 42273 | 5093 | 103892 |
| Defensive Equity | 601 | 2140 | 213 | 383 | 457 | 2097 | 69 | 13 | 68 | 12 |

---

**The accompanying notes are an integral part of these financial statements. 49** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## &nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund(a)** | **Absolute Return Tracker Fund(a)** | **Commodity Strategy Fund(a)** | **Commodity Strategy Fund(a)** |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2022** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2021** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2022** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2021** |
|  **From operations:** |  |  |  |  |
|  Net investment income (loss) | $45642646 | $10389413 | $10076827 | $(2292228) |
|  Net realized gain (loss) | (37986756) | 199473869 | 45507370 | 112125493 |
|  Net change in unrealized gain (loss) | (253794411) | 8788664 | (22492138) | (21627129) |
|  **Net increase (decrease) in net assets resulting from operations** | (246138521) | 218651946 | 33092059 | 88206136 |
|  **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2019996) | (4908995) | (3366330) | (5752510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (258282) | (780933) | (615139) | (463509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (148069452) | (251781263) | (33231386) | (31246856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (12524655) | (20262094) | (10972858) | (5021769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (8326828) | (12919930) | (15725522) | (13507757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (72396) | (134664) | (389529) | (463777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (11345579) | (20270234) | (28076602) | (20048961) |
|  **Total distributions to shareholders** | (182617188) | (311058113) | (92377366) | (76505139) |
|  **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 1753016889 | 1612413440 | 1138585427 | 336827798 |
|  Reinvestment of distributions | 132565385 | 228421762 | 83688134 | 65973579 |
|  Cost of shares redeemed | (1639558743) | (1552144654) | (728136622) | (125874133) |
|  **Net increase in net assets resulting from share transactions** | 246023531 | 288690548 | 494136939 | 276927244 |
|  **TOTAL INCREASE (DECREASE)** | (182732178) | 196284381 | 434851632 | 288628241 |
|  **Net assets:** |  |  |  |  |
|  Beginning of year | 3665916019 | 3469631638 | 521392185 | 232763944 |
|  End of year | $3483183841 | $3665916019 | $956243817 | $521392185 |

---

(a) Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are
consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **Defensive Equity Fund**  | **Defensive Equity Fund**  |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2022** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2021** |
|  **From operations:** |  |  |
|  Net investment income | $44263 | $30609 |
|  Net realized gain (loss) | (345459) | 783924 |
|  Net change in unrealized gain (loss)<br>| (579556)  | 3547  |
|  **Net increase (decrease) in net assets resulting from operations** | (880752) | 818080 |
|  **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1254) | (17059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (7588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (45517) | (497162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (4551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (4623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  | (4340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares<br>| —  | (4623)  |
|  **Total distributions to shareholders** | (46771) | (539946) |
|  **From share transactions:** |  |  |
|  Proceeds from sales of shares | 438545 | 1097648 |
|  Reinvestment of distributions | 46771 | 539946 |
|  Cost of shares redeemed<br>| (920363)  | (519323)  |
|  **Net increase (decrease) in net assets resulting from share transactions** | (435047) | 1118271 |
|  **TOTAL INCREASE (DECREASE)** | (1362570) | 1396405 |
|  **Net assets:** |  |  |
|  Beginning of year<br>| 6931169  | 5534764  |
|  End of year | $5568599 | $6931169 |

---

**The accompanying notes are an integral part of these financial statements. 51** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.40 | $9.69 | $9.44 | $8.84 | $9.31 |
|  Net investment income (loss)<sup>(a)</sup> | 0.07 | (0.01) | (0.01) | 0.10 | 0.07 |
|  Net realized and unrealized gain (loss) | (0.69) | 0.59 | 0.32 | 0.81 | (0.33) |
|  Total from investment operations | (0.62) | 0.58 | 0.31 | 0.91 | (0.26) |
|  Distributions to shareholders from net investment income | (0.31) |  | (0.01) | (0.09) | (0.07) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.42) | (0.87) | (0.06) | (0.31) | (0.21) |
|  Net asset value, end of year | $8.36 | $9.40 | $9.69 | $9.44 | $8.84 |
|  **Total return<sup>(b)</sup>** | (6.62)% | 6.09% | 3.29% | 10.36% | (2.80)% |
|  Net assets, end of year (in 000s) | $41001 | $57882 | $61642 | $80596 | $65635 |
|  Ratio of total expenses to average net assets | 1.09% | 1.09% | 1.11% | 1.11% | 1.26% |
|  Ratio of net expenses to average net assets | 1.00% | 1.04% | 0.96% | 0.97% | 1.00% |
|  Ratio of net investment income (loss) to average net assets | 0.80% | (0.10)% | (0.10)% | 1.08% | 0.73% |
|  Portfolio turnover rate<sup>(c)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** | **2019** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |  |  |  |  |
|  Net asset value, beginning of year | $| 8.43 | $| 8.84 | $| 8.69 | $| 8.14 | $8.61 |
|  Net investment income (loss)<sup>(a)</sup> |  | 0.00 <sup>(b)</sup> |  | (0.08) |  | (0.07) |  | 0.03 | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) |  | (0.61) |  | 0.54 |  | 0.28 |  | 0.75 | (0.31) |
|  Total from investment operations |  | (0.61) |  | 0.46 |  | 0.21 |  | 0.78 | (0.31) |
|  Distributions to shareholders from net investment income |  | (0.24) |  |  |  | (0.01) |  | (0.01) | (0.02) |
|  Distributions to shareholders from net realized gains |  | (0.11) |  | (0.87) |  | (0.05) |  | (0.22) | (0.14) |
|  Total distributions |  | (0.35) |  | (0.87) |  | (0.06) |  | (0.23) | (0.16) |
|  Net asset value, end of year | $| 7.47 | $| 8.43 | $| 8.84 | $| 8.69 | $8.14 |
|  **Total return<sup>(c)</sup>** |  | (7.23)% |  | 5.31% |  | 2.43% |  | 9.69% | (3.60)% |
|  Net assets, end of year (in 000s) | $| 5574 | $| 7973 | $| 9638 | $| 15761 | $18985 |
|  Ratio of total expenses to average net assets |  | 1.84% |  | 1.84% |  | 1.86% |  | 1.86% | 2.00% |
|  Ratio of net expenses to average net assets |  | 1.75% |  | 1.79% |  | 1.71% |  | 1.72% | 1.75% |
|  Ratio of net investment income (loss) to average net assets |  | 0.06% |  | (0.84)% |  | (0.84)% |  | 0.34% | —% <sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> |  | 184% |  | 133% |  | 193% |  | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (d) Amount is less than 0.005%.<br> (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. |

---

**The accompanying notes are an integral part of these financial statements. 53** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.80 | $10.03 | $9.74 | $9.10 | $9.58 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.03 | 0.03 | 0.14 | 0.11 |
|  Net realized and unrealized gain (loss) | (0.72) | 0.61 | 0.32 | 0.85 | (0.35) |
|  Total from investment operations | (0.61) | 0.64 | 0.35 | 0.99 | (0.24) |
|  Distributions to shareholders from net investment income | (0.35) |  | (0.01) | (0.13) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.46) | (0.87) | (0.06) | (0.35) | (0.24) |
|  Net asset value, end of year | $8.73 | $9.80 | $10.03 | $9.74 | $9.10 |
|  **Total return<sup>(b)</sup>** | (6.27)% | 6.48% | 3.60% | 10.91% | (2.47)% |
|  Net assets, end of year (in 000s) | $2795272 | $2955943 | $2928949 | $2852690 | $2129116 |
|  Ratio of total expenses to average net assets | 0.72% | 0.72% | 0.73% | 0.73% | 0.88% |
|  Ratio of net expenses to average net assets | 0.63% | 0.68% | 0.58% | 0.59% | 0.61% |
|  Ratio of net investment income to average net assets | 1.23% | 0.30% | 0.28% | 1.46% | 1.13% |
|  Portfolio turnover rate<sup>(c)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.67 | $9.92 | $9.64 | $9.02 | $9.50 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.02 | 0.02 | 0.13 | 0.10 |
|  Net realized and unrealized gain (loss) | (0.71) | 0.60 | 0.32 | 0.83 | (0.35) |
|  Total from investment operations | (0.61) | 0.62 | 0.34 | 0.96 | (0.25) |
|  Distributions to shareholders from net investment income | (0.34) |  | (0.01) | (0.12) | (0.09) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.45) | (0.87) | (0.06) | (0.34) | (0.23) |
|  Net asset value, end of year | $8.61 | $9.67 | $9.92 | $9.64 | $9.02 |
|  **Total return<sup>(b)</sup>** | (6.37)% | 6.35% | 3.54% | 10.66% | (2.58)% |
|  Net assets, end of year (in 000s) | $248085 | $243761 | $246694 | $370779 | $254436 |
|  Ratio of total expenses to average net assets | 0.84% | 0.84% | 0.86% | 0.87% | 0.98% |
|  Ratio of net expenses to average net assets | 0.75% | 0.79% | 0.71% | 0.72% | 0.75% |
|  Ratio of net investment income to average net assets | 1.12% | 0.16% | 0.16% | 1.33% | 1.08% |
|  Portfolio turnover rate<sup>(c)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 55** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.78 | $10.02 | $9.72 | $9.09 | $9.57 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.05 | 0.03 | 0.14 | 0.12 |
|  Net realized and unrealized gain (loss) | (0.71) | 0.58 | 0.33 | 0.84 | (0.36) |
|  Total from investment operations | (0.60) | 0.63 | 0.36 | 0.98 | (0.24) |
|  Distributions to shareholders from net investment income | (0.35) |  | (0.01) | (0.13) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.46) | (0.87) | (0.06) | (0.35) | (0.24) |
|  Net asset value, end of year | $8.72 | $9.78 | $10.02 | $9.72 | $9.09 |
|  **Total return<sup>(b)</sup>** | (6.17)% | 6.38% | 3.71% | 10.82% | (2.46)% |
|  Net assets, end of year (in 000s) | $169335 | $153588 | $9353 | $9284 | $6030 |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.72% | 0.72% | 0.84% |
|  Ratio of net expenses to average net assets | 0.62% | 0.66% | 0.57% | 0.58% | 0.60% |
|  Ratio of net investment income to average net assets | 1.23% | 0.51% | 0.29% | 1.47% | 1.20% |
|  Portfolio turnover rate<sup>(c)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.06 | $9.40 | $9.18 | $8.61 | $9.08 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | (0.03) | (0.03) | 0.08 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.66) | 0.56 | 0.31 | 0.78 | (0.33) |
|  Total from investment operations | (0.61) | 0.53 | 0.28 | 0.86 | (0.29) |
|  Distributions to shareholders from net investment income | (0.30) |  | (0.01) | (0.07) | (0.04) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.41) | (0.87) | (0.06) | (0.29) | (0.18) |
|  Net asset value, end of year | $8.04 | $9.06 | $9.40 | $9.18 | $8.61 |
|  **Total return<sup>(b)</sup>** | (6.79)% | 5.73% | 3.06% | 10.06% | (3.13)% |
|  Net assets, end of year (in 000s) | $1486 | $1536 | $1562 | $2347 | $1954 |
|  Ratio of total expenses to average net assets | 1.34% | 1.34% | 1.36% | 1.37% | 1.53% |
|  Ratio of net expenses to average net assets | 1.25% | 1.29% | 1.21% | 1.22% | 1.25% |
|  Ratio of net investment income (loss) to average net assets | 0.60% | (0.33)% | (0.35)% | 0.83% | 0.45% |
|  Portfolio turnover rate<sup>(c)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 57** 

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** | **Goldman Sachs Absolute Return Tracker Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |
|  |  |  |  |  | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $9.79 | $10.02 | $9.73 | $9.09 | $9.64 |
|  Net investment income<sup>(b)</sup> | 0.11 | 0.03 | 0.03 | 0.14 | 0.10 |
|  Net realized and unrealized gain (loss) | (0.71) | 0.61 | 0.32 | 0.85 | (0.41) |
|  Total from investment operations | (0.60) | 0.64 | 0.35 | 0.99 | (0.31) |
|  Distributions to shareholders from net investment income | (0.35) |  | (0.01) | (0.13) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.11) | (0.87) | (0.05) | (0.22) | (0.14) |
|  Total distributions | (0.46) | (0.87) | (0.06) | (0.35) | (0.24) |
|  Net asset value, end of period | $8.73 | $9.79 | $10.02 | $9.73 | $9.09 |
|  **Total return<sup>(c)</sup>** | (6.16)% | 6.48% | 3.61% | 10.93% | (3.17)% |
|  Net assets, end of period (in 000s) | $222431 | $245233 | $211794 | $219701 | $152975 |
|  Ratio of total expenses to average net assets | 0.71% | 0.71% | 0.72% | 0.72% | 0.74%<sup>(d)</sup> |
|  Ratio of net expenses to average net assets | 0.62% | 0.66% | 0.57% | 0.58% | 0.59%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.23% | 0.33% | 0.29% | 1.48% | 1.41%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 184% | 133% | 193% | 127% | 137% |
| (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (d) Annualized.<br> (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. |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.90 | $7.79 | $10.17 | $9.66 | $11.49 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | (0.09) | (0.03) | 0.14 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.67 | (2.33) | 1.44 | (1.84) |
|  Total from investment operations | 1.37 | 2.58 | (2.36) | 1.58 | (1.74) |
|  Distributions to shareholders from net investment income | (0.97) | (1.47) | (0.02) | (0.18) | (0.09) |
|  Distributions to shareholders from return of capital |  |  |  | (0.89) |  |
|  Total distributions | (0.97) | (1.47) | (0.02) | (1.07) | (0.09) |
|  Net asset value, end of year | $9.30 | $8.90 | $7.79 | $10.17 | $9.66 |
|  **Total return<sup>(b)</sup>** | 15.36% | 33.03% | (23.16)% | 16.31% | (15.17)% |
|  Net assets, end of year (in 000s) | $35334 | $40183 | $15324 | $22569 | $25351 |
|  Ratio of total expenses to average net assets | 0.95% | 1.08% | 1.28% | 1.09% | 1.01% |
|  Ratio of net expenses to average net assets | 0.92% | 0.92% | 0.80% | 0.84% | 0.84% |
|  Ratio of net investment income (loss) to average net assets | 0.50% | (0.90)% | (0.39)% | 1.34% | 0.88% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

**The accompanying notes are an integral part of these financial statements. 59** 

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.25 | $7.32 | $9.61 | $9.17 | $10.92 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | (0.15) | (0.08) | 0.08 | 0.02 |
|  Net realized and unrealized gain (loss) | 1.21 | 2.50 | (2.21) | 1.35 | (1.75) |
|  Total from investment operations | 1.20 | 2.35 | (2.29) | 1.43 | (1.73) |
|  Distributions to shareholders from net investment income | (0.93) | (1.42) |  | (0.17) | (0.02) |
|  Distributions to shareholders from return of capital |  |  |  | (0.82) |  |
|  Total distributions | (0.93) | (1.42) |  | (0.99) | (0.02) |
|  Net asset value, end of year | $8.52 | $8.25 | $7.32 | $9.61 | $9.17 |
|  **Total return<sup>(b)</sup>** | 14.51% | 32.04% | (23.77)% | 15.54% | (15.84)% |
|  Net assets, end of year (in 000s) | $6197 | $3125 | $1340 | $2271 | $2472 |
|  Ratio of total expenses to average net assets | 1.70% | 1.83% | 2.03% | 1.84% | 1.76% |
|  Ratio of net expenses to average net assets | 1.67% | 1.67% | 1.55% | 1.59% | 1.59% |
|  Ratio of net investment income (loss) to average net assets | (0.05)% | (1.65)% | (1.12)% | 0.81% | 0.14% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.04 | $7.88 | $10.28 | $9.74 | $11.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.11 | (0.06) | (0.01) | 0.09 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.71 | (2.36) | 1.56 | (1.88) |
|  Total from investment operations | 1.43 | 2.65 | (2.37) | 1.65 | (1.73) |
|  Distributions to shareholders from net investment income | (1.01) | (1.49) | (0.03) | (0.19) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.92) |  |
|  Total distributions | (1.01) | (1.49) | (0.03) | (1.11) | (0.14) |
|  Net asset value, end of year | $9.46 | $9.04 | $7.88 | $10.28 | $9.74 |
|  **Total return<sup>(b)</sup>** | 15.75% | 33.52% | (22.96)% | 16.77% | (14.89)% |
|  Net assets, end of year (in 000s) | $339164 | $206782 | $127172 | $156673 | $259239 |
|  Ratio of total expenses to average net assets | 0.62% | 0.75% | 0.96% | 0.74% | 0.66% |
|  Ratio of net expenses to average net assets | 0.59% | 0.59% | 0.47% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets | 1.04% | (0.57)% | (0.10)% | 0.81% | 1.23% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

**The accompanying notes are an integral part of these financial statements. 61** 

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.04 | $7.89 | $10.29 | $9.75 | $11.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.11 | (0.07) | (0.01) | (0.04) | 0.14 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.71 | (2.37) | 1.68 | (1.87) |
|  Total from investment operations | 1.43 | 2.64 | (2.38) | 1.64 | (1.73) |
|  Distributions to shareholders from net investment income | (1.00) | (1.49) | (0.02) | (0.18) | (0.13) |
|  Distributions to shareholders from return of capital |  |  |  | (0.92) |  |
|  Total distributions | (1.00) | (1.49) | (0.02) | (1.10) | (0.13) |
|  Net asset value, end of year | $9.47 | $9.04 | $7.89 | $10.29 | $9.75 |
|  **Total return<sup>(b)</sup>** | 15.79% | 33.33% | (22.99)% | 16.73% | (14.97)% |
|  Net assets, end of year (in 000s) | $115918 | $33337 | $3115 | $6651 | $8272 |
|  Ratio of total expenses to average net assets | 0.70% | 0.81% | 1.02% | 0.83% | 0.75% |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.55% | 0.59% | 0.59% |
|  Ratio of net investment income (loss) to average net assets | 1.01% | (0.66)% | (0.09)% | (0.36)% | 1.15% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.06 | $7.90 | $10.30 | $9.76 | $11.62 |
|  Net investment income (loss)<sup>(a)</sup> | 0.12 | (0.05) | (0.01) | 0.38 | 0.14 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.70 | (2.36) | 1.27 | (1.87) |
|  Total from investment operations | 1.44 | 2.65 | (2.37) | 1.65 | (1.73) |
|  Distributions to shareholders from net investment income | (1.01) | (1.49) | (0.03) | (0.19) | (0.13) |
|  Distributions to shareholders from return of capital |  |  |  | (0.92) |  |
|  Total distributions | (1.01) | (1.49) | (0.03) | (1.11) | (0.13) |
|  Net asset value, end of year | $9.49 | $9.06 | $7.90 | $10.30 | $9.76 |
|  **Total return<sup>(b)</sup>** | 15.84% | 33.44% | (22.92)% | 16.87% | (14.96)% |
|  Net assets, end of year (in 000s) | $155511 | $94836 | $83227 | $85170 | $182 |
|  Ratio of total expenses to average net assets | 0.61% | 0.75% | 0.96% | 0.75% | 0.68% |
|  Ratio of net expenses to average net assets | 0.58% | 0.58% | 0.46% | 0.49% | 0.49% |
|  Ratio of net investment income (loss) to average net assets | 1.14% | (0.55)% | (0.09)% | 3.52% | 1.15% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

**The accompanying notes are an integral part of these financial statements. 63** 

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.71 | $7.64 | $9.99 | $9.50 | $11.31 |
|  Net investment income (loss)<sup>(a)</sup> | 0.04 | (0.11) | (0.05) | 0.16 | 0.07 |
|  Net realized and unrealized gain (loss) | 1.27 | 2.62 | (2.29) | 1.38 | (1.81) |
|  Total from investment operations | 1.31 | 2.51 | (2.34) | 1.54 | (1.74) |
|  Distributions to shareholders from net investment income | (0.95) | (1.44) | (0.01) | (0.18) | (0.07) |
|  Distributions to shareholders from return of capital |  |  |  | (0.87) |  |
|  Total distributions | (0.95) | (1.44) | (0.01) | (1.05) | (0.07) |
|  Net asset value, end of year | $9.07 | $8.71 | $7.64 | $9.99 | $9.50 |
|  **Total return<sup>(b)</sup>** | 15.07% | 32.73% | (23.36)% | 16.11% | (15.40)% |
|  Net assets, end of year (in 000s) | $4208 | $3271 | $1903 | $2280 | $2233 |
|  Ratio of total expenses to average net assets | 1.20% | 1.33% | 1.54% | 1.34% | 1.25% |
|  Ratio of net expenses to average net assets | 1.17% | 1.17% | 1.05% | 1.09% | 1.09% |
|  Ratio of net investment income (loss) to average net assets | 0.33% | (1.15)% | (0.68)% | 1.53% | 0.64% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | 83% | 70% | 52% | 46% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** | **Goldman Sachs Commodity Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $9.06 | $7.90 | $10.29 | $9.76 | $12.11 |
|  Net investment income (loss)<sup>(b)</sup> | 0.12 | (0.06) | — <sup>(c)</sup> | (0.25) | 0.12 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.71 | (2.36) | 1.89 | (2.33) |
|  Total from investment operations | 1.44 | 2.65 | (2.36) | 1.64 | (2.21) |
|  Distributions to shareholders from net investment income | (1.01) | (1.49) | (0.03) | (0.19) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.92) |  |
|  Total distributions | (1.01) | (1.49) | (0.03) | (1.11) | (0.14) |
|  Net asset value, end of period | $9.49 | $9.06 | $7.90 | $10.29 | $9.76 |
|  **Total return<sup>(d)</sup>** | 15.84% | 33.46% | (22.84)% | 16.73% | (18.31)% |
|  Net assets, end of period (in 000s) | $299911 | $139858 | $684 | $977 | $3167 |
|  Ratio of total expenses to average net assets | 0.61% | 0.72% | 0.94% | 0.72% | 0.65%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.58% | 0.58% | 0.45% | 0.48% | 0.45%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.04% | (0.57)% | (0.04)% | (2.28)% | 1.43%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | — %<sup>(g)</sup> | 83% | 70% | 52% | 46% |
| (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. | (a) Class P Shares commenced operations on April 17, 2018.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Amount is less than $0.005 per share.<br> (d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (g) There were no long-term transactions for the fiscal year ended December 31, 2022. |

---

**The accompanying notes are an integral part of these financial statements. 65** 

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  | **2022** | **2021** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |
|  Net asset value, beginning of period | $10.70 | $10.19 | $10.00 |
|  Net investment income <sup>(b)</sup> | 0.04 | 0.02 | 0.01 |
|  Net realized and unrealized gain (loss) | (1.44) | 1.39 | 0.19 |
|  Total from investment operations | (1.40) | 1.41 | 0.20 |
|  Distributions to shareholders from net investment income | (0.05) | (0.03) | (0.01) |
|  Distributions to shareholders from net realized gains |  | (0.87) | —<sup>(c)</sup> |
|  Total distributions | (0.05) | (0.90) | (0.01) |
|  Net asset value, end of period | $9.25 | $10.70 | $10.19 |
|  **Total return<sup>(d)</sup>** | (13.01)% | 13.88% | 2.04% |
|  Net assets, end of period (in 000s) | $236 | $315 | $79 |
|  Ratio of total expenses to average net assets | 6.36% | 8.09% | 10.42% <sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.94% | 0.94% | 0.94% <sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 0.45% | 0.14% | 0.42% <sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 178% | 305% | 26% |
| (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  | **2022** | **2021** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |
|  Net asset value, beginning of period | $10.63 | $10.18 | $10.00 |
|  Net investment loss<sup>(b)</sup> | (0.02) | (0.06) | (0.01) |
|  Net realized and unrealized gain (loss) | (1.44) | 1.38 | 0.19 |
|  Total from investment operations | (1.46) | 1.32 | 0.18 |
|  Distributions to shareholders from net realized gains |  | (0.87) | —<sup>(c)</sup> |
|  Net asset value, end of period | $9.17 | $10.63 | $10.18 |
|  **Total return<sup>(d)</sup>** | (13.65)% | 12.97% | 1.81% |
|  Net assets, end of period (in 000s) | $301 | $100 | $51 |
|  Ratio of total expenses to average net assets | 7.21% | 9.66% | 11.70% <sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 1.69% | 1.69% | 1.69% <sup>(e)</sup> |
|  Ratio of net investment loss to average net assets | (0.26)% | (0.59)% | (0.28)% <sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 178% | 305% | 26% |
| (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

**The accompanying notes are an integral part of these financial statements. 67** 

------

GOLDMAN SACHS DEFENSIVE EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** | **Goldman Sachs Defensive Equity Fund** |
|  | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  | **2022** | **2021** | **Period Ended**<br> **December 31, 2020<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$48.24 | $45.86 | $45.00 |
|  Net investment income<sup>(b)</sup> | 0.35 | 0.27 | 0.09 |
|  Net realized and unrealized gain (loss) | (6.49) | 6.26 | 0.86 |
|  Total from investment operations | (6.14) | 6.53 | 0.95 |
|  Distributions to shareholders from net investment income | (0.38) | (0.23) | (0.09) |
|  Distributions to shareholders from net realized gains |  | (3.92) | —<sup>(c)</sup> |
|  Total distributions | (0.38) | (4.15) | (0.09) |
|  Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$41.72 | $48.24 | $45.86 |
|  **Total return<sup>(d)</sup>** | (12.57)% | 14.24% | 2.11% |
|  Net assets, end of period (in 000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5031 | $6283 | $5201 |
|  Ratio of total expenses to average net assets | 6.01% | 9.46% | 10.45%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.57% | 0.57% | 0.57%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 0.82% | 0.52% | 0.84%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 178% | 305% | 26% |
|  \* On January 18, 2023, the Fund effected a 4.5 - for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.<br> (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | \* On January 18, 2023, the Fund effected a 4.5 - for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.<br> (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | \* On January 18, 2023, the Fund effected a 4.5 - for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.<br> (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. | \* On January 18, 2023, the Fund effected a 4.5 - for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.<br> (a) Commencement of operations on September 30, 2020.<br> (b) Calculated based on the average shares outstanding methodology.<br> (c) Rounds to less than $0.005 per share.<br> (d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.<br> (e) Annualized.<br> (f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |

---

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Notes to Financial Statements
*December 31, 2022* 

&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** |
| Absolute Return Tracker | A, C, Institutional, Investor, R6, R and P | Diversified |
| Commodity Strategy | A, C, Institutional, Investor, R6, R and P | Diversified |
| Defensive Equity | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares of the Absolute Return Tracker Fund and the Defensive Equity Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust. Core Commodity Management, LLC ("Core Commodity" or the "Sub-Adviser") serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

 **2. SIGNIFICANT ACCOUNTING POLICIES**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a "Subsidiary" and collectively, the "Subsidiaries"), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2022, the Fund and Subsidiary net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund Net Assets** | **Subsidiary Net Assets** | **% Represented by Subsidiary's Net Assets** |
|  Absolute Return Tracker | $3483183841 | $131487409 | 3.8% |
|  Commodity Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956243817 | &nbsp;&nbsp;&nbsp;&nbsp;210891807 | 22.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;C. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

**69** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## Notes to Financial Statements (continued)
*December 31, 2022* 

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

 **2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements and Statement of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

&nbsp;&nbsp;&nbsp;&nbsp;D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Absolute Return Tracker | Annually | Annually |
| Commodity Strategy | Semi-Annually | Annually |
| Defensive Equity | Annually | Annually |

---

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to decrease their taxable income by their share of their Subsidiaries' income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statement and Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;F. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and

**70** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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.

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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 other investment companies and exchange-traded funds ("ETFs"). 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 Fund invests in Underlying Funds that fluctuate in value, the Fund's 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 shareholder report.

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements and Consolidated Statements of Assets and Liabilities as either due to broker/ receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules and Consolidated Statements 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;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.

**72** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *total return swap* is an agreement that gives a Fund the right to receive the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of investments or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures approved by the Trustees. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

**ABSOLUTE RETURN TRACKER** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $44046 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 85827 | 5078706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 13831422 | 36085037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 695574977 | 25218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America |  | 73886 |  |
|  Exchange Traded Funds | 724711317 |  |  |
|  Securities Lending Reinvestment Vehicle | 43069598 |  |  |
|  Preferred Stocks |  | 780768 |  |
|  Investment Company | 1824635728 |  |  |
|  **Total** | $3301908869 | $42087661 | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Exchange Traded Index Options | $503505 | $— | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> |  | 117104 |  |
|  Futures Contracts<sup>(b)</sup> | 4570853 |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | 3445431 |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | 9060783 |  |
|  Purchased Option Contracts | 16985 |  |  |
|  **Total** | $5091343 | $12623318 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(513703) | $— |
|  Futures Contracts<sup>(b)</sup> | (6800400) |  |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | (7449224) |  |
|  Written Option Contracts | (236835) |  |  |
|  **Total** | $(7037235) | $(7962927) | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close
and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

**COMMODITY STRATEGY** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Investment Company | $72571959 | $— | $— |
|  Short-term Investments | 889489890 |  |  |
|  **Total** | $962061849 | $— | $— |

---

**74** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

**COMMODITY STRATEGY (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $28393217 | $— | $— |
|  **Total** | $28393217 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(68961344) | $— | $— |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (134101) |  |
|  **Total** | $(68961344) | $(134101) | $— |

---

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

**DEFENSIVE EQUITY** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $142589 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 5172489 |  |  |
|  Investment Company | 278504 |  |  |
|  **Total** | $5593582 | $— | $— |
|  **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Option Contracts | $73425 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(16389) | $— | $— |
|  Written Option Contracts | (72900) |  |  |
|  **Total** | $(89289) | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close
and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

For further information regarding security characteristics, see the Schedule and Consolidated Schedules of Investments.

 **4. INVESTMENTS IN DERIVATIVES**

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's net exposure.

**75** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **4. INVESTMENTS IN DERIVATIVES (continued)**

**ABSOLUTE RETURN** 

**TRACKER FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Consolidated Statements of Assets**<br> **and Liabilities** | **Assets** | **Consolidated Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Commodity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;1210126 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | $(1094917)<sup>(a)</sup> |
|  Credit | Variation margin on swap contracts | 3445431 <sup>(a)</sup> |  |  |
|  Currency | Receivable for unrealized gain on<br> forward foreign currency exchange<br> contracts | 117104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unrealized loss on forward<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513703) |
|  Equity | Receivable for unrealized gain on swap<br> contracts; Variation margin on futures<br> contracts; Purchased options, at value | 11116219 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unrealized loss on swap<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts; Variation margin on futures<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts; Written options, at value | (13077852)<sup>(b)</sup> |
|  Interest rate | Variation margin on futures contracts | 1734014 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221923)<sup>(a)</sup> |
|  **Total** |  | $17622894 |  | $(14908395) |

---

**COMMODITY** 

**STRATEGY** 

**FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Consolidated Statements of Assets**<br> **and Liabilities** | **Assets** | **Consolidated Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Commodity | Variation margin on futures contracts | $28393217<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unrealized gain on swap<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | $(69095445)<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEFENSIVE**<br> **EQUITY**<br> **FUND** |  |  |  |  |
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Equity | Purchased options, at value | $73425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(89289)<sup>(a)</sup> |

---

(a) Includes unrealized gain (loss) on futures and centrally cleared swaps described in the Additional Investment
Information sections of the the Schedule and Consolidated Schedule of Investments. Only the variation margin as of December 31, 2022, is reported within the Statement and Consolidated Statement of Assets and Liabilities.

(b) Aggregate of amounts include $7,449,224 for the Absolute Return Tracker Fund and 134,101 for the Commodity
Strategy Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund's performance, their failure to pay on
their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through
the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2022. 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

**76** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **4. INVESTMENTS IN DERIVATIVES (continued)**

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

**ABSOLUTE RETURN** 

**TRACKER FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Consolidated Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Commodity | Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts | $33991832 | $(1237341) |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | (6240742) | 1935001 |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 30520027 | 3786041 |
|  Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options | 20808810 | 1149683 |
|  Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 50294746 | 1340050 |
|  **Total** |  | $129374673 | $6973434 |

---

**COMMODITY** 

**STRATEGY** 

**FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Consolidated Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Commodity | Net realized gain from swap contracts and futures contracts/Net change in unrealized loss on swap contracts and futures contracts | $45170127 | $(22670367) |

---

**DEFENSIVE** 

**EQUITY** 

**FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options | $372117 | $17756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **4. INVESTMENTS IN DERIVATIVES (continued)**

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
|  | **Futures<br>contracts** | **Forward<br>contracts** | **Swap<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Written<br>Options** |
|  Absolute Return Tracker | 12507 | $223746180 | $— | $1477476861 | 397830 | 10030 |
|  Commodity Strategy | 10681 |  | 842988567 |  |  |  |
|  Defensive Equity | 2 |  |  |  | 1862 | 3654 |

---

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward
contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 31,
2022. **5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended December 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate<sup>^</sup>** |
|  Absolute Return Tracker | 0.70% | 0.63% | 0.60% | 0.59% | 0.53% | 0.63% | 0.56%<sup>(a)</sup> |
|  Commodity Strategy | 0.50 | 0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.40<sup>(a)</sup> |
|  Defensive Equity | 0.53 | 0.48 | 0.45 | 0.44 | 0.43 | 0.53 | 0.52 |

---

^ Effective Net Management Rate includes of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

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

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary's average daily net assets. In consideration of the Subsidiary's management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended December 31, 2022, GSAM waived $559,228 and $893,015 of each Fund's management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

**78** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended December 31, 2022, the management fee waived by GSAM was for each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Absolute Return Tracker | $2324902 |
|  Commodity Strategy | 158348 |
|  Defensive Equity | 327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and /or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge** |
| **Fund** | **Class A** |
|  Absolute Return Tracker | $9357 |
|  Commodity Strategy | 23442 |
|  Defensive Equity | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&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: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Absolute Return Tracker and Defensive Equity Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker, Commodity Strategy and Defensive Equity Funds are 0.014%, 0.074% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary's expenses (excluding management fees) to 0.004% of the Subsidiary's average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.

For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Absolute Return Tracker | $2884130 | $107 | $1007775 | $3892012 |
|  Commodity Strategy | 1051363 | 60 | 150986 | 1202409 |
|  Defensive Equity | 327 |  | 322195 | 322522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended December 31, 2022, Goldman Sachs earned $128,099, $0 and $0 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Absolute Return Tracker, Commodity Strategy and Defensive Equity Fund, respectively.

**80** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

As of December 31, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional** |
|  Defensive Equity | 21% | 17% | 95% |

---

The table below shows the transactions in and earnings from investments in the Underlying Fund for the fiscal year ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning**<br> **Value as of<br>December 31,**<br> **2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending**<br> **Value as of**<br> **December 31,**<br> **2022** | **Shares as of<br>December 31,**<br> **2022** | **Dividend**<br> **Income** |
|  Absolute Return Tracker | Goldman Sachs Financial Square Government Fund — Institutional Shares | $1174228909 | $2386696919 | $1736290100 | $1824635728 | 1824635728 | $30106880 |
|  Commodity Strategy | Goldman Sachs Financial Square Government Fund — Institutional Shares | 73228627 | 2541188385 | (2541845053) | 72571959 | 72571959 | 1992526 |
|  Defensive Equity | Goldman Sachs Financial Square Government Fund — Institutional Shares | 420723 | 3789852 | (3932071) | 278504 | 278504 | 3394 |

---

 **6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** | **Sales and**<br> **Maturities of (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** |
|  Absolute Return Tracker | $3290578212 | $3638122277 |
|  Defensive Equity | 10084536 | 9959595 |

---

For the fiscal year ended December 31, 2022, there were no purchases and proceeds from sales and maturities of long-term securities for the Commodity Strategy Fund.

 **7. SECURITIES LENDING**

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund's securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in

**. 81** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **7. SECURITIES LENDING (continued)**

the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund's master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Fund's loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund's overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund's securities. The amounts earned, if any, by the Fund for the fiscal year ended December 31, 2022, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended**<br> **December 31, 2022** | **For the Fiscal Year Ended**<br> **December 31, 2022** |  |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs**<br> **Upon Return of**<br> **Securities Loaned as of<br>December 31, 2022** |
|  Absolute Return Tracker | $108476 | $976312 | $685978 |

---

The following table provides information about the Fund's investment in the Government Money Market Fund for the fiscal year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2021** | **Purchases<br>at cost** | **Proceeds<br>from Sales** | **Ending**<br> **Value as of**<br> **December 31, 2022** | **Shares as of<br>December 31, 2022** |
|  Absolute Return Tracker Fund | $— | $620158740 | $(577089142) | $43069598 | 43069598 |

---

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

 **8. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy** | **Defensive<br>Equity** |
|  Distributions paid from: |  |  |  |
|  Ordinary income | $182598755 | $92377366 | $46771 |
|  Net long-term capital gains | 18433 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $182617188 | $92377366 | $46771 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return**<br> **Tracker Fund** | **Commodity<br>Strategy** | **Defensive<br>Equity** |
|  Distributions paid from: |  |  |  |
|  Ordinary income | $265586901 | $76505139 | $539946 |
|  Net long-term capital gains | 45471212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $311058113 | $76505139 | $539946 |

---

As of the Funds' most recent fiscal year end, December 31, 2022, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy** | **Defensive<br>Equity** |
|  Undistributed ordinary income — net | $14764718 | $1622831 | $— |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (20149392) | (3081705) | (129676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (184831689) | (18256291) |  |
|  Total capital loss carryforwards | (204981081) | (21337996) | (129676) |
|  Timing differences (Post October Loss Deferral, Qualified Late Year Loss Deferral, Real Estate Investment Trusts and Straddle Loss Deferral) | $(120176404) | $(28177) | $(80196) |
|  Unrealized gains (loss) — net | (44727731) | 9643921 | (339771) |
|  Total accumulated earnings (loss) net | $(355120498) | $(10099421) | $(549643) |

---

As of December 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy** | **Defensive<br>Equity** |
|  Tax Cost | $3392746984 | $898606887 | $5981812 |
|  Gross unrealized gain | 113682491 | 11658778 | 243707 |
|  Gross unrealized loss | (158410222) | (2014857) | (583478) |
|  Net unrealized loss | $(44727731) | $9643921 | $(339771) |

---

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 and options contracts and differences in the tax treatment of underlying fund investments, and differences in the tax treatment of passive foreign investment company investments and swap transactions.

**. 83** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **8. TAX INFORMATION (continued)**

The Absolute Return Tracker Fund reclassed $11,332,231 from distributable earnings to paid in capital for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund's and result primarily from differences in the tax treatment of underlying fund investments.

The Commodity Strategy Fund reclassed $63,904,840 from paid in capital to distributable earnings for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund's and result primarily from differences in the tax treatment of underlying fund investments.

The Defensive Equity Fund reclassed $2,285 from paid in capital to distributable earnings for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund's and result primarily from taxable overdistributions and certain non-deductible expenses.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 **9. OTHER RISKS**

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign

**84** 

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

 **9. OTHER RISKS (continued)**

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.

Foreign Custody Risk — The Fund invests in foreign securities, and such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies — As a shareholder of another investment company, including an ETF, Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85** 

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GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **9. OTHER RISKS (continued)**

to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Tax Risk — The Absolute Return Tracker and the Commodity Strategy Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker and the Commodity Strategy Funds. In reliance of such PLRs, these Funds have in the past sought to gain exposure to the commodity markets primarily through investments in commodity-linked notes and/or subsidiaries. The IRS recently issued final regulations that, would generally treat the Funds' income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Funds' business of investing in stock, securities, or currencies. The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Funds have limited their investments in commodity index-linked structured notes. The Absolute Return Tracker and Commodity Strategy Funds have obtained an opinion of counsel that the Funds' income from investments in the Subsidiaries should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that a Fund's income from such investments was not "qualifying income," in which case the Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If a Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

 **10. INDEMNIFICATIONS**

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

 **11. SUBSEQUENT EVENTS**

At a special meeting of shareholders of the Defensive Equity Fund ("the Fund") held on January 6, 2023, the Fund's shareholders approved the Agreement and Plan of Reorganization and Liquidation (the "Plan") which contemplates the reorganization of the Fund with and into the Goldman Sachs Defensive Equity ETF (the "Acquiring Fund") (the "Reorganization"). Accordingly,

**86** 

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GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **11. SUBSEQUENT EVENTS (continued)**

effective on January 20, 2023 (the "Closing Date"), under the terms of the Plan, the Fund transfered all of its assets to the Acquiring Fund and the Acquiring Fund assumed all of the liabilities of the Fund. Effective on the Closing Date, the Fund was liquidated and shareholders of the Fund became shareholders of the Acquiring Fund. Shareholders of the Fund received ETF shares of the Acquiring Fund that are equal in aggregate net asset value to the shares of the Fund held on the Closing Date of the Reorganization. For any fractional shares of the Fund owned by a shareholder, such shareholder received a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable.

Prior to the Reorganization, Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023.

In addition, at a meeting held on December 14, 2022, the Board of Trustees of the Goldman Sachs Trust (the "Board") approved a reverse share split for Institutional Shares of the Fund. The reverse share split was effected to increase the net asset value ("NAV") per share of Institutional Shares in preparation for the Reorganization of the Fund with and into the Acquiring Fund. The conversion ratio was determined to be 4.5 to 1 and was implemented on January 18, 2023.

Other than the above, Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

**. 87** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **12. SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2278161 | $20323360 | 1927446 | $19234660 |
|  Reinvestment of distributions | 216961 | 1840210 | 494245 | 4602567 |
|  Shares redeemed | (3751555) | (33399506) | (2625754) | (26244707) |
|  | (1256433) | (11235936) | (204063) | (2407480) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 157564 | 1258782 | 167569 | 1524989 |
|  Reinvestment of distributions | 29270 | 221859 | 78094 | 653004 |
|  Shares redeemed | (386190) | (3042414) | (390072) | (3513618) |
|  | (199356) | (1561773) | (144409) | (1335625) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 147316141 | 1370216761 | 114858930 | 1193936702 |
|  Reinvestment of distributions | 11764395 | 104139998 | 18372000 | 178433618 |
|  Shares redeemed | (140662402) | (1289271650) | (123632008) | (1276203676) |
|  | 18418134 | 185085109 | 9598922 | 96166644 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 19055469 | 175794733 | 17092695 | 177228853 |
|  Reinvestment of distributions | 1436178 | 12524391 | 2114494 | 20261703 |
|  Shares redeemed | (16893785) | (153241735) | (18872158) | (195539632) |
|  | 3597862 | 35077389 | 335031 | 1950924 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 13706040 | 125975231 | 15739920 | 164822681 |
|  Reinvestment of distributions | 273742 | 2421234 | 419507 | 4065972 |
|  Shares redeemed | (10256817) | (94844366) | (1394638) | (14463977) |
|  | 3722965 | 33552099 | 14764789 | 154424676 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 43721 | 373124 | 59038 | 577394 |
|  Reinvestment of distributions | 8839 | 72114 | 14976 | 134664 |
|  Shares redeemed | (37264) | (321788) | (70799) | (694730) |
|  | 15296 | 123450 | 3215 | 17328 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 6309423 | 59074898 | 5305691 | 55088161 |
|  Reinvestment of distributions | 1283071 | 11345579 | 2089220 | 20270234 |
|  Shares redeemed | (7150043) | (65437284) | (3487133) | (35484314) |
|  | 442451 | 4983193 | 3907778 | 39874081 |
|  **NET I NCREASE** | 24740919 | $246023531 | 28261263 | $288690548 |

---

**88** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

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

 **12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2524718 | $27858273 | 2885222 | $29642642 |
|  Reinvestment of distributions | 338778 | 3160598 | 611149 | 5463666 |
|  Shares redeemed | (3581021) | (39150884) | (948220) | (9040648) |
|  | (717525) | (8132013) | 2548151 | 26065660 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 455798 | 4626623 | 206745 | 1932020 |
|  Reinvestment of distributions | 72030 | 615139 | 55912 | 463509 |
|  Shares redeemed | (179491) | (1794752) | (66930) | (591703) |
|  | 348337 | 3447010 | 195727 | 1803826 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 39480713 | 442284200 | 11641321 | 116554564 |
|  Reinvestment of distributions | 3334938 | 31713481 | 2313892 | 21010141 |
|  Shares redeemed | (29848612) | (327939629) | (7213422) | (69105607) |
|  | 12967039 | 146058052 | 6741791 | 68459098 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 17771496 | 198730838 | 3293626 | 33042868 |
|  Reinvestment of distributions | 1152323 | 10969640 | 552532 | 5016990 |
|  Shares redeemed | (10367702) | (111270284) | (554840) | (5338796) |
|  | 8556117 | 98430194 | 3291318 | 32721062 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 10619859 | 121558054 | 2056839 | 19628167 |
|  Reinvestment of distributions | 918933 | 8763985 | 1484302 | 13507148 |
|  Shares redeemed | (5614581) | (59701917) | (3610623) | (34129063) |
|  | 5924211 | 70620122 | (69482) | (993748) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 320440 | 3311555 | 219373 | 2062705 |
|  Reinvestment of distributions | 42760 | 388689 | 52933 | 463164 |
|  Shares redeemed | (275005) | (2849939) | (145751) | (1380065) |
|  | 88195 | 850305 | 126555 | 1145804 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 30539396 | 340215884 | 13792676 | 133964832 |
|  Reinvestment of distributions | 2940536 | 28076602 | 2203182 | 20048961 |
|  Shares redeemed | (17303016) | (185429217) | (645054) | (6288251) |
|  | 16176916 | 182863269 | 15350804 | 147725542 |
|  **NET INCREASE** | 43343290 | $494136939 | 28184864 | $276927244 |

---

**. 89** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*December 31, 2022* 

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

 **12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Equity Fund** | **Defensive Equity Fund** | **Defensive Equity Fund** | **Defensive Equity Fund** |
|  | **For the Fiscal Year<br>Ended December 31, 2022** | **For the Fiscal Year<br>Ended December 31, 2022** | **For the Fiscal Year<br>Ended December 31, 2021** | **For the Fiscal Year<br>Ended December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 5398 | $51806 | 66277 | $733989 |
|  Reinvestment of distributions | 134 | 1254 | 1613 | 17059 |
|  Shares redeemed | (9452) | (94513) | (46157) | (519069) |
|  | (3920) | (41453) | 21733 | 231979 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 24307 | 241850 | 3747 | 42642 |
|  Reinvestment of distributions |  |  | 725 | 7588 |
|  Shares redeemed | (940) | (8516) | (24) | (254) |
|  | 23367 | 233334 | 4448 | 49976 |
|  **Institutional Shares\*** |  |  |  |  |
|  Shares sold | 3112 | 144889 | 6431 | 321017 |
|  Reinvestment of distributions | 1080 | 45517 | 10416 | 497162 |
|  Shares redeemed | (13844) | (617012) |  |  |
|  | (9652) | (426606) | 16847 | 818179 |
|  **Investor Shares** |  |  |  |  |
|  Reinvestment of distributions |  |  | 429 | 4551 |
|  Shares redeemed | (5438) | (50140) |  |  |
|  | (5438) | (50140) | 429 | 4551 |
|  **Class R6 Shares** |  |  |  |  |
|  Reinvestment of distributions |  |  | 436 | 4623 |
|  Shares redeemed | (5446) | (50268) |  |  |
|  | (5446) | (50268) | 436 | 4623 |
|  **Class R Shares** |  |  |  |  |
|  Reinvestment of distributions |  |  | 411 | 4340 |
|  Shares redeemed | (5414) | (49649) |  |  |
|  | (5414) | (49649) | 411 | 4340 |
|  **Class P Shares** |  |  |  |  |
|  Reinvestment of distributions |  |  | 436 | 4623 |
|  Shares redeemed | (5446) | (50265) |  |  |
|  | (5446) | (50265) | 436 | 4623 |
|  **NET INCREASE (DECREASE)** | (11949) | $(435047) | 44740 | $1118271 |

---

\* On January 18, 2023, the Goldman Sachs Defensive Equity Fund Institutional Shares effected a 4.5-for-1 reverse share split. Shares outstanding have been adjusted to reflect the reverse share split.

**90** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Absolute Return Tracker, Goldman Sachs Defensive Equity ETF and Goldman Sachs Commodity Strategy Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Absolute Return Tracker, Goldman Sachs Defensive Equity Fund (as discussed in Note 11, now referred to as Goldman Sachs Defensive Equity ETF) and Goldman Sachs Commodity Strategy Fund (three of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

&nbsp;&nbsp;&nbsp; **Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)**<br>

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days of a 365-day year.

*Actual Expenses —* The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes —* The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22** |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1010.10 | $4.97 | $1000.00 | $953.80 | $4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.30 | 5.00 | 1000.00 | 1020.60 | 4.70 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1007.80 | 8.76 | 1000.00 | 950.40 | 8.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1016.50 | 8.80 | 1000.00 | 1016.80 | 8.50 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.70 | 3.10 | 1000.00 | 955.50 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.10 | 3.12 | 1000.00 | 1022.20 | 3.03 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1011.70 | 3.71 | 1000.00 | 956.00 | 3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.50 | 3.73 | 1000.00 | 1021.80 | 3.42 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.90 | 3.05 | 1000.00 | 955.70 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.20 | 3.06 | 1000.00 | 1022.30 | 2.97 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1008.90 | 6.23 | 1000.00 | 952.70 | 5.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.00 | 6.27 | 1000.00 | 1019.30 | 5.97 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.90 | 3.05 | 1000.00 | 956.60 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.20 | 3.06 | 1000.00 | 1022.30 | 2.97 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Defensive Equity Fund** | **Defensive Equity Fund** | **Defensive Equity Fund** | **Defensive Equity Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22\*** |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1017.30 |  | $4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.50 | <sup>+</sup> | 4.76 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1014.30 |  | 8.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1016.70 | <sup>+</sup> | 8.59 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1020.00 |  | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.30 | <sup>+</sup> | 2.89 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1000.00 |  | 3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.70 | <sup>+</sup> | 3.53 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1000.00 |  | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.30 | <sup>+</sup> | 2.90 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1000.00 |  | 6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.20 | <sup>+</sup> | 6.05 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1000.00 |  | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.40 | <sup>+</sup> | 2.81 |

---

**92** 

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GOLDMAN SACHS ALTERNATIVE FUNDS II

\* Expenses for each share class are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Absolute Return Tracker | 0.98% | 1.73% | 0.61% | 0.73% | 0.60% | 1.23% | 0.60% |
|  Commodity Strategy | 0.92 | 1.67 | 0.59 | 0.67 | 0.58 | 1.17 | 0.58 |
|  Defensive Equity | 0.94 | 1.69 | 0.57 | 0.69 | 0.57 | 1.19 | 0.55 |

---

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on each Fund's actual annualized net expenses ratios and an assumed rate of return of 5% per year before expenses.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93** 

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GOLDMAN SACHS ALTERNATIVE FUNDS II

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup>**<br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007- 2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present) Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels<sup>5</sup>**<br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion, Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Hexion Inc. (a specialty chemical manufacturer); Stepan Company (a specialty chemical manufacturer)** |

---

**94** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee<sup>3</sup>** | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 64** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office**<br> **and**<br> **Length of**<br> **Time**<br> **Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number<br>of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>by<br>Trustee<sup>3</sup>** | **Other**<br> **Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 19 portfolios (16 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 39 portfolios (25 of which offered shares to the public); and Goldman Sachs ETF Trust II, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs ETF Trust II and Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**96** 

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Goldman Sachs Trust – Alternative Funds II - Tax Information (Unaudited)**<br>For the fiscal year ended December 31, 2022, 6.80% and 100% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund and Defensive Equity Fund, respectively, qualify for the dividends received deduction available to corporations.<br>For the fiscal year ended December 31, 2022, 10.92% and 100.00% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund and Defensive Equity Fund, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.<br>During the fiscal year ended December 31, 2022, the Absolute Return Tracker Fund designates $42,547,264 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.<br>Pursuant to Section 852 of the Internal Revenue Code, the Absolute Return Tracker Fund designates $18,433, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2022.<br>For the year ended December 31, 2022, the Commodity Strategy Fund designates 13.08% of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97** 

------

GOLDMAN SACHS

<u>Voting Result of Annual Meeting of Shareholders (Unaudited)</u> 

To approve an Agreement and Plan of Reorganization and Liquidation (the "Plan") providing for the transfer of the assets of the Goldman Sachs Defensive Equity Fund (the "Acquired Fund") to the Goldman Sachs Defensive Equity ETF (the "Acquiring Fund"), a series of the Goldman Sachs ETF Trust, in exchange for the assumption of the Acquired Fund's liabilities by the Acquiring Fund and shares of the Acquiring Fund, followed by the complete liquidation of the Acquired Fund, as described more fully in the Plan.

---

| | | |
|:---|:---|:---|
| **For** | **Against/Withhold** | **Abstain** |
| 553,732.261 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**98** 

------

FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

**<sup>1</sup>** **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**<sup>2</sup>** **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**<sup>3</sup>** **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds<sup>SM</sup>and Investor Funds<sup>SM</sup>are registered service marks of Goldman Sachs & Co. LLC.

**\*** **This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.** 

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![LOGO](g327514page102.jpg)

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![LOGO](g333073g72d56.jpg)

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## Goldman Sachs Dynamic Global Equity Fund
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Portfolio Management Discussion and Performance Summary](#dge333073_1) | 1 |
|  [Index Definitions](#dge333073_2) | 7 |
|  [Schedule of Investments](#dge333073_3) | 8 |
|  [Financial Statements](#dge333073_4) | 12 |
|  [Financial Highlights](#dge333073_5) | 15 |
|  [Notes to the Financial Statements](#dge333073_6) | 23 |
|  [Report of Independent Registered Public Accounting Firm](#dge333073_7) | 36 |
|  [Other Information](#dge333073_8) | 37 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

---

------

FUND RESULTS

&nbsp;&nbsp;&nbsp;&nbsp; **Investment Objective**<br>The Fund seeks long-term capital appreciation.<br>

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Multi-Asset Solutions ("MAS") Group discusses the Goldman Sachs Dynamic Global Equity Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns of -19.31%, -19.91%, -18.98%, -19.39%, -19.08%, -18.99%, -19.49% and -19.00%, respectively. This compares to the -18.36% annual total return of the Fund's benchmark, the MSCI All Country World Index (Net, USD, Unhedged) (the "Index"), during the same period.  |

---

---

| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the Fund during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Ongoing macroeconomic and geopolitical uncertainty created a challenging backdrop for the capital markets during the Reporting Period. The Russia/Ukraine conflict and its impact on energy prices, COVID-19 flare-ups in China, and pressure from rising wages in the U.S. led to sustained high inflation and hawkish, synchronized monetary policy responses from global central banks. (Hawkish suggests higher interest rates; opposite of dovish.)  |

---

During the first quarter of 2022, when the Reporting Period began, inflationary pressures intensified, with many developed nations experiencing their fastest price increases in decades. In February, geopolitical tensions added uncertainty to an already complex investment backdrop, as energy and commodity prices spiked in response to Russia's invasion of Ukraine late in the month. In response, global central banks, including the U.S. Federal Reserve (the "Fed"), took policy action. In March, the Fed raised interest rates, by 25 basis points, for the first time since 2018. (A basis point is 1/100th of a percentage point.) Fed Chair Jerome Powell provided guidance that policymakers were prepared to act even more aggressively to tackle inflation. In addition, a number of Fed governors indicated their openness to 50 basis point rate hikes at the next meeting or two with the possibility of getting to neutral rate levels by the end of 2022. (The neutral rate is the theoretical federal funds rate at which the stance of Fed monetary policy is neither <br>

accommodative nor restrictive. It is the short-term real interest rate consistent with the economy maintaining full employment with associated price stability.) Global equities broadly declined during the first calendar quarter. Within fixed income, credit spreads (or yield differentials to duration-equivalent government bonds) widened, as bond yields rose in response to inflationary pressures. <br>

Global economic activity moderated noticeably in the second quarter of 2022 amid tighter financial conditions and COVID-19 outbreaks in China. Inflation accelerated, as food and energy prices continued to rise in the wake of Russia's attack on Ukraine. Major central banks focused on taming inflation, signaling they would continue to tighten monetary policy until inflation came down toward their respective target levels. In the U.S., the Fed raised interest rates twice during the second calendar quarter, by 50 basis points in May and then by 75 basis points in June, and indicated there would likely be more rate increases into the end of 2022. Investor concerns around slower economic growth deepened, with worries increasing about a potential policy miscalculation by the Fed. As a result, global equities continued to sell off, led by a steep decline in the U.S equity market. Emerging market equities also fell, though Chinese equities broadly recorded gains. Fixed income markets were mostly negative, as central bank interest rate hikes overall came faster than investors had previously anticipated. Rising short-term interest rates and expectations for further monetary policy tightening hurt duration-sensitive assets, while concerns about the economic outlook led to further credit spread widening. (Duration is a measure of a security's sensitivity to changes in interest rates.) <br>

The themes that had dominated the capital markets during the first half of 2022 persisted into the third calendar quarter. Higher than consensus expected inflation data prompted the Fed to make two additional interest rate hikes, totaling 150 basis points, during the third quarter, increasing investor concern that Fed tightening might ultimately tip the U.S. economy into recession. In this environment, global equities and the fixed income market posted further losses. In the U.S., the S&P 500<sup>®</sup> Index recorded a third consecutive <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

------

FUND RESULTS

quarter of declines for the first time since the 2008 financial crisis. Within fixed income, the Fed's short-term rate hikes as well as rising longer-term yields weighed heavily on duration-sensitive assets. Higher perceived recession risk pushed credit spreads wider.

The fourth quarter of 2022 saw modest relief for risk assets, which recouped some of the losses suffered during the previous three calendar quarters. Although U.S. inflation surprised to the downside in the last months of the year, helping to drive up equity markets, major central banks generally maintained their tightening stance and signaled additional tightening, though at a slower pace. The Fed hiked interest rates twice during the fourth quarter, with a 75 basis point hike in November but a 50 basis point hike in December, in line with market expectations. Meanwhile, China began reopening its economy as the government eased its COVID-19 restrictions. In Europe, energy prices dropped, thanks to a warmer than usual winter. <br>

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | The Fund's performance is generally driven by three sources of return: long-term strategic asset allocation, medium-term dynamic allocation and excess returns from investments in underlying funds, including exchange-traded funds, which invest in global equity asset classes (collectively, the "Underlying Funds"). Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors. The strategic asset allocation is implemented using a range of bottom-up security selection strategies across equity asset classes, using fundamental or quantitative investment techniques, as well as the use of derivative instruments. We then incorporate our medium-term dynamic views into the Fund to adapt to changes in the economic cycle and the markets. The Fund's positioning may therefore change over time.  |

---

During the Reporting Period, the Fund generated negative absolute returns and underperformed the Index on a relative basis. Long-term strategic asset allocation and security selection within the Underlying Funds detracted from relative performance. Medium-term dynamic views had a modestly positive impact on the Fund's performance during the Reporting Period. <br>

Within the long-term strategic allocation, the Fund's equity exposure broadly detracted from performance, as U.S. equities, non-U.S. developed markets equities and emerging markets equities all produced negative returns during the Reporting Period. In addition, the Fund's strategic allocation to a macroeconomic hedge strategy, which utilizes interest <br>

rate options to profit if interest rates fall, remain constant, or rise less than anticipated, hurt the Fund's performance, as interest rates rose during the Reporting Period.

Within medium-term dynamic views, the Fund benefited from decisions that it not have renewed exposure to asset classes that had previously been performing poorly but instead have modest exposures to out-of-benchmark asset classes that were performing well, such as global infrastructure. A pro-cyclical relative value view that used total return swaps within a basket of high-beta stocks with a large-cap focus and diversified sector exposure also contributed positively to the Fund's performance. (High beta stocks are those that tend to have greater sensitivity to broad equity market volatility.) At the time, we had the view that this medium-term dynamic allocation would provide the Fund with attractive risk-return characteristics as the U.S. economy continued its COVID-19 pandemic recovery. <br>

Overall, security selection within the Underlying Funds detracted from the Fund's returns during the Reporting Period, with underperformance concentrated in the Underlying Equity Funds.

---

| | |
|:---|:---|
| **Q** | **How did the Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | Among Underlying Equity Funds, those that underperformed their respective benchmark indices the most were the Goldman Sachs Large Cap Growth Insights Fund and the Goldman Sachs Large Cap Value Insights Fund. The Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices. The performance of the Goldman Sachs ActiveBeta<sup>®</sup> Large Cap Equity ETF, the Goldman Sachs MarketBetaTM Emerging Markets Equity ETF, the Goldman Sachs MarketBetaTM International Equity ETF and the Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF generated rather flat returns versus their respective benchmark indices during the Reporting Period. Among Underlying Funds that invest in real assets, the Goldman Sachs Global Real Estate Securities Fund and the Goldman Sachs Global Infrastructure Fund underperformed their respective benchmark indices during the Reporting Period.  |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund used derivatives for the passive replication of asset classes. Specifically, the Fund held strategic positions in U.S. large-cap equities through S&P 500<sup>®</sup> Index futures, in Canadian large-cap equities  |

---

**2** 

------

FUND RESULTS

through S&P/TSX 60 Index futures, and in international equities through MSCI EAFE Index futures (each had a negative impact on performance).

In addition, the Fund employed forward foreign currency exchange contracts within a foreign currency hedging strategy (positive impact), which seeks to manage the risk associated with investing in non-U.S. currencies. Equity options were used within our volatility selling strategy (slightly positive impact). (Our volatility selling strategy seeks to benefit from the difference between implied volatility (i.e., expectations of future volatility) and realized volatility (i.e., historical volatility) in equity markets.) Total return swaps were used to express our cyclical views about the potential total return of a basket of individual securities (positive impact). Finally, the Fund utilized interest rate options in a macroeconomic hedge strategy (negative impact). <br>

During the Reporting Period overall, some of the Underlying Funds used derivatives, which provide versatility and potentially greater risk management precision, to express active investment views. As market conditions warranted during the Reporting Period, some of these Underlying Funds may have engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes. <br>

---

| | |
|:---|:---|
| **Q** | **What changes did you make within the Fund during the Reporting Period?**  |

---

---

| | |
|:---|:---|
| **A** | We made no changes to the Fund's long-term strategic asset allocation during the Reporting Period.  |

---

Within medium-term dynamic allocations, in April 2022, we removed a pro-cyclical relative value view in which the Fund held a basket of high-beta stocks with a large-cap focus and diversified sector exposure. In May, we adopted the medium-term dynamic view that the Fund should reduce equity beta, or lessen its sensitivity to equity market volatility. In the process, we decreased the Fund's exposure to international equities, including international small-cap equities, and increased exposures to U.S. large-cap value equities. In June, we slightly reduced the Fund's exposure to <br>

global real estate and global infrastructure securities and added to its cash position. During August, we took the medium-term dynamic view that U.S. large-cap equities may be less risky overall than emerging markets equities, and we reduced the Fund's exposure to emerging markets equities and increased its exposure to U.S. large-cap equities. In September, we decreased the Fund's equity exposure overall by reducing its exposures to emerging markets equities and non-U.S. developed markets equities, while adding to its cash position. In December, we decreased the Fund's medium-term dynamic allocation to global real estate securities in favor of increasing its exposure to emerging markets equities. <br>

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?**  |

---

---

| | |
|:---|:---|
| **A** | At the end of the Reporting Period, we had a cautious outlook on the capital markets. In our view, the Fed was likely to continue tightening monetary policy until officials saw clear and consistent evidence of a sufficient and sustained decline in inflation. Although we acknowledged a growing investor narrative about the potential for a soft landing, we believed the Fed might find that difficult to achieve. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) Furthermore, we thought global central bank tightening cycles might diverge in terms of direction and speed based on each country's individual household vulnerabilities.  |

---

Against this backdrop, we remained cautious about the potential risk-reward balance of adding risk to the Fund. In addition, with short-term interest rates near 5%, we believed investors were not being adequately compensated for being pro-risk amid the prevailing uncertainty around earnings growth, geopolitical developments and global monetary policy. Going forward, we continued to believe a dynamic investment approach and careful risk management should help us identify attractive opportunities, both regionally and across asset classes. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

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FUND RESULTS

## Dynamic Global Equity Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022*![LOGO](g333073g57u23.jpg)

† Strategic allocation is the process of determining the areas of the global markets in which to invest, and in
what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return
tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditionsin global
capital markets. This is called tactical asset allocation. The percentage shown for each weighting reflects the value of that weighting as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or
the exclusion of other assets and liabilities.

‡ Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less
frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of December 31, 2022. Actual weightings in the Fund may differ from the
figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

**4** 

------

FUND RESULTS

 **OVERALL UNDERLYING FUND WEIGHTINGS \***

**Percentage of Net Assets** <br>

------

![LOGO](g333073g19b25.jpg)

------

\* The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund reflects the value of that Underlying Fund as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. 

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value, as of December 31, 2022, of a $10,000 investment made on January 1, 2013 in Class A Shares (with the maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund's benchmark, the MSCI<sup>®</sup> All Country World Index (Net, USD, Unhedged) ("MSCI ACWI Index") (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **Dynamic Global Equity Fund's 10 Year Performance**

**Performance of a $10,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.** <br>

![LOGO](g333073g84a63.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
| **Class A** |  |  |  |  |
| Excluding sales charges | -19.31% | 4.07% | 7.74% |  |
| Including sales charges | -23.76% | 2.90% | 7.13% |  |
| **Class C** |  |  |  |  |
| Excluding contingent deferred sales charges | -19.91% | 3.30% | 6.93% |  |
| Including contingent deferred sales charges | -20.70% | 3.30% | 6.93% |  |
| **Institutional** | -18.98% | 4.47% | 8.15% |  |
| **Service** | -19.39% | 3.95% | 7.61% |  |
| **Investor** | -19.08% | 4.34% | 8.00% |  |
| **Class R6 (Commenced July 31, 2015)** | -18.99% | 4.49% | N/A | 6.73% |
| **Class R** | -19.49% | 3.82% | 7.47% |  |
| **Class P (Commenced April 17, 2018)** | -19.00% | N/A | N/A | 4.32% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. 

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**6** 

------

FUND BASICS

## Index Definitions
**The MSCI<sup>®</sup> ACWI Index** is a free float-adjusted market Capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI<sup>®</sup> ACWI Index consists of 50 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index figures do not include any deduction for fees or expenses.

**MSCI EAFE Index** is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

**S&P 500<sup>®</sup> Index** is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

**S&P/TSX 60 Index** is a stock market index of 60 large companies listed on the Toronto Stock Exchange.

It is not possible to invest directly in an unmanaged index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Underlying Funds<sup>(a)</sup> – 90.9%** | **Underlying Funds<sup>(a)</sup> – 90.9%** | **Underlying Funds<sup>(a)</sup> – 90.9%** |
| **Equity – 32.4%** | **Equity – 32.4%** | **Equity – 32.4%** |
| 1440133 | Goldman Sachs Large Cap Value Insights Fund - Class R6 | $30401213 |
| 1907398 | Goldman Sachs International Equity Insights Fund - Class R6 | 22488218 |
| 1017887 | Goldman Sachs Large Cap Growth Insights Fund - Class R6 | 21996543 |
| 1160058 | Goldman Sachs Emerging Markets Equity Insights Fund - Class R6 | 8654031 |
| 306358 | Goldman Sachs Small Cap Equity Insights Fund - Class R6 | 6761330 |
| 252772 | Goldman Sachs Global Infrastructure Fund - Class R6 | 3083817 |
| 147938 | Goldman Sachs International Small Cap Insights Fund - Class R6 | 1615484 |
|  |  | 95000636 |
| **Exchange Traded Funds – 58.5%** | **Exchange Traded Funds – 58.5%** | **Exchange Traded Funds – 58.5%** |
| 1071427 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 81567738 |
| 1425832 | Goldman Sachs ActiveBeta International Equity ETF | 41035445 |
| 465035 | Goldman Sachs MarketBeta International Equity ETF | 21833393 |
| 615137 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 17414528 |
| 247230 | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 9744719 |
|  |  | 171595823 |
| **TOTAL UNDERLYING FUNDS – 90.9%**<br> **(Cost $243,398,736)** | **TOTAL UNDERLYING FUNDS – 90.9%**<br> **(Cost $243,398,736)** | $266596459 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> –5.7%** | **Investment Company<sup>(a)</sup> –5.7%** | **Investment Company<sup>(a)</sup> –5.7%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16640023 | 4.159% | $16640023 |
|  **(Cost $16,640,023)** | **(Cost $16,640,023)** | **(Cost $16,640,023)** |
| **TOTAL INVESTMENTS – 96.6%**<br> **(Cost $260,038,759)** | **TOTAL INVESTMENTS – 96.6%**<br> **(Cost $260,038,759)** | $283236482 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES –3.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES –3.4%** | 9964456 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $293200938 |

---

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

(a) Represents an Affiliated Issuer.

 **ADDITIONAL INVESTMENT INFORMATION**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 240000 | USD | 162150 | 03/15/23 | $1754 |
|  | CHF | 590000 | USD | 640347 | 03/15/23 | 2997 |
|  | DKK | 320000 | USD | 45979 | 03/15/23 | 353 |
|  | EUR | 1760000 | USD | 1877443 | 03/15/23 | 16340 |
|  | GBP | 445000 | USD | 535940 | 03/15/23 | 3051 |
|  | ILS | 40000 | USD | 11365 | 03/15/23 | 62 |
|  | JPY | 117000000 | USD | 879028 | 03/15/23 | 21598 |
|  | NOK | 100000 | USD | 10140 | 03/15/23 | 101 |
|  | NZD | 30000 | USD | 18936 | 03/15/23 | 126 |
|  | SEK | 2325000 | USD | 223018 | 03/15/23 | 757 |
|  | SGD | 30000 | USD | 22249 | 03/15/23 | 177 |
|  | USD | 3375693 | GBP | 2755000 | 03/15/23 | 38794 |
|  | USD | 664965 | HKD | 5180000 | 03/15/23 | 394 |
|  | USD | 105540 | ILS | 360000 | 03/15/23 | 2691 |

---

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 **ADDITIONAL INVESTMENT INFORMATION (c o n t i n u e d)**

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | 51017 | NZD | 80000 | 03/15/23 | $184 |
|  | USD | 844295 | SEK | 8700000 | 03/15/23 | 6942 |
| **TOTAL** |  |  |  |  |  | $96321 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | HKD | 1070000 | USD | 137462 | 03/15/23 | $(186) |
|  | USD | 1608060 | AUD | 2380000 | 03/15/23 | (17319) |
|  | USD | 2484159 | CHF | 2310000 | 03/15/23 | (34694) |
|  | USD | 578421 | DKK | 4060000 | 03/15/23 | (9417) |
|  | USD | 7687501 | EUR | 7260000 | 03/15/23 | (124355) |
|  | USD | 4814118 | JPY | 648000000 | 03/15/23 | (173966) |
|  | USD | 150492 | NOK | 1500000 | 03/15/23 | (3123) |
|  | USD | 266049 | SGD | 360000 | 03/15/23 | (3058) |
| **TOTAL** |  |  |  |  |  | $(366118) |

---

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 182 | 03/17/23 | $35135100 | $(1245583) |
|  S&P Toronto Stock Exchange 60 Index | 16 | 03/16/23 | 2764904 | (95020) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | $(1340603) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $4070.000 | 01/04/2023 | (4) | $(1628000) | $(20) | $(14771) | $14751 |
|  S&P 500 Index | 4100.000 | 01/11/2023 | (4) | (1640000) | (190) | (25894) | 25704 |
|  S&P 500 Index | 3925.000 | 01/18/2023 | (5) | (1962500) | (17325) | (29435) | 12110 |
|  S&P 500 Index | 3950.000 | 01/25/2023 | (5) | (1975000) | (18025) | (18160) | 135 |
|  S&P 500 Index | 3955.000 | 01/31/2023 | (4) | (1582000) | (14572) | (14572) |  |
|  S&P 500 Index | 3960.000 | 01/31/2023 | (4) | (1584000) | (13850) | (13850) |  |
|  S&P 500 Index | 3965.000 | 01/31/2023 | (4) | (1586000) | (13279) | (13279) |  |
|  S&P 500 Index | 3970.000 | 01/31/2023 | (4) | (1588000) | (12715) | (12715) |  |
|  S&P 500 Index | 3975.000 | 01/31/2023 | (4) | (1590000) | (12189) | (12189) |  |
|  S&P 500 Index | 4130.000 | 01/31/2023 | (1) | (413000) | (695) | (5379) | 4684 |

---

**The accompanying notes are an integral part of these financial statements. 9** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments (continued)
*December 31, 2022* 

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index | $4155.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | $(415500) | $(520) | $(5491) | $4971 |
|  S&P 500 Index | 4195.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (419500) | (335) | (5695) | 5360 |
|  S&P 500 Index | 4210.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (421000) | (283) | (6216) | 5933 |
|  S&P 500 Index | 4225.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (422500) | (240) | (6017) | 5777 |
|  S&P 500 Index | 4010.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (401000) | (6060) | (5918) | (142) |
|  S&P 500 Index | 4015.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (401500) | (5885) | (7698) | 1813 |
|  S&P 500 Index | 4250.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (425000) | (1160) | (6886) | 5726 |
|  |  |  | (46) | $(18454500) | $(117343) | $(204165) | $86822 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3850.000 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1540000) | (13120) | (21496) | 8376 |
|  S&P 500 Index | 3920.000 | 01/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1568000) | (38740) | (15013) | (23727) |
|  S&P 500 Index | 3710.000 | 01/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(5) | (1855000) | (13300) | (13577) | 277 |
|  S&P 500 Index | 3710.000 | 01/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(5) | (1855000) | (17775) | (20357) | 2582 |
|  S&P 500 Index | 3715.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1486000) | (19844) | (19844) |  |
|  S&P 500 Index | 3720.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1488000) | (20365) | (20365) |  |
|  S&P 500 Index | 3725.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1490000) | (20955) | (20955) |  |
|  S&P 500 Index | 3730.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1492000) | (21599) | (21599) |  |
|  S&P 500 Index | 3735.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1494000) | (22215) | (22215) |  |
|  S&P 500 Index | 3795.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (379500) | (6835) | (7404) | 569 |
|  S&P 500 Index | 3800.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (380000) | (7025) | (7698) | 673 |
|  S&P 500 Index | 3805.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (380500) | (7215) | (9123) | 1908 |
|  S&P 500 Index | 3845.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (384500) | (8865) | (7415) | (1450) |
|  S&P 500 Index | 3885.000 | 01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (388500) | (10785) | (5513) | (5272) |
|  S&P 500 Index | 3645.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (364500) | (5990) | (5733) | (257) |
|  S&P 500 Index | 3655.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (365500) | (6240) | (6686) | 446 |
|  S&P 500 Index | 3855.000 | 02/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | (385500) | (13095) | (7871) | (5224) |
|  |  |  | (46) | $(17296500) | $(253963) | $(232864) | $(21099) |
| **Total written option contracts** |  |  | (92) | $(35751000) | $(371306) | $(437029) | $65723 |
| EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES |
|  | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Eurodollar Futures | $97.750 | 06/20/2023 | 53 | $132500 | $1656 | $216141 | $(214485) |
|  Eurodollar Futures | 97.750 | 03/13/2023 | 94 | 235000 | 588 | 258473 | (257885) |
|  Eurodollar Futures | 97.500 | 06/17/2024 | 97 | 242500 | 55169 | 143988 | (88819) |
|  Eurodollar Futures | 95.875 | 06/20/2023 | 30 | 75000 | 3187 | 82794 | (79607) |
|  Eurodollar Futures | 95.875 | 09/18/2023 | 28 | 70000 | 8225 | 82515 | (74290) |
|  Eurodollar Futures | 97.250 | 12/18/2023 | 43 | 107500 | 8600 | 55193 | (46593) |
|  Eurodollar Futures | 97.500 | 03/18/2024 | 110 | 275000 | 37125 | 149130 | (112005) |
|  Eurodollar Futures | 95.875 | 03/13/2023 | 19 | 47500 | 713 | 54070 | (53357) |
|  Eurodollar Futures | 95.125 | 03/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6 | 15000 | 12862 | 18988 | (6126) |
|  Eurodollar Futures | 95.125 | 06/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6 | 15000 | 17775 | 21914 | (4139) |
|  Eurodollar Futures | 95.125 | 09/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6 | 15000 | 21300 | 24314 | (3014) |
|  Eurodollar Futures | 95.000 | 09/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4 | 10000 | 3425 | 9309 | (5884) |

---

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 **ADDITIONAL INVESTMENT INFORMATION (continued)**

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums**<br> **Paid (Received)<br>by Portfolio** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  Eurodollar Futures | $95.000 | 12/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $10000 | $5975 | $11559 | $(5584) |
|  Eurodollar Futures | 97.000 | 06/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;32 | 80000 | 26600 | 30929 | (4329) |
|  Eurodollar Futures | 94.750 | 03/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;30 | 75000 | 81937 | 88398 | (6461) |
|  Eurodollar Futures | 97.000 | 12/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;79 | 197500 | 107144 | 126364 | (19220) |
|  Eurodollar Futures | 97.000 | 09/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;47 | 117500 | 51994 | 62659 | (10665) |
|  Eurodollar Futures | 97.000 | 03/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;72 | 180000 | 110250 | 130853 | (20603) |
|  Eurodollar Futures | 95.000 | 09/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;15 | 37500 | 56625 | 60410 | (3785) |
|  Eurodollar Futures | 94.875 | 06/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;16 | 40000 | 54000 | 56662 | (2662) |
|  Eurodollar Futures | 94.750 | 12/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;28 | 70000 | 52150 | 57553 | (5403) |
| **TOTAL** |  |  | 819 | $2047500 | $717300 | $1742216 | $(1024916) |

---

---

| |
|:---|
| **Currency Abbreviations:** |
|  AUD —Australian Dollar. |
|  CHF —Swiss Franc |
|  DKK —Denmark Krone |
|  EUR —Euro |
|  GBP —British Pound |
|  HKD —Hong Kong Dollar |
|  ILS —Israeli Shekel |
|  JPY —Japanese Yen |
|  NOK —Norwegian Krone |
|  NZD —New Zealand Dollar |
|  SEK —Swedish Krona |
|  SGD —Singapore Dollar |
|  USD —U.S. Dollar |
|  **Investment Abbreviations:** |
|  ETF —Exchange Traded Fund |

---

**The accompanying notes are an integral part of these financial statements. 11** 

------

## Statement of Assets and Liabilities
*December 31, 2022* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated issuers, at value (cost $260,038,759) | $283236482 |
| Purchased options, at value (premium paid $1,742,216) | 717300 |
| Cash | 3962267 |
| Foreign currencies, at value (cost $28,364) | 50503 |
| Unrealized gain on forward foreign currency exchange contracts | 96321 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 5857853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 795168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 171584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 41868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 39934 |
| Other assets | 69791 |
| **Total assets** | 295039071 |
| **Liabilities:** |  |
| Written option contracts, at value (premium received $437,029) | 371306 |
| Unrealized loss on forward foreign currency exchange contracts | 366118 |
| Variation margin on futures contracts | 116033 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 647095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 68833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 64428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 38513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 11785 |
| Accrued expenses | 154022 |
| **Total liabilities** | 1838133 |
| **Net Assets:** |  |
| Paid-in capital | 281184689 |
| Total distributable earnings | 12016249 |
| **NET ASSETS** | $293200938 |
| Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $140666273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6658924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 14969934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 244014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 4887816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2979530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 5292125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 117502322 |
| Total Net Assets | $293200938 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8124373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 398152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 851564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 14105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 287383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 169029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 309090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 6678281 |
| Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $17.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 16.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 17.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 17.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 17.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 17.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 17.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 17.59 |

---

(a) Includes segregated cash of $2,001,159, $690,000 and $3,166,694 relating to initial margin requirements and/or
collateral on futures, forward foreign currency and options transactions, respectively.

(b) Maximum public offering price per share for Class A Shares is $18.32. At redemption, Class C Shares
may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

------

## Statement of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends — affiliated issuers | $6501424 |
| Interest | 14716 |
| **Total investment income** | 6516140 |
| **Expenses:** |  |
| Management fees | 533689 |
| Distribution and Service (12b-1) fees<sup>(a)</sup> | 475490 |
| Transfer Agency fees<sup>(a)</sup> | 333666 |
| Registration fees | 122465 |
| Professional fees | 113661 |
| Printing and mailing costs | 91512 |
| Custody, accounting and administrative services | 85030 |
| Trustee fees | 28084 |
| Service fees — Class C | 19755 |
| Shareholder Administration fees — Service Class | 664 |
| Other | 22419 |
| **Total expenses** | 1826435 |
| Less — expense reductions | (448567) |
| **Net expenses** | 1377868 |
| **NET INVESTMENT INCOME** | 5138272 |
| **Realized and unrealized gain (loss):** |  |
| Capital gain distributions from Affiliated Funds | 4146960 |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (69207) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind Redemptions | 98676932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1551956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6045921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 360363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 724104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2453570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6324 |
| Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (181327159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (154444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4107733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (147156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 24704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (249479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 13657 |
| **Net realized and unrealized loss** | (87246441) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(82108169) |

---

(a) Class specific Distribution and/or Service (12b-1) and Transfer
Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Dynamic Global Equity | $386704 | $59266 | $664 | $28856 | $247491 | $12643 | $6685 | $106 | $7839 | $8880 | $9234 | $40788 |

---

**The accompanying notes are an integral part of these financial statements. 13** 

------

## Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
|  **From operations:** |  |  |
| Net investment income | $5138272 | $13886224 |
| Net realized gain | 98701169 | 87663925 |
| Net change in unrealized gain (loss) | (185947610) | 62133651 |
| **Net increase (decrease) in net assets resulting from operations** | (82108169) | 163683800 |
|  **Distributions to shareholders:** |  |  |
| From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (8322811) | (21200803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (356729) | (1144912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (935882) | (2199570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (14214) | (35736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (305792) | (685427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (184875) | (62812794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (309964) | (739023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (7378069) | (18499746) |
| Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (269596) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (9498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (32264) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (449) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (10356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (6090) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (9649) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (253414) |  |
| **Total distributions to shareholders** | (18399652) | (107318011) |
|  **From share transactions:** |  |  |
| Proceeds from sales of shares | 18285991 | 33704055 |
| Reinvestment of distributions | 17684945 | 105373693 |
| Cost of shares redeemed in connection with in-kind transactions | (532139980) |  |
| Cost of shares redeemed | (42571755) | (89658618) |
| **Net increase (decrease) in net assets resulting from share transactions** | (538740799) | 49419130 |
| **TOTAL INCREASE (DECREASE)** | (639248620) | 105784919 |
|  **Net assets:** |  |  |
| Beginning of year | 932449558 | 826664639 |
| End of year | $293200938 | $932449558 |

---

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, be ginning of year | $22.80 | $21.36 | $19.32 | $16.26 | $18.84 |
|  Net investment income <sup>(a)(b)</sup>  | 0.28 | 0.31 | 0.18 | 0.29 | 0.20 |
|  Net realized and unrealized gain (loss) | (4.67) | 3.96 | 2.36 | 3.86 | (2.35) |
|  Total from investment operations | (4.39) | 4.27 | 2.54 | 4.15 | (2.15) |
|  Distributions to shareholders from net investment income | (0.52) | (1.01) | (0.18) | (0.27) | (0.43) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.03) |  |  |  |  |
|  Total distributions | (1.10) | (2.83) | (0.50) | (1.09) | (0.43) |
|  Net asset value, end of year | $17.31 | $22.80 | $21.36 | $19.32 | $16.26 |
|  **Total return<sup>(c)</sup>**  | (19.31)% | 20.07% | 13.15% | 25.66% | (11.40)% |
|  Net assets, end of year (in 000s) | $140666 | $185213 | $166449 | $162028 | $135758 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.70% | 0.60% | 0.64% | 0.66% | 0.66% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.56% | 0.56% | 0.57% | 0.58% | 0.58% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.42% | 1.29% | 0.98% | 1.56% | 1.09% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $22.04 | $20.71 | $18.74 | $15.77 | $18.01 |
|  Net investment income (loss)<sup>(a)(b)</sup>  | 0.11 | 0.10 | 0.02 | 0.10 | (0.05) |
|  Net realized and unrealized gain (loss) | (4.49) | 3.86 | 2.28 | 3.77 | (2.12) |
|  Total from investment operations | (4.38) | 3.96 | 2.30 | 3.87 | (2.17) |
|  Distributions to shareholders from net investment income | (0.37) | (0.81) | (0.01) | (0.08) | (0.07) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.02) |  |  |  |  |
|  Total distributions | (0.94) | (2.63) | (0.33) | (0.90) | (0.07) |
|  Net asset value, end of year | $16.72 | $22.04 | $20.71 | $18.74 | $15.77 |
|  **Total return<sup>(c)</sup>**  | (19.91)% | 19.19% | 12.29% | 24.72% | (12.04)% |
|  Net assets, end of year (in 000s) | $6659 | $10309 | $13716 | $17348 | $23020 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 1.45% | 1.35% | 1.39% | 1.41% | 1.40% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 1.31% | 1.31% | 1.32% | 1.33% | 1.33% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup>  | 0.59% | 0.45% | 0.13% | 0.58% | (0.29)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $23.13 | $21.63 | $19.55 | $16.43 | $19.01 |
|  Net investment income<sup>(a)(b)</sup>  | 0.35 | 0.39 | 0.23 | 0.34 | 0.09 |
|  Net realized and unrealized gain (loss) | (4.73) | 4.03 | 2.42 | 3.93 | (2.20) |
|  Total from investment operations | (4.38) | 4.42 | 2.65 | 4.27 | (2.11) |
|  Distributions to shareholders from net investment income | (0.58) | (1.10) | (0.25) | (0.33) | (0.47) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.04) |  |  |  |  |
|  Total distributions | (1.17) | (2.92) | (0.57) | (1.15) | (0.47) |
|  Net asset value, end of year | $17.58 | $23.13 | $21.63 | $19.55 | $16.43 |
|  **Total return<sup>(c)</sup>**  | (18.98)% | 20.50% | 13.56% | 26.18% | (11.07)% |
|  Net assets, end of year (in 000s) | $14970 | $19052 | $14179 | $13423 | $16974 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.33% | 0.24% | 0.26% | 0.28% | 0.26% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.19% | 0.20% | 0.19% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.80% | 1.62% | 1.25% | 1.82% | 0.47% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

**The accompanying notes are an integral part of these financial statements. 17** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $22.78 | $21.35 | $19.30 | $16.20 | $18.75 |
|  Net investment income<sup>(a)(b)</sup>  | 0.25 | 0.29 | 0.15 | 0.21 | 0.15 |
|  Net realized and unrealized gain (loss) | (4.66) | 3.94 | 2.37 | 3.89 | (2.31) |
|  Total from investment operations | (4.41) | 4.23 | 2.52 | 4.10 | (2.16) |
|  Distributions to shareholders from net investment income | (0.52) | (0.98) | (0.15) | (0.18) | (0.39) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Total distributions | (1.07) | (2.80) | (0.47) | (1.00) | (0.39) |
|  Net asset value, end of year | $17.30 | $22.78 | $21.35 | $19.30 | $16.20 |
|  **Total return<sup>(c)</sup>**  | (19.39)% | 19.90% | 13.04% | 25.49% | (11.48)% |
|  Net assets, end of year (in 000s) | $244 | $310 | $269 | $380 | $543 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.83% | 0.74% | 0.76% | 0.78% | 0.77% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.69% | 0.69% | 0.69% | 0.70% | 0.69% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.30% | 1.21% | 0.79% | 1.16% | 0.80% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data**<br>|  |  |  |  |  |
|  Net asset value, beginning of year | $22.43 | $21.05 | $19.04 | $16.03 | $18.58 |
|  Net investment income<sup>(a)(b)</sup>  | 0.33 | 0.38 | 0.23 | 0.30 | 0.24 |
|  Net realized and unrealized gain (loss) | (4.60) | 3.89 | 2.33 | 3.84 | (2.32) |
|  Total from investment operations | (4.27) | 4.27 | 2.56 | 4.14 | (2.08) |
|  Distributions to shareholders from net investment income | (0.56) | (1.07) | (0.23) | (0.31) | (0.47) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.04) |  |  |  |  |
|  Total distributions | (1.15) | (2.89) | (0.55) | (1.13) | (0.47) |
|  Net asset value, end of year | $17.01 | $22.43 | $21.05 | $19.04 | $16.03 |
|  **Total return<sup>(c)</sup>**  | (19.08)% | 20.36% | 13.44% | 25.97% | (11.18)% |
|  Net assets, end of year (in 000s) | $4888 | $5797 | $4908 | $4517 | $5703 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.45% | 0.35% | 0.39% | 0.41% | 0.41% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.31% | 0.31% | 0.32% | 0.33% | 0.33% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.72% | 1.61% | 1.24% | 1.66% | 1.28% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

**The accompanying notes are an integral part of these financial statements. 19** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data**<br>|  |  |  |  |  |
|  Net asset value, beginning of year | $23.14 | $21.63 | $19.55 | $16.44 | $19.04 |
|  Net investment income<sup>(a)(b)</sup>  | 0.01 | 0.40 | 0.25 | 0.49 | 1.61 |
|  Net realized and unrealized gain (loss) | (4.39) | 4.03 | 2.40 | 3.78 | (3.71) |
|  Total from investment operations | (4.38) | 4.43 | 2.65 | 4.27 | (2.10) |
|  Distributions to shareholders from net investment income | (0.54) | (1.10) | (0.25) | (0.34) | (0.50) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.04) |  |  |  |  |
|  Total distributions | (1.13) | (2.92) | (0.57) | (1.16) | (0.50) |
|  Net asset value, end of year | $17.63 | $23.14 | $21.63 | $19.55 | $16.44 |
|  **Total return<sup>(c)</sup>**  | (18.99)% | 20.55% | 13.57% | 26.14% | (11.00)% |
|  Net assets, end of year (in 000s) | $2980 | $544796 | $490832 | $478073 | $4485 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.23% | 0.23% | 0.25% | 0.26% | 0.32% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.18% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 0.04% | 1.66% | 1.36% | 2.55% | 9.20% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data**<br>|  |  |  |  |  |
|  Net asset value, beginning of year | $22.56 | $21.17 | $19.15 | $16.13 | $18.69 |
|  Net investment income<sup>(a)(b)</sup>  | 0.23 | 0.23 | 0.13 | 0.24 | 0.14 |
|  Net realized and unrealized gain (loss) | (4.61) | 3.94 | 2.34 | 3.82 | (2.32) |
|  Total from investment operations | (4.38) | 4.17 | 2.47 | 4.06 | (2.18) |
|  Distributions to shareholders from net investment income | (0.48) | (0.96) | (0.13) | (0.22) | (0.38) |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |
|  Distributions to shareholders from return of capital | (0.03) |  |  |  |  |
|  Total distributions | (1.06) | (2.78) | (0.45) | (1.04) | (0.38) |
|  Net asset value, end of year | $17.12 | $22.56 | $21.17 | $19.15 | $16.13 |
|  **Total return<sup>(c)</sup>**  | (19.49)% | 19.76% | 12.88% | 25.36% | (11.63)% |
|  Net assets, end of year (in 000s) | $5292 | $6611 | $5700 | $5922 | $4938 |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.95% | 0.85% | 0.89% | 0.91% | 0.91% |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.81% | 0.81% | 0.82% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets<sup>(b)</sup>  | 1.19% | 0.97% | 0.70% | 1.31% | 0.77% |
|  Portfolio turnover rate<sup>(e)</sup>  | 12% | 4% | 12% | 40% | 11% |

---

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

(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.

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(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.

**The accompanying notes are an integral part of these financial statements. 21** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** | **Goldman Sachs Dynamic Global Equity Fund** |  |  |  |  |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |  |  |  |  |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |  |  |  |  |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** | **2022** | **2021** | **2020** | **2019** |
| | | | | | **Period Ended**<br> **December 31, 2018<sup>(a)</sup>** |  |  |  |  |
|  **Per Share Data** |  |  |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $23.15 | $21.64 | $19.56 | $16.44 | $19.43 |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.35 | 0.40 | 0.26 | 0.37 | 0.31 |  |  |  |  |
|  Net realized and unrealized gain (loss) | (4.74) | 4.03 | 2.39 | 3.91 | (2.80) |  |  |  |  |
|  Total from investment operations | (4.39) | 4.43 | 2.65 | 4.28 | (2.49) |  |  |  |  |
|  Distributions to shareholders from net investment income | (0.58) | (1.10) | (0.25) | (0.34) | (0.50) |  |  |  |  |
|  Distributions to shareholders from net realized gains | (0.55) | (1.82) | (0.32) | (0.82) |  |  |  |  |  |
|  Distributions to shareholders from return of capital | (0.04) |  |  |  |  |  |  |  |  |
|  Total distributions | (1.17) | (2.92) | (0.57) | (1.16) | (0.50) |  |  |  |  |
|  Net asset value, end of period | $17.59 | $23.15 | $21.64 | $19.56 | $16.44 |  |  |  |  |
|  **Total return<sup>(d)</sup>**  | (19.00)% | 20.54% | 13.57% | 26.19% | (12.80)% |  |  |  |  |
|  Net assets, end of period (in 000s) | $117502 | $160360 | $130610 | $127367 | $103074 |  |  |  |  |
|  Ratio of total expenses to average net assets<sup>(e)</sup>  | 0.32% | 0.23% | 0.25% | 0.27% | 0.27%<sup>(f)</sup> |  |  |  |  |
|  Ratio of net expenses to average net assets<sup>(e)</sup>  | 0.18% | 0.18% | 0.18% | 0.19% | 0.18%<sup>(f)</sup> |  |  |  |  |
|  Ratio of net investment income to average net assets<sup>(c)</sup>  | 1.78% | 1.64% | 1.37% | 1.96% | 2.33%<sup>(f)</sup> |  |  |  |  |
|  Portfolio turnover rate<sup>(g)</sup>  | 12% | 4% | 12% | 40% | 11% |  |  |  |  |

---

(a) Class P Shares commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the
Underlying Funds in which the Fund invests.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

(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.

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Notes to Financial Statements
*December 31, 2022* 

 **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 Trust includes the Goldman Sachs Dynamic Global Equity Fund (the "Fund"). The Fund is a diversified fund and currently offers eight classes of shares: Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares.

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 Fund pursuant to a management agreement (the "Agreement") with the Trust.

The Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include underlying funds (including exchange-traded funds ("ETFs")) (collectively, the "Underlying Funds"), futures, forwards, options, swaps and other instruments with similar economic exposures. The Fund may invest in Underlying Funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter.

 **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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The valuation policy of the Fund and underlying funds ("Underlying Funds") is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Notes to Financial Statements (continued)
*December 31, 2022* 

 **2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

fees. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is the 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, the 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 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 the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — The 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 the Fund's NAV, in accordance with the Fund's Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund's prospectus.

 **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 Fund's 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;

**24** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Underlying Funds (including Money Market Funds) — Underlying funds include other investment companies and exchange-traded funds ("ETFs"). 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 Fund invests in Underlying Funds that fluctuate in value, the Fund's 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 shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*December 31, 2022* 

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contract**s** — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *total return swap* is an agreement that gives the Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the 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.

**26** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Fund's investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Underlying Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | $95000636 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 171595823 |  |  |
|  Investment Company | 16640023 |  |  |
|  **Total** | $283236482 | $— | $— |
| <br> **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $96321 | $— |
|  Options Purchased | 717300 |  |  |
|  **Total** | $717300 | $96321 | $— |
| **Liabilities** |  |  |  |
|  Exchange Traded Options On Equities Contracts | $(371306) | $— | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (366118) |  |
|  Futures Contracts<sup>(a)</sup>  | (1340603) |  |  |
|  **Total** | $(1711909) | $(366118) | $— |

---

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

For further information regarding security characteristics, see the Schedules of Investments.

 **4. INVESTMENTS IN DERIVATIVES**

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. These instruments were used as part of the Fund's 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 Fund's net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities** | **Assets** | **Statements of Assets**<br> **and Liabilities** | **Liabilities** |
|  Currency | Receivable for unrealized gain on forward<br> foreign currency exchange contracts. | $96321 | Payable for unrealized loss on forward foreign currency exchange contracts. | $(366118) |
|  Equity |  |  | Written Options, at value | (1711909)<sup>(a)</sup> |
|  Interest rate | Purchased options, at value | 717300 | Variation margin on futures contracts |  |
| **Total** |  | $813621 |  | $(2078027) |

---

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections
of the Schedule of Investments. Only the variation margin as of December 31, 2022 is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*December 31, 2022* 

 **4. INVESTMENTS IN DERIVATIVES (continued)**

The following tables set forth, by certain risk types, the Fund's gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2022. 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 Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Currency | Net realized gain (loss) from forward foreign currency exchange<br> contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $2453570 | $(249479) |
|  Equity | Net realized gain (loss) from futures contracts, swaps contracts and written options/Net change in unrealized gain (loss) on futures contracts, swaps contracts and written options | (4961454) | (4230185) |
|  Interest rate | Net realized gain (loss) from purchased options and futures contracts /Net change in unrealized gain (loss) on purchased options | (1551956) | (154444) |
| **Total** |  | $(4059840) | $(4634108) |

---

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| | **Futures<br>contracts** | **Forward<br>contracts** | **Swap<br>Agreements** | **Purchased**<br> **Options** | **Written<br>Options** |
| Dynamic Global Equity | 232 | $35339346 | $14908963 | 2186538 | 11185 |

---

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward
contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held
such derivatives during the fiscal year ended December 31, 2022.

 **5 . AGREEMENTS AND AFFILI ATED TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets of 0.15%.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the 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 Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the 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 Fund, as set forth below.

**28** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

The Trust, on behalf of Service Shares of the 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 Fund, 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 Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs retained $4,840 of the front end sales charges and $809 of the CDSC for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of the 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 and 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 or Service Shares of the Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were $448,567.

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2022, the Fund participated in a $1,250,000,000 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 Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*December 31, 2022* 

 **5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The Fund invests primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended December 31, 2022 (in thousands):

**Dynamic Global Equity Fund** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning**<br> **Value as of**<br> **12/31/21** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net**<br> **Realized**<br> **Gain (Loss)** | **Change In**<br> **Unrealized**<br> **Gain (Loss)** | **Ending<br>Value as of**<br> **12/31/22** | **Shares as of**<br> **12/31/22** | **Dividend<br>Income** | **Capital<br>Gain**<br> **Distributions** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $62014 | $2925 | $(36022) | $(855) | $(10647) | $17415 | 615 | $589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  Goldman Sachs ActiveBeta International Equity ETF | 157139 |  | (84377) | (339) | (31388) | 41035 | 1426 | 1523 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 253314 |  | (91594) | 1113 | (81265) | 81568 | 1071 | 1326 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 31675 | 223 | (19949) | (256) | (3039) | 8654 | 1160 | 223 |  |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 54000 | 110128 | (147488) |  |  | 16640 | 16640 | 251 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 15246 | 96 | (10483) | 477 | (2252) | 3084 | 253 | 94 |  |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 14416 | 65 | (12002) | (386) | (2093) |  |  | 43 |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 74600 | 952 | (41272) | (68) | (11724) | 22488 | 1907 | 952 |  |
|  Goldman Sachs International Small Cap Insights Fund—Class R6 | 16011 | 49 | (11987) | 245 | (2703) | 1615 | 148 | 49 |  |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 68662 | 5315 | (37334) |  | (14646) | 21997 | 1018 | 109 | 3506 |
|  Goldman Sachs Large Cap Value Insights Fund—Class R6 | 62718 | 7065 | (32252) |  | (7130) | 30401 | 1440 | 424 | 641 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 29492 |  | (15031) |  | (4716) | 9745 | 247 | 297 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 38746 | 23461 | (33108) |  | (7266) | 21833 | 465 | 561 |  |
|  Goldman Sachs Small Cap Equity Insights Fund—Class R6 | 20011 | 60 | (10852) |  | (2458) | 6761 | 306 | 60 |  |
|  **Total** | $898044 | $150339 | $(583751) | $(69) | $(181327) | $283236 |  | $6501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4147 |

---

 **6. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were $41,404,857 and $40,099,431, respectively.

**30** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **6. PORTFOLIO SECURITIES TRANSACTIONS (continued)**

The proceeds received (excluding cash) in connection with in-kind transaction for the fiscal year ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| **In-kind**<br> **Issuances** | **In-kind**<br> **Redemptions** |
| $0 | $(532139980) |

---

 **7. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $8909837 |
|  Net long-term capital gains | 8898499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $17808336 |
|  Tax return of capital | $591316 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $54769419 |
|  Net long-term capital gains | 52548592 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $107318011 |

---

As of the Fund's most recent fiscal year end, December 31, 2022, the Fund's capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | |
|:---|:---|
|  Capital loss carryforwards<sup>(1)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(3761849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (2896419) |
|  Total capital loss carryforwards | (6658268) |
|  Timing differences (Late Year Loss Deferral and Straddle Loss Deferral) | $(1570165) |
|  Unrealized gains (loss) — net | 20244682 |
|  Total accumulated earnings (loss) net | $12016249 |

---

(1) The Dynamic Global Equity Fund's ability to utilize its capital loss carryforwards is subject to an annual
limitation under section 382 of the Internal Revenue Code.

As of December 31, 2022, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax Cost | $262186563 |
|  Gross unrealized gain | 30755421 |
|  Gross unrealized loss | (10510739) |
|  Net unrealized gains | $20244682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31** 

------

GOLDMAN SACHS DYNAMIC GLOBAL E QUITY FUND

*December 31, 2022* 

 **7. TAX INFORMATION (continued)**

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 and options contracts and net mark to market gains/(losses) on foreign currency contracts.

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 redemption in-kind transactions.

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 **8. OTHER RISKS**

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

Derivatives Risk - The Fund's 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 Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund 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 Fund 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 — The Fund's investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund'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 the Fund to produce current income.

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 the 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 the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the

**32** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **8. OTHER RISKS (continued)**

value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investments in the Underlying Funds Risk — The investments of the Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Fund's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on the Fund's liquidity. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries.

Market and Credit Risks — In the normal course of business, the 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 the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*December 31, 2022* 

 **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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 **10. SUBSEQUENT EVENTS**

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

**34** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

 **11. SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 236183 | $4530644 | 447388 | $10465500 |
|  Reinvestment of distributions | 446499 | 7930440 | 835193 | 19471814 |
|  Shares redeemed | (681861) | (13025872) | (952749) | (22455855) |
|  | 821 | (564788) | 329832 | 7481459 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 19722 | 368742 | 32367 | 734171 |
|  Reinvestment of distributions | 21189 | 363516 | 50432 | 1134953 |
|  Shares redeemed | (110476) | (2050980) | (277299) | (6214088) |
|  | (69565) | (1318722) | (194500) | (4344964) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 268088 | 5355557 | 185277 | 4556350 |
|  Reinvestment of distributions | 52598 | 948328 | 90955 | 2151529 |
|  Shares redeemed | (292753) | (5615010) | (108213) | (2561457) |
|  | 27933 | 688875 | 168019 | 4146422 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 392 | 8293 | 112 | 2670 |
|  Reinvestment of distributions | 689 | 12230 | 1262 | 29400 |
|  Shares redeemed | (588) | (11153) | (376) | (8411) |
|  | 493 | 9370 | 998 | 23659 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 64270 | 1205229 | 40132 | 943819 |
|  Reinvestment of distributions | 18112 | 316148 | 29852 | 685427 |
|  Shares redeemed | (53481) | (1055430) | (44715) | (1046455) |
|  | 28901 | 465947 | 25269 | 582791 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 37681 | 811416 | 109199 | 2469003 |
|  Reinvestment of distributions | 9024 | 163187 | 2647554 | 62667602 |
|  Shares redeemed in connection with in-kind transactions | (23298598) | (532139980) |  |  |
|  Shares redeemed | (124536) | (2776611) | (1902056) | (45255149) |
|  | (23376429) | (533941988) | 854697 | 19881456 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 35626 | 688910 | 24324 | 566994 |
|  Reinvestment of distributions | 18193 | 319613 | 32052 | 739023 |
|  Shares redeemed | (37732) | (710778) | (32657) | (758976) |
|  | 16087 | 297745 | 23719 | 547041 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 256415 | 5317200 | 583073 | 13965548 |
|  Reinvestment of distributions | 422752 | 7631483 | 781031 | 18493945 |
|  Shares redeemed | (927836) | (17325921) | (472272) | (11358227) |
|  | (248669) | (4377238) | 891832 | 21101266 |
|  **NET INCREASE (DECREASE)** | (23620428) | $(538740799) | 2099866 | $49419130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Dynamic Global Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Dynamic Global Equity Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 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 opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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

**36** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp; **Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)**<br>

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days of a 365-day year.

*Actual Expenses —* The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes —* The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
| <br>&nbsp;&nbsp;&nbsp;**Share Class** | **Beginning**<br>**Account**<br>**Value**<br>**7/1/22** | **Ending**<br>**Account**<br>**Value**<br>**12/31/22** |  | **Expenses**<br>**Paid for the**<br>**6 months ended**<br>**12/31/22\*** |
| &nbsp;&nbsp;&nbsp; **<u>Class A</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1014.20 |  | $2.86 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1022.40 | <sup>+</sup> | 2.87 |
| &nbsp;&nbsp;&nbsp; **<u>Class C</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1010.40 |  | 6.66 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.60 | <sup>+</sup> | 6.69 |
| &nbsp;&nbsp;&nbsp; **<u>Institutional</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1016.80 |  | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.20 | <sup>+</sup> | 0.99 |
| &nbsp;&nbsp;&nbsp; **<u>Service</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1014.00 |  | 3.52 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1025.20 | <sup>+</sup> | 3.53 |
| &nbsp;&nbsp;&nbsp; **<u>Investor</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1016.20 |  | 1.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1023.60 | <sup>+</sup> | 1.60 |
| &nbsp;&nbsp;&nbsp; **<u>Class R6</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1016.60 |  | 0.93 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.30 | <sup>+</sup> | 0.94 |
| &nbsp;&nbsp;&nbsp; **<u>Class R</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1013.00 |  | 4.13 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1021.10 | <sup>+</sup> | 4.15 |
| &nbsp;&nbsp;&nbsp; **<u>Class P</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1016.30 |  | 0.93 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1024.30 | <sup>+</sup> | 0.94 |

---

\* Expenses for each share class are calculated using the Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on the Fund's actual annualized net expenses ratios and an assumed rate of return of 5% per year before expenses.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Dynamic Global Equity | 0.56% | 1.31% | 0.19% | 0.69% | 0.31% | 0.18% | 0.81% | 0.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br>Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex** <br> **Overseen by<br>Trustee<sup>3</sup>**  | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup>**<br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007- 2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).** | **103** |  |
|  |  |  | **Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present) Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).** | **103** |  |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Diana M. Daniels<sup>5</sup>**<br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).** | **103** |  |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion, Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |

---

**38** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br>Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).** | **103** |  |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).** | **103** | **Verizon Communications, Inc.** |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.** | **103** |  |
|  |  |  | **Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** |  |  |
| **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** |
| **Name,<br>Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **Trustee and President** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).** | **172** |  |
|  |  |  | **President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |  |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Fund's Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39** 

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust\*** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **Trustee and<br>President** | **Since<br>2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).** |
|  |  |  | **President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City,**<br> **NJ 07302**<br> **Age: 54** | **Treasurer, Principal<br>Financial Officer and<br>Principal Accounting** **Officer** | **Since<br>2017<br>(Treasurer<br>and** **Principal<br>Financial<br>Officer<br>since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City,**<br> **NJ 07302**<br> **Age: 54** | **Treasurer, Principal<br>Financial Officer and<br>Principal Accounting** **Officer** | **Since<br>2017<br>(Treasurer<br>and** **Principal<br>Financial<br>Officer<br>since 2019)** | **Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since<br>2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).** |
|  |  |  | **Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund's Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

**Goldman Sachs Trust – Dynamic Global Equity - Tax Information (Unaudited)** 

For the year ended December 31, 2022, 19.90% of the dividends paid from net investment company taxable income by Dynamic Global Equity Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Dynamic Global Equity Fund designates $8,898,499, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2022.

For the year end December 31, 2022, the Dynamic Global Equity Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Fund from sources within foreign countries and possessions of the United States was $0.2534 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Fund during the year ended December 31, 2022 from foreign sources was 59.36%. The total amount of foreign taxes paid by the Fund was $0.0305 per share.

For the year ended December 31, 2022, 64.42% of the dividends paid from net investment company taxable income by the Dynamic Global Equity Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

**40** 

------

FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup> 

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup> 

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

**<sup>1</sup>** **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**<sup>2</sup>** **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**<sup>3</sup>** **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

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|:---|:---|
| **\*This** | **list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.**  |

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![LOGO](g333073g00u77.jpg)

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **December 31, 2022** |
|  | Real Estate Securities and Global Infrastructure Funds |
|  | &nbsp;&nbsp; Global Infrastructure |
|  | &nbsp;&nbsp; Global Real Estate Securities |
|  | &nbsp;&nbsp; Real Estate Securities |

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![LOGO](g347768gsamhorizwhite.jpg)

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## Goldman Sachs Real Estate Securities and Global Infrastructure Funds
∎ **GLOBAL INFRASTRUCTURE** 

∎ **GLOBAL REAL ESTATE SECURITIES** 

∎ **REAL ESTATE SECURITIES** 

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Portfolio Management Discussions and Performance Summaries](#ifc347768_1a) | 1 |
|  [Index Definitions](#ifc347768_2) |  |
|  [Fund Basics](#ifc347768_2a) | 19 |
|  [Schedules of Investments](#ifc347768_3) | 21 |
|  [Financial Statements](#ifc347768_4) | 26 |
|  [Financial Highlights](#ifc347768_5) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Infrastructure](#ifc347768_5a) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Real Estate Securities](#ifc347768_6) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Real Estate Securities](#ifc347768_8) | 44 |
|  [Notes to Financial Statements](#ifc347768_9) | 52 |
|  [Report of Independent Registered Public Accounting Firm](#ifc347768_10) | 69 |
|  [Other Information](#ifc347768_11) | 70 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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Effective April 8, 2022, the Goldman Sachs International Real Estate Securities Fund was reorganized with and into the Goldman Sachs Global Real Estate Securities Fund. The reorganization was recommended by the Funds' investment adviser, Goldman Sachs Asset Management, L.P. (the "Investment Adviser"), because it believes the reorganization: (i) would consolidate Funds that have the same investment objectives and similar investment strategies (albeit with some notable differences); (ii) may provide enhanced opportunities to realize greater efficiencies in the form of lower total operating expenses over time; and (iii) would enable the combined Fund to be better positioned for asset growth.

The Board of Trustees of the Goldman Sachs Trust, after careful consideration, unanimously approved the reorganization plan. The Board concluded that: (i) the reorganization is in the best interests of each Fund; and (ii) the interests of the shareholders of each Fund would not be diluted as a result of the reorganization.

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PORTFOLIO RESULTS

## Goldman Sachs Global Infrastructure Fund
**Investment Objective** 

The Fund seeks total return comprised of long-term growth of capital and income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Global Infrastructure Team discusses the Goldman Sachs Global Infrastructure Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

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|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -7.62%, -8.29%, -7.24%, -7.41%, -7.25%, -7.91% and -7.32%, respectively. These returns compare to the -6.62% average annual total return of the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the "Index"). The Index is intended to measure all sectors of the infrastructure market. |

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|:---|:---|
| **Q** | **What economic and market factors most influenced global infrastructure securities during the Reporting Period?** |

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|:---|:---|
| **A** | Global infrastructure securities generated negative returns during the Reporting Period, with investor sentiment most influenced by inflationary trends, central bank monetary policy tightening, rising interest rates and geopolitical tensions. |

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During the first quarter of 2022, when the Reporting Period started, global infrastructure securities, as measured by the Index, returned -3.20%. The broad global equity market declined amid concerns about elevated global inflation, planned interest rate hikes by the U.S. Federal Reserve (the "Fed"), rising bond yields, valuation concerns, and Russia's invasion of Ukraine. Major countries around the world took a public stance condemning Russia's action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets. Beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenario — particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) In March, the Fed raised short-term interest rates for the first time since 2018. Fed policymakers also signaled a slower than previously anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. Other macroeconomic uncertainties during the first calendar quarter included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues.

During the second quarter of 2022, global infrastructure securities returned -7.11%. Global equities continued to decline amid ongoing volatility driven by rising inflation, shifting central bank monetary policy and surging COVID-19 cases in China. In the U.S., the Fed raised short-term interest rates twice during the quarter. Other global central banks followed the Fed's lead, announcing plans to raise interest rates at various points during subsequent months. At the same time, the Fed's monetary policy stance was generally more hawkish than most other central banks. (Hawkish tends to suggest higher interest rates; opposite of dovish.) In this environment, the U.S. dollar strengthened versus many developed markets currencies, which, along with higher input costs, put downward pressure on corporate profit margins. These factors, along with worsening supply-chain issues due to COVID-19 lockdowns in China, fueled market concerns about the possibility of a global economic slowdown.

In the third quarter of 2022, global infrastructure securities returned -11.10%. The global equity market broadly declined, weighed down by increased inflationary pressures, aggressive interest rate hikes by global central banks, recessionary concerns and the continued global spread of COVID-19. Although the Fed raised interest rates at its July policy meeting, investors seemed optimistic the U.S. central <br>

**1** 

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PORTFOLIO RESULTS

bank might soon slow the pace of its rate hikes. However, these expectations were dampened in August by comments by Fed Chair Jerome Powell, who indicated that rate increases could continue into the end of 2022 and through much of 2023. During September, the Fed hiked interest rates again. In Europe, the European Central Bank ("ECB") raised rates in both July and September, heightening concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. In China, new lockdowns placed several million Chinese citizens under heavy COVID-19 restrictions, weighing on industrial activity and consumption.

In the fourth quarter of 2022, global infrastructure securities gained 9.58%. The broad global equity market also advanced, as investors focused on corporate earnings, economic data, central bank monetary policy action and the spread of COVID-19 in China. Third-quarter corporate earnings showed resilience overall, with a majority of companies registering positive earnings surprises at both the top-line and bottom-line level. However, results were lower than they were in the second quarter, reflecting the impact of macroeconomic headwinds. Meanwhile, cost pressures eased, as crude oil and natural gas prices declined, sparking hopes that global central banks would become less hawkish. Indeed, this was realized when the Fed and ECB each announced a smaller rate hike in December after significant increases in previous months. In China, COVID-19 continued to spread, with a rising number of cases. Amid public protests, the Chinese government eliminated its COVID-19 restrictions, raising hopes that supply-chain pressures would ease and manufacturing activity would rebound.

For the Reporting Period overall, the global infrastructure securities market, as measured by the Index, posted an average annual total return of -6.62%. In terms of absolute return, Spain, Hong Kong and Germany were the worst performing markets in the Index. The best performing markets were Japan and, to a lesser extent, Canada. Among market sectors, communications infrastructure, transportation infrastructure and utilities produced negative absolute returns. Energy infrastructure generated a positive absolute return during the Reporting Period.<sup>1</sup>

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| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | The Fund recorded negative absolute returns during the Reporting Period and underperformed the Index on a relative basis. Allocation decisions were negative overall. The Fund was hampered by its underweight position versus the Index in the transportation infrastructure sector and by its overweight in the communication infrastructure sector. In addition, the Fund's exposure to the energy infrastructure sector detracted from relative performance as did its underweight in the utilities sector. |

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The Fund benefited from security selection overall. Stock picks in the energy infrastructure sector contributed most positively, with stock selection in transportation infrastructure also proving advantageous. On the other hand, stock selection in the communications infrastructure and utilities sectors detracted from relative returns.

Among countries, the Fund was hurt by an underweight position versus the Index in Italy. Stock selection in Italy and Germany also detracted from relative performance. On the positive side, the Fund benefited from an underweight position and stock selection in Hong Kong. Stock selection in France added further to relative returns.

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| | |
|:---|:---|
| **Q** | **What individual holdings detracted most from the Fund's relative performance during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, the top detractors from the Fund's relative performance were investments in Cellnex Telecom, Vonovia and Kinder Morgan. |

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The Fund's overweight relative to the Index in Cellnex Telecom, the Spain-based market leader in European cellphone towers, hurt performance most during the Reporting Period. Cellnex has long-dated contracted assets, and therefore, its share price declined on the back of rising interest rates in Europe. At the end of the Reporting Period, we continued to have a positive outlook on Cellnex Telecom, especially given the uncertain macroeconomic environment. In our view, cellphone towers are likely to do well, as we believe their revenues are relatively insulated from the potentially weak economic outlook, and we think they could benefit from high inflation because their leases are generally

<sup>1</sup> Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector allocations used by the Index.

**2** 

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PORTFOLIO RESULTS

indexed to inflation, which can help them offset increases in interest costs.

Vonovia, Germany's largest residential landlord, was an out-of-benchmark position for the Fund. Germany has been experiencing a housing crisis, as the market is deeply undersupplied, with new construction widely considered unaffordable at recent rent levels. The limited new supply drove up rents for existing apartments. In the face of rising interest rates, Vonovia's stock declined to a level where the discount to the assets the company owns reached nearly 50%. Additionally, Vonovia's shares suffered based on concerns about a possible recession in Germany and higher gas prices. However, we noted the company's fundamentals were unchanged and strong at the end of the Reporting Period, and we continued to find Vonovia a compelling investment.

The Fund was also hurt during the Reporting Period by its underweight position compared to the Index in Kinder Morgan, an operator of pipelines that transport natural gas, gasoline, crude oil, carbon dioxide and other products, as well as terminals that store petroleum products and chemicals and handle bulk materials. During the first half of the Reporting Period, Kinder Morgan's stock price was supported by strong commodity prices and the performance of the company's natural gas pipelines segment. Its shares also benefited as Kinder Morgan bought back slightly more stock than consensus expected during the third quarter of 2022. At the end of the Reporting Period, we maintained the Fund's underweight in the stock, as we saw more attractive opportunities elsewhere as we sought to take advantage of continued U.S. production growth.

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|:---|:---|
| **Q** | **What individual holdings added most to the Fund's relative performance during the Reporting Period?** |

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|:---|:---|
| **A** | Cheniere Energy, Targa Resources and Crown Castle were leading positive contributors to the Fund's relative returns during the Reporting Period. |

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The Fund's top contributor was its overweight versus the Index in Cheniere Energy, an exporter of liquefied natural gas ("LNG"). With Russian supplies of natural gas severely curtailed, energy security has come into focus for Europe and for much of the developing world. This pushed LNG prices to almost $50/MMBtu, greatly increasing U.S. export margins and improving Cheniere Energy's outlook for future contracts. (MMBtu is million British thermal units, the standard measurement for natural gas.) Although the company's stock price rose for most the Reporting Period, it declined in December 2022 as LNG export margins fell amid declining global LNG prices, due in part to demand destruction in Europe. At the end of the Reporting Period, we did not expect export margins to return to 2022 peak levels, but we believed long-term margins would remain elevated given that Europe has become more reliant on U.S. LNG since the Russian gas supply collapse. In our view, this may be a key driver of long-term outperformance for Cheniere Energy, and thus, the Fund remained overweight in the stock at the end of the Reporting Period.

Targa Resources is a leading provider of midstream<sup>2</sup> services, including gathering, processing, transporting and selling of natural gas and natural gas liquids. Targa Resources' extensive asset footprint, centered in the Permian Basin, is rather uniquely positioned to take advantage of the production growth in that region. Additionally, the company has contracts that allow it to benefit, in our view, from surging commodity prices. At the end of the Reporting Period, we expected its stock to have ongoing earnings tailwinds from growing U.S. crude oil and natural gas production and elevated commodity prices going forward. We also believed Targa Resources has a top-tier asset base and may continue to deliver what we think is "best in class" earnings growth while benefiting from a growing U.S. energy production market.

Also bolstering the Fund's relative results was an underweight position in Crown Castle, a provider of wireless communications infrastructure. Tower companies, which tend to have long-dated contracts, performed poorly during the Reporting Period on the back of rising interest rates. In addition, during its third quarter 2022 earnings call, Crown Castle provided 2023 earnings guidance that came in ahead of consensus expectations only because of a one-time revenue gain, while its management raised a "red flag" with regard to the pace of new leasing activity in the U.S.

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|:---|:---|
| **Q** | **Were there any notable purchases or sales during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, we initiated a Fund position in Ferrovial, a Spanish construction group engaged in the operation and maintenance of transport and services infrastructure across several countries, including Spain, the U.K., the U.S. and Canada. The company continues to |

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<sup>2</sup> The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users) for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.

**3** 

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PORTFOLIO RESULTS

benefit, in our view, from solid pricing growth in the Canadian toll road business and improving sentiment about the Spanish economy. Looking ahead, we are positive on Ferrovial's stable dividend growth and on increasing traffic on its toll roads.

We also established a Fund position in PG&E, a U.S.-based distributor of energy, during the Reporting Period. The company continued to outperform other U.S. utilities, as its management made progress in de-risking the business, both operationally and financially. PG&E also announced it was exploring a minority-stake sale of its non-nuclear generation assets. If achieved, the sale would reduce the company's equity needs in the next few years as well as allow further investments in its assets, without putting more bill pressure on consumers. At the end of the Reporting Period, we planned to look for opportunities to add to the Fund's position in the stock.

Key sales during the Reporting Period included the Fund's investment in APA Group, an Australian natural gas and electricity operator. As the stock outperformed the broader infrastructure market, we eliminated the Fund's position in favor of what we saw as higher risk/reward opportunities. Overall, we expected investors to continue to take a cautious approach to APA Group's inorganic growth strategy. We were also concerned by the company's high dividend payout ratio and considered its dividend poorly covered.

We also exited the Fund's position in Italy-based Enel, a global utility with a regulated networks business and a growing renewable generation business. The increasing likelihood of government intervention in the regulated markets on the back of elevated energy prices in Europe led us to become more cautious about European utilities companies overall. Furthermore, rising interest rates in Enel's home market of Italy made the outlook less favorable, in our view.

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|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

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|:---|:---|
| **A** | The Fund did not use derivatives or similar instruments within its investment process during the Reporting Period. |

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|:---|:---|
| **Q** | **Were there any notable changes in the Fund's weightings during the Reporting Period?** |

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|:---|:---|
| **A** | In constructing the Fund's portfolio, we focus on picking securities rather than on making sector, subsector or country bets. We seek to outpace the Index by overweighting securities we expect to outperform and underweighting those that we think may lag. Consequently, changes in the Fund's sector or country weights are generally the direct result of individual security selection and/or the appreciation or depreciation of particular Fund holdings. That said, during the Reporting Period, the Fund grew more underweight compared to the Index in utilities, as we trimmed its investments in water, gas and diversified utilities and increased its holdings of electric utilities. In communications infrastructure, the Fund became more overweight largely due to its investments in telecommunications towers. The Fund became relatively neutral versus the Index in transportation infrastructure as we reduced its holdings of airports and added to its holdings of toll roads. The Fund remained rather neutral in energy infrastructure, with a continued emphasis on "C" corporations, during the Reporting Period. |

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From a country perspective, compared to the Index, the Fund's overweight position in the U.S. increased. Its overweight in France decreased, and it shifted from an underweight to an overweight position in Spain. The Fund's underweights versus the Index in Hong Kong, Italy and the U.K. increased during the Reporting Period. In addition, at the beginning of the Reporting Period, the Fund had no exposure to Japan but became rather neutrally positioned compared to the Index, as we added investments in that country. Finally, the Fund's cash position decreased during the Reporting Period.

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|:---|:---|
| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

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|:---|:---|
| **A** | At the end of the Reporting Period, the Fund was underweight relative to the Index in the utilities sector and overweight in the communications infrastructure sector. It was rather neutrally positioned compared to the Index in the transportation infrastructure and energy infrastructure sectors. In geographic terms, the Fund was overweight relative to the Index in the U.S., Spain and France. It was underweight in Hong Kong, Italy, Canada and the U.K. at the end of the Reporting Period. |

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|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?** |

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|:---|:---|
| **A** | At the end of the Reporting Period, we believed global infrastructure securities offered attractive investment potential in an environment characterized by elevated inflation, rising interest rates, lower expected equity market returns and increased uncertainty about the future. |

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In our view, global infrastructure companies can potentially be a hedge against inflation, given their cash flows are generally underpinned by contracts linked to inflation.

**4** 

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PORTFOLIO RESULTS

Higher costs of land, materials and labor may also keep new supply lower, leading to pricing power for incumbent assets and possibly making them more valuable. Overall, we think global infrastructure securities offer rather unique investment attributes, as they tend to offer an attractive yield, low overlap and low volatility compared to the broader equity market. We also note that during the last ten years, global infrastructure securities have been resilient and defensive in down markets, capturing only 70% of declines versus the broader equity market.<sup>3</sup>

Furthermore, global infrastructure securities offer exposure to real assets that are, in most cases, essential for social and economic prosperity. Infrastructure companies tend to have stable, inelastic demand because they provide critical services for daily living, making them relatively insensitive to economic fluctuations, in our view. These businesses are generally supported by physical assets that require substantial investment to develop and maintain. Their high capital-intensive nature along with government regulation for certain industries also create significant barriers to entry, resulting in limited competition and sometimes near-monopoly positions. In addition, these companies tend to offer relatively predictable and defensive cash flows, as they are tied to long-term, fee-based contracts that often have embedded growth determined by indexation or regulation that sets a return these assets can generate. (Indexation is a technique used to connect prices and asset values, generally by linking adjustments made to the value of a good, price of a service, or another specified value to a predetermined price or composite index.)

At the end of the Reporting Period, we believed there were numerous opportunities to invest in infrastructure assets that have stable cash flows with exposure to secular growth trends, which can enable investors to stay on what we consider to be the "right side" of disruption. In our view, rapid disruption is dramatically changing the world and increasing the investment opportunity set within the global infrastructure universe. First, we think the world is on the cusp of a sustainability revolution, which should have the scale of the industrial revolution and the speed of the digital revolution. For the first time ever, governments, corporations and consumers are focused on environmental responsibility. Utilities are transitioning to greener sources of energy, and alternative energy producers are enabling the decarbonization of industries, accelerated by the European "Green Deal" and the U.S. Inflation Reduction Act. Second, we expect technology to have an even bigger influence on the global economy over the next decade than it did over the last one, driven by increasing global connectivity and accelerating public cloud adoption. Growth in mobile data usage is also fueling substantial cellular tower leasing activity, while data traffic volume and the continued expansion of cloud services is driving demand for sending, receiving and storing data. This has resulted in a structural increase in demand for towers to transport data as well as for data centers to store it. Third, with nearly five billion individuals worldwide, Millennials, and increasingly Generation Z, may be the world's most powerful and disruptive consumers. As digitally native generations with different lifestyles and values from previous generations, younger consumers are driving rapid adoption of e-commerce and fueling demand for experiences over things and increased travel, which may lead to increased demand for transportation-oriented assets. And fourth, aging demographics are driving increased demand for all forms of health care infrastructure and the increased need for affordable housing.

On a final note, we believed at the end of the Reporting Period that global infrastructure companies may reap the rewards of increased government spending. For example, in the U.S., the $1.2 trillion Infrastructure Investment and Jobs Act aims to invest in physical infrastructure projects. There is also NextGeneration EU, the largest stimulus package ever financed in Europe, and the U.S. Inflation Reduction Act of 2022, both of which may provide tailwinds for clean energy infrastructure assets.

At the end of the Reporting Period, we thought all these factors provided a compelling backdrop for global infrastructure securities. Broadly speaking, we believed the asset class would continue to offer strong return potential, especially compared to the broad equities market.

<sup>3</sup> Source: Goldman Sachs Asset Management, as of November 30, 2022. Global Infrastructure securities represented by the Index and global equities represented by the MSCI World Index. MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It is not possible to invest directly in an unmanaged index.

**5** 

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FUND BASICS

## Global Infrastructure Fund
*as of December 31, 2022* 

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|:---|:---|:---|
| **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| American Tower Corp. | 8.9% | Equity Real Estate Investment Trusts |
| Enbridge, Inc. | 6.3 | Oil, Gas & Consumable Fuels |
| Vinci SA | 6.0 | Construction & Engineering |
| National Grid PLC | 5.6 | Multi-Utilities |
| Williams Cos., Inc. (The) | 4.1 | Oil, Gas & Consumable Fuels |
| Cheniere Energy, Inc. | 3.9 | Oil, Gas & Consumable Fuels |
| Crown Castle, Inc. | 3.5 | Equity Real Estate Investment Trusts |
| Sempra Energy | 3.3 | Multi-Utilities |
| Transurban Group | 3.1 | Transportation Infrastructure |
| SBA Communications Corp. | 3.0 | Equity Real Estate Investment Trusts |

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<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

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|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATION<sup>2</sup>** |
| **As of December 31, 2022** |

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![LOGO](g347768g48m24.jpg)

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<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The above graph excludes investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares, which represents 1.1% of the Fund's net assets at December 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**6** 

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GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value, as of December 31, 2022 of a $1,000,000 investment made on June 27, 2016 (commencement of operations) in Class R6 Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) ("the Index") is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**Global Infrastructure Fund's Lifetime Performance**

**Performance of a $1,000,000 investment, with distributions reinvested, from June 27, 2016 through December 31, 2022.**![LOGO](g347768g01e07.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022**\* | **One Year** | **Five Years** | **Since Inception** |
|  **Class A (Commenced June 27, 2016)** |  |  |  |
|  Excluding sales charges | -7.62% | 4.16% | 5.14% |
|  Including sales charges | -12.68% | 2.99% | 4.23% |
|  **Class C (Commenced June 27, 2016)** |  |  |  |
|  Excluding contingent deferred sales charges | -8.29% | 3.38% | 4.36% |
|  Including contingent deferred sales charges | -9.21% | 3.38% | 4.36% |
|  **Institutional (Commenced June 27, 2016)** | -7.24% | 4.55% | 5.53% |
|  **Investor Class (Commenced June 27, 2016)** | -7.41% | 4.42% | 5.40% |
|  **Class R6 (Commenced June 27, 2016)** | -7.25% | 4.55% | 5.54% |
|  **Class R (Commenced June 27, 2016)** | -7.91% | 3.89% | 4.87% |
|  **Class P (Commenced April 17, 2018)** | -7.32% | N/A | 5.56% |

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\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

------

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund's investment strategies, holdings, and performance.

**7** 

------

PORTFOLIO RESULTS

## Goldman Sachs Global Real Estate Securities Fund
**Investment Objective** 

The Fund seeks total return comprised of long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Real Estate Securities Investment Team discusses the Goldman Sachs Global Real Estate Securities Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -27.99%, -28.55%, -27.72%, -27.85%, -27.76%, -28.21% and -27.78%, respectively. These returns compare to the -24.97% average annual total return of the Fund's benchmark, the FTSE EPRA Nareit Developed Index (USD, net) (the "FTSE Index") during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the global real estate securities market as a whole during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | For the Reporting Period overall, the global real estate securities market, as measured by the FTSE Index, declined. Global equity prices broadly faced pressure from global concerns around rising inflationary pressures and interest rate hikes by the U.S. Federal Reserve and other central banks around the world. Real estate securities were particularly affected by the noticeable tightening of financial conditions. The accompanying rise in bond yields and valuation concerns were other themes that remained prevalent, hurting riskier assets in the market. Geopolitical tensions, mostly those around Russia's invasion of Ukraine, also contributed to the market rout. In the last months of the Reporting Period, the global real estate securities market posted positive returns, as the release of corporate earnings showed resilience overall, with a majority of companies registering a positive earnings surprise relative to consensus expectations both at the top-line and bottom-line levels. Investors focused more on management guidance and company estimates to gauge the level of future market uncertainty. |

---

Amid this backdrop, there was wide dispersion of returns across companies and property types during the Reporting Period. While all subsectors posted negative absolute returns, the hotel, triple net, retail and diversified subsectors were strongest on a relative basis. (Triple net properties are typically single-tenant retail properties leased to tenants with high credit ratings on "net, net, net" terms, meaning the tenant is responsible for real estate taxes, insurance, and all maintenance.) The hotel subsector was buoyed by a robust resurgence in demand for vacations and leisure travel following two-plus years of lockdowns and stay-at-home orders. The retail subsector performed well on a relative basis, attributable primarily to the fourth calendar quarter, on the back of the holiday retail season. On the other hand, residential, office and industrial subsectors were weakest during the Reporting Period. The office subsector suffered from an increased emphasis on hybrid work-from-home trends. The industrial subsector was negatively affected by persistent supply-chain disruptions and by Amazon.com's announced plans to slow warehouse expansion due to excess capacity concerns.

From a country perspective, Hong Kong was the only real estate market in the FTSE Index to post a positive, albeit modest, return for the Reporting Period. The real estate markets of the Netherlands and Singapore produced negative absolute returns but also significantly outperformed the FTSE Index during the Reporting Period. Conversely, Germany, Sweden and the U.K. were the weakest performing real estate markets in the FTSE Index during the Reporting Period. China is not a constituent of the FTSE Index but also proved to be among the weakest real estate markets during the Reporting Period.

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund posted double-digit negative absolute returns that underperformed the FTSE Index during the Reporting Period. Stock selection overall detracted most. Subsector allocation decisions as a whole also detracted but far more  |

---

**8** 

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PORTFOLIO RESULTS

modestly. Country allocation decisions overall contributed positively, albeit modestly.

From a country perspective, stock selection in the U.S., Hong Kong, the U.K. and Canada detracted most from relative results. Having overweighted allocations to the U.K. and Germany, which each underperformed the FTSE Index during the Reporting Period, and an underweighted allocation to Germany and exposure to China, which each underperformed the FTSE Index during the Reporting Period, also hurt. These detractors were partially offset by having underweighted allocations to Sweden and Belgium, which contributed positively as each underperformed the FTSE Index during the Reporting Period.

From a subsector perspective, stock selection in diversified, retail and health care detracted most from the Fund's relative results during the Reporting Period. Having underweighted allocations to the diversified, triple net and retail subsectors, which each outperformed the FTSE Index during the Reporting Period, also hurt. Contributing most positively to relative results was having an overweighted allocation to the hotel subsector, the only subsector to boost the Fund's relative results during the Reporting Period. Having a position in cash, although modest, during a Reporting Period when the FTSE Index sharply declined, also buoyed the Fund's relative results.

---

| | |
|:---|:---|
| **Q** | **Which positions detracted significantly from the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund's position in Vonovia, the largest German residential landlord, with a focus on middle income apartments, detracted most from relative results during the Reporting Period. There has been a housing crisis in Germany, as the market is deeply undersupplied, with new construction unaffordable at recent rent levels. This cap on new supply drove up rents for existing apartments. In the face of rising interest rates, Vonovia's stock underperformed the FTSE Index to a level where the discount to the assets it owns implied by its stock price was almost 50%. Additionally, its shares suffered due to concerns around a possible recession in Germany and higher gas prices. However, with unchanged and strong fundamentals, we continued to find the company compelling at the end of the Reporting Period. |

---

Another significant detractor from the Fund's relative results during the Reporting Period was Castellum, a Swedish real estate investment trust ("REIT") in the Nordic region that develops, improves and manages properties, including flexible workplaces and smart logistics solutions. Castellum performed poorly along with the broader Swedish real estate market during the Reporting Period. Swedish real estate companies tend to have short-dated debt and tend to favor high levels of leverage. Castellum is more conservative than its peers and outperformed the local market, but it still lagged the global real estate securities market. Castellum was the Fund's only Swedish real estate holding, and, at the end of the Reporting Period, we believed the underperformance of the Swedish real estate market led to Castellum trading at an attractive valuation.

The Fund's position in SEGRO, an owner, manager and developer of modern warehouses and light industrial properties, also detracted from relative results during the Reporting Period. The logistics company was negatively affected during the Reporting Period by a broader sell-off in logistics real estate names globally after Amazon.com announced it would be reducing its fulfillment center spending. SEGRO was also impacted by market volatility in the U.K. equity market. At the end of the Reporting Period, we believed the U.K. logistics real estate market remained tight, with record low vacancies nationally. We expected this to drive rent and value growth for the owners of logistics real estate in the months ahead.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual holdings?** |

---

---

| | |
|:---|:---|
| **A** | United Urban Investment, a diversified Japanese REIT ("J-REIT") with a portfolio diversified among offices, shopping centers, hotels, industrial properties and residential buildings, contributed most positively to the Fund's results during the Reporting Period. The J-REIT had relatively high exposure to hotel assets, which proved beneficial, as the Japanese government announced full re-opening of cross-border travels during the Reporting Period. The market also reacted positively to United Urban Investment's surprise announcement during the third calendar quarter of share buybacks. At the end of the Reporting Period, we remained constructive on United Urban Investment given the re-opening in Japan. |

---

The Fund's position in Ryman Hospitality Properties, a leading U.S. lodging and hospitality REIT that specializes in upscale convention center resorts and country music entertainment experiences, was also a top contributor to relative results during the Reporting Period. Its stock outperformed the FTSE Index, as the company's focused model saw outsized relative demand, especially compared to business transient demand, which remained subdued. Further, its management continued to allocate capital in a shareholder-friendly manner. Additionally, the REIT found <br>

**9** 

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PORTFOLIO RESULTS

strength in leisure demand, which supported a record-high leisure average daily rate.

CK Asset Holdings, a Hong Kong-based property development and management company, contributed positively to the Fund's relative results as well. The company's 2021 earnings beat consensus expectations on both core earnings and dividend payout. The company also divested two businesses — aircraft leasing and an A-grade office in London — in 2022, which led to large gains and also helped the company refocus on its core businesses. Additionally, the company's strong balance sheet was being appreciated by the market, with the prospect of capturing good investment opportunities in a tightening macroeconomic environment globally.

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund did not use derivatives during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we initiated a Fund position in Extra Space Storage, a REIT that provides storage and reinsurance services to tenants. We believe the near- and short-term prospects for the self-storage subsector are solid and found valuations at the time of this purchase compelling. We also believe the REIT is likely to show stronger short-sell revenue and net operating income over the next two to four quarters. We are confident Extra Space Storage's management team will continue creating value through future acquisitions and balance sheet management. |

---

We established a Fund position in Stockland, a diversified real estate company in Australia. The company has significant asset exposure in both suburban shopping centers and masterplan residential community development. Subsequent to our purchase date, the positive retail update from pure retail landlords during the Reporting Period helped Stockland's stock performance. Furthermore, the Reserve Bank of Australia hiked its interest rates only 25 basis points in each of its two rate decision meetings during the Reporting Period, which pointed to lessening mortgage cost pressure on the residential home sales market, in our view. (A basis point is 1/100<sup>th</sup> of a percentage point.) Additionally, the company benefited from strength across its core market of residential land lot sales, particularly in New South Wales and Queensland, where Stockland has significant exposure. While we remain positive on the company, following the stock's substantial gains since we purchased it, we exited the position in favor of opportunities where we saw greater risk-adjusted return potential.

During the Reporting Period, we sold the Fund's position in Camden Property Trust, a U.S.-based REIT focused on the ownership, management and development of multifamily apartment communities. Within the residential space, we favored single-family rentals over multifamily rental property types during the Reporting Period. We believed the revenue streams from single-family rentals were more stable compared to multifamily revenues given that home renters tend to be less transient than apartment renters. In addition, expense pressures were more acute for single-family rentals relative to multifamily apartments, in our view, and we believed demand was more at risk within the multifamily apartment market vs. the single-family rental market.

We exited the Fund's position in CubeSmart, a self-storage facility REIT. CubeSmart was swapped for a position in Extra Space Storage, mentioned earlier. In our view, CubeSmart was being less aggressive in repricing its existing customers than the rest of the industry due to its belief there is a point where brand loyalty starts to be impacted as rate increases accelerate. The problem with this view, in our opinion, is that it is not supported by the data across the industry. While we continue to expect self-storage to be a strong performer, we favored a position in Extra Space Storage for the next six to 12 months.

---

| | |
|:---|:---|
| **Q** | **Were there any changes made in the Fund's investment strategy during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, we focus on picking securities rather than on making regional, country or subsector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its regional or subsector weights are generally the direct result of individual stock selection or of real estate securities' appreciation or depreciation. That said, the Fund's exposure to the U.S., Singapore and Japan increased relative to the FTSE Index and its exposure to continental Europe, Canada, the U.K. and Hong Kong decreased relative to the FTSE Index during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | From a region/country perspective, the Fund was overweighted relative to the FTSE Index in the U.S.,  |

---

**10** 

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PORTFOLIO RESULTS

underweighted relative to the FTSE Index in continental Europe and Canada, and rather neutrally weighted compared to the FTSE Index in the other constituent regions/countries of the FTSE Index at the end of December 2022. The Fund also had exposure to India at the end of the Reporting Period, which is not a component of the FTSE Index.

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | There were no changes to the Fund's portfolio management team during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?** |

---

---

| | |
|:---|:---|
| **A** | Amid a lingering backdrop of tightening financial conditions, persistent inflation and higher interest rates, we believed at the end of the Reporting Period that the threat of recession over the next 12 months seems to progressively intensify in the fourth quarter of 2023. Taming inflation without recession would require, in our opinion, economic growth to slow to a below potential, though not recessionary, pace to rebalance the labor market and reduce wage growth to a level consistent with the Fed's inflation target. |

---

Though 2022 was shadowed by rising interest rates, lower than consensus expected equity returns and higher uncertainty about the future, especially when compared to the high equity returns in 2021, it highlighted the benefits of REITs and called attention to the wide dispersion in returns across different REIT subsectors. Some of the key benefits REITs have in the environment seen at the end of the Reporting Period include being a potential inflation and rising interest rate hedge, as some REITs stand to benefit in an inflation environment, unlike bonds, since rents can be re-set higher to reflect higher consumer prices as long as the inflation is tied to an improving economy. Additionally, rising inflation leads to increased input costs to manufacturing, labor and construction. This limits the amount of new development projects, redirecting demand to existing assets, making them more valuable and driving rents higher still.

In 2022, we saw a historic disconnect between private and public real estate valuations. Private real estate outperformed public REITs by an unprecedented level. During the Reporting Period, the private real estate market, as measured by the NCREIF Fund Index-Open End Diversified Core Equity\*, outperformed the listed/public market, as measured by the MSCI US REIT Index\*, by nearly 40%, the largest disparity ever recorded. Historically, when dispersion has approached these levels, this has represented a notable opportunity for public real estate outperformance over the following one to three years.

We intend to remain vigilant as we seek to navigate turbulence anticipated into the next year. We intend to remain focused on property types exposed to secular growth, acting as disruptors as a result of continued technological innovation, compared with other areas we view as cyclical recovery beneficiaries of an accelerated economic re-opening in the wake of the COVID-19 pandemic. We remained optimistic at the end of the Reporting Period about the pace and scope of global economic recovery alongside ongoing expansionary monetary and fiscal policies. We will closely monitor the global supply chain as well as inflation trends. Despite uncertainty, we intend to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows and differentiated business models aligned to secular tailwinds. We think focusing on higher quality investments can help navigate the heightened volatility while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing information, staying focused on the long-term investment horizon. We believe this fundamental approach can generate strong returns in the long term.

Overall, we believe global REITs can continue to offer attractive liquidity and risk-adjusted total returns given the yield, growth, diversification and inflation-hedging benefits the asset class has historically exhibited. On a stock level, we believe attractive opportunities may be found across the sector, as various property subsectors and geographies could offer wide dispersions in returns. As fundamental, bottom-up investors, we see opportunities beyond the headline risks associated with certain regions and intend to continue to focus our approach on those companies that have

---

| | |
|:---|:---|
| \*The | NCREIF Fund Index — Open End Diversified Core Equity (NFI-ODCE), is an index of investments returns of the largest private real estate funds pursuing lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties diversified across regions and property types. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. |

---

**11** 

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PORTFOLIO RESULTS

well-capitalized balance sheets and that possess quality attributes, such as a robust business model, a high quality asset exposure and a strong management team with a sound capital allocation strategy.

Sector and subsector allocations throughout this shareholder report are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

**12** 

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FUND BASICS

## Global Real Estate Securities Fund
*as of December 31, 2022* 

**TOP TEN HOLDINGS AS OF 12/31/22<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| **Holding** | **% of Net Assets** | **Line of Business** |
| Prologis, Inc. REIT | 6.3% | Real Estate |
| Public Storage REIT | 4.2 | Real Estate |
| Equinix, Inc. REIT | 3.5 | Real Estate |
| Digital Realty Trust, Inc. REIT | 3.1 | Real Estate |
| Welltower, Inc. REIT | 2.8 | Real Estate |
| Simon Property Group, Inc. REIT | 2.7 | Real Estate |
| AvalonBay Communities, Inc. REIT | 2.7 | Real Estate |
| Alexandria Real Estate Equities, Inc. REIT | 2.4 | Real Estate |
| VICI Properties, Inc. REIT | 2.4 | Real Estate |
| Ventas, Inc. REIT | 2.3 | Real Estate |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK COUNTRY ALLOCATION<sup>2</sup>** |
| **As of December 31, 2022** |

---

![LOGO](g347768g16s00.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall country allocations may differ from percentages contained in the graph above. The graph categorizes investments' country of domicile as reported by Bloomberg; however, the country/grouping classifications used by the portfolio management team may differ from Bloomberg. The percentage shown for each country reflects the value of investments in that country as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Sector, subsector, region and country allocations throughout this shareholder report are defined by GSAM and may differ from sector, subsector, region and country allocations used by the FTSE Index. The above graph excludes investments in the Goldman Sachs Financial Square Government Fund—Institutional Shares, which represents 1.5% of the Fund's net assets at December 31, 2022.

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about

your Fund's investment strategies, holdings, and performance.

**13** 

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GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on August 31, 2015 (commencement of operations) in Class R6 Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**Global Real Estate Securities Fund's Lifetime Performance**

**Performance of a $1,000,000 investment, with distributions reinvested, from August 31, 2015 through December 31, 2022.**![LOGO](g347768g03p03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022**\* | **One Year** | **Five Years** | **Since Inception** |
|  **Class A (Commenced August 31, 2015)** |  |  |  |
|  Excluding sales charges | -27.99% | -0.47% | 1.67% |
|  Including sales charges | -31.97% | -1.59% | 0.90% |
|  **Class C (Commenced August 31, 2015)** |  |  |  |
|  Excluding contingent deferred sales charges | -28.55% | -1.21% | 0.92% |
|  Including contingent deferred sales charges | -29.27% | -1.21% | 0.92% |
|  **Institutional (Commenced August 31, 2015)** | -27.72% | -0.09% | 2.07% |
|  **Investor (Commenced August 31, 2015)** | -27.85% | -0.22% | 1.93% |
|  **Class R6 (Commenced August 31, 2015)** | -27.76% | -0.09% | 2.08% |
|  **Class R (Commenced August 31, 2015)** | -28.21% | -0.73% | 1.42% |
|  **Class P (Commenced April 17, 2018)** | -27.78% | N/A | 0.49% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

------

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund's investment strategies, holdings, and performance.

**14** 

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PORTFOLIO RESULTS

## Goldman Sachs Real Estate Securities Fund
**Investment Objective** 

The Fund seeks total return comprised of long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Real Estate Securities Investment Team discusses the Goldman Sachs Real Estate Securities Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of -28.07%, -28.54%, -27.77%, -28.12%, -27.90%, -27.82%, -28.22% and -27.78%, respectively. These returns compare to the -26.76% average annual total return of the Fund's benchmark, the Wilshire Real Estate Securities Index (with dividends reinvested) (the "Wilshire Index") during the same period. |

---

---

| | |
|:---|:---|
| **Q** | **What economic and market factors most influenced the U.S. real estate securities market as a whole during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The U.S. real estate securities market, as represented by the Wilshire Index, posted a return of -26.76% for the Reporting Period, underperforming both bonds and U.S. equities broadly, as measured by the Bloomberg US Aggregate Bond Index and S&P 500 Index, respectively. |

---

2022 was a challenging year for the asset class amid a backdrop of a broader U.S. equity market sell-off stemming from rising interest rates, high inflation, recession concerns and geopolitical tensions that together drove persistent volatility. U.S. real estate investment trusts ("REITs"), in particular, were affected by concerns around rising interest rates.

During the first quarter of 2022, the Wilshire Index returned -3.85%. Health care and hotels were the top performing subsectors given their defensive/value tilt, while technology and retail were weakest, giving way to the rotation away from more growth-oriented stocks during the first quarter of 2022.

The Wilshire Index returned -18.49% during the second quarter of 2022. Technology and hotels were the top performing subsectors, benefiting from the more value-oriented parts of the real estate sector, which proved to be resilient. The office and retail subsectors were weakest, driven by inflation and rising cost concerns.

During the third quarter of 2022, the Wilshire Index returned -10.20%. Self-storage and retail were the best performing subsectors, benefiting from the more value-oriented parts of the sector, which proved to be resilient. Health care and technology were the worst performing subsectors, driven by fears of monetary policy tightening, fiscal restraint and the negative effects of higher inflation.

The Wilshire Index rose 4.09% during the fourth quarter of 2022. Retail and triple net were the top performing subsectors, while residential and self-storage were weakest. (Triple net properties are typically single-tenant retail properties leased to tenants with high credit ratings on "net, net, net" terms, meaning the tenant is responsible for real estate taxes, insurance, and all maintenance.)

For the Reporting Period overall, the triple net subsector was strongest and the only subsector to post a positive absolute return, albeit modest. The office subsector was weakest, challenged by an increased emphasis on hybrid work-from-home trends.

---

| | |
|:---|:---|
| **Q** | **What key factors were responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund underperformed the Wilshire Index during the Reporting Period attributable primarily to stock selection overall. Allocation decisions as a whole contributed positively but modestly. |

---

Detracting most from the Fund's relative results was weak stock selection in the health care, retail and residential subsectors. Having underweighted allocations to the health care, retail and triple net subsectors, which each outperformed the Wilshire Index during the Reporting

**15** 

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PORTFOLIO RESULTS

Period, also hurt. We additionally attribute the Fund's underperformance during the Reporting Period to the growth tilt of the portfolio given the shift in investor sentiment toward more value-oriented securities. Partially offsetting these detractors was effective individual stock selection and allocation positioning in the hotel, office and industrial subsectors, which contributed positively. Having a position in cash, albeit modest, during a period when the Wilshire Index declined substantially, further buoyed the Fund's relative results.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's weakest-performing individual holdings?** |

---

---

| | |
|:---|:---|
| **A** | An overweight position in Extra Space Storage, a REIT that provides storage and reinsurance services to tenants, detracted most from the Fund's results during the Reporting Period. Extra Space Storage reported solid results during the Reporting Period, but its forward outlook was slightly below market expectations. At the end of the Reporting Period, we continued to believe the near-term prospects for the self-storage subsector are solid and found valuations at the end of 2022 compelling. We were also confident Extra Space Storage's management team will continue creating value through future acquisitions and balance sheet management. |

---

DigitalBridge Group, a leading global provider of data center, co-location and interconnection solutions, also detracted from the Fund's relative performance during the Reporting Period. The data center space broadly underperformed during the Reporting Period given a rotation away from higher growth subsectors. At the end of the Reporting Period, we remained constructive on the company, as we believed demand for data centers remained strong.

Another significant detractor from the Fund's relative results during the Reporting Period was WeWork, a provider of co-working spaces, including physical and virtual shared spaces. During the Reporting Period, the company reported below consensus expected earnings. Such results were driven, in our view, by supply and demand dynamics as well as by concerns around rising interest rates and a potential recession. In December 2022, WeWork entered into a new amendment to a credit agreement with Softbank to issue $250 million of senior secured notes due in 2025.

---

| | |
|:---|:---|
| **Q** | **What were some of the Fund's best-performing individual holdings?** |

---

---

| | |
|:---|:---|
| **A** | The Fund's position in VICI Properties, one of the largest owners of gaming, hospitality and entertainment destinations in the U.S., was the top contributor to relative results during the Reporting Period. The company benefited from the secular growth trend of experiences over things, high barriers to entry and meaningful leverage to high inflation. Also, during the Reporting Period, VICI Properties announced it was buying Blackstone Real Estate Income Trust's 59.9% interest in the MGM Grand and Mandalay Bay in Las Vegas, having already owned the other 50.1%. At the end of the Reporting Period, we remained constructive on the company due to its inflation-protected leases and what we see as its tenants' strong underlying fundamentals. |

---

The Fund's position in Ryman Hospitality Properties, a leading U.S. lodging and hospitality REIT that specializes in upscale convention center resorts and country music entertainment experiences, was also a top contributor to relative results during the Reporting Period. Its stock outperformed the Wilshire Index, as the company's focused model saw outsized relative demand, especially compared to business transient demand, which remained subdued. Further, its management continued to allocate capital in a shareholder-friendly manner. Additionally, the REIT found strength in leisure demand, which supported a record-high leisure average daily rate.

Boston Properties, which engages in the ownership and development of urban U.S. office properties, also contributed positively to the Fund's results during the Reporting Period. During the Reporting Period, investors appeared to view Boston Properties as a blue-chip office REIT with a healthy balance sheet and a strong asset footprint in top markets, including New York City, Boston and San Francisco. Additionally, Boston Properties has a low leverage, robust development pipeline to drive growth and what we consider to be among the best office management/leasing teams in the U.S. During the Reporting Period, Boston Properties benefited from growth driven by a low level of lease expirations, enabling an occupancy rate increase and offset of higher rates impacting interest costs.

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund did not use derivatives during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Did the Fund make any significant purchases or sales during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we established a Fund position in American Homes 4 Rent (Class A), a REIT primarily focused on acquiring, operating and leasing single-family homes as rental properties throughout the U.S. The company  |

---

**16** 

------

PORTFOLIO RESULTS

derives most of its income in the form of rental revenue from single-family properties through short-term or annual leases. In the residential space, rent growth was slowing during the Reporting Period but remained above historical levels.

We initiated a Fund position in Park Hotels & Resorts, a lodging REIT focused, in our opinion, on consistently delivering superior, risk-adjusted returns for shareholders through active asset management. The company had been one of the worst performing stocks in this subsector, which, given a resumption of travel into Hawaii and improved business travel trends, favored Park Hotels & Resorts as compared to competitor Host Hotels & Resorts, in our view. Also, Park Hotels & Resorts had provided an updated increase in its dividends versus its own prior guidance. The company saw an increase in group bookings towards the end of 2022 and increased hotel net income for October and November 2022, as occupancy increased. We maintain an optimistic view within the hotel subsector around an ongoing business travel recovery, even if the economy softens.

Conversely, we sold the Fund's position in Host Hotels & Resorts, the largest U.S. lodging REIT. The company was among the best performing lodging REITs during the Reporting Period, while Park Hotels & Resorts, mentioned above, was among the worst. As discussed, we believe this provided for a relative setup, given travel trends, that favors Park Hotels & Resorts over the next few quarters.

We exited the Fund's position in CubeSmart, a self-storage facility REIT. In our view, CubeSmart was being less aggressive in repricing its existing customers than the rest of the industry due to its belief there is a point where brand loyalty starts to be impacted as rate increases accelerate. The problem with this view, in our opinion, is that it is not supported by the data across the industry. While we continue to expect self-storage to be a strong performer, we favored a position in Extra Space Storage, mentioned earlier, for the next six to 12 months.

---

| | |
|:---|:---|
| **Q** | **Were there any changes made in the Fund's investment strategy during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, we focus on picking securities rather than on making real estate subsector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its real estate subsector weights are generally the direct result of individual stock selection or of real estate securities' appreciation or depreciation. That said, during the Reporting Period, the Fund's exposure to the technology, industrial and self-storage subsectors increased relative to the Wilshire Index and its exposure to the hotel, office and retail subsectors decreased relative to the Wilshire Index. We also established a modest allocation to the triple net sector during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | From a subsector perspective, the Fund had overweighted exposure compared to the Wilshire Index in the technology, industrial and self-storage subsectors and had underweighted exposure compared to the Wilshire Index in the retail, residential, office and triple net subsectors. The Fund was rather neutrally weighted in the hotel and health care subsectors of the Wilshire Index at the end of the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **Were there any changes to the Fund's portfolio management team during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | There were no changes to the Fund's portfolio management team during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What is the Fund's tactical view and strategy for the months ahead?** |

---

---

| | |
|:---|:---|
| **A** | Rising interest rates, increased recessionary concerns and elevated inflation were top of mind for investors at the end of the Reporting Period. In our view, these market conditions have created an attractive opportunity to gain exposure to publicly traded real estate, or REITs, at discounted valuations. We viewed REITs as increasingly attractive amid these conditions based on the asset class offering. |

---

First, unlike bonds, REITs may offer defensive cash flow growth given that they can have longer-term leases and largely secular demand drivers, such as digitization, e-commerce, biotechnology innovation and aging demographics.

Second, REITs historically outperform other asset classes following periods of interest rate increases. On the positive side, incumbent asset values will likely rise since it becomes more difficult to borrow, limiting new supply. Also, higher mortgage rates may benefit multifamily and single-family residential subsectors by making renting more affordable than owning. Of course, at the same time, like all financial assets, the value of real estate declines as interest rates drive increases in the cost of capital, all else being equal. Further, rising rates increase borrowing costs for real estate <br>

**17** 

------

PORTFOLIO RESULTS

companies, which could negatively impact earnings, potentially offset by rental growth in some subsectors.

Third, REITs have historically performed well in economic recoveries following a recession. Fourth, REITs may provide inflation hedging benefits. Some leases and/or contracts are linked to inflation, and, if not, can typically be reset in line with inflation. Further, incumbent asset values tend to increase as the cost of building and developing new assets goes up, given higher land, labor and material costs. Fifth, relative to private real estate markets, public REITs were attractively valued at the end of the Reporting Period, in our view.

All that said, not all companies and property types will perform equally, making a compelling case, we believe, for active management. For example, rising interest rate risk can be mitigated by focusing on owners of real estate seeking to rent rather than developers seeking to sell, as rents tend to have more predictable and growing cash flows. Additionally, disruption trends can be exploited by being underweight retail and office subsectors, which we view as being on the wrong side of e-commerce and work-from-home trends, respectively, and instead focusing on property types exposed to secular growth, such as data centers and towers. We also believe active management could be beneficial going forward as we seek companies with resilient business models, pricing power and inelastic customer bases. We intend to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows and differentiated business models aligned to secular tailwinds. We think focusing on higher quality investments can help navigate the heightened volatility we anticipate for the coming year while also positioning investors to benefit from the next upcycle. We continue to test our models and re-evaluate our assumptions with increasing information, staying focused on the long-term investment horizon. We believe this fundamental approach can generate strong returns in the long term.

Overall, we believe REITs can continue to offer attractive liquidity and risk-adjusted total returns given the yield, growth, diversification and inflation-hedging benefits the asset class has historically exhibited. On a stock level, we believe attractive opportunities may be found across the sector, as various property subsectors could offer wide dispersions in returns. As fundamental, bottom-up investors, we see opportunities beyond the headline risks associated with certain regions and intend to continue to focus our approach on those companies that have well-capitalized balance sheets and that possess quality attributes, such as a robust business model, a high quality asset exposure and a strong management team with a sound capital allocation strategy.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the Wilshire Index.

**18** 

------

FUND BASICS

## Real Estate Securities Fund
*as of December 31, 2022* 

**TOP TEN HOLDINGS AS OF 12/31/22<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| **Holding** | **% of Net Assets** | **Line of Business** |
| Prologis, Inc. REIT | 12.4% | Industrial |
| Equinix, Inc. REIT | 8.6 | Specialized |
| Public Storage REIT | 7.8 | Specialized |
| Digital Realty Trust, Inc. REIT | 4.7 | Specialized |
| Welltower, Inc. REIT | 4.6 | Health Care |
| Alexandria Real Estate Equities, Inc. REIT | 4.5 | Office |
| Extra Space Storage, Inc. REIT | 4.0 | Specialized |
| Simon Property Group, Inc. REIT | 4.0 | Retail |
| AvalonBay Communities, Inc. REIT | 4.0 | Residential |
| Equity LifeStyle Properties, Inc. REIT | 3.3 | Residential |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATION<sup>2</sup>** |
| **As of December 31, 2022** |

---

![LOGO](g347768g68l54.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The above graph excludes investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares, which represents 1.9% of the Fund's net assets at December 31, 2022.

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**19** 

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Wilshire U.S. Real Estate Securities Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**Real Estate Securities Fund's 10 Year Performance**

**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g347768g02k02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -28.07% | 2.58% | 5.25% |  |
|  Including sales charges | -32.03% | 1.43% | 4.66% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -28.54% | 1.82% | 4.47% |  |
|  Including contingent deferred sales charges | -29.25% | 1.82% | 4.47% |  |
|  **Institutional** | -27.77% | 2.96% | 5.66% |  |
|  **Service** | -28.12% | 2.46% | 5.14% |  |
|  **Investor** | -27.90% | 2.82% | 5.51% |  |
|  **Class R6 (Commenced July 31, 2015)** | -27.82% | 2.95% | N/A | 3.61% |
|  **Class R** | -28.22% | 2.32% | 4.99% |  |
|  **Class P (Commenced April 17, 2018)** | -27.78% | N/A | N/A | 4.60% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6, Class R and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**20** 

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.3%** | **Common Stocks – 98.3%** | **Common Stocks – 98.3%** |
| **Australia – 3.1%** | **Australia – 3.1%** | |
| 894187 | Transurban Group (Transportation Infrastructure) | $7866934 |
| **Canada – 15.2%** | **Canada – 15.2%** |  |
| 29602 | Emera, Inc. (Electric Utilities) | 1131391 |
| 406598 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 15891556 |
| 57220 | Fortis, Inc. (Electric Utilities) | 2289645 |
| 115886 | Keyera Corp. (Oil, Gas & Consumable Fuels) | 2532546 |
| 89099 | Northland Power, Inc. (Independent Power and Renewable Electricity Producers) | 2443313 |
| 204552 | Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | 6943286 |
| 172022 | TC Energy Corp. (Oil, Gas & Consumable Fuels) | 6858011 |
|  |  | 38089748 |
| **China – 1.7%** | **China – 1.7%** |  |
| 307800 | ENN Energy Holdings Ltd. (Gas Utilities) | 4299366 |
| **France – 7.6%** | **France – 7.6%** |  |
| 129063 | Engie SA (Multi-Utilities) | 1846388 |
| 83224 | Veolia Environnement SA (Multi-Utilities) | 2138395 |
| 152002 | Vinci SA (Construction & Engineering) | 15152634 |
|  |  | 19137417 |
| **Germany – 0.4%** | **Germany – 0.4%** |  |
| 42357 | Vonovia SE (Real Estate Management & Development) | 997781 |
| **Hong Kong – 0.5%** | **Hong Kong – 0.5%** |  |
| 1286619 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) | 1220240 |
| **Italy – 1.0%** | **Italy – 1.0%** |  |
| 591307 | Enav SpA (Transportation Infrastructure)<sup>(a)</sup> | 2508279 |
| **Japan – 1.3%** | **Japan – 1.3%** |  |
| 209300 | Osaka Gas Co. Ltd. (Gas Utilities) | 3372472 |
| **Spain – 8.0%** | **Spain – 8.0%** |  |
| 32101 | Aena SME SA (Transportation Infrastructure)\*<sup>(a)</sup> | 4024134 |
| 202418 | Cellnex Telecom SA (Diversified Telecommunication Services)\*<sup>(a)</sup> | 6714462 |
| 218190 | Ferrovial SA (Construction & Engineering) | 5712814 |
| 306959 | Iberdrola SA (Electric Utilities) | 3583289 |
|  |  | 20034699 |
| **United Kingdom – 6.4%** | **United Kingdom – 6.4%** |  |
| 6290 | Linde PLC (Chemicals) | 2051672 |
| 1168247 | National Grid PLC (Multi-Utilities) | 13994850 |
|  |  | 16046522 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – 53.1%** | **United States – 53.1%** |  |
| 48151 | AES Corp. (The) (Independent Power and Renewable Electricity Producers) | 1384823 |
| 44493 | Ameren Corp. (Multi-Utilities) | 3956317 |
| 105303 | American Tower Corp. (Equity Real Estate Investment Trusts (REITs)) | 22309494 |
| 25095 | American Water Works Co., Inc. (Water Utilities) | 3824980 |
| 37903 | Atmos Energy Corp. (Gas Utilities) | 4247789 |
| 166440 | CenterPoint Energy, Inc. (Multi-Utilities) | 4991536 |
| 65351 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 9800036 |
| 62762 | CMS Energy Corp. (Multi-Utilities) | 3974717 |
| 32794 | Consolidated Edison, Inc. (Multi-Utilities) | 3125596 |
| 65654 | Crown Castle, Inc. (Equity Real Estate Investment Trusts (REITs)) | 8905309 |
| 17686 | Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1773375 |
| 48326 | Edison International (Electric Utilities) | 3074500 |
| 2893 | Equinix, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1895002 |
| 54217 | Eversource Energy (Electric Utilities) | 4545553 |
| 214970 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 3886658 |
| 3806 | Martin Marietta Materials, Inc. (Construction Materials) | 1286314 |
| 15889 | New Fortress Energy, Inc. (Oil, Gas & Consumable Fuels) | 674011 |
| 46505 | NextEra Energy, Inc. (Electric Utilities) | 3887818 |
| 42688 | ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 2804602 |
| 288463 | PG&E Corp. (Electric Utilities)\* | 4690408 |
| 26897 | SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs)) | 7539498 |
| 52829 | Sempra Energy (Multi-Utilities) | 8164194 |
| 91998 | Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 6761853 |
| 34197 | WEC Energy Group, Inc. (Multi-Utilities) | 3206311 |
| 309325 | Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels) | 10176792 |
| 37934 | Xcel Energy, Inc. (Electric Utilities) | 2659553 |
|  |  | 133547039 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $213,894,919** | **(Cost $213,894,919** | $247120497 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.1%<sup>(b)</sup>** | **Investment Company – 1.1%<sup>(b)</sup>** | **Investment Company – 1.1%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 2802075 | 4.159% | $2802075 |
| **(Cost $2,802,075)** |  |  |
| **TOTAL INVESTMENTS – 99.4%** | **TOTAL INVESTMENTS – 99.4%** | **TOTAL INVESTMENTS – 99.4%** |
| **(Cost $216,696,994)** | **(Cost $216,696,994)** | $249922572 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.6%** | 1373386 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $251295958 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market Value** |
|  Utilities | 36.8% |
|  Energy | 26.6 |
|  Real Estate | 17.4 |
|  Industrials | 14.1 |
|  Communication Services | 2.7 |
|  Materials | 1.3 |
|  Investment Company | 1.1 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

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

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.8%** | **Common Stocks – 95.8%** | **Common Stocks – 95.8%** |
| **Australia – 3.6%** | **Australia – 3.6%** | |
| 55815 | Goodman Group REIT (Real Estate) | $656405 |
| 327502 | Ingenia Communities Group REIT (Real Estate) | 991031 |
| 579014 | Scentre Group REIT (Real Estate) | 1127086 |
| 621511 | Stockland REIT (Real Estate) | 1530695 |
|  |  | 4305217 |
| **Canada – 1.2%** | **Canada – 1.2%** |  |
| 46157 | Canadian Apartment Properties REIT (Real Estate) | 1454934 |
| **France – 1.1%** | **France – 1.1%** |  |
| 13305 | Gecina SA REIT (Real Estate) | 1355515 |
| **Germany – 2.5%** | **Germany – 2.5%** |  |
| 59208 | Instone Real Estate Group SE (Real Estate)<sup>(a)</sup> | 509656 |
| 104506 | Vonovia SE (Real Estate) | 2461790 |
|  |  | 2971446 |
| **Hong Kong – 4.5%** | **Hong Kong – 4.5%** |  |
| 154000 | CK Asset Holdings Ltd. (Real Estate) | 944509 |
| 976000 | Fortune Real Estate Investment Trust REIT (Real Estate) | 791507 |
| 324000 | Henderson Land Development Co. Ltd. (Real Estate) | 1127910 |
| 285200 | Hongkong Land Holdings Ltd. (Real Estate) | 1312153 |
| 796117 | Sino Land Co. Ltd. (Real Estate) | 992985 |
| 97000 | Swire Properties Ltd. (Real Estate) | 245691 |
|  |  | 5414755 |
| **Ireland – 0.5%** | **Ireland – 0.5%** |  |
| 155800 | Dalata Hotel Group PLC (Consumer Services)\* | 539788 |
| **Japan – 10.3%** | **Japan – 10.3%** |  |
| 678 | Comforia Residential REIT, Inc. REIT (Real Estate) | 1527460 |
| 205 | Hoshino Resorts REIT, Inc. REIT (Real Estate) | 1104127 |
| 579 | Hulic REIT, Inc. REIT (Real Estate) | 721143 |
| 1923 | Japan Metropolitan Fund Invest REIT (Real Estate) | 1529773 |
| 147300 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1908062 |
| 308 | Mitsubishi Estate Logistics REIT Investment Corp. REIT (Real Estate) | 987564 |
| 107100 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1957464 |
| 488 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1144153 |
| 10900 | Open House Group Co. Ltd. (Consumer Durables & Apparel) | 396868 |
| 901 | United Urban Investment Corp. REIT (Real Estate) | 1029389 |
|  |  | 12306003 |
| **Netherlands – 0.5%** | **Netherlands – 0.5%** |  |
| 47909 | CTP NV (Real Estate)<sup>(a)</sup> | 567048 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Singapore – 3.7%** | **Singapore – 3.7%** |  |
| 647400 | CapitaLand Ascendas REIT (Real Estate) | 1325921 |
| 1049500 | Capitaland India Trust (Real Estate) | 885248 |
| 2574900 | Far East Hospitality Trust (Real Estate) | 1193055 |
| 2015809 | Lendlease Global Commercial REIT (Real Estate) | 1060911 |
|  |  | 4465135 |
| **Spain – 1.0%** | **Spain – 1.0%** |  |
| 35957 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 1192739 |
| **Sweden – 0.8%** | **Sweden – 0.8%** |  |
| 78085 | Castellum AB (Real Estate)<sup>(b)</sup> | 945645 |
| **United Kingdom – 4.3%** | **United Kingdom – 4.3%** |  |
| 86599 | Big Yellow Group PLC REIT (Real Estate) | 1199513 |
| 657039 | Capital & Counties Properties PLC REIT (Real Estate) | 845959 |
| 274297 | LondonMetric Property PLC REIT (Real Estate) | 569373 |
| 162565 | Segro PLC REIT (Real Estate) | 1497591 |
| 89526 | UNITE Group PLC (The) REIT (Real Estate) | 982163 |
|  |  | 5094599 |
| **United States – 61.8%** | **United States – 61.8%** |  |
| 19769 | Alexandria Real Estate Equities, Inc. REIT (Real Estate) | 2879750 |
| 47345 | American Homes 4 Rent, Class A REIT (Real Estate) | 1426978 |
| 7144 | American Tower Corp. REIT (Real Estate) | 1513528 |
| 41135 | Americold Realty Trust, Inc. REIT (Real Estate) | 1164532 |
| 19588 | AvalonBay Communities, Inc. REIT (Real Estate) | 3163854 |
| 18940 | Boston Properties, Inc. REIT (Real Estate) | 1279965 |
| 5638 | CBRE Group, Inc., Class A (Real Estate)\* | 433901 |
| 29579 | Cousins Properties, Inc. REIT (Real Estate) | 748053 |
| 37047 | Digital Realty Trust, Inc. REIT (Real Estate) | 3714703 |
| 16816 | EastGroup Properties, Inc. REIT (Real Estate) | 2489777 |
| 6319 | Equinix, Inc. REIT (Real Estate) | 4139135 |
| 36722 | Equity LifeStyle Properties, Inc. REIT (Real Estate) | 2372241 |
| 19686 | Equity Residential REIT (Real Estate) | 1161474 |
| 8058 | Essex Property Trust, Inc. REIT (Real Estate) | 1707651 |
| 15797 | Extra Space Storage, Inc. REIT (Real Estate) | 2325002 |
| 20687 | Federal Realty Investment Trust REIT (Real Estate) | 2090214 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | |
| 68482 | Healthcare Realty Trust, Inc. REIT (Real Estate) | $1319648 |
| 20020 | Healthpeak Properties, Inc. REIT (Real Estate) | 501901 |
| 91093 | Invitation Homes, Inc. REIT (Real Estate) | 2699997 |
| 5795 | Mid-America Apartment Communities, Inc. REIT (Real Estate) | 909757 |
| 67018 | Park Hotels & Resorts, Inc. REIT (Real Estate) | 790142 |
| 66971 | Prologis, Inc. REIT (Real Estate) | 7549641 |
| 17952 | Public Storage REIT (Real Estate) | 5029971 |
| 31753 | Realty Income Corp. REIT (Real Estate) | 2014093 |
| 40454 | Regency Centers Corp. REIT (Real Estate) | 2528375 |
| 67068 | RLJ Lodging Trust REIT (Real Estate) | 710250 |
| 14984 | Ryman Hospitality Properties, Inc. REIT (Real Estate) | 1225392 |
| 2096 | SBA Communications Corp. REIT (Real Estate) | 587530 |
| 27164 | Simon Property Group, Inc. REIT (Real Estate) | 3191227 |
| 38230 | Terreno Realty Corp. REIT (Real Estate) | 2174140 |
| 61794 | Ventas, Inc. REIT (Real Estate) | 2783820 |
| 87928 | VICI Properties, Inc. REIT (Real Estate) | 2848867 |
| 51457 | Welltower, Inc. REIT (Real Estate) | 3373006 |
| 47517 | WeWork, Inc., Class A (Real Estate)\*<sup>(b)</sup> | 67949 |
| 10594 | W.P. Carey, Inc. REIT (Real Estate) | 827921 |
|  |  | 73744385 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $109,814,096)** | **(Cost $109,814,096)** | $114357209 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.5%<sup>(c)</sup>** | **Investment Company – 1.5%<sup>(c)</sup>** | **Investment Company – 1.5%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund –<br> Institutional Shares | Goldman Sachs Financial Square Government Fund –<br> Institutional Shares | Goldman Sachs Financial Square Government Fund –<br> Institutional Shares |
| 1830817 | 4.159% | $1830817 |
| **(Cost $1,830,817)** | **(Cost $1,830,817)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE** |
| **(Cost $111,644,913)** | **(Cost $111,644,913)** | $116188026 |
| **Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 1018728 | 4.159% | $1018728 |
| **(Cost $1,018,728)** | **(Cost $1,018,728)** |  |
| **TOTAL INVESTMENTS – 98.2%** | **TOTAL INVESTMENTS – 98.2%** | **TOTAL INVESTMENTS – 98.2%** |
| **(Cost $112,663,641)** | **(Cost $112,663,641)** | $117206754 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.8%** | 2186059 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $119392813 |

---

---

| | |
|:---|:---|
| <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market Value** |
|  Real Estate | 95.7% |
|  Investment Company | 1.6 |
|  Communication Services | 1 |
|  Consumer Discretionary | 0.8 |
|  Securities Lending Reinvestment Vehicle | 0.9 |
| **TOTAL INVESTMENTS** | 100.0% |

---

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.6%** | **Common Stocks – 97.6%** | **Common Stocks – 97.6%** |
| **Health Care – 10.0%** | **Health Care – 10.0%** | |
| 87164 | Healthcare Realty Trust, Inc. REIT | $1679650 |
| 34035 | Healthpeak Properties, Inc. REIT | 853258 |
| 81906 | Ventas, Inc. REIT | 3689865 |
| 79595 | Welltower, Inc. REIT | 5217452 |
|  |  | 11440225 |
| **Hotel – 3.9%** | **Hotel – 3.9%** |  |
| 110107 | Park Hotels & Resorts, Inc. REIT | 1298162 |
| 114659 | RLJ Lodging Trust REIT | 1214239 |
| 24448 | Ryman Hospitality Properties, Inc. REIT | 1999357 |
|  |  | 4511758 |
| **Industrial – 19.1%** | **Industrial – 19.1%** |  |
| 36700 | Americold Realty Trust, Inc. REIT | 1038977 |
| 23087 | EastGroup Properties, Inc. REIT | 3418261 |
| 126028 | Prologis, Inc. REIT | 14207137 |
| 56666 | Terreno Realty Corp. REIT | 3222595 |
|  |  | 21886970 |
| **Office – 7.6%** | **Office – 7.6%** |  |
| 35041 | Alexandria Real Estate Equities, Inc. REIT | 5104422 |
| 29927 | Boston Properties, Inc. REIT | 2022467 |
| 60856 | Cousins Properties, Inc. REIT | 1539048 |
|  |  | 8665937 |
| **Real Estate Operating Companies – 0.1%** | **Real Estate Operating Companies – 0.1%** |  |
| 72608 | WeWork, Inc., Class A\* | 103830 |
| **Real Estate Services – 0.5%** | **Real Estate Services – 0.5%** |  |
| 7929 | CBRE Group, Inc., Class A\* | 610216 |
| **Residential – 19.4%** | **Residential – 19.4%** |  |
| 64469 | American Homes 4 Rent, Class A REIT | 1943095 |
| 28042 | AvalonBay Communities, Inc. REIT | 4529344 |
| 5094 | Camden Property Trust REIT | 569917 |
| 58598 | Equity LifeStyle Properties, Inc. REIT | 3785431 |
| 44473 | Equity Residential REIT | 2623907 |
| 15465 | Essex Property Trust, Inc. REIT | 3277343 |
| 126875 | Invitation Homes, Inc. REIT | 3760575 |
| 7515 | Mid-America Apartment Communities, Inc. REIT | 1179780 |
| 4134 | Sun Communities, Inc. REIT | 591162 |
|  |  | 22260554 |
| **Retail – 9.0%** | **Retail – 9.0%** |  |
| 27813 | Federal Realty Investment Trust REIT | 2810226 |
| 48227 | Regency Centers Corp. REIT | 3014187 |
| 38604 | Simon Property Group, Inc. REIT | 4535198 |
|  |  | 10359611 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialized – 28.0%** | **Specialized – 28.0%** |  |
| 6174 | American Tower Corp. REIT | 1308023 |
| 53834 | Digital Realty Trust, Inc. REIT | 5397935 |
| 15057 | Equinix, Inc. REIT | 9862787 |
| 30987 | Extra Space Storage, Inc. REIT | 4560667 |
| 31815 | Public Storage REIT | 8914245 |
| 3211 | SBA Communications Corp. REIT | 900075 |
| 36642 | VICI Properties, Inc. REIT | 1187201 |
|  |  | 32130933 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $89,014,532)** | **(Cost $89,014,532)** | $111970034 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.0%<sup>(a)</sup>** | **Investment Company – 1.0%<sup>(a)</sup>** | **Investment Company – 1.0%<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 |
| 1144583 | 4.159% | $1144583 |
| **(Cost $1,144,583)** | **(Cost $1,144,583)** |  |
| **TOTAL INVESTMENTS – 98.6%** | **TOTAL INVESTMENTS – 98.6%** | **TOTAL INVESTMENTS – 98.6%** |
| **(Cost $90,159,115)** | **(Cost $90,159,115)** | $113114617 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | 1608686 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $114723303 |

---

---

| | |
|:---|:---|
| 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 |

---

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Statements of Assets and Liabilities
*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Global<br>Infrastructure Fund** | **Global Real<br>Estate<br>Securities Fund** | **Real Estate<br>Securities Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $213,894,919, $109,814,096 and $89,014,532, respectively)<sup>(a)</sup> | $247120497 | $114357209 | $111970034 |
|  Investments in affiliated issuers, at value (cost $2,802,075, $1,830,817 and $1,144,583, respectively) | 2802075 | 1830817 | 1144583 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 1018728 |  |
|  Cash | 671649 | 539533 | 651284 |
|  Foreign currency, at value (cost $53,182, $145,053 and $–, respectively) | 53500 | 148919 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 862678 | 506643 | 496551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 144865 | 128274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 61259 | 7412671 | 830374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 18804 | 47021 | 38709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 426 |  |
|  Other assets | 96704 | 44597 | 57302 |
| **Total assets** | 251832031 | 126034838 | 115188837 |
| **Liabilities:** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 222726 | 534611 | 98944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 196662 | 93955 | 85518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 7621 | 3821 | 14150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 4803700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 1018728 |  |
|  Accrued expenses | 109064 | 187210 | 266922 |
| **Total liabilities** | 536073 | 6642025 | 465534 |
| **Net Assets:** |  |  |  |
|  Paid-in capital | 225106156 | 150093569 | 90716303 |
|  Total distributable earnings (loss) | 26189802 | (30700756) | 24007000 |
| **NET ASSETS** | $251295958 | $119392813 | $114723303 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $296320 | $1201744 | $14223760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 454390 | 52142 | 806559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 13554054 | 4225102 | 24347918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 312115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 1719854 | 63090 | 1427847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 128064120 | 67730264 | 2385439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 34097 | 27735 | 841279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 107173123 | 46092736 | 70378386 |
|  Total Net Assets | $251295958 | $119392813 | $114723303 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 24153 | 135817 | 1389945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 37524 | 5952 | 85475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1108519 | 477114 | 2254966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 30129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 140887 | 7143 | 137233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10497971 | 7660350 | 220990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 2794 | 3150 | 83795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 8791166 | 5217629 | 6521860 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $12.27 | $8.85 | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.11 | 8.76 | 9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12.23 | 8.86 | 10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 12.21 | 8.83 | 10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.20 | 8.84 | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 12.20 | 8.80 | 10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 12.19 | 8.83 | 10.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $–, $960,571 and $– for Global Infrastructure Fund, Global Real Estate Securities Fund and Real Estate Securities Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Maximum public offering price per share for Class A Shares is $12.98, $9.37 and $10.83 for Global Infrastructure Fund, Global Real Estate Securities Fund and Real Estate Securities Fund, 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.

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Statements of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Global<br>Infrastructure<br>Fund** | **Global Real<br>Estate<br>Securities Fund** | **Real Estate<br>Securities Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $547,759, $198,985 and $–) | $7835730 | $4334752 | $3274217 |
|  Dividends — affiliated issuers | 51083 | 29039 | 14974 |
|  Securities lending income — affiliated issuer |  | 11256 | 11511 |
| **Total investment income** | 7886813 | 4375047 | 3300702 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
|  Management fees | 2488029 | 1475082 | 1233253 |
|  Professional fees | 104698 | 119779 | 78031 |
|  Transfer Agency fees<sup>(a)</sup> | 88394 | 49274 | 74709 |
|  Printing and mailing costs | 59687 | 57952 | 61069 |
|  Registration fees | 56790 | 112917 | 123428 |
|  Custody, accounting and administrative services | 43421 | 114416 | 113389 |
|  Trustee fees | 10039 | 28241 | 27684 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 7921 | 2892 | 59968 |
|  Service fees — Class C | 1328 | 145 | 2848 |
|  Shareholder Administration fees — Service Shares |  |  | 1004 |
|  Other | 22710 | 64991 | 10232 |
| **Total expenses** | 2883017 | 2025689 | 1785615 |
|  Less — expense reductions | (154441) | (494680) | (413755) |
| **Net expenses** | 2728576 | 1531009 | 1371860 |
| **NET INVESTMENT INCOME** | 5158237 | 2844038 | 1928842 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1752604) | (15261689) | 2626891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (94305) | (80677) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (23613316) | (42261999) | (52492372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (22049) | 1044 |  |
| **Net realized and unrealized loss** | (25482274) | (57603321) | (49865481) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(20324037) | $(54759283) | $(47936639) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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** |
|  Global Infrastructure Fund | $3761 | $3983 | $— | $177 | $2407 | $850 | $5731 | $— | $1645 | $43770 | $56 | $33935 |
|  Global Real Estate Securities Fund | 2300 | 433 |  | 159 | 1472 | 92 | 1351 |  | 94 | 29645 | 51 | 16569 |
|  Real Estate Securities Fund | 45716 | 8546 | 1004 | 4702 | 29258 | 1823 | 11843 | 161 | 3330 | 497 | 1505 | 26292 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |  |  |
|  Net investment income | $5158237 | $3578201 | $2844038 | $2009083 |
|  Net realized gain (loss) | (1846909) | 1997320 | (15342366) | 14444434 |
|  Net change in unrealized gain (loss) | (23635365) | 30179157 | (42260955) | 22363363 |
| **Net increase (decrease) in net assets resulting from operations** | (20324037) | 35754678 | (54759283) | 38816880 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (18113) | (10884) | (26148) | (1263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (4268) | (8412) | (949) | (822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (293158) | (166495) | (99057) | (44599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (22644) | (4434) | (1436) | (841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2630683) | (3246938) | (1886221) | (2860276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (456) | (513) | (579) | (654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2043315) | (1902191) | (1346410) | (1131317) |
|  From return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2427) |  | (8203) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (572) |  | (298) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (39281) |  | (31075) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3034) |  | (451) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (352488) |  | (591735) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (61) |  | (182) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (273786) |  | (422388) |  |
| **Total distributions to shareholders** | (5684286) | (5339867) | (4415132) | (4039772) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |  |  |
|  Proceeds from sales of shares | 47639483 | 121405866 | 55195029 | 23775737 |
|  Proceeds received in connection with merger |  |  | 38550687 |  |
|  Reinvestment of distributions | 5676438 | 5339868 | 4414650 | 4039772 |
|  Cost of shares redeemed | (71104641) | (42666786) | (97246189) | (64718634) |
| **Net increase (decrease) in net assets resulting from share transactions** | (17788720) | 84078948 | 914177 | (36903125) |
| **TOTAL INCREASE (DECREASE)** | (43797043) | 114493759 | (58260238) | (2126017) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |  |  |
|  Beginning of year | 295093001 | 180599242 | 177653051 | 179779068 |
|  End of year | $251295958 | $295093001 | $119392813 | $177653051 |

---

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $1928842 | $1292813 |
|  Net realized gain | 2626891 | 8745645 |
|  Net change in unrealized gain (loss) | (52492372) | 45771650 |
| **Net increase (decrease) in net assets resulting from operations** | (47936639) | 55810108 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (711739) | (1423797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (41004) | (91892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1213081) | (2271763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (14637) | (51452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (77244) | (165549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (115061) | (27708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (39442) | (67420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (3439977) | (6567981) |
| **Total distributions to shareholders** | (5652185) | (10667562) |
| **From share transactions:** |  |  |
|  Proceeds from sales of shares | 22993292 | 31014980 |
|  Reinvestment of distributions | 5622085 | 10572044 |
|  Cost of shares redeemed | (36947780) | (29473867) |
| **Net increase (decrease) in net assets resulting from share transactions** | (8332403) | 12113157 |
| **TOTAL INCREASE (DECREASE)** | (61921227) | 57255703 |
| **Net Assets:** |  |  |
|  Beginning of year | 176644530 | 119388827 |
|  End of year | $114723303 | $176644530 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.45 | $11.78 | $12.47 | $9.68 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.15 | 0.14 | 0.18 | 0.19 |
|  Net realized and unrealized gain (loss) | (1.20) | 1.74 | (0.64) | 2.83 | (1.19) |
|  Total from investment operations | (1.02) | 1.89 | (0.50) | 3.01 | (1.00) |
|  Distributions to shareholders from net investment income | (0.14) | (0.18) | (0.16) | (0.19) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.02) |  | (0.03) | (0.03) |  |
|  Total distributions | (0.16) | (0.22) | (0.19) | (0.22) | (0.17) |
|  Net asset value, end of year | $12.27 | $13.45 | $11.78 | $12.47 | $9.68 |
| **Total Return<sup>(b)</sup>** | (7.62)% | 16.15% | (3.97)% | 31.22% | (9.31)% |
|  Net assets, end of year (in 000's) | $296 | $1302 | $357 | $782 | $1376 |
|  Ratio of net expenses to average net assets | 1.35% | 1.35% | 1.34% | 1.36% | 1.38% |
|  Ratio of total expenses to average net assets | 1.41% | 1.45% | 1.56% | 1.51% | 1.51% |
|  Ratio of net investment income to average net assets | 1.44% | 1.14% | 1.17% | 1.53% | 1.83% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.34 | $11.70 | $12.41 | $9.65 | $10.84 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.05 | 0.02 | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | (1.20) | 1.73 | (0.62) | 2.80 | (1.17) |
|  Total from investment operations | (1.11) | 1.78 | (0.60) | 2.91 | (1.07) |
|  Distributions to shareholders from net investment income | (0.11) | (0.10) | (0.09) | (0.13) | (0.12) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.01) |  | (0.02) | (0.02) |  |
|  Total distributions | (0.12) | (0.14) | (0.11) | (0.15) | (0.12) |
|  Net asset value, end of year | $12.11 | $13.34 | $11.70 | $12.41 | $9.65 |
| **Total Return<sup>(b)</sup>** | (8.29)% | 15.28% | (4.78)% | 30.31% | (9.96)% |
|  Net assets, end of year (in 000's) | $454 | $622 | $868 | $2607 | $1383 |
|  Ratio of net expenses to average net assets | 2.10% | 2.10% | 2.09% | 2.11% | 2.13% |
|  Ratio of total expenses to average net assets | 2.17% | 2.20% | 2.30% | 2.26% | 2.26% |
|  Ratio of net investment income to average net assets | 0.71% | 0.39% | 0.21% | 1.01% | 1.00% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.47 | $11.80 | $12.50 | $9.71 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.25 | 0.19 | 0.21 | 0.19 | 0.06 |
|  Net realized and unrealized gain (loss) | (1.22) | 1.74 | (0.68) | 2.87 | (1.02) |
|  Total from investment operations | (0.97) | 1.93 | (0.47) | 3.06 | (0.96) |
|  Distributions to shareholders from net investment income | (0.23) | (0.22) | (0.17) | (0.24) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.04) |  | (0.06) | (0.03) |  |
|  Total distributions | (0.27) | (0.26) | (0.23) | (0.27) | (0.18) |
|  Net asset value, end of year | $12.23 | $13.47 | $11.80 | $12.50 | $9.71 |
| **Total Return<sup>(b)</sup>** | (7.24)% | 16.50% | (3.63)% | 31.66% | (8.89)% |
|  Net assets, end of year (in 000's) | $13554 | $8983 | $6772 | $1264 | $1737 |
|  Ratio of net expenses to average net assets | 0.99% | 0.99% | 0.99% | 1.00% | 0.99% |
|  Ratio of total expenses to average net assets | 1.04% | 1.08% | 1.19% | 1.13% | 1.06% |
|  Ratio of net investment income to average net assets | 1.94% | 1.50% | 1.82% | 1.70% | 0.54% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.46 | $11.78 | $12.47 | $9.68 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.18 | 0.10 | 0.22 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.27) | 1.75 | (0.58) | 2.82 | (1.18) |
|  Total from investment operations | (1.00) | 1.93 | (0.48) | 3.04 | (0.98) |
|  Distributions to shareholders from net investment income | (0.21) | (0.21) | (0.19) | (0.22) | (0.19) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.04) |  | (0.02) | (0.03) |  |
|  Total distributions | (0.25) | (0.25) | (0.21) | (0.25) | (0.19) |
|  Net asset value, end of year | $12.21 | $13.46 | $11.78 | $12.47 | $9.68 |
| **Total Return<sup>(b)</sup>** | (7.41)% | 16.49% | (3.80)% | 31.49% | (9.00)% |
|  Net assets, end of year (in 000's) | $1720 | $248 | $181 | $929 | $279 |
|  Ratio of net expenses to average net assets | 1.10% | 1.10% | 1.09% | 1.10% | 1.13% |
|  Ratio of total expenses to average net assets | 1.16% | 1.20% | 1.29% | 1.26% | 1.25% |
|  Ratio of net investment income to average net assets | 2.17% | 1.39% | 0.86% | 1.96% | 1.95% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.44 | $11.77 | $12.47 | $9.69 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.19 | 0.18 | 0.23 | 0.22 |
|  Net realized and unrealized gain (loss) | (1.21) | 1.74 | (0.65) | 2.82 | (1.18) |
|  Total from investment operations | (0.97) | 1.93 | (0.47) | 3.05 | (0.96) |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.19) | (0.24) | (0.20) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.03) |  | (0.04) | (0.03) |  |
|  Total distributions | (0.27) | (0.26) | (0.23) | (0.27) | (0.20) |
|  Net asset value, end of year | $12.20 | $13.44 | $11.77 | $12.47 | $9.69 |
| **Total Return<sup>(b)</sup>** | (7.25)% | 16.55% | (3.64)% | 31.63% | (8.88)% |
|  Net assets, end of year (in 000's) | $128064 | $166430 | $160304 | $187335 | $183306 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.99% | 0.98% |
|  Ratio of total expenses to average net assets | 1.04% | 1.07% | 1.18% | 1.11% | 1.10% |
|  Ratio of net investment income to average net assets | 1.86% | 1.51% | 1.57% | 1.94% | 2.17% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.45 | $11.78 | $12.48 | $9.69 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.11 | 0.12 | 0.16 | 0.14 |
|  Net realized and unrealized gain (loss) | (1.22) | 1.75 | (0.66) | 2.82 | (1.16) |
|  Total from investment operations | (1.06) | 1.86 | (0.54) | 2.98 | (1.02) |
|  Distributions to shareholders from net investment income | (0.17) | (0.15) | (0.13) | (0.17) | (0.14) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.02) |  | (0.03) | (0.02) |  |
|  Total distributions | (0.19) | (0.19) | (0.16) | (0.19) | (0.14) |
|  Net asset value, end of year | $12.20 | $13.45 | $11.78 | $12.48 | $9.69 |
| **Total Return<sup>(b)</sup>** | (7.91)% | 15.84% | (4.24)% | 30.94% | (9.49)% |
|  Net assets, end of year (in 000's) | $34 | $37 | $32 | $33 | $25 |
|  Ratio of net expenses to average net assets | 1.60% | 1.60% | 1.59% | 1.61% | 1.63% |
|  Ratio of total expenses to average net assets | 1.67% | 1.71% | 1.82% | 1.77% | 1.75% |
|  Ratio of net investment income to average net assets | 1.26% | 0.89% | 1.01% | 1.42% | 1.30% |
|  Portfolio turnover rate<sup>(c)</sup> | 36% | 50% | 57% | 39% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** | **Goldman Sachs Global Infrastructure Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of period | $13.44 | $11.76 | $12.47 | $9.68 | $10.47 |
|  Net investment income<sup>(b)</sup> | 0.24 | 0.19 | 0.21 | 0.23 | 0.12 |
|  Net realized and unrealized gain (loss) | (1.22) | 1.75 | (0.69) | 2.83 | (0.73) |
|  Total from investment operations | (0.98) | 1.94 | (0.48) | 3.06 | (0.61) |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.17) | (0.24) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.04) |  |  |  |
|  Distributions to shareholders from return of capital | (0.03) |  | (0.06) | (0.03) |  |
|  Total distributions | (0.27) | (0.26) | (0.23) | (0.27) | (0.18) |
|  Net asset value, end of period | $12.19 | $13.44 | $11.76 | $12.47 | $9.68 |
| **Total Return<sup>(c)</sup>** | (7.32)% | 16.66% | (3.72)% | 31.77% | (5.91)% |
|  Net assets, end of period (in 000's) | $107173 | $117473 | $12085 | $3936 | $2278 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.99% | 0.98 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.04% | 1.07% | 1.18% | 1.12% | 1.14 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.87% | 1.51% | 1.77% | 1.99% | 1.68 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 50% | 57% | 39% | 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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. If such transactions were included, the Fund's
portfolio turnover rate may be higher.

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.65 | $10.25 | $11.14 | $9.79 | $10.64 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.09 | 0.12 | 0.17 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.72) | 2.55 | (0.88) | 2.01 | (0.79) |
|  Total from investment operations | (3.53) | 2.64 | (0.76) | 2.18 | (0.60) |
|  Distributions to shareholders from net investment income | (0.05) | (0.24) | (0.10) | (0.53) | (0.20) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.09) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.27) | (0.24) | (0.13) | (0.83) | (0.25) |
|  Net asset value, end of year | $8.85 | $12.65 | $10.25 | $11.14 | $9.79 |
| **Total Return<sup>(b)</sup>** | (27.99)% | 25.92% | (6.63)% | 22.47% | (5.77)% |
|  Net assets, end of year (in 000's) | $1202 | $54 | $50 | $54 | $905 |
|  Ratio of net expenses to average net assets | 1.34% | 1.34% | 1.35% | 1.36% | 1.37% |
|  Ratio of total expenses to average net assets | 1.70% | 1.58% | 1.60% | 1.52% | 1.52% |
|  Ratio of net investment income to average net assets | 1.93% | 0.80% | 1.21% | 1.55% | 1.85% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.55 | $10.18 | $11.09 | $9.79 | $10.64 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.01 | 0.04 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | (3.65) | 2.53 | (0.87) | 1.98 | (0.80) |
|  Total from investment operations | (3.58) | 2.54 | (0.83) | 2.09 | (0.68) |
|  Distributions to shareholders from net investment income | (0.03) | (0.17) | (0.05) | (0.49) | (0.12) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.05) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.21) | (0.17) | (0.08) | (0.79) | (0.17) |
|  Net asset value, end of year | $8.76 | $12.55 | $10.18 | $11.09 | $9.79 |
| **Total Return<sup>(b)</sup>** | (28.55)% | 25.01% | (7.39)% | 21.60% | (6.45)% |
|  Net assets, end of year (in 000's) | $52 | $63 | $50 | $66 | $27 |
|  Ratio of net expenses to average net assets | 2.09% | 2.09% | 2.10% | 2.11% | 2.12% |
|  Ratio of total expenses to average net assets | 2.41% | 2.33% | 2.34% | 2.29% | 2.27% |
|  Ratio of net investment income to average net assets | 0.71% | 0.05% | 0.45% | 0.96% | 1.20% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.65 | $10.25 | $11.13 | $9.82 | $10.66 |
|  Net investment income (loss)<sup>(a)</sup> | 0.22 | 0.13 | 0.15 | 0.22 | (0.03) |
|  Net realized and unrealized gain (loss) | (3.71) | 2.55 | (0.87) | 2.00 | (0.54) |
|  Total from investment operations | (3.49) | 2.68 | (0.72) | 2.22 | (0.57) |
|  Distributions to shareholders from net investment income | (0.08) | (0.28) | (0.13) | (0.61) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.09) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.30) | (0.28) | (0.16) | (0.91) | (0.27) |
|  Net asset value, end of year | $8.86 | $12.65 | $10.25 | $11.13 | $9.82 |
| **Total Return<sup>(b)</sup>** | (27.72)% | 26.38% | (6.26)% | 22.91% | (5.41)% |
|  Net assets, end of year (in 000's) | $4225 | $411 | $2150 | $2131 | $1855 |
|  Ratio of net expenses to average net assets | 0.97% | 0.97% | 0.97% | 0.97% | 1.00% |
|  Ratio of total expenses to average net assets | 1.32% | 1.21% | 1.22% | 1.15% | 1.18% |
|  Ratio of net investment income (loss) to average net assets | 2.26% | 1.17% | 1.60% | 1.98% | (0.26)% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.62 | $10.23 | $11.11 | $9.80 | $10.65 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.12 | 0.14 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | (3.69) | 2.54 | (0.87) | 2.00 | (0.81) |
|  Total from investment operations | (3.50) | 2.66 | (0.73) | 2.21 | (0.58) |
|  Distributions to shareholders from net investment income | (0.08) | (0.27) | (0.12) | (0.60) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.08) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.29) | (0.27) | (0.15) | (0.90) | (0.27) |
|  Net asset value, end of year | $8.83 | $12.62 | $10.23 | $11.11 | $9.80 |
| **Total Return<sup>(b)</sup>** | (27.85)% | 26.20% | (6.37)% | 22.79% | (5.50)% |
|  Net assets, end of year (in 000's) | $63 | $40 | $32 | $34 | $27 |
|  Ratio of net expenses to average net assets | 1.09% | 1.09% | 1.10% | 1.11% | 1.12% |
|  Ratio of total expenses to average net assets | 1.42% | 1.33% | 1.34% | 1.29% | 1.27% |
|  Ratio of net investment income to average net assets | 1.90% | 1.05% | 1.45% | 1.85% | 2.20% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.63 | $10.23 | $11.11 | $9.80 | $10.66 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.14 | 0.15 | 0.21 | 0.29 |
|  Net realized and unrealized gain (loss) | (3.67) | 2.55 | (0.87) | 2.01 | (0.86) |
|  Total from investment operations | (3.49) | 2.69 | (0.72) | 2.22 | (0.57) |
|  Distributions to shareholders from net investment income | (0.11) | (0.29) | (0.13) | (0.61) | (0.24) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.06) |  | (0.01) |  | (0.05) |
|  Total distributions<br>| (0.30) | (0.29) | (0.16) | (0.91) | (0.29) |
|  Net asset value, end of year | $8.84 | $12.63 | $10.23 | $11.11 | $9.80 |
| **Total Return<sup>(b)</sup>** | (27.76)% | 26.45% | (6.27)% | 22.97% | (5.44)% |
|  Net assets, end of year (in 000's) | $67730 | $126806 | $144290 | $193139 | $259662 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.96% | 0.96% | 0.97% |
|  Ratio of total expenses to average net assets | 1.27% | 1.20% | 1.20% | 1.14% | 1.11% |
|  Ratio of net investment income to average net assets | 1.71% | 1.18% | 1.58% | 1.90% | 2.76% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.59 | $10.21 | $11.10 | $9.80 | $10.65 |
|  Net investment income<sup>(a)</sup> | 0.12 | 0.06 | 0.09 | 0.15 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.66) | 2.54 | (0.87) | 1.99 | (0.81) |
|  Total from investment operations | (3.54) | 2.60 | (0.78) | 2.14 | (0.63) |
|  Distributions to shareholders from net investment income | (0.06) | (0.22) | (0.08) | (0.54) | (0.17) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.06) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.25) | (0.22) | (0.11) | (0.84) | (0.22) |
|  Net asset value, end of year | $8.80 | $12.59 | $10.21 | $11.10 | $9.80 |
| **Total Return<sup>(b)</sup>** | (28.21)% | 25.56% | (6.83)% | 22.10% | (5.97)% |
|  Net assets, end of year (in 000's) | $28 | $39 | $31 | $33 | $27 |
|  Ratio of net expenses to average net assets | 1.59% | 1.59% | 1.60% | 1.61% | 1.62% |
|  Ratio of total expenses to average net assets | 1.90% | 1.83% | 1.84% | 1.79% | 1.77% |
|  Ratio of net investment income to average net assets | 1.16% | 0.55% | 0.95% | 1.35% | 1.70% |
|  Portfolio turnover rate<sup>(c)</sup> | 80% | 52% | 75% | 42% | 67% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** | **Goldman Sachs Global Real Estate Securities Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data:** |  |  |  |  |  |
|  Net asset value, beginning of period | $12.62 | $10.22 | $11.11 | $9.80 | $10.30 |
|  Net investment income<sup>(b)</sup> | 0.19 | 0.14 | 0.15 | 0.22 | 0.23 |
|  Net realized and unrealized gain (loss) | (3.68) | 2.55 | (0.88) | 2.01 | (0.50) |
|  Total from investment operations | (3.49) | 2.69 | (0.73) | 2.23 | (0.27) |
|  Distributions to shareholders from net investment income | (0.09) | (0.29) | (0.13) | (0.62) | (0.18) |
|  Distributions to shareholders from net realized gains | (0.13) |  | (0.02) | (0.30) |  |
|  Distributions to shareholders from return of capital | (0.08) |  | (0.01) |  | (0.05) |
|  Total distributions | (0.30) | (0.29) | (0.16) | (0.92) | (0.23) |
|  Net asset value, end of period | $8.83 | $12.62 | $10.22 | $11.11 | $9.80 |
| **Total Return<sup>(c)</sup>** | (27.78)% | 26.48% | (6.36)% | 22.98% | (2.69)% |
|  Net assets, end of period (in 000's) | $46093 | $50241 | $33176 | $43099 | $39405 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.96% | 0.96% | 0.96 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.28% | 1.20% | 1.20% | 1.14% | 1.11 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.91% | 1.18% | 1.56% | 1.98% | 3.15 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 80% | 52% | 75% | 42% | 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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. If such transactions were included, the Fund's
portfolio turnover rate may be higher.

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.90 | $11.03 | $13.27 | $12.61 | $15.53 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.07 | 0.12 | 0.22 | 0.28 |
|  Net realized and unrealized gain (loss) | (4.29) | 4.75 | (1.22) | 2.92 | (0.94) |
|  Total from investment operations | (4.16) | 4.82 | (1.10) | 3.14 | (0.66) |
|  Distributions to shareholders from net investment income | (0.15) | (0.13) | (0.14) | (0.22) | (0.37) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.51) | (0.95) | (1.14) | (2.48) | (2.26) |
|  Net asset value, end of year | $10.23 | $14.90 | $11.03 | $13.27 | $12.61 |
| **Total Return<sup>(b)</sup>** | (28.07)% | 44.33% | (7.85)% | 25.49% | (5.39)% |
|  Net assets, end of year (in 000's) | $14224 | $23278 | $19177 | $27488 | $26002 |
|  Ratio of net expenses to average net assets | 1.26% | 1.28% | 1.29% | 1.30% | 1.30% |
|  Ratio of total expenses to average net assets | 1.57% | 1.55% | 1.62% | 1.57% | 1.50% |
|  Ratio of net investment income to average net assets | 1.03% | 0.55% | 1.06% | 1.51% | 1.88% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.82 | $10.31 | $12.50 | $11.99 | $14.88 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 | (0.02) | 0.03 | 0.10 | 0.12 |
|  Net realized and unrealized gain (loss) | (3.96) | 4.41 | (1.14) | 2.78 | (0.85) |
|  Total from investment operations | (3.93) | 4.39 | (1.11) | 2.88 | (0.73) |
|  Distributions to shareholders from net investment income | (0.09) | (0.06) | (0.08) | (0.11) | (0.27) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.45) | (0.88) | (1.08) | (2.37) | (2.16) |
|  Net asset value, end of year | $9.44 | $13.82 | $10.31 | $12.50 | $11.99 |
| **Total Return<sup>(b)</sup>** | (28.54)% | 43.12% | (8.50)% | 24.62% | (6.12)% |
|  Net assets, end of year (in 000's) | $807 | $1540 | $1332 | $2615 | $3568 |
|  Ratio of net expenses to average net assets | 2.01% | 2.03% | 2.04% | 2.05% | 2.05% |
|  Ratio of total expenses to average net assets | 2.32% | 2.29% | 2.37% | 2.32% | 2.25% |
|  Ratio of net investment income (loss) to average net assets | 0.24% | (0.20)% | 0.26% | 0.69% | 0.83% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.67 | $11.56 | $13.83 | $13.05 | $15.98 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.13 | 0.17 | 0.28 | 0.23 |
|  Net realized and unrealized gain (loss) | (4.51) | 4.97 | (1.26) | 3.03 | (0.86) |
|  Total from investment operations | (4.33) | 5.10 | (1.09) | 3.31 | (0.63) |
|  Distributions to shareholders from net investment income | (0.18) | (0.17) | (0.18) | (0.27) | (0.41) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.54) | (0.99) | (1.18) | (2.53) | (2.30) |
|  Net asset value, end of year | $10.80 | $15.67 | $11.56 | $13.83 | $13.05 |
| **Total Return<sup>(b)</sup>** | (27.77)% | 44.74% | (7.48)% | 26.01% | (5.04)% |
|  Net assets, end of year (in 000's) | $24348 | $37235 | $23409 | $30069 | $31337 |
|  Ratio of net expenses to average net assets | 0.91% | 0.91% | 0.91% | 0.92% | 0.91% |
|  Ratio of total expenses to average net assets | 1.20% | 1.17% | 1.24% | 1.19% | 1.12% |
|  Ratio of net investment income to average net assets | 1.42% | 0.92% | 1.47% | 1.86% | 1.50% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.07 | $11.15 | $13.40 | $12.71 | $15.65 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.05 | 0.11 | 0.21 | 0.26 |
|  Net realized and unrealized gain (loss) | (4.30) | 4.80 | (1.23) | 2.94 | (0.95) |
|  Total from investment operations | (4.22) | 4.85 | (1.12) | 3.15 | (0.69) |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.13) | (0.20) | (0.36) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.49) | (0.93) | (1.13) | (2.46) | (2.25) |
|  Net asset value, end of year | $10.36 | $15.07 | $11.15 | $13.40 | $12.71 |
| **Total Return<sup>(b)</sup>** | (28.12)% | 44.13% | (7.95)% | 25.40% | (5.56)% |
|  Net assets, end of year (in 000's) | $312 | $893 | $940 | $1608 | $1429 |
|  Ratio of net expenses to average net assets | 1.41% | 1.41% | 1.41% | 1.42% | 1.41% |
|  Ratio of total expenses to average net assets | 1.70% | 1.68% | 1.74% | 1.69% | 1.61% |
|  Ratio of net investment income to average net assets | 0.66% | 0.42% | 0.95% | 1.43% | 1.73% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.13 | $11.19 | $13.43 | $12.73 | $15.65 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.11 | 0.14 | 0.24 | 0.31 |
|  Net realized and unrealized gain (loss) | (4.35) | 4.81 | (1.22) | 2.97 | (0.94) |
|  Total from investment operations | (4.20) | 4.92 | (1.08) | 3.21 | (0.63) |
|  Distributions to shareholders from net investment income | (0.17) | (0.16) | (0.16) | (0.25) | (0.40) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.53) | (0.98) | (1.16) | (2.51) | (2.29) |
|  Net asset value, end of year | $10.40 | $15.13 | $11.19 | $13.43 | $12.73 |
| **Total Return<sup>(b)</sup>** | (27.90)% | 44.58% | (7.59)% | 25.84% | (5.18)% |
|  Net assets, end of year (in 000's) | $1428 | $2678 | $2289 | $4532 | $7969 |
|  Ratio of net expenses to average net assets | 1.01% | 1.03% | 1.04% | 1.05% | 1.05% |
|  Ratio of total expenses to average net assets | 1.32% | 1.30% | 1.36% | 1.32% | 1.25% |
|  Ratio of net investment income to average net assets | 1.22% | 0.80% | 1.17% | 1.64% | 2.10% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.67 | $11.56 | $13.83 | $13.05 | $15.98 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.12 | 0.18 | 0.30 | 0.16 |
|  Net realized and unrealized gain (loss) | (4.64) | 4.98 | (1.27) | 3.01 | (0.79) |
|  Total from investment operations | (4.34) | 5.10 | (1.09) | 3.31 | (0.63) |
|  Distributions to shareholders from net investment income | (0.18) | (0.17) | (0.18) | (0.27) | (0.41) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.54) | (0.99) | (1.18) | (2.53) | (2.30) |
|  Net asset value, end of year | $10.79 | $15.67 | $11.56 | $13.83 | $13.05 |
| **Total Return<sup>(b)</sup>** | (27.82)% | 44.74% | (7.47)% | 26.02% | (5.03)% |
|  Net assets, end of year (in 000's) | $2385 | $443 | $1116 | $973 | $797 |
|  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 | 1.23% | 1.18% | 1.24% | 1.18% | 1.08% |
|  Ratio of net investment income to average net assets | 2.47% | 0.93% | 1.52% | 1.98% | 1.02% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.64 | $10.87 | $13.09 | $12.47 | $15.39 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.04 | 0.09 | 0.18 | 0.24 |
|  Net realized and unrealized gain (loss) | (4.21) | 4.66 | (1.19) | 2.88 | (0.93) |
|  Total from investment operations | (4.11) | 4.70 | (1.10) | 3.06 | (0.69) |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.12) | (0.18) | (0.34) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.49) | (0.93) | (1.12) | (2.44) | (2.23) |
|  Net asset value, end of year | $10.04 | $14.64 | $10.87 | $13.09 | $12.47 |
| **Total Return<sup>(b)</sup>** | (28.22)% | 43.82% | (8.00)% | 25.14% | (5.62)% |
|  Net assets, end of year (in 000's) | $841 | $1134 | $910 | $1440 | $1770 |
|  Ratio of net expenses to average net assets | 1.51% | 1.53% | 1.54% | 1.55% | 1.55% |
|  Ratio of total expenses to average net assets | 1.82% | 1.79% | 1.87% | 1.82% | 1.75% |
|  Ratio of net investment income to average net assets | 0.84% | 0.93% | 0.79% | 1.22% | 1.60% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 37% | 57% | 37% | 43% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** | **Goldman Sachs Real Estate Securities Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $15.66 | $11.55 | $13.82 | $13.04 | $14.90 |
|  Net investment income<sup>(b)</sup> | 0.18 | 0.13 | 0.17 | 0.29 | 0.39 |
|  Net realized and unrealized gain (loss) | (4.51) | 4.97 | (1.26) | 3.02 | (0.01) |
|  Total from investment operations | (4.33) | 5.10 | (1.09) | 3.31 | 0.38 |
|  Distributions to shareholders from net investment income | (0.18) | (0.17) | (0.18) | (0.27) | (0.35) |
|  Distributions to shareholders from net realized gains | (0.36) | (0.82) | (1.00) | (2.26) | (1.89) |
|  Total distributions | (0.54) | (0.99) | (1.18) | (2.53) | (2.24) |
|  Net asset value, end of period | $10.79 | $15.66 | $11.55 | $13.82 | $13.04 |
| **Total Return<sup>(c)</sup>** | (27.78)% | 44.79% | (7.48)% | 26.04% | 1.36% |
|  Net assets, end of period (in 000's) | $70378 | $109444 | $70215 | $89616 | $89479 |
|  Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.91% | 0.90 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.19% | 1.16% | 1.23% | 1.18% | 1.07 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.42% | 0.93% | 1.47% | 1.90% | 3.56 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 35% | 37% | 57% | 37% | 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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. If such transactions were included, the Fund's
portfolio turnover rate may be higher.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Notes to Financial Statements
*December 31, 2022* 

**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** |
|  Global Infrastructure | A, C, Institutional, Investor, R6, R and P | Non-diversified |
|  Global Real Estate Securities | A, C, Institutional, Investor, R6, R and P | Diversified |
|  Real Estate Securities | A, C, Institutional, Service, Investor, R6, R and P | Non-diversified |

---

Class A Shares of the Global Infrastructure, Global Real Estate Securities, and Real Estate Securities Funds 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.

**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.

A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

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 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.

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.

**52** 

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions<br>Declared/Paid** | **Capital Gains Distributions<br>Declared/Paid** |
|  Global Infrastructure, Global Real Estate Securities and Real Estate Securities | Quarterly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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.

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds'

**53** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

## Notes to Financial Statements (continued)
*December 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation 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.

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

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

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.

**54** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL INFRASTRUCTURE FUND** | **GLOBAL INFRASTRUCTURE FUND** | **GLOBAL INFRASTRUCTURE FUND** | **GLOBAL INFRASTRUCTURE 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 | $— | $8892078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2051672 | 56673026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 171636787 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 7866934 |  |
|  Investment Company | 2802075 |  |  |
| **Total** | $176490534 | $73432038 | $— |
| **GLOBAL REAL ESTATE SECURITIES 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 | $— | $22185893 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 845959 | 11820821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 75199319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 4305217 |  |
|  Investment Company | 1830817 |  |  |
|  Securities Lending Reinvestment Vehicle | 1018728 |  |  |
| **Total** | $78894823 | $38311931 | $— |
| **REAL ESTATE SECURITIES 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 | $111970034 | $— | $— |
|  Investment Company | 1144583 |  |  |
| **Total** | $113114617 | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile 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.

**55** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS**

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 year ended December 31, 2022, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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^** |
|  Global Infrastructure | 0.90% | 0.81% | 0.77% | 0.75% | 0.74% | 0.90% | 0.90% |
|  Global Real Estate Securities | 0.93 | 0.84 | 0.80 | 0.78 | 0.76 | 0.93 | 0.93 |
|  Real Estate Securities | 0.87 | 0.78 | 0.74 | 0.73 | 0.71 | 0.87 | 0.87 |

---

^ 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 Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund.

For the year ended December 31, 2022, GSAM waived $6,068, $2,732 and $1,603 of the Global Infrastructure, Global Real Estate Securities, and Real Estate Securities Funds' management fees, respectively.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to

**56** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

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 Plans | 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 Plans 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.

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 year ended December 31, 2022, Goldman Sachs retained the following amounts.

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| <br>**Fund** | **Class A** | **Class C** |
|  Global Infrastructure | $55 | $— |
|  Global Real Estate Securities | 6 |  |
|  Real Estate Securities | 793 |  |

---

D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

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: 0.16% 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. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.01% and 0.03% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Global Infrastructure Fund and the Real Estate Securities Fund, respectively. This arrangement will remain in effect through at least April 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to April 29, 2022, Goldman Sachs did not waive such fees of the Real Estate Securities Fund.

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 limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%, except Global Infrastructure which is at 0.054%. These Other Expense limitations will remain in place through at least April 29, 2023, 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

**57** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

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.

For the year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer<br>Agency Fee<br>Waiver/Credits** | **Other<br>Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Global Infrastructure | $6068 | $310 | $148063 | $154441 |
|  Global Real Estate Securities | 2732 |  | 491948 | 494680 |
|  Real Estate Securities | 1603 | 3989 | 408163 | 413755 |

---

G. Line of Credit Facility — As of December 31, 2022, the Funds participated in a $1,250,000,000 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 year ended December 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the fiscal year ended December 31, 2022, Goldman Sachs earned $996 in brokerage commissions from portfolio transactions, on behalf of the Global Infrastructure Fund.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending Value as of<br>December 31, 2022** | **Shares as of<br>December 31, 2022** | **Dividend<br>Income** |
|  Global Infrastructure | $4633943 | $81482692 | $(83314560) | $2802075 | 2802075 | $51083 |
|  Global Real Estate Securities | 1903476 | 56196167 | (56268826) | 1830817 | 1830817 | 29039 |
|  Real Estate Securities | 1663941 | 25142485 | (25661843) | 1144583 | 1144583 | 14974 |

---

As of December 31, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class C** | **Investor** | **Class R** |
|  Global Infrastructure | —% | —% | 100% |
|  Global Real Estate Securities | 51 | 46 | 100 |

---

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

As of December 31, 2022, the following Goldman Sachs Fund of Funds and Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Enhanced Dividend<br>Global Equity<br>Portfolio** | **Goldman Sachs<br>Growth and<br>Income<br>Strategy<br>Portfolio** | **Goldman Sachs<br>Growth Strategy<br>Portfolio** | **Goldman Sachs<br>Satellite Strategies<br>Portfolio** | **Goldman Sachs<br>Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Global Infrastructure | —% | 6% | 6% | 7% | 23% |
|  Global Real Estate Securities | 5 |  |  |  | 44 |

---

**5. PORTFOLIO SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Global Infrastructure | $97506538 | $112394124 |
|  Global Real Estate Securities | 126945471 | 166955401 |
|  Real Estate Securities | 49415906 | 60820786 |

---

**6. SECURITIES LENDING**

The Real Estate Securities Fund may lend its securities through a securities lending agent, the Bank of New York Mellon ("BNYM"), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Global Real Estate Securities Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund's securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the 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 Global Real Estate Securities and Real Estate Securities Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

**59** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**6. SECURITIES LENDING (continued)**

In the event of a default by a borrower with respect to any loan, GSAL will and 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 GSAL or BNYM are unable to purchase replacement securities, GSAL and/or 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 December 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

The Funds, GSAL, and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the year ended December 31, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Year Ended December 31, 2022** | **For the Fiscal Year Ended December 31, 2022** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
| <br>**Fund** | **Earnings of GSAL**<br> **Relating to**<br>**Securities<br>Loaned** | **Amounts Received**<br> **by the Funds**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
|  Global Real Estate Securities | $1268 | $11412 | $— |

---

The following table provides information about the Funds' investment in the Government Money Market Fund for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>December 31, 2022** |
|  Global Real Estate Securities | $1017300 | $13989866 | $(13988438) | $1018728 |
|  Real Estate Securities | 90000 | 5246578 | (5336578) |  |

---

**7. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Global<br>Infrastructure** | **Global Real<br>Estate Securities** | **Real Estate<br>Securities** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $5012637 | $3251319 | $3042606 |
|  Net long-term capital gains |  | 109481 | 2609579 |
|  Return of capital | 671649 | 1054332 |  |
|  Total distributions | $5684286 | $4415132 | $5652185 |

---

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**7. TAX INFORMATION (continued)**

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Global<br>Infrastructure** | **Global Real<br>Estate Securities** | **Real Estate<br>Securities** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $4764609 | $4039772 | $4517000 |
|  Net long-term capital gains | 575258 |  | 6150562 |
|  Total distributions | $5339867 | $4039772 | $10667562 |

---

As of December 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Global<br>Infrastructure** | **Global Real<br>Estate Securities(**\***)** | **Real Estate<br>Securities** |
|  Undistributed ordinary income — net | $— | $— | $— |
|  Undistributed long-term capital gains |  |  | 2599544 |
|  Total undistributed earnings | $— | $— | $2599544 |
|  Capital loss carryforwards:<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $(6494132) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (771337) | (14091950) |  |
|  Total capital loss carryforwards | $(771337) | $(20586082) | $— |
|  Timing differences (Real Estate Investment Trusts, Qualified Late Year Ordinary Loss Deferral and Post October Capital Loss Deferral) | $(693550) | $(5060259) | $(495580) |
|  Unrealized gains (losses) — net | 27654689 | (5054415) | 21903036 |
|  Total accumulated earnings (losses) — net | $26189802 | $(30700756) | $24007000 |

---

(\*) The capital loss carryforwards for Goldman Sachs Global Real Estate Securities were acquired in a tax-free reorganization on April 22, 2022.

(1) The Global Real Estate Securities ability to utilize its capital loss carryforwards is subject to an annual limitation under section 382 of the Internal Revenue Code.

As of December 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Global<br>Infrastructure** | **Global Real<br>Estate Securities** | **Real Estate<br>Securities** |
|  Tax Cost | $222266331 | $122264337 | $91211581 |
|  Gross unrealized gain | 38799627 | 12757622 | 28566502 |
|  Gross unrealized loss | (11144938) | (17812037) | (6663466) |
|  Net unrealized gain (loss) | $27654689 | $(5054415) | $21903036 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of partnership investments and passive foreign investment companies.

The Global Infrastructure Fund reclassified $438,395 from paid-in capital to distributable earnings for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from return of capital distributions and differences in the tax treatment of partnership investments.

The Global Real Estate Securities Fund reclassified $14,580,265 from distributable earnings to paid-in capital for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain

**61** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**7. TAX INFORMATION (continued)**

reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from merger adjustments.

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.

**8. OTHER RISKS**

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

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign 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 problems with 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.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

**62** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**8. OTHER RISKS (continued)**

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Global Infrastructure and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

**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.

**63** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**10. OTHER MATTERS**

Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a "Reorganization Agreement") between the Goldman Sachs International Real Estate Securities Fund (the "Acquired Fund"), and the Goldman Sachs Global Real Estate Securities Fund (the "Survivor Fund"), as of the close of business on April 22, 2022, 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 of<br>Survivor Fund<br>Issued** | **Value of Exchanged<br>Shares** | **Acquired Fund's<br>Shares Outstanding<br>as of April 22,<br>2022** |
|  International Real Estate Securities, Class A/Global Real Estate Securities, Class A | 135552 | $1602224 | 276117 |
|  International Real Estate Securities, Class C/Global Real Estate Securities, Class C | 983 | 11514 | 1962 |
|  International Real Estate Securities, Institutional/Global Real Estate Securities, Institutional | 453687 | 5362585 | 960520 |
|  International Real Estate Securities, Investor/Global Real Estate Securities, Investor | 4062 | 47895 | 8337 |
|  International Real Estate Securities, Class R6/Global Real Estate Securities, Class R6 | 5184 | 61174 | 10970 |
|  International Real Estate Securities, Class P/Global Real Estate Securities, Class P | 2668812 | 31465295 | 5650181 |

---

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<br>Aggregate Net Assets<br>before 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>** |
|  International Real Estate Securities/<br>Global Real Estate Securities | $162891993 | $38550687 | $201442680 | $(462748) | (11380465) |

---

(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.

(2) Due to Fund reorganization, utilization of acquired losses may be substantially limited under the Code.

Assuming the acquisition had been completed on January 1, 2022, the Survivor Fund's pro-forma results of operations for the year ended December 31, 2022 are as follows:

---

| | |
|:---|:---|
|  Net investment income | $3594158<sup>(a)</sup> |
|  Net realized and unrealized loss on investments | $(56154412)<sup>(b)</sup> |
|  **Net decrease in net assets from operations** | $(52560254) |

---

(a) $3,693,860 net investment income as reported at December 31, 2022, minus $230,803 from Acquired Fund pre-reorganization net investment income, plus $2,789 in lower net
advisory fees, plus $128,312 of pro-forma eliminated other expenses.

(b) $16,254,593 realized loss as reported at December 31, 2022, minus $42,261,999 pro-forma December 31, 2022 unrealized appreciation, plus $1,899,432 net realized losses as
reported at April 22, 2022, plus $462,748 in net unrealized loss from Acquired Fund pre-reorganization.

**64** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**10. OTHER MATTERS (continued)**

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 22, 2022.

**11. SUBSEQUENT EVENTS**

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

**65** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 53821 | $678391 | 78880 | $1029669 |
|  Reinvestment of distributions | 1664 | 20540 | 842 | 10884 |
|  Shares redeemed | (128119) | (1630077) | (13230) | (169032) |
|  | (72634) | (931146) | 66492 | 871521 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 226 | 2827 | 529 | 6249 |
|  Reinvestment of distributions | 396 | 4839 | 654 | 8412 |
|  Shares redeemed | (9695) | (125902) | (28786) | (374835) |
|  | (9073) | (118236) | (27603) | (360174) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 744825 | 9817114 | 173497 | 2217644 |
|  Reinvestment of distributions | 26992 | 332438 | 12889 | 166495 |
|  Shares redeemed | (329917) | (4066594) | (93759) | (1216878) |
|  | 441900 | 6082958 | 92627 | 1167261 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 132487 | 1717435 | 3141 | 39068 |
|  Reinvestment of distributions | 2105 | 25678 | 343 | 4434 |
|  Shares redeemed | (12126) | (153253) | (431) | (5388) |
|  | 122466 | 1589860 | 3053 | 38114 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 606873 | 7979849 | 1533995 | 18318983 |
|  Reinvestment of distributions | 241433 | 2983172 | 252127 | 3246939 |
|  Shares redeemed | (2730028) | (35474324) | (3024415) | (37219433) |
|  | (1881722) | (24511303) | (1238293) | (15653511) |
| **Class R Shares** |  |  |  |  |
|  Reinvestment of distributions | 42 | 517 | 40 | 513 |
|  | 42 | 517 | 40 | 513 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 2127621 | 27443867 | 7853489 | 99794253 |
|  Reinvestment of distributions | 187346 | 2309254 | 147276 | 1902191 |
|  Shares redeemed | (2267472) | (29654491) | (284296) | (3681220) |
|  | 47495 | 98630 | 7716469 | 98015224 |
|  **NET INCREASE/(DECREASE)** | (1351526) | $(17788720) | 6612785 | $84078948 |

---

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 7767 | $76660 | 1760 | $18460 |
|  Proceeds received in connection with merger | 135552 | 1602224 |  |  |
|  Reinvestment of distributions | 3755 | 34203 | 107 | 1263 |
|  Shares redeemed | (15500) | (152222) | (2536) | (31424) |
|  | 131574 | 1560865 | (669) | (11701) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 47 | 611 |  |  |
|  Proceeds received in connection with merger | 983 | 11514 |  |  |
|  Reinvestment of distributions | 139 | 1247 | 69 | 822 |
|  Shares redeemed | (218) | (2058) |  |  |
|  | 951 | 11314 | 69 | 822 |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 7686 | 94569 | 13495 | 143505 |
|  Proceeds received in connection with merger | 453687 | 5362585 |  |  |
|  Reinvestment of distributions | 14233 | 129798 | 3778 | 44599 |
|  Shares redeemed | (30937) | (287701) | (194628) | (2391739) |
|  | 444669 | 5299251 | (177355) | (2203635) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 584 | 5893 |  |  |
|  Proceeds received in connection with merger | 4062 | 47895 |  |  |
|  Reinvestment of distributions | 206 | 1887 | 71 | 841 |
|  Shares redeemed | (868) | (8379) |  |  |
|  | 3984 | 47296 | 71 | 841 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1092123 | 10663966 | 417992 | 4864136 |
|  Proceeds received in connection with merger | 5184 | 61174 |  |  |
|  Reinvestment of distributions | 265236 | 2477956 | 241640 | 2860276 |
|  Shares redeemed | (3744828) | (35481477) | (4722957) | (50093718) |
|  | (2382285) | (22278381) | (4063325) | (42369306) |
| **Class R Shares** |  |  |  |  |
|  Shares sold |  | 83 |  |  |
|  Reinvestment of distributions | 83 | 761 | 55 | 654 |
|  | 83 | 844 | 55 | 654 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 4622273 | 44353247 | 1660568 | 18749636 |
|  Proceeds received in connection with merger | 2668812 | 31465295 |  |  |
|  Reinvestment of distributions | 191737 | 1768798 | 95498 | 1131317 |
|  Shares redeemed | (6246636) | (61314352) | (1019691) | (12201753) |
|  | 1236186 | 16272988 | 736375 | 7679200 |
|  **NET INCREASE/(DECREASE)** | (564838) | $914177 | (3504779) | $(36903125) |

---

**67** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

*December 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 91671 | $1161245 | 261452 | $3474537 |
|  Reinvestment of distributions | 63944 | 690238 | 98461 | 1374972 |
|  Shares redeemed | (327913) | (3900137) | (535583) | (6949385) |
|  | (172298) | (2048654) | (175670) | (2099876) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 31440 | 371138 | 23475 | 311598 |
|  Reinvestment of distributions | 4135 | 41004 | 7048 | 91893 |
|  Shares redeemed | (61493) | (702574) | (48409) | (579022) |
|  | (25918) | (290432) | (17886) | (175531) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 213269 | 2952959 | 846648 | 10847402 |
|  Reinvestment of distributions | 105920 | 1211714 | 155150 | 2269344 |
|  Shares redeemed | (440179) | (5806996) | (651410) | (9524433) |
|  | (120990) | (1642323) | 350388 | 3592313 |
| **Service Shares** |  |  |  |  |
|  Shares sold | 4394 | 56747 | 15402 | 202220 |
|  Reinvestment of distributions | 1344 | 14610 | 1932 | 27290 |
|  Shares redeemed | (34850) | (475167) | (42347) | (544995) |
|  | (29112) | (403810) | (25013) | (315485) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 28120 | 380913 | 58594 | 821695 |
|  Reinvestment of distributions | 6986 | 77090 | 11704 | 165549 |
|  Shares redeemed | (74835) | (902453) | (98003) | (1342218) |
|  | (39729) | (444450) | (27705) | (354974) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 208011 | 2559921 | 13972 | 187160 |
|  Reinvestment of distributions | 9529 | 108012 | 516 | 7607 |
|  Shares redeemed | (24826) | (299563) | (82746) | (1027333) |
|  | 192714 | 2368370 | (68258) | (832566) |
| **Class R Shares** |  |  |  |  |
|  Shares sold | 13770 | 162618 | 17105 | 227505 |
|  Reinvestment of distributions | 3742 | 39440 | 4897 | 67408 |
|  Shares redeemed | (11142) | (129742) | (28316) | (351064) |
|  | 6370 | 72316 | (6314) | (56151) |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 1294182 | 15347751 | 1122099 | 14942863 |
|  Reinvestment of distributions | 300817 | 3439977 | 448322 | 6567981 |
|  Shares redeemed | (2060825) | (24731148) | (662435) | (9155417) |
|  | (465826) | (5943420) | 907986 | 12355427 |
|  **NET INCREASE/(DECREASE)** | (654789) | $(8332403) | 937528 | $12113157 |

---

**68** 

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Real Estate Securities Fund, Goldman Sachs Global Real Estate Securities Fund, and Goldman Sachs Global Infrastructure Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Real Estate Securities Fund, Goldman Sachs Global Real Estate Securities Fund, and Goldman Sachs Global Infrastructure Fund (three of the Funds constituting Goldman Sachs Trust, referred to hereafter as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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

**69** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)** 

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days of a 365 day year.

*Actual Expenses* —The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/2022**\* | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/2022**\* | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $976.59 |  | $6.73 | $1000.00 | $919.81 |  | $6.49 | $1000.00 | $919.83 |  | $6.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1018.40 | + | 6.87 | 1000.00 | 1018.44 | + | 6.83 | 1000.00 | 1018.89 | + | 6.38 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 972.48 |  | 10.44 | 1000.00 | 916.04 |  | 10.11 | 1000.00 | 916.86 |  | 9.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1014.62 | + | 10.66 | 1000.00 | 1014.66 | + | 10.63 | 1000.00 | 1015.11 | + | 10.17 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 978.09 |  | 4.94 | 1000.00 | 921.85 |  | 4.71 | 1000.00 | 922.24 |  | 4.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.21 | + | 5.04 | 1000.00 | 1020.31 | + | 4.95 | 1000.00 | 1020.60 | + | 4.65 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | N/A | N/A |  | N/A | N/A | N/A |  | N/A | 1000.00 | 919.54 |  | 6.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | N/A | N/A |  | N/A | N/A | N/A |  | N/A | 1000.00 | 1018.08 | + | 7.19 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 977.51 |  | 5.48 | 1000.00 | 920.34 |  | 5.29 | 1000.00 | 920.88 |  | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.66 | + | 5.60 | 1000.00 | 1019.70 | + | 5.56 | 1000.00 | 1020.15 | + | 5.11 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 978.10 |  | 4.89 | 1000.00 | 921.71 |  | 4.66 | 1000.00 | 921.42 |  | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.27 | + | 4.99 | 1000.00 | 1020.36 | + | 4.90 | 1000.00 | 1020.65 | + | 4.60 |
| &nbsp;&nbsp;&nbsp;**<u>Class R</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 974.72 |  | 7.96 | 1000.00 | 917.77 |  | 7.68 | 1000.00 | 918.71 |  | 7.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1017.14 | + | 8.13 | 1000.00 | 1017.19 | + | 8.08 | 1000.00 | 1017.64 | + | 7.63 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 978.08 |  | 4.89 | 1000.00 | 920.68 |  | 4.66 | 1000.00 | 922.20 |  | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.27 | + | 4.99 | 1000.00 | 1020.36 | + | 4.90 | 1000.00 | 1020.65 | + | 4.60 |

---

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on each Fund's actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |

---

\* Expenses are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>Shares** | **Class C<br>Shares** | **Institutional<br>Shares** | **Service<br>Shares** | **Investor<br>Shares** | **Class R6<br>Shares** | **Class R<br>Shares** | **Class P<br>Shares** |
|  Global Infrastructure | 1.35% | 2.10% | 0.99% | N/A | 1.10% | 0.98% | 1.60% | 0.98% |
|  Global Real Estate Securities | 1.34 | 2.09 | 0.97 | N/A | 1.09 | 0.96 | 1.59 | 0.96 |
|  Real Estate Securities | 1.25 | 2.00 | 0.91 | 1.41% | 1.00 | 0.90 | 1.50 | 0.90 |

---

**70** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer**<sup>5</sup><br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels**<sup>5</sup><br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**71** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

---

**72** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**73** 

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Positions Held<br>with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **Trustee and President** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer since 2019)** | **Managing Director, Goldman Sachs (November 2015 - Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

**Goldman Sachs Trust — Real Estate Securities and Global Infrastructure Funds — Tax Information (Unaudited)** 

For the year ended December 31, 2022, 51.27% of the dividends paid from net investment company taxable income by the Global Infrastructure Fund qualify for the dividends received deduction available to corporations.

For the year ended December 31, 2022, 66.69% and 100% of the dividends paid from net investment company taxable income by the Global Real Estate Securities and Real Estate Securities Funds, respectively, qualify as section 199A dividends.

For the year ended December 31, 2022, 100%, and 33.31% of the dividends paid from net investment company taxable income by Global Infrastructure and Global Real Estate Securities Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Global Real Estate Securities and Real Estate Securities Funds designate $109,481 and $2,505,084, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2022.

During the year ended December 31, 2022, the Global Real Estate Securities and Real Estate Securities Funds designate $1,539,919 and $1,180,875, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**74** 

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FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market
Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>2</sup> **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>3</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund. Financial Square FundsSM and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

---

| | |
|:---|:---|
| **\*This** | **list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.** |

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| | |
|:---|:---|
| **TRUSTEES**<br> Gregory G. Weaver, *Chair*<br> Dwight L. Bush<br> Kathryn A. Cassidy<br> John G. Chou<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Paul C. Wirth | **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria, *Principal Financial Officer,<br>Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary*  |
| **GOLDMAN SACHS & CO. LLC**<br> Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br> Investment Adviser |

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Visit our web site at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended December 31 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") web site at http://www.sec.gov.

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.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of December 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2023 Goldman Sachs. All rights reserved. RESAR-23 307133-OTU-1747520

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| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp; **December 31, 2022** |
|  | Tax-Advantaged Equity Funds |
|  | &nbsp;&nbsp; International Tax-Managed Equity |
|  | &nbsp;&nbsp; U.S. Tax-Managed Equity |

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![LOGO](g348943gsamhorizwhite.jpg)

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## Goldman Sachs Tax-Advantaged Equity Funds
∎ **INTERNATIONAL TAX-MANAGED EQUITY** 

∎ **U.S. TAX-MANAGED EQUITY** 

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  [Market Review](#ifc348943_1) | 1 |
|  [Portfolio Management Discussions and Performance Summaries — International Tax-Managed Equity](#ifc348943_5) | 5 |
|  [Portfolio Management Discussions and Performance Summaries — U.S. Tax-Managed Equity](#ifc348943_3) | 9 |
|  [Index Definitions](#ifc348943_6) | 13 |
|  [Schedules of Investments](#ifc348943_7) | 14 |
|  [Financial Statements](#ifc348943_8) | 23 |
|  [Financial Highlights](#ifc348943_9) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Tax-Managed Equity](#ifc348943_12) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Tax-Managed Equity](#ifc348943_13) | 32 |
|  [Notes to the Financial Statements](#ifc348943_14) | 39 |
|  [Report of Independent Registered Public Accounting Firm](#ifc348943_15) | 54 |
|  [Other Information](#ifc348943_16) | 55 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NOT FDIC-INSURED** | **May Lose Value** | **No Bank Guarantee** |

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MARKET REVIEW

Market Review

During the 12 months ended December 31, 2022 (the "Reporting Period"), the U.S. and international equity markets recorded double-digit declines. The negative performance was driven by central bank monetary policy, including aggressive Federal Reserve ("Fed") interest rate hikes to combat inflation, as well as by persistent recession worries, supply-chain disruptions, geopolitical tensions and elevated concerns around China's zero-COVID policy.

*U.S. Equities* 

Representing the U.S. equity market, the S&P 500<sup>®</sup> Index returned -18.11% during the Reporting Period. U.S. equities fell in each of the first three quarters of 2022 before breaking the streak of losses with a gain in the fourth quarter. Still, it was the worst calendar year for the S&P 500<sup>®</sup> Index since 2008, when it returned -37.00%, and it was the seventh-worst performance for an annual period since the S&P 500<sup>®</sup> Index's inception.

In the first quarter of 2022, the S&P 500<sup>®</sup> Index declined, marking its first quarterly decline since the first quarter of 2020. Among the major economic and geopolitical developments were the dramatic repricing of the Fed's interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures. The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record. (Hawkish suggests higher interest rates; opposite of dovish.) COVID-19, and more specifically, the Omicron variant, was still an overhang, with resurgent cases bringing back supply-chain issues and worker shortages. Tensions arising from geopolitical conflict, most dominantly Russia's late-February invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came into question. Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.) Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term.

The S&P 500<sup>®</sup> Index fell more dramatically in the second quarter of 2022, as inflation, the Fed's policy response and recession worries were at the core of investors' narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere. Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends. On the other hand, equity inflows, strength in stock buybacks, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds. In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date low represented the start of a recovery or a bear-market rally. This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500<sup>®</sup> Index to a new year-to-date low. Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed's unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100th of a percentage point.) At the end of the quarter, investors were looking ahead to the second quarter corporate earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

The S&P 500<sup>®</sup> Index declined again in the third quarter of 2022, marking its longest losing streak since 2008. Through the third calendar quarter, the S&P 500<sup>®</sup> Index had its third-worst performance since the 1950s. The noticeable tightening of financial conditions, guided by expectations for a more aggressive global interest rate hike cycle, was the major story for the quarter. The Fed increased its "raise and hold" messaging, and its hawkish policy received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate proof of cooling. Geopolitical tensions remained heightened due to the possible weaponization of energy flows, which, in turn, caused energy prices to stay relatively high. From an equities perspective, there appeared to be a great deal of concern that corporate earnings could be next in line to suffer given the combination of profit margin pressures, demand destruction, higher labor costs, slower economic activity and a stronger U.S. dollar eroding overseas sales.

In the fourth quarter of 2022, the S&P 500<sup>®</sup> Index solidly increased, attributable primarily to gains in October and November. Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. There was a dovish tilt surrounding

**1** 

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MARKET REVIEW

consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. Positive inflation developments further supported aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. On the geopolitical front, the most constructive takeaways came from China's "zero-COVID" pivot and pro-growth focus as well as Europe's warmer than anticipated weather that helped settle concerns about an energy crisis there.

For the Reporting Period overall, only two of the 11 sectors in the S&P 500<sup>®</sup> Index posted positive absolute returns. Energy was by far the best performing sector in the S&P 500<sup>®</sup> Index, as measured by total return, followed at some distance by utilities. The weakest performing sectors in the S&P 500<sup>®</sup> Index during the Reporting Period were information technology, consumer discretionary and communication services.

Within the U.S. equity market, all capitalization segments posted double-digit negative returns, with small-cap stocks, as measured by the Russell 2000<sup>®</sup> Index, the weakest, followed by large-cap stocks, as measured by the Russell 1000<sup>®</sup> Index, and then mid-cap stocks, as measured by the Russell Midcap<sup>®</sup> Index. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

*International Equities* 

International equities struggled, but outperformed the U.S. equity market, during the Reporting Period. The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the "MSCI EAFE Index") posted a return of -14.45%.<sup>1</sup>

During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Fed, rising bond yields, valuation concerns, and Russia's invasion of Ukraine. Major countries around the world took a public stance condemning Russia's action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets. Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenario — particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. European equities declined in line with other global market equities due to the ongoing geopolitical crisis and the region's dependence on Russian oil and gas. Japanese equities similarly fell on concerns around rising interest rates and the spread of Omicron but outperformed other developed markets due to limited economic exposure to Russia and Ukraine.

International equities declined more significantly in the second quarter of 2022, with all major regions — Europe, Japan and Asia Pacific ex-Japan — performing roughly in line with each other. Inflationary pressures and concerns persisted throughout the quarter, and odds of a U.S. recession continued to grow. Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its restrictions, therefore mitigating the disruption. In Europe, the geopolitical crisis persisted with the ongoing war in Ukraine and potential gas shortages due to reduced supply from Russia. This was particularly concerning for countries with a high energy dependence, such as Italy, France, Spain and Germany. Japanese equities fell as the yen significantly weakened against the U.S. dollar.

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<sup>1</sup> All index returns are expressed in U.S. dollar terms.

**2** 

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MARKET REVIEW

During the third quarter of 2022, international equities continued to decline. As in the prior quarter, all major regions performed similarly, as markets continued to be volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes as the chances of a recession grew. European economies remained depressed by accelerating inflation, rising interest rates and strained supply chains. Europe also continued to battle with the energy crisis and subsequent mobile network blackouts during the quarter. The European Central Bank ("ECB") raised interest rates in July and September, heightening concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. The Bank of Japan revised its economic growth projections lower due to weakened global economies but left its monetary policy unchanged. The sharply widening differential between Japanese and U.S. interest rates during the quarter was a significant factor in the consistent weakening of the yen. Beyond the broader concerns of inflation, China's "zero-COVID" policy continued to slow its economy and strain global supply chains.

International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the Fed could pull off a soft economic landing allowed both U.S. and international equities to rally. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) In Europe, equities also benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. In December, inflationary indicators continued to show signs of improvement but remained well above central bank targets, causing the Fed and the ECB to maintain their hawkish strategy. In Europe, economic activity showed signs of a rebound following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year. Also in December, China began to relax its "zero-COVID" policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

For the Reporting Period overall, only one of the 11 sectors of the MSCI EAFE Index gained, namely energy. Financials, materials and health care posted negative absolute returns but outperformed the MSCI EAFE Index during the Reporting Period. Information technology was the weakest performer on the basis of total return during the Reporting Period, followed by consumer discretionary, real estate and industrials.

From a country perspective, Portugal was the only individual country constituent of the MSCI EAFE Index to post a positive, albeit modest, return during the Reporting Period. Hong Kong, Denmark, the U.K. and Australia posted negative absolute returns but significantly outperformed the MSCI EAFE Index during the Reporting Period. Sweden, the Netherlands, Israel, Austria and Ireland most significantly lagged the MSCI EAFE Index on a relative basis during the Reporting Period.

Looking Ahead

In the months ahead, we expect less expensive stocks to outpace more expensive stocks. We also believe that stocks with good momentum are likely to outperform those with poor momentum. Our plan is to seek profitable companies with positive fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. To that end, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide potentially strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

**3** 

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MARKET REVIEW

Enhancements Made to Proprietary Quantitative Model during the 12-Month Period Ended December 31, 2022

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the 12-month period ended December 31, 2022 (the "Reporting Period").

**U.S. Region** 

During the first half of 2022, we enhanced a signal within our Market Themes & Trends investment theme. We believe patterns exist in the market, and thus, the past can provide an indication of market cycles and their effect on future market states. We enhanced this signal to give it more predictive power in terms of identifying and assessing similarities in returns between current and previous market environments for individual stocks.

During the second half of 2022, we introduced two new signals within our Sentiment Analysis investment theme. The first signal aims to improve our sentiment identification in earnings call reports by utilizing many of the latest developments in machine learning and natural language processing. The second signal aims to capitalize upon price dislocations that are caused by uninformed exchange-traded fund trading. Within our Market Themes & Trends investment theme, we introduced two new signals. The first signal leverages advanced machine learning algorithms to capture nuanced behavior of our existing suite of more than 100 alpha factors. The second signal aims to apply natural language processing techniques to account for the fine-grained linguistic meaning of documents when quantifying company linkages for text-based cross-stock momentum factors.

**International Regions** 

During the first half of 2022, we enhanced a signal within our Market Themes & Trends investment theme. We believe patterns exist in the market, and thus, the past can provide an indication of market cycles and their effect on future market states. We enhanced this signal to give it more predictive power in terms of identifying and assessing similarities in returns between current and previous market environments for individual stocks. Within our Sentiment Analysis investment theme, we introduced two new signals in the Japan region. The first signal looks at aggregated significant short positions across all market participants. We believe significant short positions established right ahead of earnings announcements are more reflective of investors' views of the stock, assuming investors have access to private information. The second signal analyzes credit card data to arrive at sales figures for companies, thereby helping us track corporate revenue patterns.

During the second half of 2022, we introduced a new signal within our Sentiment Analysis investment theme. The signal, which was implemented across all regions except Japan, aims to improve our sentiment identification in earnings call reports by utilizing many of the latest developments in machine learning and natural language processing. Within our High Quality Business Models investment theme, we introduced a new signal that aims to apply U.S. consumer spending data to non-U.S. companies to help predict their future returns. Within our Market Themes & Trends investment theme, we introduced two new signals. The first signal leverages advanced machine learning algorithms to capture nuanced behavior of our existing suite of more than 100 alpha factors. The second signal aims to apply natural language processing techniques to account for the fine-grained linguistic meaning of documents when quantifying company linkages for text-based cross-stock momentum factors.

**4** 

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PORTFOLIO RESULTS

## International Tax-Managed Equity Fund
**Investment Objective** 

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of international equity securities.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Tax-Managed Equity Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

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|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -15.36%, -15.96%, -15.02%, -15.15%, -15.11% and -15.03%, respectively. This compares to the -14.45% average annual total return of the Fund's benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the "Index"), during the same time period. |

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|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, the Fund underperformed the Index, with three of our quantitative model's four investment themes detracting from returns. Stock selection driven by our investment themes added slightly to relative results. |

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|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

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|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

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In keeping with this investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, three of our investment themes — High Quality Business Models, Market Themes & Trends and Sentiment Analysis — detracted from the Fund's relative performance. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

Our Fundamental Mispricings investment theme contributed positively to relative returns during the Reporting Period. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

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|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

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|:---|:---|
| **A** | In constructing the Fund's portfolio, we focus on picking stocks rather than on making sector or industry bets. The Fund tends to be similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance. |

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**5** 

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PORTFOLIO RESULTS

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|:---|:---|
| **Q** | **How successful was your stock selection during the Reporting Period?** |

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|:---|:---|
| **A** | The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the Index. During the Reporting Period, the Fund benefited from stock selection in the consumer staples, financials and industrials sectors. Stock selection in the health care sector and, to a lesser extent, the information technology and energy sectors detracted from relative performance. |

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| **Q** | **Which individual stock holdings contributed most positively to the Fund's relative results during the Reporting Period?** |

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|:---|:---|
| **A** | Compared to the Index, the Fund was helped during the Reporting Period by its overweight positions in Swedish Match, a maker of tobacco products, and Treasury Wine Estates, an Australian-based winemaking and distribution business. An underweight position in Japan-based Sony Group, a conglomerate that designs, manufactures and sells electronics and entertainment products, also added to the Fund's relative performance. Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund's overweight in Swedish Match. The overweight in Treasury Wine Estates was mainly driven by our Sentiment Analysis and Market Themes & Trends investment themes. The Fund was underweight Sony Group primarily because of our Market Themes & Trends and Fundamental Mispricings investment themes. |

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| **Q** | **Which individual stock holdings detracted significantly from relative performance?** |

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|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt most by underweight positions versus the Index in British-Swedish pharmaceutical company AstraZeneca and French multinational integrated energy and petroleum company TotalEnergies. An overweight position in ASM International, a Netherlands-headquartered provider of semiconductor wafer processing equipment for the fabrication of semiconductor devices, also detracted from relative performance. The Fund was underweight AstraZeneca mostly because of our High Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Market Themes & Trends investment themes. Our Sentiment Analysis and High Quality Business Models investment themes led to the Fund's underweight in TotalEnergies. The overweight in ASM International was mainly due to our Sentiment Analysis and Market Themes & Trends investment themes. |

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|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund's results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund's excess cash holdings. In other words, we put the Fund's excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. |

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| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

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|:---|:---|
| **A** | As mentioned previously, we focus on picking stocks rather than on making industry or sector bets. The Fund is similar to the Index in terms of its sector allocation and style. That said, at the end of the Reporting Period, the Fund was overweight the industrials, health care, financials and consumer discretionary sectors. It was underweight the communication services, materials, consumer staples, real estate and utilities sectors. The Fund was relatively neutrally weighted to the Index in the information technology and energy sectors at the end of the Reporting Period. |

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At the end of the Reporting Period, the Fund was overweight compared to the Index in Sweden, France, Australia and Norway. It was underweight Germany, the U.K., Switzerland and Hong Kong. In relative terms, the Fund was rather neutrally weighted in the remaining country constituents of the Index at the end of the Reporting Period.

**6** 

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FUND BASICS

*as of December 31, 2022* 

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| | | | |
|:---|:---|:---|:---|
| **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup>1</sup>** | |
| **Holding** | **% of Net Assets** | **Line of Business** | <br>**Country** |
| ASML Holding NV | 2.3% | Semiconductors & Semiconductor Equipment | Netherlands |
| Roche Holding AG | 2.1 | Pharmaceuticals, Biotechnology & Life Sciences | United States |
| Novartis AG | 2.0 | Pharmaceuticals, Biotechnology & Life Sciences | Switzerland |
| LVMH Moet Hennessy Louis Vuitton SE | 1.8 | Consumer Durables & Apparel | France |
| Novo Nordisk A/S, Class B | 1.5 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark |
| Sanofi | 1.4 | Pharmaceuticals, Biotechnology & Life Sciences | France |
| Commonwealth Bank of Australia | 1.4 | Banks | Australia |
| BHP Group Ltd. | 1.3 | Materials | Australia |
| Cie Financiere Richemont SA | 1.2 | Consumer Durables & Apparel | Switzerland |
| British American Tobacco PLC | 1.2 | Food, Beverage & Tobacco | United Kingdom |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of December 31, 2022** |

---

![LOGO](g348943g14e35.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund's net assets at December 31, 2022. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**7** 

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013, in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the MSCI EAFE Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**International Tax-Managed Equity Fund's 10 Year Performance**<br>

**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013, through December 31, 2022.**![LOGO](g348943g01a01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -15.36% | 0.53% | 4.78% |  |
|  Including sales charges | -19.99% | -0.61% | 4.20% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -15.96% | -0.20% | 4.01% |  |
|  Including contingent deferred sales charges | -16.80% | -0.20% | 4.01% |  |
|  **Institutional** | -15.02% | 0.90% | 5.18% |  |
|  **Investor** | -15.15% | 0.78% | 5.02% |  |
|  **Class R6 (Commenced April 30, 2018)** | -15.11% | N/A | N/A | 0.81% |
|  **Class P (Commenced April 17, 2018)** | -15.03% | N/A | N/A | 0.53% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**8** 

------

PORTFOLIO RESULTS

## U.S. Tax-Managed Equity Fund
**Investment Objective** 

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of U.S. equity securities.

Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Tax-Managed Equity Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -20.51%, -21.12%, -20.26%, -20.65%, -20.31%, -20.26% and -20.25%, respectively. This compares to the -19.21% average annual total return of the Fund's benchmark, the Russell 3000<sup>®</sup> Index (the "Index"), over the same time period. |

---

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund underperformed the Index, with two of our quantitative model's four investment themes detracting from performance. Stock selection driven by these investment themes also hindered relative returns. |

---

---

| | |
|:---|:---|
| **Q** | **What impact did the Fund's investment themes have on performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally based stock selection, careful portfolio construction and efficient implementation. The Fund's investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. |

---

In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model's investment themes tends to have a low correlation with the model's other themes, demonstrating the diversification benefit of the Fund's theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, two of our investment themes — Fundamental Mispricings and High Quality Business Models — detracted from the Fund's relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

Our Market Themes & Trends investment theme added to relative returns during the Reporting Period. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

The impact of our Sentiment Analysis investment theme was rather flat during the Reporting Period. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's sector and industry allocations affect relative performance?** |

---

---

| | |
|:---|:---|
| **A** | In constructing the Fund's portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund tends to be similar to the Index in terms of its sector and industry allocations and style. Changes  |

---

**9** 

------

PORTFOLIO RESULTS

in its sector or industry weights generally do not have a meaningful impact on relative performance.

---

| | |
|:---|:---|
| **Q** | **How successful was your stock selection during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the Index, ranging from large- to small-cap stocks. During the Reporting Period, the Fund was hurt by stock selection in the energy, real estate and utilities sectors. Investments in the health care, information technology and consumer discretionary sectors contributed positively to relative performance. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock holdings detracted significantly from relative performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund was hurt by its underweight positions versus the Index in ExxonMobil, Chevron and Merck. The underweight in multinational oil and gas company ExxonMobil was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes. Our High Quality Business Models investment theme led to the Fund's underweight in Chevron, another multinational oil and gas company. The Fund was underweight pharmaceutical firm Merck mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock holdings contributed most positively to the Fund's relative results?** |

---

---

| | |
|:---|:---|
| **A** | Compared to the Index, the Fund benefited from its overweight positions in pharmaceutical maker AbbVie and health insurance provider Elevance Health. An underweight position in Tesla, an electric vehicle and clean energy company, also bolstered the Fund's relative performance. Our Market Themes & Trends and High Quality Business Models investment themes resulted in the Fund's overweight in AbbVie. The overweight in Elevance Health was due in large part to our High Quality Business Models and Market Themes & Trends investment themes. The Fund had an underweight position in Tesla, mainly due to our Market Themes & Trends and Sentiment Analysis investment themes. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund's results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund's excess cash holdings. In other words, we put the Fund's excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **How was the Fund positioned relative to the Index at the end of the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | As mentioned previously, we focus on picking stocks rather than on making industry or sector bets. The Fund is similar to the Index in terms of its sector allocation and style. That said, at the end of the Reporting Period, the Fund was overweight relative to the Index in the industrials, health care, real estate and financials sectors. It was underweight compared to the Index in the consumer staples, utilities and communication services sectors. The Fund was relatively neutral versus the Index in the materials, consumer discretionary, energy and information technology sectors at the end of the Reporting Period. |

---

**10** 

------

FUND BASICS

*as of December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **TOP 10 HOLDINGS AS OF 12/31/22<sup><sup>1</sup></sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup><sup>1</sup></sup>** | **TOP 10 HOLDINGS AS OF 12/31/22<sup><sup>1</sup></sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| Apple, Inc. | 4.2% | Technology Hardware & Equipment |
| Microsoft Corp. | 3.8 | Software & Services |
| Berkshire Hathaway, Inc., Class B | 2.0 | Diversified Financials |
| AbbVie, Inc. | 1.9 | Pharmaceuticals, Biotechnology & Life Sciences |
| Johnson & Johnson | 1.8 | Pharmaceuticals, Biotechnology & Life Sciences |
| Elevance Health, Inc. | 1.6 | Health Care Equipment & Services |
| Adobe, Inc. | 1.6 | Software & Services |
| Amazon.com, Inc. | 1.4 | Retailing |
| AutoZone, Inc. | 1.4 | Retailing |
| Mondelez International, Inc., Class A | 1.4 | Food, Beverage & Tobacco |

---

<sup>1</sup> The top 10 holdings may not be representative of the Fund's future investments.

---

| |
|:---|
| **FUND VS. BENCHMARK SECTOR ALLOCATIONS<sup>2</sup>** |
| **As of December 31, 2022** |

---

![LOGO](g348943g42s16.jpg)

------

<sup>2</sup> The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard ("GICS"); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**11** 

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $10,000 investment made on January 1, 2013, in Class A Shares at NAV. For comparative purposes, the performance of the Fund's benchmark, the Russell 3000<sup>®</sup> Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

**U.S. Tax-Managed Equity Fund's 10 Year Performance**

**Performance of a $10,000 investment, with distributions reinvested, from January 1, 2013, through December 31, 2022.**![LOGO](g348943g05a05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022**\* | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  **Class A** |  |  |  |  |
|  Excluding sales charges | -20.51% | 6.68% | 10.93% |  |
|  Including sales charges | -24.89% | 5.48% | 10.30% |  |
|  **Class C** |  |  |  |  |
|  Excluding contingent deferred sales charges | -21.12% | 5.88% | 10.09% |  |
|  Including contingent deferred sales charges | -21.91% | 5.88% | 10.09% |  |
|  **Institutional** | -20.26% | 7.05% | 11.34% |  |
|  **Service** | -20.65% | 6.52% | 10.79% |  |
|  **Investor** | -20.31% | 6.95% | 11.20% |  |
|  **Class R6 (Commenced April 30, 2018)** | -20.26% | N/A | N/A | 7.34% |
|  **Class P (Commenced April 17, 2018)** | -20.25% | N/A | N/A | 6.80% |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**12** 

------

FUND BASICS

## Index Definitions
**Definitions of Non-Benchmark Related Indices** 

**Russell 1000<sup>®</sup> Index** measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000<sup>®</sup> Index represents approximately 92% of the U.S. market. The Russell 1000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

**Russell Midcap<sup>®</sup> Index** measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap<sup>®</sup> Index is a subset of the Russell 1000<sup>®</sup> Index. The Russell Midcap<sup>®</sup> Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap<sup>®</sup> Index represents approximately 31% of the total market capitalization of the Russell 1000<sup>®</sup> Index companies. The Russell Midcap<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap<sup>®</sup> Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

**Russell 2000<sup>®</sup> Index** measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. The Russell 2000<sup>®</sup> Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

**Russell 3000<sup>®</sup> Index** is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

**MSCI EAFE<sup>®</sup> Index** is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE<sup>®</sup> Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI<sup>®</sup> Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE<sup>®</sup> Index is unmanaged and the figures for the MSCI EAFE<sup>®</sup> Index do not include any deduction for fees or expenses

**S&P 500<sup>®</sup> Index** is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500<sup>®</sup> Index components and their weightings are determined by S&P Dow Jones Indices.

It is not possible to invest directly in an unmanaged index.

**13** 

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.0%** | **Common Stocks – 98.0%** | **Common Stocks – 98.0%** |
| **Australia – 9.3%** | **Australia – 9.3%** | **Australia – 9.3%** |
| 84515 | Allkem Ltd. (Materials)\* | $640261 |
| 66450 | ANZ Group Holdings Ltd. (Banks)\* | 1070438 |
| 112179 | Aristocrat Leisure Ltd. (Consumer Services) | 2311540 |
| 104350 | ASX Ltd. (Diversified Financials) | 4805968 |
| 1686817 | Aurizon Holdings Ltd. (Transportation) | 4273451 |
| 292435 | BHP Group Ltd. (Materials) | 9058748 |
| 8233 | Cochlear Ltd. (Health Care Equipment & Services) | 1137039 |
| 144922 | Commonwealth Bank of Australia (Banks) | 10065540 |
| 13490 | IDP Education Ltd. (Consumer Services) | 248610 |
| 19402 | IGO Ltd. (Materials) | 177477 |
| 608962 | Incitec Pivot Ltd. (Materials) | 1550188 |
| 48058 | Macquarie Group Ltd. (Diversified Financials) | 5425196 |
| 330904 | National Australia Bank Ltd. (Banks) | 6718547 |
| 171853 | Northern Star Resources Ltd. (Materials) | 1286031 |
| 67823 | Pilbara Minerals Ltd. (Materials)\* | 171745 |
| 139810 | Qantas Airways Ltd. (Transportation)\* | 565911 |
| 96970 | Rio Tinto PLC ADR (Materials) | 6904264 |
| 455536 | Telstra Group Ltd. (Telecommunication Services) | 1231972 |
| 1108107 | Vicinity Ltd. REIT (Real Estate) | 1496276 |
| 443276 | Westpac Banking Corp. (Banks) | 7017731 |
| 6287 | WiseTech Global Ltd. (Software & Services) | 216225 |
|  |  | 66373158 |
| **Austria – 0.5%** | **Austria – 0.5%** | **Austria – 0.5%** |
| 4385 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 233678 |
| 8309 | Erste Group Bank AG (Banks) | 265849 |
| 202633 | Raiffeisen Bank International AG (Banks)\* | 3304166 |
|  |  | 3803693 |
| **Belgium – 0.5%** | **Belgium – 0.5%** | **Belgium – 0.5%** |
| 18712 | D'ieteren Group (Retailing) | 3591078 |
| **Canada – 0.3%** | **Canada – 0.3%** | **Canada – 0.3%** |
| 216609 | International Petroleum Corp. (Energy)\* | 2433336 |
| **China – 0.4%** | **China – 0.4%** | **China – 0.4%** |
| 926000 | BOC Hong Kong Holdings Ltd. (Banks) | 3143582 |
| **Denmark – 3.8%** | **Denmark – 3.8%** | **Denmark – 3.8%** |
| 1615 | AP Moller – Maersk A/S, Class A (Transportation) | 3559232 |
| 1228 | Carlsberg AS, Class B (Food, Beverage & Tobacco) | 162890 |
| 4548 | D/S Norden A/S (Transportation) | 274084 |
| 41650 | Danske Bank A/S (Banks) | 821468 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Denmark – (continued)** | **Denmark – (continued)** | **Denmark – (continued)** |
| 14105 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 5963521 |
| 74188 | Jyske Bank A/S (Banks)\* | 4810485 |
| 81201 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 11028359 |
| 35525 | Spar Nord Bank A/S (Banks) | 544002 |
|  |  | 27164041 |
| **Finland – 2.3%** | **Finland – 2.3%** | **Finland – 2.3%** |
| 32359 | Metsa Board OYJ, Class B (Materials) | 304002 |
| 193476 | Nokia OYJ (Technology Hardware & Equipment) | 898832 |
| 594960 | Nordea Bank Abp (Banks) | 6373185 |
| 88909 | Sampo OYJ, Class A (Insurance) | 4643676 |
| 323939 | Stora Enso OYJ, Class R (Materials) | 4567385 |
|  |  | 16787080 |
| **France – 14.0%** | **France – 14.0%** | **France – 14.0%** |
| 71229 | Airbus SE (Capital Goods) | 8469311 |
| 6657 | Alten SA (Software & Services) | 834045 |
| 267615 | Carrefour SA (Food & Staples Retailing) | 4476119 |
| 6189 | Christian Dior SE (Consumer Durables & Apparel) | 4509577 |
| 27437 | Dassault Aviation SA (Capital Goods) | 4653130 |
| 146865 | Dassault Systemes (Software & Services) | 5281220 |
| 93789 | Edenred (Software & Services) | 5104507 |
| 45195 | Eiffage SA (Capital Goods) | 4445571 |
| 358118 | Engie SA (Utilities) | 5123271 |
| 11029 | Gecina SA REIT (Real Estate) | 1123635 |
| 31224 | Genfit (Pharmaceuticals, Biotechnology & Life Sciences)\* | 132557 |
| 4547 | Hermes International (Consumer Durables & Apparel) | 7038090 |
| 1118 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 120253 |
| 6322 | IPSOS (Media & Entertainment) | 395939 |
| 10682 | Kering (Consumer Durables & Apparel) | 5436371 |
| 8049 | Klepierre SA REIT (Real Estate)\* | 185776 |
| 17769 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 12930390 |
| 82392 | Publicis Groupe SA (Media & Entertainment) | 5263396 |
| 82118 | Rexel SA (Capital Goods)\* | 1624171 |
| 28635 | Safran SA (Capital Goods) | 3586650 |
| 106016 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 10222767 |
| 115393 | SCOR SE (Insurance) | 2658804 |
| 217230 | Societe Generale SA (Banks) | 5448927 |
| 7734 | Thales SA (Capital Goods) | 988165 |
| 3102 | Vinci SA (Capital Goods) | 309229 |
|  |  | 100361871 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Germany – 5.3%** | **Germany – 5.3%** | **Germany – 5.3%** |
| 48225 | AIXTRON SE (Semiconductors & Semiconductor Equipment) | $1387591 |
| 115758 | Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences) | 5958080 |
| 14534 | Beiersdorf AG (Household & Personal Products) | 1660828 |
| 8439 | Brenntag SE (Capital Goods) | 538196 |
| 4830 | Deutsche Boerse AG (Diversified Financials) | 831679 |
| 5669 | DWS Group GmbH & Co. KGaA (Diversified Financials)<sup>(a)</sup> | 182942 |
| 6765 | Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment) | 386436 |
| 84941 | E.ON SE (Utilities) | 844485 |
| 46886 | GEA Group AG (Capital Goods) | 1906740 |
| 3997 | Hapag-Lloyd AG (Transportation)<sup>(a)(b)</sup> | 755130 |
| 75260 | HUGO BOSS AG (Consumer Durables & Apparel) | 4350795 |
| 220741 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 6708749 |
| 79714 | K+S AG (Materials) | 1571476 |
| 33691 | Knorr-Bremse AG (Capital Goods) | 1832873 |
| 5235 | Krones AG (Capital Goods) | 584977 |
| 4964 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | 957756 |
| 25118 | MTU Aero Engines AG (Capital Goods) | 5403772 |
| 8258 | Rheinmetall AG (Capital Goods) | 1643972 |
| 14785 | TeamViewer AG (Software & Services)\*<sup>(a)</sup> | 189655 |
|  |  | 37696132 |
| **Hong Kong – 0.7%** | **Hong Kong – 0.7%** | **Hong Kong – 0.7%** |
| 274200 | AIA Group Ltd. (Insurance) | 3028098 |
| 6000 | Jardine Matheson Holdings Ltd. (Capital Goods) | 306000 |
| 190000 | Swire Pacific Ltd., Class A (Real Estate) | 1665518 |
|  |  | 4999616 |
| **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** |
| 62107 | ICL Group Ltd. (Materials) | 448752 |
| **Italy – 2.1%** | **Italy – 2.1%** | **Italy – 2.1%** |
| 28702 | Azimut Holding SpA (Diversified Financials) | 642231 |
| 115480 | Banca Mediolanum SpA (Diversified Financials) | 962232 |
| 1301703 | Banco BPM SpA (Banks) | 4640539 |
| 67625 | Leonardo SpA (Capital Goods) | 583250 |
| 52928 | Prysmian SpA (Capital Goods) | 1966569 |
| 418832 | UniCredit SpA (Banks) | 5943047 |
| 19441 | Unipol Gruppo SpA (Insurance) | 94654 |
|  |  | 14832522 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – 21.1%** | **Japan – 21.1%** | **Japan – 21.1%** |
| 9400 | ANA Holdings, Inc. (Transportation)\* | 199073 |
| 14200 | Aoyama Trading Co. Ltd. (Retailing) | 98506 |
| 27400 | Aozora Bank Ltd. (Banks) | 538538 |
| 197600 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 3004633 |
| 55000 | Canon Marketing Japan, Inc. (Technology Hardware & Equipment) | 1245396 |
| 42600 | Central Japan Railway Co. (Transportation) | 5230412 |
| 55900 | Chubu Electric Power Co., Inc. (Utilities) | 578033 |
| 195600 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4989125 |
| 164200 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 1782607 |
| 65000 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2092135 |
| 9700 | Daiichikosho Co. Ltd. (Media & Entertainment) | 292004 |
| 20000 | Electric Power Development Co. Ltd. (Utilities) | 317637 |
| 1413600 | ENEOS Holdings, Inc. (Energy) | 4813897 |
| 10700 | FUJIFILM Holdings Corp. (Technology Hardware & Equipmen) | 535015 |
| 39100 | Fujikura Ltd. (Capital Goods) | 293916 |
| 4100 | Fukuyama Transporting Co. Ltd. (Transportation) | 94708 |
| 5700 | Fuyo General Lease Co. Ltd. (Diversified Financials) | 371573 |
| 91800 | Heiwa Corp. (Consumer Services) | 1730661 |
| 13000 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 385900 |
| 95300 | Honda Motor Co. Ltd. (Automobiles & Components) | 2173698 |
| 24500 | Idemitsu Kosan Co. Ltd. (Energy) | 573584 |
| 155300 | Inpex Corp. (Energy) | 1668764 |
| 36100 | Inui Global Logistics Co. Ltd. (Commercial & Professional Services) | 542416 |
| 17000 | Ishihara Sangyo Kaisha Ltd. (Materials) | 135963 |
| 208400 | ITOCHU Corp. (Capital Goods) | 6538082 |
| 105100 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 2118840 |
| 331100 | JGC Holdings Corp. (Capital Goods) | 4197017 |
| 3800 | Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) | 117270 |
| 3800 | Kao Corp. (Household & Personal Products) | 150862 |
| 19300 | KDDI Corp. (Telecommunication Services) | 585309 |
| 233700 | Komatsu Ltd. (Capital Goods) | 5051221 |
| 48900 | Mandom Corp. (Household & Personal Products) | 541086 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 523300 | Marubeni Corp. (Capital Goods) | $| 5994898 |
| 32300 | MatsukiyoCocokara & Co. (Food & Staples Retailing) |  | 1623521 |
| 19500 | Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 344851 |
| 202700 | Mitsubishi Corp. (Capital Goods) |  | 6580614 |
| 170000 | Mitsubishi Estate Co. Ltd. (Real Estate) |  | 2202108 |
| 942400 | Mitsubishi HC Capital, Inc. (Diversified Financials) |  | 4635242 |
| 41800 | Mitsubishi Heavy Industries Ltd. (Capital Goods) |  | 1651792 |
| 16100 | Mitsubishi Shokuhin Co. Ltd. (Food & Staples Retailing) |  | 381002 |
| 177700 | Mitsui & Co. Ltd. (Capital Goods) |  | 5175641 |
| 8800 | MS&AD Insurance Group Holdings, Inc. (Insurance) |  | 281334 |
| 177700 | NGK Spark Plug Co. Ltd. (Automobiles & Components) |  | 3256722 |
| 57800 | NHK Spring Co. Ltd. (Automobiles & Components) |  | 367521 |
| 193500 | Nippon Kayaku Co. Ltd. (Materials) |  | 1666270 |
| 10100 | Nippon Soda Co. Ltd. (Materials) |  | 330332 |
| 110400 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) |  | 3148444 |
| 5000 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) |  | 124812 |
| 5000 | NSD Co. Ltd. (Software & Services) |  | 86410 |
| 216800 | Obayashi Corp. (Capital Goods) |  | 1637619 |
| 107100 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2503311 |
| 21100 | Orient Corp. (Diversified Financials) |  | 185429 |
| 38900 | Oriental Land Co. Ltd. (Consumer Services) |  | 5660890 |
| 42800 | Osaka Gas Co. Ltd. (Utilities) |  | 689641 |
| 14400 | PHC Holdings Corp. (Health Care Equipment & Services) |  | 160849 |
| 189700 | Round One Corp. (Consumer Services) |  | 686580 |
| 2700 | San-A Co. Ltd. (Food & Staples Retailing) |  | 88143 |
| 8100 | Sankyu, Inc. (Transportation) |  | 296346 |
| 538200 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 4385483 |
| 31400 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 2002296 |
| 2200 | Shimamura Co. Ltd. (Retailing) |  | 219239 |
| 4500 | Shin-Etsu Chemical Co. Ltd. (Materials) |  | 549505 |
| 15900 | Shiseido Co. Ltd. (Household & Personal Products) |  | 779318 |
| 14100 | SoftBank Group Corp. (Telecommunication Services) |  | 596331 |
| 132600 | Sojitz Corp. (Capital Goods) |  | 2526509 |
| 322100 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) |  | 4267373 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 320800 | Sumitomo Corp. (Capital Goods) |  | 5332687 |
| 436600 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3309273 |
| 9100 | Suntory Beverage & Food Ltd. (Food, Beverage & Tobacco) |  | 309875 |
| 11200 | Suzuken Co. Ltd. (Health Care Equipment & Services) |  | 303026 |
| 76300 | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3356179 |
| 30400 | Takashimaya Co. Ltd. (Retailing) |  | 423310 |
| 182100 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 5690023 |
| 130400 | Tokyo Century Corp. (Diversified Financials) |  | 4395424 |
| 11000 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) |  | 3232116 |
| 261200 | Tokyo Gas Co. Ltd. (Utilities) |  | 5114244 |
| 5000 | Tokyotokeiba Co. Ltd. (Consumer Services) |  | 143199 |
| 127300 | Tokyu Fudosan Holdings Corp. (Real Estate) |  | 603673 |
| 18400 | Toyota Motor Corp. (Automobiles & Components) |  | 251023 |
| 14600 | Yamaha Motor Co. Ltd. (Automobiles & Components) |  | 329979 |
| 9200 | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 118129 |
|  |  |  | 150986417 |
| **Netherlands – 5.8%** | **Netherlands – 5.8%** | **Netherlands – 5.8%** | **Netherlands – 5.8%** |
| 402 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 102001 |
| 30106 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 16415370 |
| 33507 | Heineken Holding NV (Food, Beverage & Tobacco) |  | 2587762 |
| 58356 | Heineken NV (Food, Beverage & Tobacco) |  | 5496688 |
| 553606 | ING Groep NV (Banks) |  | 6743570 |
| 65964 | OCI NV (Materials) |  | 2358378 |
| 275959 | Shell PLC (Energy) |  | 7825482 |
|  |  |  | 41529251 |
| **Norway – 2.0%** | **Norway – 2.0%** | **Norway – 2.0%** | **Norway – 2.0%** |
| 249322 | Aker BP ASA (Energy) |  | 7749646 |
| 152772 | Aker Solutions ASA (Energy) |  | 588398 |
| 22470 | DNB Bank ASA (Banks) |  | 443785 |
| 71136 | Elkem ASA (Materials)\*<sup>(a)</sup> |  | 256041 |
| 100502 | Equinor ASA (Energy) |  | 3612070 |
| 26586 | Kongsberg Gruppen ASA (Capital Goods) |  | 1131601 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Norway – (continued)** | **Norway – (continued)** | **Norway – (continued)** |
| 144465 | Odfjell Drilling Ltd. (Energy)\* | 392098 |
|  |  | 14173639 |
| **Singapore – 1.6%** | **Singapore – 1.6%** | **Singapore – 1.6%** |
| 75700 | Keppel Corp. Ltd. (Capital Goods) | 410535 |
| 640300 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 5824194 |
| 338500 | Singapore Exchange Ltd. (Diversified Financials) | 2263511 |
| 94359 | STMicroelectronics NV (Semiconductors & Semiconductor) | 3353149 |
|  |  | 11851389 |
| **South Africa – 1.0%** | **South Africa – 1.0%** | **South Africa – 1.0%** |
| 183162 | Anglo American PLC (Materials) | 7172604 |
| **Spain – 2.1%** | **Spain – 2.1%** | **Spain – 2.1%** |
| 1183205 | Banco de Sabadell SA (Banks) | 1112171 |
| 660525 | Bankinter SA (Banks) | 4425216 |
| 4327 | Grupo Catalana Occidente SA (Insurance) | 136722 |
| 92839 | Iberdrola SA (Utilities) | 1083757 |
| 215533 | Industria de Diseno Textil SA (Retailing) | 5724786 |
| 199729 | Merlin Properties Socimi SA REIT (Real Estate) | 1873240 |
| 875746 | Unicaja Banco SA (Banks)<sup>(a)</sup> | 964978 |
|  |  | 15320870 |
| **Sweden – 5.1%** | **Sweden – 5.1%** | **Sweden – 5.1%** |
| 23043 | Addnode Group AB (Software & Services) | 217610 |
| 47366 | Atlas Copco AB, Class B (Capital Goods) | 505379 |
| 127515 | Epiroc AB, Class B (Capital Goods) | 2051359 |
| 52742 | Evolution AB (Consumer Services)<sup>(a)</sup> | 5137305 |
| 13634 | Modern Times Group MTG AB, Class B (Media & Entertainment)\* | 116658 |
| 7750 | Saab AB, Class B (Capital Goods) | 305409 |
| 150130 | Sandvik AB (Capital Goods) | 2713087 |
| 454744 | Skandinaviska Enskilda Banken AB, Class A (Banks) | 5235409 |
| 7939 | Skanska AB, Class B (Capital Goods) | 125853 |
| 25917 | SSAB AB, Class A (Materials) | 141803 |
| 413947 | SSAB AB, Class B (Materials) | 2156275 |
| 152227 | Svenska Handelsbanken AB, Class A (Banks) | 1532621 |
| 362831 | Swedbank AB, Class A (Banks) | 6171417 |
| 600819 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 3520446 |
| 40662 | Trelleborg AB, Class B (Capital Goods) | 939236 |
| 307080 | Volvo AB, Class B (Capital Goods) | 5546970 |
|  |  | 36416837 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – 5.0%** | **Switzerland – 5.0%** | **Switzerland – 5.0%** |
| 30478 | ABB Ltd. (Capital Goods) | 928894 |
| 4139 | Baloise Holding AG (Insurance) | 638262 |
| 880 | Bucher Industries AG (Capital Goods) | 367249 |
| 362 | Burckhardt Compression Holding AG (Capital Goods) | 215633 |
| 10 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 1028835 |
| 11 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 112090 |
| 68592 | Cie Financiere Richemont SA (Consumer Durables & Apparel) | 8893636 |
| 155130 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 14038870 |
| 3717 | Swatch Group AG (The) – Bearer (Consumer Durables & Apparel) | 1056449 |
| 12962 | Swatch Group AG (The) – Registered (Consumer Durables & Apparel) | 673985 |
| 422046 | UBS Group AG (Diversified Financials) | 7844242 |
|  |  | 35798145 |
| **United Kingdom – 8.3%** | **United Kingdom – 8.3%** | **United Kingdom – 8.3%** |
| 20784 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 1409155 |
| 22007 | Auto Trader Group PLC (Media & Entertainment)<sup>(a)</sup> | 137045 |
| 995495 | Aviva PLC (Insurance) | 5280748 |
| 81297 | BP PLC ADR (Energy) | 2839704 |
| 216066 | British American Tobacco PLC (Food, Beverage & Tobacco) | 8547173 |
| 328500 | CK Hutchison Holdings Ltd. (Capital Goods) | 1967995 |
| 299230 | Compass Group PLC (Consumer Services) | 6909830 |
| 87320 | Diageo PLC (Food, Beverage & Tobacco) | 3822160 |
| 259475 | Imperial Brands PLC (Food, Beverage & Tobacco) | 6463818 |
| 34895 | Informa PLC (Media & Entertainment) | 260309 |
| 270188 | Pearson PLC (Consumer Services) | 3050914 |
| 92812 | Reckitt Benckiser Group PLC (Household & Personal Products) | 6433391 |
| 49444 | Segro PLC REIT (Real Estate) | 455491 |
| 233419 | Smiths Group PLC (Capital Goods) | 4479795 |
| 104953 | SSE PLC (Utilities) | 2158563 |
| 995730 | Tesco PLC (Food & Staples Retailing) | 2683362 |
| 285672 | Vodafone Group PLC ADR (Telecommunication Services)<sup>(c)</sup> | 2891001 |
|  |  | 59790454 |
| **United States – 6.7%** | **United States – 6.7%** | **United States – 6.7%** |
| 255766 | Computershare Ltd. (Software & Services) | 4505586 |
| 32822 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 6400100 |
| 229965 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 8080970 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |
| 235089 | Haleon PLC ADR (Household & Personal Products)\* | $1880712 |
| 67780 | Nestle SA (Food, Beverage & Tobacco) | 7829230 |
| 48690 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 15300227 |
| 251100 | Samsonite International SA (Consumer Durables & Apparel)\*<sup>(a)</sup> | 659315 |
| 224717 | Stellantis NV (Automobiles & Components)\* | 3193312 |
|  |  | 47849452 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE** |
| **(Cost $634,778,847)** | **(Cost $634,778,847)** | $702523919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 828871 | 4.159% | $828871 |
| **(Cost $828,871)** | **(Cost $828,871)** | **(Cost $828,871)** |
| **TOTAL INVESTMENTS – 98.1%** | **TOTAL INVESTMENTS – 98.1%** | **TOTAL INVESTMENTS – 98.1%** |
| **(Cost $635,607,718)** | **(Cost $635,607,718)** | $703352790 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%** | 13745791 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $717098581 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | All or a portion of the security has been segregated as collateral for futures contracts. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Allocation as of December 31, 2022** | **Sector Allocation as of December 31, 2022** |
| **Sector Name** | **% of<br>Market Value** |
|  Financials | 20.3% |
|  Industrials | 17.2 |
|  Health Care | 15.8 |
|  Consumer Discretionary | 12.9 |
|  Consumer Staples | 8.7 |
|  Information Technology | 8.7 |
|  Materials | 5.9 |
|  Energy | 4.6 |
|  Utilities | 2.3 |
|  Communication Services | 2.1 |
|  Real Estate | 1.4 |
|  Securities Lending Reinvestment Vehicle | 0.1 |
| **TOTAL INVESTMENTS** | 100.0% |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 88 | 03/17/23 | $3565457 | $(134170) |
|  FTSE 100 Index | 14 | 03/17/23 | 1263643 | 2284 |
|  Hang Seng Index | 2 | 01/30/23 | 255142 | (597) |
|  MSCI Singapore Index | 5 | 01/30/23 | 108463 | 273 |
|  SPI 200 Index | 4 | 03/16/23 | 476051 | (8524) |
|  TOPIX Index | 12 | 03/09/23 | 1729503 | (46957) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | $(187691) |

---

---

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

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.5%** | **Common Stocks – 98.5%** | **Common Stocks – 98.5%** |
| **Automobiles & Components – 1.6%** | **Automobiles & Components – 1.6%** | **Automobiles & Components – 1.6%** |
| 152389 | Aptiv PLC\* | $14191988 |
| 197407 | Ford Motor Co. | 2295843 |
| 275539 | General Motors Co. | 9269132 |
| 5064 | Gentex Corp. | 138095 |
| 91537 | Tesla, Inc.\* | 11275528 |
|  |  | 37170586 |
| **Banks – 1.3%** | **Banks – 1.3%** | **Banks – 1.3%** |
| 32040 | BOK Financial Corp. | 3325432 |
| 11523 | Cadence Bank | 284157 |
| 70709 | East West Bancorp, Inc. | 4659723 |
| 40192 | First BanCorp. (Puerto Rico) | 511242 |
| 26803 | First Hawaiian, Inc. | 697950 |
| 19845 | International Bancshares Corp. | 908107 |
| 40827 | JPMorgan Chase & Co. | 5474901 |
| 100794 | MGIC Investment Corp. | 1310322 |
| 5054 | PNC Financial Services Group, Inc. (The) | 798229 |
| 25107 | Popular, Inc. (Puerto Rico) | 1665096 |
| 20633 | Signature Bank | 2377334 |
| 1609 | SVB Financial Group\* | 370296 |
| 123665 | Webster Financial Corp. | 5854301 |
| 55059 | Western Alliance Bancorp | 3279314 |
|  |  | 31516404 |
| **Capital Goods – 9.0%** | **Capital Goods – 9.0%** | **Capital Goods – 9.0%** |
| 5761 | AGCO Corp. | 798993 |
| 195946 | AMETEK, Inc. | 27377575 |
| 48397 | Atkore, Inc.\* | 5489188 |
| 46100 | Carrier Global Corp. | 1901625 |
| 44716 | Emerson Electric Co. | 4295419 |
| 114566 | Encore Wire Corp. | 15759699 |
| 1 | Fortive Corp. | 64 |
| 47851 | General Dynamics Corp. | 11872312 |
| 10402 | H&E Equipment Services, Inc. | 472251 |
| 12658 | Hexcel Corp. | 744923 |
| 518511 | Howmet Aerospace, Inc. | 20434518 |
| 97597 | Illinois Tool Works, Inc. | 21500619 |
| 406445 | Johnson Controls International PLC | 26012480 |
| 57344 | Lockheed Martin Corp. | 27897283 |
| 307311 | Mueller Industries, Inc. | 18131349 |
| 198373 | nVent Electric PLC | 7631409 |
| 149820 | Raytheon Technologies Corp. | 15119834 |
| 15142 | Snap-on, Inc. | 3459796 |
| 5515 | United Rentals, Inc.\* | 1960141 |
|  |  | 210859478 |
| **Commercial & Professional Services – 0.8%** | **Commercial & Professional Services – 0.8%** | **Commercial & Professional Services – 0.8%** |
| 29156 | Cintas Corp. | 13167433 |
| 71280 | CoStar Group, Inc.\* | 5508518 |
|  |  | 18675951 |
| **Consumer Durables & Apparel – 0.3%** | **Consumer Durables & Apparel – 0.3%** | **Consumer Durables & Apparel – 0.3%** |
| 43716 | Whirlpool Corp. | 6184065 |
| **Consumer Services – 2.0%** | **Consumer Services – 2.0%** | **Consumer Services – 2.0%** |
| 55954 | Airbnb, Inc., Class A\* | 4784067 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Services – (continued)** | **Consumer Services – (continued)** | **Consumer Services – (continued)** |
| 18020 | Boyd Gaming Corp. | 982631 |
| 18628 | Chipotle Mexican Grill, Inc.\* | 25846164 |
| 1587 | Graham Holdings Co., Class B | 958881 |
| 117702 | International Game Technology PLC | 2669481 |
| 25703 | Red Rock Resorts, Inc., Class A | 1028377 |
| 38775 | Wyndham Hotels & Resorts, Inc. | 2765045 |
| 90670 | Wynn Resorts Ltd.\* | 7477555 |
| 5222 | Yum! Brands, Inc. | 668834 |
|  |  | 47181035 |
| **Diversified Financials – 8.9%** | **Diversified Financials – 8.9%** | **Diversified Financials – 8.9%** |
| 22357 | Ameriprise Financial, Inc. | 6961299 |
| 585178 | Bank of New York Mellon Corp. (The) | 26637303 |
| 152384 | Berkshire Hathaway, Inc., Class B\* | 47071418 |
| 100090 | CME Group, Inc. | 16831134 |
| 51613 | Corebridge Financial, Inc. | 1035357 |
| 96351 | Discover Financial Services | 9426018 |
| 200048 | Equitable Holdings, Inc. | 5741378 |
| 35397 | Evercore, Inc., Class A | 3861105 |
| 19961 | Interactive Brokers Group, Inc., Class A | 1444178 |
| 142443 | Jefferies Financial Group, Inc. | 4882946 |
| 23105 | LPL Financial Holdings, Inc. | 4994608 |
| 24051 | MarketAxess Holdings, Inc. | 6707583 |
| 112434 | Morgan Stanley | 9559139 |
| 17240 | MSCI, Inc. | 8019531 |
| 9390 | State Street Corp. | 728382 |
| 203209 | Stifel Financial Corp. | 11861309 |
| 691771 | Synchrony Financial | 22731595 |
| 295760 | Voya Financial, Inc. | 18186282 |
|  |  | 206680565 |
| **Energy – 5.7%** | **Energy – 5.7%** | **Energy – 5.7%** |
| 64709 | Antero Resources Corp.\* | 2005332 |
| 28231 | Baker Hughes Co. | 833661 |
| 8224 | Cactus, Inc., Class A | 413338 |
| 10830 | Cheniere Energy, Inc. | 1624067 |
| 61306 | Civitas Resources, Inc. | 3551457 |
| 59229 | Coterra Energy, Inc. | 1455257 |
| 89256 | EOG Resources, Inc. | 11560437 |
| 50295 | Equitrans Midstream Corp. | 336976 |
| 33319 | Exxon Mobil Corp. | 3675086 |
| 220665 | Golar LNG Ltd. (Cameroon)\* | 5028955 |
| 12264 | Hess Corp. | 1739280 |
| 588413 | Kinder Morgan, Inc. | 10638507 |
| 193243 | Marathon Oil Corp. | 5231088 |
| 77746 | Marathon Petroleum Corp. | 9048857 |
| 8760 | ONEOK, Inc. | 575532 |
| 51560 | Ovintiv, Inc. | 2614608 |
| 33190 | Pioneer Natural Resources Co. | 7580264 |
| 94650 | Schlumberger Ltd. | 5059989 |
| 433503 | Scorpio Tankers, Inc. (Monaco) | 23309456 |
| 238799 | SFL Corp. Ltd. (Norway) | 2201727 |
| 9347 | SM Energy Co. | 325556 |
| 103628 | Targa Resources Corp. | 7616658 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Energy – (continued)** | **Energy – (continued)** | **Energy – (continued)** |
| 224238 | TechnipFMC PLC (United Kingdom)\* | 2733461 |
| 9713 | Teekay Tankers Ltd., Class A (Canada)\* | 299258 |
| 8214 | Valero Energy Corp. | 1042028 |
| 679601 | Williams Cos., Inc. (The) | 22358873 |
|  |  | 132859708 |
| **Food & Staples Retailing – 0.7%** | **Food & Staples Retailing – 0.7%** | **Food & Staples Retailing – 0.7%** |
| 66730 | Casey's General Stores, Inc. | 14970876 |
| 3528 | Costco Wholesale Corp. | 1610532 |
| 10652 | Sysco Corp. | 814345 |
|  |  | 17395753 |
| **Food, Beverage & Tobacco – 2.5%** | **Food, Beverage & Tobacco – 2.5%** | **Food, Beverage & Tobacco – 2.5%** |
| 80716 | Altria Group, Inc. | 3689528 |
| 11068 | Boston Beer Co., Inc. (The), Class A\* | 3647127 |
| 39594 | Darling Ingredients, Inc.\* | 2478189 |
| 35242 | Lamb Weston Holdings, Inc. | 3149225 |
| 9833 | Lancaster Colony Corp. | 1940051 |
| 484935 | Mondelez International, Inc., Class A | 32320918 |
| 20026 | PepsiCo, Inc. | 3617897 |
| 65544 | Philip Morris International, Inc. | 6633708 |
| 78990 | Primo Water Corp. | 1227505 |
|  |  | 58704148 |
| **Health Care Equipment & Services – 8.5%** | **Health Care Equipment & Services – 8.5%** | **Health Care Equipment & Services – 8.5%** |
| 592843 | Boston Scientific Corp.\* | 27430846 |
| 62227 | Centene Corp.\* | 5103236 |
| 21748 | Cigna Corp. | 7205982 |
| 39073 | CVS Health Corp. | 3641213 |
| 21562 | DaVita, Inc.\* | 1610035 |
| 71276 | Elevance Health, Inc. | 36562450 |
| 43802 | HCA Healthcare, Inc. | 10510728 |
| 34579 | Humana, Inc. | 17711018 |
| 14459 | IDEXX Laboratories, Inc.\* | 5898694 |
| 43991 | Intuitive Surgical, Inc.\* | 11673012 |
| 19000 | Laboratory Corp. of America Holdings | 4474120 |
| 397617 | Medtronic PLC | 30902793 |
| 27879 | Molina Healthcare, Inc.\* | 9206203 |
| 3886 | Shockwave Medical, Inc.\* | 799000 |
| 1199 | Teleflex, Inc. | 299306 |
| 47957 | UnitedHealth Group, Inc. | 25425842 |
|  |  | 198454478 |
| **Household & Personal Products – 0.4%** | **Household & Personal Products – 0.4%** | **Household & Personal Products – 0.4%** |
| 52651 | Kimberly-Clark Corp. | 7147373 |
| 8185 | Procter & Gamble Co. (The) | 1240519 |
|  |  | 8387892 |
| **Insurance – 3.0%** | **Insurance – 3.0%** | **Insurance – 3.0%** |
| 196463 | American Equity Investment Life Holding Co. | 8962642 |
| 69660 | American Financial Group, Inc. | 9562925 |
| 49985 | Arch Capital Group Ltd.\* | 3138058 |
| 23986 | Axis Capital Holdings Ltd. | 1299322 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 38542 | Brighthouse Financial, Inc.\* | 1976048 |
| 113046 | Chubb Ltd. | 24937948 |
| 216647 | CNO Financial Group, Inc. | 4950384 |
| 27694 | Globe Life, Inc. | 3338512 |
| 58061 | Marsh & McLennan Cos., Inc. | 9607934 |
| 6559 | Reinsurance Group of America, Inc. | 931968 |
| 3410 | W R Berkley Corp. | 247464 |
|  |  | 68953205 |
| **Materials – 2.2%** | **Materials – 2.2%** | **Materials – 2.2%** |
| 3481 | Alpha Metallurgical Resources, Inc. | 509584 |
| 44191 | Axalta Coating Systems Ltd.\* | 1125545 |
| 47477 | CF Industries Holdings, Inc. | 4045040 |
| 28500 | Corteva, Inc. | 1675230 |
| 8601 | Dow, Inc. | 433404 |
| 32458 | Eagle Materials, Inc. | 4312045 |
| 71308 | Element Solutions, Inc. | 1297093 |
| 224219 | Huntsman Corp. | 6161538 |
| 2882 | International Flavors & Fragrances, Inc. | 302149 |
| 5444 | Martin Marietta Materials, Inc. | 1839909 |
| 140756 | Mosaic Co. (The) | 6174966 |
| 8572 | Nucor Corp. | 1129875 |
| 56853 | Olin Corp. | 3009798 |
| 60677 | Sherwin-Williams Co. (The) | 14400472 |
| 8802 | Steel Dynamics, Inc. | 859955 |
| 101858 | Summit Materials, Inc., Class A\* | 2891749 |
| 35291 | Warrior Met Coal, Inc. | 1222480 |
|  |  | 51390832 |
| **Media & Entertainment – 4.1%** | **Media & Entertainment – 4.1%** | **Media & Entertainment – 4.1%** |
| 326600 | Alphabet, Inc., Class A\* | 28815918 |
| 315000 | Alphabet, Inc., Class C\* | 27949950 |
| 12395 | Charter Communications, Inc., Class A\* | 4203144 |
| 90544 | Interpublic Group of Cos., Inc. (The) | 3016021 |
| 117978 | Live Nation Entertainment, Inc.\* | 8227786 |
| 17470 | Meta Platforms, Inc., Class A\* | 2102340 |
| 17336 | Netflix, Inc.\* | 5112040 |
| 647009 | News Corp., Class A | 11775564 |
| 57664 | Trade Desk, Inc. (The), Class A\* | 2585077 |
| 80977 | TripAdvisor, Inc.\* | 1455966 |
|  |  | 95243806 |
| **Pharmaceuticals, Biotechnology & Life Sciences – 9.5%** | **Pharmaceuticals, Biotechnology & Life Sciences – 9.5%** | **Pharmaceuticals, Biotechnology & Life Sciences – 9.5%** |
| 279233 | AbbVie, Inc. | 45126845 |
| 219556 | Avantor, Inc.\* | 4630436 |
| 16828 | Biogen, Inc.\* | 4660010 |
| 6061 | Bristol-Myers Squibb Co. | 436089 |
| 374402 | Elanco Animal Health, Inc.\* | 4575193 |
| 180588 | Gilead Sciences, Inc. | 15503480 |
| 178341 | Horizon Therapeutics PLC\* | 20295206 |
| 7809 | IQVIA Holdings, Inc.\* | 1599986 |
| 15891 | Jazz Pharmaceuticals PLC\* | 2531595 |
| 235200 | Johnson & Johnson | 41548080 |
| 64030 | Medpace Holdings, Inc.\* | 13600612 |

---

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals, Biotechnology & Life Sciences – (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences – (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences – (continued)** | **Pharmaceuticals, Biotechnology & Life Sciences – (continued)** |
| 26154 | Merck & Co., Inc. | $| 2901786 |
| 6958 | Mettler-Toledo International, Inc.\* |  | 10057441 |
| 321881 | Pfizer, Inc. |  | 16493182 |
| 4775 | Regeneron Pharmaceuticals, Inc.\* |  | 3445115 |
| 71117 | Royalty Pharma PLC, Class A |  | 2810544 |
| 3494 | Thermo Fisher Scientific, Inc. |  | 1924111 |
| 93638 | Vertex Pharmaceuticals, Inc.\* |  | 27040782 |
| 6675 | West Pharmaceutical Services, Inc. |  | 1570961 |
|  |  |  | 220751454 |
| **Real Estate – 5.3%** | **Real Estate – 5.3%** | **Real Estate – 5.3%** | **Real Estate – 5.3%** |
| 1 | Apartment Income REIT Corp. REIT |  | 34 |
| 1 | Apartment Investment and Management Co., Class A REIT |  | 7 |
| 21275 | Brixmor Property Group, Inc. REIT |  | 482304 |
| 92408 | Camden Property Trust REIT |  | 10338607 |
| 19313 | Crown Castle, Inc. REIT |  | 2619615 |
| 5206 | CubeSmart REIT |  | 209541 |
| 151660 | EPR Properties REIT |  | 5720615 |
| 42893 | Equity LifeStyle Properties, Inc. REIT |  | 2770888 |
| 17807 | Equity Residential REIT |  | 1050613 |
| 62315 | First Industrial Realty Trust, Inc. REIT |  | 3007322 |
| 1080463 | Host Hotels & Resorts, Inc. REIT |  | 17341431 |
| 20144 | Lamar Advertising Co., Class A REIT |  | 1901594 |
| 24620 | Life Storage, Inc. REIT |  | 2425070 |
| 29850 | Mid-America Apartment Communities, Inc. REIT |  | 4686152 |
| 405272 | National Storage Affiliates Trust REIT |  | 14638425 |
| 14912 | NexPoint Residential Trust, Inc. REIT |  | 648970 |
| 90879 | Outfront Media, Inc. REIT |  | 1506774 |
| 315918 | Park Hotels & Resorts, Inc. REIT |  | 3724673 |
| 84670 | Prologis, Inc. REIT |  | 9544849 |
| 62322 | Public Storage REIT |  | 17462001 |
| 83673 | SBA Communications Corp. REIT |  | 23454379 |
| 2 | Simon Property Group, Inc. REIT |  | 235 |
| 28435 | Ventas, Inc. REIT |  | 1280997 |
| 1 | Vornado Realty Trust REIT |  | 21 |
|  |  |  | 124815117 |
| **Retailing – 5.3%** | **Retailing – 5.3%** | **Retailing – 5.3%** | **Retailing – 5.3%** |
| 393336 | Amazon.com, Inc.\* |  | 33040224 |
| 1486 | Asbury Automotive Group, Inc.\* |  | 266366 |
| 13147 | AutoZone, Inc.\* |  | 32422868 |
| 130923 | Chewy, Inc., Class A\* |  | 4854625 |
| 34974 | eBay, Inc. |  | 1450372 |
| 48657 | LKQ Corp. |  | 2598770 |
| 91859 | Lowe's Cos., Inc. |  | 18301987 |
| 328288 | Macy's, Inc. |  | 6779147 |
| 11283 | MercadoLibre, Inc. (Brazil)\* |  | 9548126 |
| 39766 | Murphy USA, Inc. |  | 11116188 |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
| 1394 | O'Reilly Automotive, Inc.\* |  | 1176578 |
| 8426 | Penske Automotive Group, Inc. |  | 968400 |
| 41013 | Petco Health & Wellness Co., Inc.\* |  | 388803 |
| 8734 | Target Corp. |  | 1301715 |
| 1 | Victoria's Secret & Co.\* |  | 36 |
|  |  |  | 124214205 |
| **Semiconductors & Semiconductor Equipment – 3.9%** | **Semiconductors & Semiconductor Equipment – 3.9%** | **Semiconductors & Semiconductor Equipment – 3.9%** | **Semiconductors & Semiconductor Equipment – 3.9%** |
| 218165 | Applied Materials, Inc. |  | 21244908 |
| 29808 | Axcelis Technologies, Inc.\* |  | 2365563 |
| 47943 | Broadcom, Inc. |  | 26806370 |
| 3264 | KLA Corp. |  | 1230626 |
| 13711 | Lam Research Corp. |  | 5762733 |
| 14728 | Microchip Technology, Inc. |  | 1034642 |
| 130588 | NVIDIA Corp. |  | 19084130 |
| 66140 | ON Semiconductor Corp.\* |  | 4125152 |
| 63128 | Texas Instruments, Inc. |  | 10430008 |
|  |  |  | 92084132 |
| **Software & Services – 13.4%** | **Software & Services – 13.4%** | **Software & Services – 13.4%** | **Software & Services – 13.4%** |
| 31236 | Accenture PLC, Class A |  | 8335014 |
| 108540 | Adobe, Inc.\* |  | 36526966 |
| 162817 | Clear Secure, Inc., Class A |  | 4466070 |
| 267799 | Cognizant Technology Solutions Corp., Class A |  | 15315425 |
| 77471 | CommVault Systems, Inc.\* |  | 4868278 |
| 28169 | DXC Technology Co.\* |  | 746479 |
| 5074 | EPAM Systems, Inc.\* |  | 1662953 |
| 52450 | Euronet Worldwide, Inc.\* |  | 4950231 |
| 24933 | ExlService Holdings, Inc.\* |  | 4224398 |
| 395400 | Fortinet, Inc.\* |  | 19331106 |
| 52678 | Gartner, Inc.\* |  | 17707183 |
| 11360 | Genpact Ltd. |  | 526195 |
| 20249 | Intuit, Inc. |  | 7881316 |
| 12751 | Manhattan Associates, Inc.\* |  | 1547971 |
| 20312 | Maximus, Inc. |  | 1489479 |
| 366032 | Microsoft Corp.<sup>(a)</sup> |  | 87781794 |
| 17447 | MongoDB, Inc.\* |  | 3434268 |
| 115526 | NCR Corp.\* |  | 2704464 |
| 18506 | Oracle Corp. |  | 1512681 |
| 126882 | Palo Alto Networks, Inc.\* |  | 17705114 |
| 26485 | Paycom Software, Inc.\* |  | 8218560 |
| 5663 | Perficient, Inc.\* |  | 395447 |
| 24029 | ServiceNow, Inc.\* |  | 9329740 |
| 86653 | Snowflake, Inc., Class A\* |  | 12438172 |
| 13204 | SPS Commerce, Inc.\* |  | 1695790 |
| 29687 | TaskUS, Inc., Class A (Philippines)\* |  | 501710 |
| 11855 | Tenable Holdings, Inc.\* |  | 452268 |
| 6431 | Tyler Technologies, Inc.\* |  | 2073419 |
| 124296 | VeriSign, Inc.\* |  | 25535370 |
| 58807 | Zoom Video Communications, Inc., Class A\* |  | 3983586 |
| 43289 | Zscaler, Inc.\* |  | 4844039 |
|  |  |  | 312185486 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Technology Hardware & Equipment – 6.9%** | **Technology Hardware & Equipment – 6.9%** | **Technology Hardware & Equipment – 6.9%** |
| 755474 | Apple, Inc.<sup>(a)</sup> | $98158737 |
| 6480 | Arista Networks, Inc.\* | 786348 |
| 395329 | Cisco Systems, Inc. | 18833474 |
| 314773 | Hewlett Packard Enterprise Co. | 5023777 |
| 94239 | Keysight Technologies, Inc.\* | 16121466 |
| 42942 | NetApp, Inc. | 2579096 |
| 135147 | Super Micro Computer, Inc.\* | 11095569 |
| 21541 | Teledyne Technologies, Inc.\* | 8614461 |
| 1 | Vontier Corp. | 19 |
|  |  | 161212947 |
| **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** |
| 80612 | Liberty Global PLC, Class C (United Kingdom)\* | 1566291 |
| **Transportation – 2.9%** | **Transportation – 2.9%** | **Transportation – 2.9%** |
| 633903 | CSX Corp. | 19638315 |
| 67627 | Knight-Swift Transportation Holdings, Inc. | 3544331 |
| 18420 | Norfolk Southern Corp. | 4539056 |
| 119266 | Ryder System, Inc. | 9967060 |
| 146956 | Union Pacific Corp. | 30430179 |
|  |  | 68118941 |
| **Utilities – 0.2%** | **Utilities – 0.2%** | **Utilities – 0.2%** |
| 68737 | NRG Energy, Inc. | 2187211 |
| 38829 | ONE Gas, Inc. | 2940132 |
|  |  | 5127343 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $1,568,555,406)** | **(Cost $1,568,555,406)** | $2299733822 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Companies – 0.0%<sup>(b)</sup>** | **Investment Companies – 0.0%<sup>(b)</sup>** | **Investment Companies – 0.0%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 151297 | 4.159% | $151297 |
| **(Cost $151,297)** | **(Cost $151,297)** | **(Cost $151,297)** |
| **TOTAL INVESTMENTS – 98.5%** | **TOTAL INVESTMENTS – 98.5%** | **TOTAL INVESTMENTS – 98.5%** |
| **(Cost $1,568,706,703)** | **(Cost $1,568,706,703)** | $2299885119 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | 34880002 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2334765121 |

---

---

| | |
|:---|:---|
| 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 the security has been segregated as collateral for futures contracts. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 15 | 03/17/23 | $1328175 | $(30565) |
|  S&P 500 E-Mini Index | 67 | 03/17/23 | 12934350 | (361299) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | $(391864) |

---

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

## Statements of Assets and Liabilities
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International<br>Tax-Managed<br>Equity Fund** | **U.S. Tax-<br>Managed<br>Equity Fund** |
| **Assets:** | **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $634,778,847 and $1,568,555,406, respectively)<sup>(a)</sup> | $702523919 | $2299733822 |
|  Investments in affiliated issuers, at value (cost $— and $151,297, respectively) |  | 151297 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 828871 |  |
|  Cash | 1787409 | 34536236 |
|  Foreign currency, at value (cost $10,518,077 and $—, respectively) | 10636473 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 3415977 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 679258 | 2518958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 28963 | 1178202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 21600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 6000 |  |
|  Other assets | 46919 | 19633 |
| **Total assets** | 719975389 | 2338140632 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Variation margin on futures contracts | 62959 | 40663 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1224176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 828871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 521258 | 1325787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 152028 | 1079804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 20638 | 112780 |
|  Accrued expenses | 66878 | 816477 |
| **Total liabilities** | 2876808 | 3375511 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Paid-in capital | 733707398 | 1610479573 |
|  Total distributable earnings | (16608817) | 724285548 |
| **NET ASSETS** | $717098581 | $2334765121 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $5139121 | $90164430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 727750 | 16096462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9933774 | 60342277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 2568243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8698935 | 15644961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 630798806 | 1975694455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 61800195 | 174254293 |
|  Total Net Assets | $717098581 | $2334765121 |
|  Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 510105 | 2973559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 73717 | 569294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 983690 | 1940125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 84267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 860879 | 507520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 62923807 | 64094250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 6160885 | 5651589 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.07 | $30.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.87 | 28.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.10 | 31.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 30.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.10 | 30.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.02 | 30.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.03 | 30.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $752,863 and $–, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund is $10.66 and $32.08, 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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

## Statements of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International<br>Tax-Managed<br>Equity Fund** | **U.S. Tax-<br>Managed<br>Equity Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,779,254 and $52,133, respectively) | $28545674 | $31370225 |
|  Securities lending income — affiliated issuer | 29949 | 2784 |
|  Dividends — affiliated issuers | 5427 | 33180 |
| **Total investment income** | 28581050 | 31406189 |
| **Expenses:** | **Expenses:** | **Expenses:** |
|  Management fees | 6133310 | 15355494 |
|  Transfer Agency fees<sup>(a)</sup> | 237271 | 876110 |
|  Custody, accounting and administrative services | 195671 | 381847 |
|  Professional fees | 127759 | 78557 |
|  Registration fees | 92886 | 153259 |
|  Trustee fees | 25832 | 33110 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 20455 | 371983 |
|  Printing and mailing costs | 18072 | 13454 |
|  Service fees — Class C | 2014 | 44105 |
|  Shareholder Administration fees — Service Shares |  | 5818 |
|  Other | 2003 | 73192 |
| **Total expenses** | 6855273 | 17386929 |
|  Less — expense reductions | (369451) | (647996) |
| **Net expenses** | 6485822 | 16738933 |
| **NET INVESTMENT INCOME** | 22095228 | 14667256 |
| **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** | **Realized and unrealized gain (loss):** |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1089122) | (97191) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 21852229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (512434) | (1992802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (607837) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (168137767) | (538731117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (311115) | (391864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (37368) |  |
| **Net realized and unrealized loss** | (148843414) | (541212974) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(126748186) | $(526545718) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Service**  | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
|  International Tax-Managed Equity Fund | $14414 | $6041 | $— | $9225 | $1289 | $4037 | $— | $13845 | $188365 | $20510 |
|  U.S. Tax-Managed Equity Fund | 234284 | 132316 | 5383 | 149942 | 28227 | 23293 | 861 | 27735 | 590603 | 55449 |

---

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
|  Net investment income | $22095228 | $20635904 | $14667256 | $10712268 |
|  Net realized gain (loss) | 19642836 | 48290528 | (2089993) | 129304964 |
|  Net change in unrealized gain (loss) | (168486250) | 20055463 | (539122981) | 433085566 |
| **Net increase (decrease) in net assets resulting from operations** | (126748186) | 88981895 | (526545718) | 573102798 |
| **Distributions to shareholders:** | **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (162210) | (222523) | (342379) | (187075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (17250) | (19506) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (346285) | (332199) | (421368) | (234991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (7142) | (215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (300562) | (208042) | (97323) | (72929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (21935527) | (21530042) | (14183905) | (9154253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2154500) | (2422168) | (1252858) | (964387) |
| **Total distributions to shareholders** | (24916334) | (24734480) | (16304975) | (10613850) |
| **From share transactions:** | **From share transactions:** | **From share transactions:** |  |  |
|  Proceeds from sales of shares | 81602420 | 100699707 | 423239765 | 354091106 |
|  Proceeds paid in connection with in-kind transactions | (40000055) | (56160000) |  | (145620000) |
|  Reinvestment of distributions | 24916127 | 24732502 | 16142013 | 10555178 |
|  Cost of shares redeemed | (36436968) | (30644213) | (107632492) | (86099028) |
| **Net increase in net assets resulting from share transactions** | 30081524 | 38627996 | 331749286 | 132927256 |
| **TOTAL INCREASE (DECREASE)** | (121582996) | 102875411 | (211101407) | 695416204 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | 838681577 | 735806166 | 2545866528 | 1850450324 |
|  End of year | $717098581 | $838681577 | $2334765121 | $2545866528 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

## Financial Highlights
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $12.28 | $11.32 | $10.43 | $8.93 | $10.93 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.28 | 0.10 | 0.18 | 0.18 |
|  Net realized and unrealized gain (loss) | (2.18) | 1.07 | 0.92 | 1.49 | (2.03) |
|  Total from investment operations | (1.89) | 1.35 | 1.02 | 1.67 | (1.85) |
|  Distributions to shareholders from net investment income | (0.32) | (0.39) | (0.13) | (0.17) | (0.15) |
|  Net asset value, end of year | $10.07 | $12.28 | $11.32 | $10.43 | $8.93 |
| **Total Return<sup>(b)</sup>** | (15.36)% | 12.02% | 9.75% | 18.66% | (16.86)% |
|  Net assets, end of year (in 000's) | $5139 | $7235 | $6662 | $8419 | $8145 |
|  Ratio of net expenses to average net assets | 1.22% | 1.22% | 1.23% | 1.25% | 1.29% |
|  Ratio of total expenses to average net assets | 1.32% | 1.33% | 1.36% | 1.37% | 1.37% |
|  Ratio of net investment income to average net assets | 2.74% | 2.33% | 1.07% | 1.81% | 1.69% |
|  Portfolio turnover rate<sup>(c)</sup> | 226% | 162% | 177% | 231% | 177% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

## Financial Highlights (continued)
*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $12.03 | $11.04 | $10.18 | $8.68 | $10.59 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.20 | 0.03 | 0.12 | 0.10 |
|  Net realized and unrealized gain (loss) | (2.13) | 1.03 | 0.88 | 1.42 | (1.94) |
|  Total from investment operations | (1.92) | 1.23 | 0.91 | 1.54 | (1.84) |
|  Distributions to shareholders from net investment income | (0.24) | (0.24) | (0.05) | (0.04) | (0.07) |
|  Net asset value, end of year | $9.87 | $12.03 | $11.04 | $10.18 | $8.68 |
| **Total Return<sup>(b)</sup>** | (15.96)% | 11.19% | 8.89% | 17.74% | (17.39)% |
|  Net assets, end of year (in 000's) | $728 | $1009 | $1060 | $1308 | $2551 |
|  Ratio of net expenses to average net assets | 1.97% | 1.96% | 1.98% | 2.01% | 2.04% |
|  Ratio of total expenses to average net assets | 2.07% | 2.07% | 2.11% | 2.12% | 2.12% |
|  Ratio of net investment income to average net assets | 2.01% | 1.59% | 0.33% | 1.25% | 1.01% |
|  Portfolio turnover rate<sup>(c)</sup> | 226% | 162% | 177% | 231% | 177% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $12.31 | $11.29 | $10.40 | $8.91 | $10.85 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.32 | 0.13 | 0.21 | 0.31 |
|  Net realized and unrealized gain (loss) | (2.17) | 1.07 | 0.92 | 1.48 | (2.10) |
|  Total from investment operations | (1.85) | 1.39 | 1.05 | 1.69 | (1.79) |
|  Distributions to shareholders from net investment income | (0.36) | (0.37) | (0.16) | (0.20) | (0.15) |
|  Net asset value, end of year | $10.10 | $12.31 | $11.29 | $10.40 | $8.91 |
| **Total Return<sup>(b)</sup>** | (15.02)% | 12.42% | 10.11% | 19.01% | (16.49)% |
|  Net assets, end of year (in 000's) | $9934 | $11247 | $9998 | $15783 | $16948 |
|  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 | 0.95% | 0.96% | 0.99% | 0.99% | 0.96% |
|  Ratio of net investment income to average net assets | 3.01% | 2.65% | 1.36% | 2.11% | 2.87% |
|  Portfolio turnover rate<sup>(c)</sup> | 226% | 162% | 177% | 231% | 177% |

---

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

&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;(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.

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $12.32 | $11.30 | $10.40 | $8.91 | $10.91 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.31 | 0.13 | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.19) | 1.07 | 0.92 | 1.48 | (2.00) |
|  Total from investment operations | (1.87) | 1.38 | 1.05 | 1.68 | (1.81) |
|  Distributions to shareholders from net investment income | (0.35) | (0.36) | (0.15) | (0.19) | (0.19) |
|  Net asset value, end of year | $10.10 | $12.32 | $11.30 | $10.40 | $8.91 |
| **Total Return<sup>(b)</sup>** | (15.15)% | 12.31% | 10.09% | 18.90% | (16.66)% |
|  Net assets, end of year (in 000's) | $8699 | $7290 | $9085 | $18290 | $14008 |
|  Ratio of net expenses to average net assets | 0.97% | 0.97% | 0.98% | 1.00% | 1.04% |
|  Ratio of total expenses to average net assets | 1.08% | 1.08% | 1.11% | 1.12% | 1.12% |
|  Ratio of net investment income to average net assets | 3.08% | 2.58% | 1.38% | 2.06% | 1.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 226% | 162% | 177% | 231% | 177% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $12.23 | $11.22 | $10.33 | $8.85 | $10.92 |
|  Net investment income<sup>(b)</sup> | 0.32 | 0.32 | 0.14 | 0.21 | 0.08 |
|  Net realized and unrealized gain (loss) | (2.17) | 1.06 | 0.92 | 1.47 | (1.95) |
|  Total from investment operations | (1.85) | 1.38 | 1.06 | 1.68 | (1.87) |
|  Distributions to shareholders from net investment income | (0.36) | (0.37) | (0.17) | (0.20) | (0.20) |
|  Net asset value, end of period | $10.02 | $12.23 | $11.22 | $10.33 | $8.85 |
| **Total Return<sup>(c)</sup>** | (15.11)% | 12.43% | 10.20% | 19.05% | (17.07)% |
|  Net assets, end of period (in 000's) | $630799 | $730126 | $640212 | $660555 | $530891 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.89% | 0.89% | 0.89 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.94% | 0.95% | 0.97% | 0.98% | 0.99 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 3.06% | 2.66% | 1.42% | 2.12% | 1.14 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 226% | 162% | 177% | 231% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 30, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $12.23 | $11.22 | $10.34 | $8.86 | $11.07 |
|  Net investment income<sup>(b)</sup> | 0.33 | 0.32 | 0.14 | 0.21 | 0.10 |
|  Net realized and unrealized gain (loss) | (2.17) | 1.06 | 0.91 | 1.47 | (2.11) |
|  Total from investment operations | (1.84) | 1.38 | 1.05 | 1.68 | (2.01) |
|  Distributions to shareholders from net investment income | (0.36) | (0.37) | (0.17) | (0.20) | (0.20) |
|  Net asset value, end of period | $10.03 | $12.23 | $11.22 | $10.34 | $8.86 |
| **Total Return<sup>(c)</sup>** | (15.03)% | 12.42% | 10.09% | 19.02% | (18.09)% |
|  Net assets, end of period (in 000's) | $61800 | $81775 | $68788 | $67038 | $64578 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.89% | 0.89% | 0.89 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.94% | 0.95% | 0.98% | 0.98% | 1.00 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 3.10% | 2.66% | 1.45% | 2.15% | 1.43 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 226% | 162% | 177% | 231% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $38.29 | $29.78 | $25.54 | $20.43 | $22.37 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.05 | 0.06 | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | (7.95) | 8.52 | 4.31 | 5.09 | (1.93) |
|  Total from investment operations | (7.85) | 8.57 | 4.37 | 5.20 | (1.83) |
|  Distributions to shareholders from net investment income | (0.12) | (0.06) | (0.09) | (0.09) | (0.11) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.12) | (0.06) | (0.13) | (0.09) | (0.11) |
|  Net asset value, end of year | $30.32 | $38.29 | $29.78 | $25.54 | $20.43 |
| **Total Return<sup>(b)</sup>** | (20.51)% | 28.80% | 17.06% | 25.48% | (8.15)% |
|  Net assets, end of year (in 000's) | $90164 | $111821 | $75584 | $68427 | $57833 |
|  Ratio of net expenses to average net assets | 1.03% | 1.06% | 1.08% | 1.10% | 1.14% |
|  Ratio of total expenses to average net assets | 1.10% | 1.11% | 1.12% | 1.13% | 1.14% |
|  Ratio of net investment income to average net assets | 0.29% | 0.16% | 0.24% | 0.47% | 0.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 246% | 116% | 177% | 205% | 152% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $35.84 | $28.04 | $24.11 | $19.36 | $21.24 |
|  Net investment loss<sup>(a)</sup> | (0.14) | (0.19) | (0.13) | (0.06) | (0.07) |
|  Net realized and unrealized gain (loss) | (7.43) | 7.99 | 4.06 | 4.81 | (1.81) |
|  Total from investment operations | (7.57) | 7.80 | 3.93 | 4.75 | (1.88) |
|  Net asset value, end of year | $28.27 | $35.84 | $28.04 | $24.11 | $19.36 |
| **Total Return<sup>(b)</sup>** | (21.12)% | 27.82% | 16.25% | 24.54% | (8.85)% |
|  Net assets, end of year (in 000's) | $16096 | $21720 | $19502 | $18341 | $14380 |
|  Ratio of net expenses to average net assets | 1.78% | 1.81% | 1.83% | 1.85% | 1.88% |
|  Ratio of total expenses to average net assets | 1.85% | 1.86% | 1.87% | 1.88% | 1.89% |
|  Ratio of net investment loss to average net assets | (0.46)% | (0.59)% | (0.53)% | (0.28)% | (0.33)% |
|  Portfolio turnover rate<sup>(c)</sup> | 246% | 116% | 177% | 205% | 152% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $39.28 | $30.53 | $26.16 | $20.91 | $22.71 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.17 | 0.15 | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) | (8.17) | 8.74 | 4.43 | 5.23 | (1.97) |
|  Total from investment operations | (7.96) | 8.91 | 4.58 | 5.43 | (1.78) |
|  Distributions to shareholders from net investment income | (0.22) | (0.16) | (0.17) | (0.18) | (0.02) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.22) | (0.16) | (0.21) | (0.18) | (0.02) |
|  Net asset value, end of year | $31.10 | $39.28 | $30.53 | $26.16 | $20.91 |
| **Total Return<sup>(b)</sup>** | (20.26)% | 29.23% | 17.48% | 25.90% | (7.78)% |
|  Net assets, end of year (in 000's) | $60342 | $56035 | $47997 | $45718 | $34812 |
|  Ratio of net expenses to average net assets | 0.70% | 0.74% | 0.74% | 0.74% | 0.74% |
|  Ratio of total expenses to average net assets | 0.72% | 0.75% | 0.75% | 0.75% | 0.74% |
|  Ratio of net investment income to average net assets | 0.64% | 0.48% | 0.56% | 0.83% | 0.79% |
|  Portfolio turnover rate<sup>(c)</sup> | 246% | 116% | 177% | 205% | 152% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $38.52 | $29.96 | $25.70 | $20.57 | $22.51 |
|  Net investment income<sup>(a)</sup> | 0.04 | — <sup>(b)</sup> | 0.02 | 0.08 | 0.08 |
|  Net realized and unrealized gain (loss) | (7.99) | 8.56 | 4.33 | 5.13 | (1.94) |
|  Total from investment operations | (7.95) | 8.56 | 4.35 | 5.21 | (1.86) |
|  Distributions to shareholders from net investment income | (0.09) | — <sup>(b)</sup> | (0.05) | (0.08) | (0.08) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.09) | — <sup>(b)</sup> | (0.09) | (0.08) | (0.08) |
|  Net asset value, end of year | $30.48 | $38.52 | $29.96 | $25.70 | $20.57 |
| **Total Return<sup>(c)</sup>** | (20.65)% | 28.58% | 16.87% | 25.31% | (8.26)% |
|  Net assets, end of year (in 000's) | $2568 | $2476 | $1932 | $1649 | $732 |
|  Ratio of net expenses to average net assets | 1.22% | 1.23% | 1.24% | 1.24% | 1.25% |
|  Ratio of total expenses to average net assets | 1.25% | 1.24% | 1.25% | 1.25% | 1.25% |
|  Ratio of net investment income to average net assets | 0.13% | 0.01% | 0.08% | 0.33% | 0.33% |
|  Portfolio turnover rate<sup>(d)</sup> | 246% | 116% | 177% | 205% | 152% |

---

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

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

&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;(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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of year | $38.93 | $30.26 | $25.93 | $20.73 | $22.70 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.14 | 0.12 | 0.17 | 0.16 |
|  Net realized and unrealized gain (loss) | (8.09) | 8.67 | 4.40 | 5.18 | (1.97) |
|  Total from investment operations | (7.91) | 8.81 | 4.52 | 5.35 | (1.81) |
|  Distributions to shareholders from net investment income | (0.19) | (0.14) | (0.15) | (0.15) | (0.16) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.19) | (0.14) | (0.19) | (0.15) | (0.16) |
|  Net asset value, end of year | $30.83 | $38.93 | $30.26 | $25.93 | $20.73 |
| **Total Return<sup>(b)</sup>** | (20.31)% | 29.13% | 17.38% | 25.82% | (7.95)% |
|  Net assets, end of year (in 000's) | $15645 | $20599 | $15938 | $21591 | $17894 |
|  Ratio of net expenses to average net assets | 0.78% | 0.82% | 0.83% | 0.85% | 0.89% |
|  Ratio of total expenses to average net assets | 0.85% | 0.87% | 0.87% | 0.88% | 0.89% |
|  Ratio of net investment income to average net assets | 0.54% | 0.40% | 0.46% | 0.72% | 0.68% |
|  Portfolio turnover rate<sup>(c)</sup> | 246% | 116% | 177% | 205% | 152% |

---

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

&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;(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.

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $38.93 | $30.26 | $25.93 | $20.73 | $22.93 |
|  Net investment income<sup>(b)</sup> | 0.21 | 0.17 | 0.15 | 0.20 | 0.13 |
|  Net realized and unrealized gain (loss) | (8.10) | 8.67 | 4.40 | 5.18 | (2.14) |
|  Total from investment operations | (7.89) | 8.84 | 4.55 | 5.38 | (2.01) |
|  Distributions to shareholders from net investment income | (0.22) | (0.17) | (0.18) | (0.18) | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.22) | (0.17) | (0.22) | (0.18) | (0.19) |
|  Net asset value, end of period | $30.82 | $38.93 | $30.26 | $25.93 | $20.73 |
| **Total Return<sup>(c)</sup>** | (20.26)% | 29.24% | 17.49% | 25.96% | (8.72)% |
|  Net assets, end of period (in 000's) | $1975694 | $2111315 | $1536722 | $1575990 | $1263556 |
|  Ratio of net expenses to average net assets | 0.69% | 0.73% | 0.73% | 0.73% | 0.74 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.72% | 0.74% | 0.74% | 0.74% | 0.74 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.65% | 0.49% | 0.57% | 0.84% | 0.85 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 246% | 116% | 177% | 205% | 152% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 30, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

*Selected Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $38.94 | $30.27 | $25.94 | $20.74 | $23.43 |
|  Net investment income<sup>(b)</sup> | 0.21 | 0.17 | 0.15 | 0.20 | 0.16 |
|  Net realized and unrealized gain (loss) | (8.10) | 8.67 | 4.40 | 5.18 | (2.66) |
|  Total from investment operations | (7.89) | 8.84 | 4.55 | 5.38 | (2.50) |
|  Distributions to shareholders from net investment income | (0.22) | (0.17) | (0.18) | (0.18) | (0.19) |
|  Distributions to shareholders from return of capital |  |  | (0.04) |  |  |
|  Total distributions | (0.22) | (0.17) | (0.22) | (0.18) | (0.19) |
|  Net asset value, end of period | $30.83 | $38.94 | $30.27 | $25.94 | $20.74 |
| **Total Return<sup>(c)</sup>** | (20.25)% | 29.23% | 17.48% | 25.94% | (10.62)% |
|  Net assets, end of period (in 000's) | $174254 | $221902 | $152775 | $138399 | $97892 |
|  Ratio of net expenses to average net assets | 0.69% | 0.73% | 0.73% | 0.73% | 0.74 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 0.72% | 0.74% | 0.74% | 0.74% | 0.75 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.64% | 0.49% | 0.59% | 0.83% | 0.95 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 246% | 116% | 177% | 205% | 152% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 17, 2018.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

## Notes to Financial Statements
*December 31, 2022* 

**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** |
|  International Tax-Managed Equity | A, C, Institutional, Investor, R6 and P | Diversified |
|  U.S. Tax-Managed Equity | 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 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.

**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.

A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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.

**39** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

## Notes to Financial Statements (continued)
*December 31, 2022* 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions<br>Declared/Paid** | **Capital Gains Distributions<br>Declared/Paid** |
|  International Tax-Managed Equity | Annually | Annually |
|  U.S. Tax-Managed Equity | 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.

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.

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, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

**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;

**40** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, 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 the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation 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.

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

**41** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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.

C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL TAX-MANAGED EQUITY FUND** | **INTERNATIONAL TAX-MANAGED EQUITY FUND** | **INTERNATIONAL TAX-MANAGED EQUITY FUND** | **INTERNATIONAL TAX-MANAGED EQUITY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $7172604 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 306000 | 171123756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7139860 | 400125753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 9961682 | 40321106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 7974702 | 58398456 |  |
|  Securities Lending Reinvestment Vehicle | 828871 |  |  |
| **Total** | $26211115 | $677141675 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $2557 | $— | $— |
| **Total** | $2557 | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile 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.

(b) Amount shown represents unrealized gain (loss) at fiscal year end.

**42** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL TAX-MANAGED EQUITY FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(190248) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | $(190248) | $— | $— |
| **U.S. TAX-MANAGED EQUITY FUND** | **U.S. TAX-MANAGED EQUITY FUND** | **U.S. TAX-MANAGED EQUITY FUND** | **U.S. TAX-MANAGED EQUITY FUND** |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $5028955 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 501710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 29810935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2254844096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 9548126 |  |  |
|  Investment Company | 151297 |  |  |
| **Total** | $2299885119 | $— | $— |
| **Derivative Type** |  |  |  |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(391864) | $— | $— |
| **Total** | $(391864) | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile 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.

(b) Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

**4. INVESTMENTS IN DERIVATIVES**

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Assets** | **Statements of Assets<br>and Liabilities** | **Liabilities** |
|  International Tax-Managed Equity | Equity | $2557 <sup>(a)</sup> | Variation margin on futures contracts | $(190248) <sup>(a)</sup> |
|  U.S. Tax-Managed Equity | Equity |  | Variation margin on futures contracts | (391864) <sup>(a)</sup> |

---

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of December 31, 2022 is reported within the
Statements of Assets and Liabilities.

**43** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**4. INVESTMENTS IN DERIVATIVES (continued)**

The following table sets forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the year ended December 31, 2022. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Statements of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| International Tax-Managed Equity | Equity | Net realized gain (loss) from futures contracts/<br>Net change in unrealized gain (loss) on futures contracts | $(512434) | $(311115) |
| U.S. Tax-Managed Equity | Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (1992802) | (391864) |

---

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
| | **Average number of<br>Contracts<sup>(1)</sup>** |
| <br>**Fund** | **Futures Contracts** |
|  International Tax-Managed Equity | 143 |
|  U.S. Tax-Managed Equity | 78 |

---

(1) Amounts disclosed represent average number of contracts for futures contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Fund held such derivatives during
the fiscal year ended December 31, 2022.

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS**

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended December 31, 2022, 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** | | **Effective Net<br>Management<br>Rate^** |
| <br>**Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** |<br>**Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  International Tax-Managed Equity | 0.85% | 0.77% | 0.73% | 0.72% | 0.71% | 0.85% | 0.85% |
|  U.S. Tax-Managed Equity | 0.70 | 0.63 | 0.60 | 0.59 | 0.58 | 0.66 | 0.66 |

---

^ 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 Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended December 31, 2022, GSAM waived $635 and $5,242 of the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds' management fees, respectively.

**44** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

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** |
| | **Class A**\* | **Class C** | **Service** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% |

---

\* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution 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.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| <br>**Fund** | **Class A** | **Class C** |
|  International Tax-Managed Equity | $678 | $— |
|  U.S. Tax-Managed Equity | 10829 |  |

---

D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

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: 0.16% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% and 0.04% as an annual percentage rate of the average daily net assets attributable to the Class A, Class C and Investor Shares of the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund, respectively. This arrangement will remain in effect through at least April 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

**45** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund are 0.014% and 0.044%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other<br>Expense<br>Reimbursement** | **Transfer Agency<br>Waivers/Credits** | **Total<br>Expense<br>Reductions** |
|  International Tax-Managed Equity | $635 | $361204 | $7612 | $369451 |
|  U.S. Tax-Managed Equity | 5242 | 591278 | 51476 | 647996 |

---

G. Line of Credit Facility — As of December 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the fiscal year ended December 31, 2022, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund, respectively.

The following table provides information about the Funds' investment in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2021** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>December 31, 2022** | **Shares as of<br>December 31, 2022** | **Dividend<br>Income** |
|  International Tax-Managed Equity | $— | $37251335 | $(37251335) | $— |  | $5427 |
|  U.S. Tax-Managed Equity |  | 340982224 | (340830927) | 151297 | 151297 | 33180 |

---

**46** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

As of December 31, 2022, the Goldman Sachs Global Tax-Aware Equity Portfolio was beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Goldman Sachs<br>Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  International Tax-Managed Equity | 88% |
|  U.S. Tax-Managed Equity | 85% |

---

**6. PORTFOLIO SECURITIEST RANSACTIONS**

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
| <br>**Fund** | **Long Term** | **In-Kind** | **Long Term** | **In-Kind** |
|  International Tax-Managed Equity | $1672433283 | $— | $1604447987 | $38445433.00 |
|  U.S. Tax-Managed Equity | 5996975099 |  | 5691740605 |  |

---

**7. SECURITIES LENDING**

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-Advantaged Equity Fund may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-Advantaged Equity Fund invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase

**47** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**7. SECURITIES LENDING (continued)**

replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended December 31, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
| | **For the fiscal year Ended December 31, 2022** | **For the fiscal year Ended December 31, 2022** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
| <br>**Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
|  International Tax-Managed Equity | $3364 | $30277 | $— |
|  U.S. Tax-Managed Equity | 309 | 2784 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2021** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>December 31, 2022** |
|  International Tax-Managed Equity | $— | $23738721 | $(22909850) | $828871 |
|  U.S. Tax-Managed Equity |  | 12115700 | (12115700) |  |

---

**8. TAX INFORMATION**

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **International<br>Tax-Managed<br>Equity** | **U.S.<br>Tax-Managed<br>Equity** |
|  Distributions paid from: |  |  |
|  Ordinary income | $24916334 | $15860542 |
|  Net long-term capital gains |  | 444433 |
|  Total distributions | $24916334 | $16304975 |

---

**48** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**8. TAX INFORMATION (continued)**

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
| | **International<br>Tax-Managed<br>Equity** | **U.S.<br>Tax-Managed<br>Equity** |
|  Distributions paid from: |  |  |
|  Ordinary income | $24734480 | $10613850 |
|  Total distributions | $24734480 | $10613850 |

---

As of December 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
| | **International<br>Tax-Managed<br>Equity** | **U.S.<br>Tax-Managed<br>Equity** |
|  Undistributed ordinary income — net | $648771 | $— |
|  Total undistributed earnings | $648771 | $— |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-term | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-term | $(81138684) | $— |
|  Total capital loss carryforwards | $(81138684) | $— |
|  Timing differences (Qualified Late Year Loss Deferral, Real Estate Investment Trusts, Post October Capital Loss Deferral) | $(608588) | $(5735566) |
|  Unrealized gains — net | 64489684 | 730021114 |
|  Total accumulated gains (losses) — net | $(16608817) | $724285548 |

---

As of December 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| | **International<br>Tax-Managed<br>Equity** | **U.S.<br>Tax-Managed<br>Equity** |
|  Tax cost | $638745047 | $1569472141 |
|  Gross unrealized gain | 77616177 | 749327722 |
|  Gross unrealized loss | (13126493) | (19306608) |
|  Net unrealized gain (loss) | $64489684 | $730021114 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

The International Tax-Managed Equity and US Tax-Managed Equity Funds reclassified $21,850,913 and $12,844, respectively, from distributable earnings to paid in capital for the year ending December 31, 2022. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from redemptions in-kind 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.

**49** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**9. OTHER RISKS**

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

**50** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**9. OTHER RISKS (continued)**

realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**10. INDEMNIFICATIONS**

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

**11. SUBSEQUENT EVENTS**

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

**51** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

*December 31, 2022* 

**12. SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 79392 | $830279 | 82169 | $978215 |
|  Reinvestment of distributions | 16140 | 162210 | 18720 | 222204 |
|  Shares redeemed | (174490) | (1818871) | (100557) | (1205539) |
|  | (78958) | (826382) | 332 | (5120) |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 3667 | 37902 | 11059 | 131494 |
|  Reinvestment of distributions | 1751 | 17250 | 1676 | 19506 |
|  Shares redeemed | (15530) | (157634) | (24912) | (289233) |
|  | (10112) | (102482) | (12177) | (138233) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 164985 | 1752311 | 134048 | 1620123 |
|  Reinvestment of distributions | 34368 | 346078 | 27898 | 331986 |
|  Shares redeemed | (128928) | (1364822) | (134055) | (1614884) |
|  | 70425 | 733567 | 27891 | 337225 |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 626918 | 6852125 | 112645 | 1380415 |
|  Reinvestment of distributions | 29817 | 300562 | 17347 | 206596 |
|  Shares redeemed | (387470) | (3947483) | (342650) | (4283493) |
|  | 269265 | 3205204 | (212658) | (2696482) |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 6465095 | 65731507 | 7411481 | 89650350 |
|  Reinvestment of distributions | 2193553 | 21935527 | 1821493 | 21530042 |
|  Shares redeemed | (1389237) | (15547544) | (1693155) | (20462337) |
|  Shares redeemed in connection with in-kind transactions | (4052691) | (40000055) | (4913386) | (56160000) |
|  | 3216720 | 32119435 | 2626433 | 34558055 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 607521 | 6398296 | 580266 | 6939110 |
|  Reinvestment of distributions | 215235 | 2154500 | 204748 | 2422168 |
|  Shares redeemed | (1345989) | (13600614) | (231168) | (2788727) |
|  | (523233) | (5047818) | 553846 | 6572551 |
|  **NET INCREASE** | 2944107 | $30081524 | 2983667 | $38627996 |

---

**52** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**12. SUMMARY OF SHARE TRANSACTIONS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Class A Shares** |  |  |  |  |
|  Shares sold | 414966 | $13329198 | 561640 | $19883314 |
|  Reinvestment of distributions | 10768 | 325726 | 4823 | 175710 |
|  Shares redeemed | (372296) | (11726564) | (184155) | (6276955) |
|  | 53438 | 1928360 | 382308 | 13782069 |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 85536 | 2572479 | 51099 | 1652501 |
|  Shares redeemed | (122269) | (3676334) | (140687) | (4315583) |
|  | (36733) | (1103855) | (89588) | (2663082) |
| **Institutional Shares** |  |  |  |  |
|  Shares sold | 931634 | 31212600 | 198502 | 6943237 |
|  Reinvestment of distributions | 8880 | 275453 | 5097 | 190438 |
|  Shares redeemed | (427054) | (14120423) | (349173) | (12553273) |
|  | 513460 | 17367630 | (145574) | (5419598) |
| **Service Shares** |  |  |  |  |
|  Shares sold | 30211 | 929113 | 7861 | 270576 |
|  Reinvestment of distributions | 235 | 7142 | 5 | 215 |
|  Shares redeemed | (10452) | (346170) | (8075) | (275024) |
|  | 19994 | 590085 | (209) | (4233) |
| **Investor Shares** |  |  |  |  |
|  Shares sold | 52280 | 1759876 | 37510 | 1318026 |
|  Reinvestment of distributions | 3152 | 96929 | 1926 | 71313 |
|  Shares redeemed | (77086) | (2497408) | (36996) | (1308185) |
|  | (21654) | (640603) | 2440 | 81154 |
| **Class R6 Shares** |  |  |  |  |
|  Shares sold | 10664975 | 345473590 | 8763616 | 296622030 |
|  Reinvestment of distributions | 461415 | 14183905 | 247212 | 9154253 |
|  Shares redeemed | (1266443) | (44311354) | (1583015) | (55340703) |
|  Shares redeemed in connection with in-kind transactions |  |  | (3977655) | (145620000) |
|  | 9859947 | 315346141 | 3450158 | 104815580 |
| **Class P Shares** |  |  |  |  |
|  Shares sold | 850031 | 27962909 | 791646 | 27401422 |
|  Reinvestment of distributions | 40743 | 1252858 | 26006 | 963249 |
|  Shares redeemed | (937999) | (30954239) | (166433) | (6029305) |
|  | (47225) | (1738472) | 651219 | 22335366 |
|  **NET INCREASE** | 10341227 | $331749286 | 4250754 | $132927256 |

---

**53** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs International Tax-Managed Equity Fund and Goldman Sachs U.S. Tax-Managed 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 International Tax-Managed Equity Fund and Goldman Sachs U.S. Tax-Managed Equity Fund (two of the Funds constituting Goldman Sachs Trust, referred to hereafter as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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

**54** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp; **Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)**<br>

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6 or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) contingent deferred sales charges on redemptions (with respect to Class C Shares), (if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022, which represents a period of 184 days of a 365 day year.

*Actual Expenses* — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months<br>ended<br>12/31/2022**\* | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months<br>ended<br>12/31/2022**\* |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1047.74 |  | $6.32 | $1000.00 | $1028.58 |  | $5.17 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.04 | + | 6.23 | 1000.00 | 1020.11 | + | 5.15 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1043.38 |  | 10.17 | 1000.00 | 1024.65 |  | 8.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1015.26 | + | 10.03 | 1000.00 | 1016.32 | + | 8.95 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1049.26 |  | 4.67 | 1000.00 | 1030.28 |  | 3.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.65 | + | 4.60 | 1000.00 | 1021.77 | + | 3.47 |
| &nbsp;&nbsp;&nbsp;**<u>Service</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | N/A | N/A |  | N/A | 1000.00 | 1027.79 |  | 6.01 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | N/A | N/A |  | N/A | 1000.00 | 1019.28 | + | 5.99 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1048.53 |  | 5.03 | 1000.00 | 1029.94 |  | 3.90 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.30 | + | 4.96 | 1000.00 | 1021.36 | + | 3.88 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1048.68 |  | 4.62 | 1000.00 | 1030.32 |  | 3.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.70 | + | 4.55 | 1000.00 | 1021.82 | + | 3.42 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1049.65 |  | 4.62 | 1000.00 | 1030.29 |  | 3.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.70 | + | 4.55 | 1000.00 | 1021.82 | + | 3.42 |

---

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on each Fund's actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |

---

\* Expenses are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>Shares** | **Class C<br>Shares** | **Institutional<br>Shares** | **Service<br>Shares** | **Investor<br>Shares** | **Class R6<br>Shares** | **Class P<br>Shares** |
|  International Tax-Managed Equity Fund | 1.22% | 1.97% | 0.90% | N/A | 0.97% | 0.89% | 0.89% |
|  U.S. Tax-Managed Equity Fund | 1.01 | 1.76 | 0.68 | 1.18% | 0.76 | 0.67 | 0.67 |

---

**55** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup>**<br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy**<br> **Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021-Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels<sup>5</sup>**<br> **Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Joaquin Delgado**<br> **Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019- January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |

---

**56** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other<br>Directorships<br>Held by Trustee<sup>4</sup>** |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

---

**Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | **Position(s) Held with the<br>Trust** | **Term of Office<br>and Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>** | **Other Directorships Held by<br>Trustee<sup>4</sup>** |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

---

*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**57** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Positions Held with the<br>Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **Trustee and President** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

**Goldman Sachs Trust — Tax-Advantaged Equity Funds I — Tax Information (Unaudited)** 

For the fiscal year ended December 31, 2022, 100% of the dividends paid from net investment company taxable income by the U.S. Tax-Managed Equity Fund qualifies for the dividends received deduction available to corporations.

For the fiscal year ended December 31, 2022, the International Tax-Managed Equity Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Tax-Managed Equity Fund from sources within foreign countries and possessions of the United States was $0.4333 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the International Tax-Managed Equity Fund during the year from foreign sources was 99.98%. The total amount of taxes paid by the International Tax-Managed Equity Fund to such countries was $0.0371 per share.

For the fiscal year ended December 31, 2022, 100% and 100% of the dividends paid from net investment company taxable income by the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the U.S. Tax-Managed Equity Fund designates $444,433 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2022.

**58** 

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FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

**Money Market** 

Financial Square Funds<sup>SM</sup>

∎ Financial Square Treasury Solutions Fund<sup>1</sup>

∎ Financial Square Government Fund<sup>1</sup>

∎ Financial Square Money Market Fund<sup>2</sup>

∎ Financial Square Prime Obligations Fund<sup>2</sup>

∎ Financial Square Treasury Instruments Fund<sup>1</sup>

∎ Financial Square Treasury Obligations Fund<sup>1</sup>

∎ Financial Square Federal Instruments Fund<sup>1</sup>

Investor Funds<sup>SM</sup>

∎ Investor Money Market Fund<sup>3</sup>

∎ Investor Tax-Exempt Money Market Fund<sup>3</sup>

**Fixed Income** 

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund<sup>4</sup>

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

**Fundamental Equity** 

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund<sup>4</sup>

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund<sup>5</sup>

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

**Tax-Advantaged Equity** 

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

**Equity Insights** 

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

**Fundamental Equity International** 

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

**Alternative** 

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

**Total Portfolio Solutions** 

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ GQG Partners International Opportunities Fund

<sup>1</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>2</sup> **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>3</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

FinancialSquare Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

\* **This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.**

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| | |
|:---|:---|
| **TRUSTEES**<br> Gregory G. Weaver, *Chair*<br> Dwight L. Bush<br> Kathryn A. Cassidy<br> John G. Chou<br> Joaquin Delgado<br> Eileen H. Dowling<br> James A. McNamara<br> Paul C. Wirth<br>| **OFFICERS**<br> James A. McNamara, *President*<br> Joseph F. DiMaria, *Principal Financial Officer, Principal Accounting Officer and Treasurer*<br> Caroline L. Kraus, *Secretary* |
| **GOLDMAN SACHS & CO. LLC**<br> Distributor and Transfer Agent | **GOLDMAN SACHS ASSET MANAGEMENT, L.P.**<br> Investment Adviser |

---

Visit our web site at **www.GSAMFUNDS.com** to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (''Goldman Sachs'') does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of December 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).**© 2023 Goldman Sachs. All rights reserved. 307100-OTU-1747572 TAXADVAR-23

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![LOGO](g363093dsp001.jpg)

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## Goldman Sachs Tax-Advantaged Equity Funds II
∎ **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM**

∎ **U.S. EQUITY DIVIDEND AND PREMIUM**

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| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
|  [Market Review](#tax2363093_1) | 1 |
|  [Portfolio Management Discussions and Performance Summaries](#tax2363093_2) | 4 |
|  [Index Definitions](#tax2363093_3) | 12 |
|  [Schedules of Investments](#tax2363093_4) | 13 |
|  [Financial Statements](#tax2363093_5) | 26 |
|  [Financial Highlights](#tax2363093_6) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity Dividend and Premium](#tax2363093_7) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Equity Dividend and Premium](#tax2363093_8) | 35 |
|  [Notes to the Financial Statements](#tax2363093_9) | 41 |
|  [Report of Independent Registered Public Accounting Firm](#tax2363093_10) | 57 |
|  [Other Information](#tax2363093_11) | 58 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NOT FDIC-INSURED** <br>| **May Lose Value** <br>| **No Bank Guarantee** <br>|

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MARKET REVIEW

Market Review

During the 12 months ended December 31, 2022 (the "Reporting Period"), the U.S. and international equity markets recorded double-digit declines. The negative performance was driven by central bank monetary policy, including aggressive Federal Reserve ("Fed") interest rate hikes to combat inflation, as well as by persistent recession worries, supply-chain disruptions, geopolitical tensions and elevated concerns around China's zero-COVID policy.

***U.S. Equities***

Representing the U.S. equity market, the S&P 500<sup>®</sup> Index returned -18.11% during the Reporting Period. U.S. equities fell in each of the first three quarters of 2022 before breaking the streak of losses with a gain in the fourth quarter. Still, it was the worst calendar year for the S&P 500<sup>®</sup> Index since 2008, when it returned -37.00%, and it was the seventh-worst performance for an annual period since the S&P 500<sup>®</sup> Index's inception.

In the first quarter of 2022, the S&P 500<sup>®</sup> Index declined, marking its first quarterly decline since the first quarter of 2020. Among the major economic and geopolitical developments were the dramatic repricing of the Fed's interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures. The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record. (Hawkish suggests higher interest rates; opposite of dovish.) COVID-19, and more specifically, the Omicron variant, was still an overhang, with resurgent cases bringing back supply-chain issues and worker shortages. Tensions arising from geopolitical conflict, most dominantly Russia's late-February invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came into question. Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.) Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term.

The S&P 500<sup>®</sup> Index fell more dramatically in the second quarter of 2022, as inflation, the Fed's policy response and recession worries were at the core of investors' narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere. Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends. On the other hand, equity inflows, strength in stock buybacks, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds. In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date low represented the start of a recovery or a bear-market rally. This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500<sup>®</sup> Index to a new year-to-date low. Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed's unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100th of a percentage point.) At the end of the quarter, investors were looking ahead to the second quarter corporate earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

The S&P 500<sup>®</sup> Index declined again in the third quarter of 2022, marking its longest losing streak since 2008. Through the third calendar quarter, the S&P 500<sup>®</sup> Index had its third-worst performance since the 1950s. The noticeable tightening of financial conditions, guided by expectations for a more aggressive global interest rate hike cycle, was the major story for the quarter. The Fed increased its "raise and hold" messaging, and its hawkish policy received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate proof of cooling. Geopolitical tensions remained heightened due to the possible weaponization of energy flows, which, in turn, caused energy prices to stay relatively high. From an equities perspective, there appeared to be a great deal of concern that corporate earnings could be next in line to suffer given the combination of profit margin pressures, demand destruction, higher labor costs, slower economic activity and a stronger U.S. dollar eroding overseas sales.

In the fourth quarter of 2022, the S&P 500<sup>®</sup> Index solidly increased, attributable primarily to gains in October and November. Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. Positive inflation developments

**1** 

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MARKET REVIEW

further supported aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector. On the geopolitical front, the most constructive takeaways came from China's "zero-COVID" pivot and pro-growth focus as well as Europe's warmer than anticipated weather that helped settle concerns about an energy crisis there.

For the Reporting Period overall, only two of the 11 sectors in the S&P 500<sup>®</sup> Index posted positive absolute returns. Energy was by far the best performing sector in the S&P 500<sup>®</sup> Index, as measured by total return, followed at some distance by utilities. The weakest performing sectors in the S&P 500<sup>®</sup> Index during the Reporting Period were information technology, consumer discretionary and communication services.

Within the U.S. equity market, all capitalization segments posted double-digit negative returns, with small-cap stocks, as measured by the Russell 2000<sup>®</sup> Index, the weakest, followed by large-cap stocks, as measured by the Russell 1000 Index, and then mid-cap stocks, as measured by the Russell Midcap<sup>®</sup> Index. From a style perspective, value-oriented stocks materially outperformed growth-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

***International Equities***

International equities struggled, but outperformed the U.S. equity market, during the Reporting Period. The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the "MSCI EAFE Index") posted a return of -14.45%<sup>1</sup>.

During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Fed, rising bond yields, valuation concerns, and Russia's invasion of Ukraine. Major countries around the world took a public stance condemning Russia's action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets. Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter. Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenario—particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. European equities declined in line with other global market equities due to the ongoing geopolitical crisis and the region's dependence on Russian oil and gas. Japanese equities similarly fell on concerns around rising interest rates and the spread of Omicron but outperformed other developed markets due to limited economic exposure to Russia and Ukraine.

International equities declined more significantly in the second quarter of 2022, with all major regions—Europe, Japan and Asia Pacific ex-Japan—performing roughly in line with each other. Inflationary pressures and concerns persisted throughout the quarter, and odds of a U.S. recession continued to grow. Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its restrictions, therefore mitigating the disruption. In Europe, the geopolitical crisis persisted with the ongoing war in Ukraine and potential gas shortages due to reduced supply from Russia. This was particularly concerning for countries with a high energy dependence, such as Italy, France, Spain and Germany. Japanese equities fell as the yen significantly weakened against the U.S. dollar.

During the third quarter of 2022, international equities continued to decline. As in the prior quarter, all major regions performed similarly, as markets continued to be volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes as the chances of a recession grew. European economies remained depressed by accelerating inflation, rising

<sup>1</sup> All index returns are expressed in U.S. dollar terms.

**2** 

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MARKET REVIEW

interest rates and strained supply chains. Europe also continued to battle with the energy crisis and subsequent mobile network blackouts during the quarter. The European Central Bank ("ECB") raised interest rates in July and September, heightening concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar. The Bank of Japan revised its economic growth projections lower due to weakened global economies but left its monetary policy unchanged. The sharply widening differential between Japanese and U.S. interest rates during the quarter was a significant factor in the consistent weakening of the yen. Beyond the broader concerns of inflation, China's "zero-COVID" policy continued to slow its economy and strain global supply chains.

International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the Fed could pull off a soft economic landing allowed both U.S. and international equities to rally. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) In Europe, equities also benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low. Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. In December, inflationary indicators continued to show signs of improvement but remained well above central bank targets, causing the Fed and the ECB to maintain their hawkish strategy. In Europe, economic activity showed signs of a rebound following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year. Also in December, China began to relax its "zero-COVID" policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

For the Reporting Period overall, only one of the 11 sectors of the MSCI EAFE Index gained, namely energy. Financials, materials and health care posted negative absolute returns but outperformed the MSCI EAFE Index during the Reporting Period. Information technology was the weakest performer on the basis of total return during the Reporting Period, followed by consumer discretionary, real estate and industrials.

From a country perspective, Portugal was the only individual country constituent of the MSCI EAFE Index to post a positive, albeit modest, return during the Reporting Period. Hong Kong, Denmark, the U.K. and Australia posted negative absolute returns but significantly outperformed the MSCI EAFE Index during the Reporting Period. Sweden, the Netherlands, Israel, Austria and Ireland most significantly lagged the MSCI EAFE Index on a relative basis during the Reporting Period.

Looking Ahead

In the months ahead, we expect less expensive stocks to outpace more expensive stocks. We also believe that stocks with good momentum are likely to outperform those with poor momentum. Our plan is to seek profitable companies with positive fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. To that end, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide potentially strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

**3** 

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FUND RESULT S

## Goldman Sachs International Equity Dividend and Premium Fund

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|:---|
| &nbsp;&nbsp;&nbsp; **Investment Objective** |
| &nbsp;&nbsp;&nbsp; The Fund seeks to maximize total return with an emphasis on income. |

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Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Equity Solutions Team discusses the Goldman Sachs International Equity Dividend and Premium Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

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|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

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| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -10.29%, -10.99%, -9.99%, -10.09%, -9.99% and -9.97%, respectively. These returns compare to the -14.45% average annual total return of the Fund's primary benchmark, the MSCI EAFE Index (Net, USD, Unhedged) ("MSCI EAFE Index"). The Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged), the secondary benchmark, returned -16.25%. |

---

Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund's investment objective, and therefore we believe that a comparison of the Fund's performance to that of the Bloomberg Global Aggregate Bond Index is useful to investors.

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|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

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|:---|:---|
| **A** | Stock selection bolstered the Fund's relative performance during the Reporting Period. Specifically, the Fund's bias toward stocks with higher dividend yields had a positive impact on its returns. On a sector level, stock selection in the industrials, financials and health care sectors added to relative returns. Stock selection in just one sector—real estate—detracted from performance during the Reporting Period. |

---

The sale of call options on the MSCI EAFE Index added to the Fund's total return during the Reporting Period. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

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|:---|:---|
| **Q** | **How did the Fund's call writing affect its performance?** |

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|:---|:---|
| **A** | Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio's market value. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. While the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. During the Reporting Period, the MSCI EAFE Index declined, and the Fund's call writing added to performance. |

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Call option writing has the potential to reduce Fund volatility. However, since its inception, the realized daily volatility of the Fund has been 20.11% compared to the realized volatility of the MSCI EAFE Index of 18.38%. During the Reporting Period, the realized daily volatility of the Fund was 16.25% compared to the realized volatility of the MSCI EAFE Index of 16.40%.1

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|:---|:---|
| **Q** | **What was the Fund's dividend yield during the Reporting Period?** |

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|:---|:---|
| **A** | While maintaining industry and sector weights consistent with the MSCI EAFE Index, we favor stocks with higher dividend yields. The dividend yield of the Fund's Institutional Share class during the Reporting Period was 5.22% compared to 3.37% for the MSCI EAFE Index. (Dividend yield is a ratio that shows how much a company pays out in dividends in a year divided by its share price.) The Fund's dividend yield served to enhance its quarterly net |

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<sup>1</sup> The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on Goldman Sachs Asset Management calculations.

**4** 

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FUND RESULTS

income distributions. As of December 31, 2022, the Standardized 30-Day Subsidized Yield was 3.65% and the Standardized 30-Day Unsubsidized Yield was 3.33%.<sup>2</sup>

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|:---|:---|
| **Q** | **Which individual stock holdings contributed most positively to the Fund's relative results during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, the Fund was helped by its overweight positions versus the MSCI EAFE Index in British arms, security and aerospace company BAE Systems, Anglo-Australian mining company Rio Tinto and Switzerland-based Zurich Insurance Group. We chose to overweight all three stocks largely because of their attractive dividend yields and/or risk metrics. |

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| | |
|:---|:---|
| **Q** | **Which individual stock holdings detracted significantly from relative performance?** |

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| | |
|:---|:---|
| **A** | Compared to the MSCI EAFE Index, the Fund was hampered by overweights in British house building company Persimmon and Danish shipping company A.P. Moller-Maersk as well as by an out-of-benchmark position in Evraz, a U.K.-headquartered steel manufacturing and mining company. The attractive dividend yield and/or risk metrics of these three stocks drove the Fund's positioning. |

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|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

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|:---|:---|
| **A** | During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund's excess cash holdings. In other words, we put the Fund's excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio's market value in an effort to generate premiums. Equity index options had a positive impact on performance during the Reporting Period. |

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|:---|:---|
| **Q** | **What changes or enhancements did you make to your quantitative model during the Reporting Period?** |

---

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|:---|:---|
| **A** | We made no changes to our quantitative model during the Reporting Period. |

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<sup>2</sup> The Standardized 30-Day Subsidized Yield and Standardized 30-Day Unsubsidized Yield of the Fund quoted herein is for Institutional Shares, net of fees. Based on Goldman Sachs Asset Management calculations.

**5** 

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FUND BASICS

## International Equity Dividend and Premium Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022* 

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| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS AS OF 12/31/22<sup>‡</sup>** | **TOP TEN HOLDINGS AS OF 12/31/22<sup>‡</sup>** | **TOP TEN HOLDINGS AS OF 12/31/22<sup>‡</sup>** |
| **Holding** | **% of Net Assets** | **Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle SA | 2.9% | Food Products |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | 2.4 | Metals & Mining |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 2.0 | Semiconductors & Semiconductor Equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1.9 | Textiles, Apparel & Luxury Goods |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 1.8 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S | 1.7 | Marine |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC ADR | 1.7 | Metals & Mining |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 1.7 | Automobiles |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 1.6 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 1.6 | Insurance |

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<sup>‡</sup> The top 10 holdings may not be representative of the Fund's future investments.

 **FUND VS. BENCHMARK SECTOR ALLOCA TION <sup>†</sup>**

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|:---|:---|
| **As** | **of December 31, 2022** |

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![LOGO](g363093dsp008.jpg)

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|:---|:---|
| <sup>†</sup> | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the market value. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |

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For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**6** 

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GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

## &nbsp;&nbsp;&nbsp;&nbsp; Performance Summary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013, in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's primary and secondary benchmarks, the MSCI EAFE Index (Net, USD, Unhedged) and the Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged), respectively, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **International Equity Dividend and Premium Fund's 10 Year Performance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.** 

j ![LOGO](g363093dsp009.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding sales charges | -10.29% | -0.44% | 2.38% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including sales charges | -15.20% | -1.56% | 1.80% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding contingent deferred sales charges | -10.99% | -1.18% | 1.60% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including contingent deferred sales charges | -11.88% | -1.18% | 1.60% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional** | -9.99% | -0.09% | 2.75% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor** | -10.09% | -0.20% | 2.62% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6 (Commenced April 30, 2018)** | -9.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | -0.12% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P (Commenced April 17, 2018)** | -9.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | -0.40% |

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\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**7** 

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FUND RESULTS

## Goldman Sachs U.S. Equity Dividend and

## Premium Fund

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|:---|
| &nbsp;&nbsp;&nbsp; **Investment Objective** |
| &nbsp;&nbsp;&nbsp; The Fund seeks to maximize income and total return. |

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Portfolio Management Discussion and Analysis

**Below, the Goldman Sachs Quantitative Equity Solutions Team discusses the Goldman Sachs U.S. Equity Dividend and Premium Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").** 

---

| | |
|:---|:---|
| **Q** | **How did the Fund perform during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, the Fund's Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of -14.84%, -15.48%, -14.53%, -14.60%, -14.53% and -14.59%, respectively. These returns compare to the -18.11% average annual total return of the Fund's primary benchmark, the Standard & Poor's 500<sup>®</sup> Index (with dividends reinvested) (the "S&P 500<sup>®</sup> Index"), during the same period. The Bloomberg U.S. Aggregate Bond Index, the secondary benchmark, returned -13.01%. |

---

Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund's investment objective, and therefore we believe that a comparison of the Fund's performance to that of the Bloomberg U.S. Aggregate Bond Index is useful to investors.

---

| | |
|:---|:---|
| **Q** | **What key factors were most responsible for the Fund's performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, security selection contributed positively to the Fund's relative returns. In particular, the Fund was helped by its bias toward stocks with higher dividend yields. On a sector level, investments in health care, industrials and communication services added to relative performance. The Fund was held back by stock selection in the consumer discretionary, information technology and real estate sectors. |

---

The sale of call options on the S&P 500<sup>®</sup> Index added to the Fund's total return during the Reporting Period. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

---

| | |
|:---|:---|
| **Q** | **How did the Fund's call writing affect its performance?** |

---

---

| | |
|:---|:---|
| **A** | Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio's market value. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. Although the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. During the Reporting Period, the S&P 500<sup>®</sup> Index declined, and the Fund's call writing added to performance. |

---

Call option writing has the potential to reduce Fund volatility. Since its inception, the realized daily volatility of the Fund has been 18.50% compared to the realized volatility of the S&P 500<sup>®</sup> Index of 19.88%. During the Reporting Period, the realized daily volatility of the Fund was 17.29% compared to the realized volatility of the S&P 500<sup>®</sup> Index of 19.34%.<sup>1</sup>

---

| | |
|:---|:---|
| **Q** | **What was the Fund's dividend yield during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | While maintaining industry and sector weights consistent with the S&P 500<sup>®</sup> Index, we favor stocks with higher dividend yields. The dividend yield of the Fund's Institutional Share class during the Reporting Period was 2.35% compared to 1.76% for the S&P 500<sup>®</sup> Index. (Dividend yield is a ratio that shows how much a company pays out in dividends in a year divided by its share price.) The Fund's dividend yield served to enhance its quarterly net |

---

<sup>1</sup> The realized daily volatility of the Fund quoted herein is for Institutional Shares, net of fees. Based on Goldman Sachs Asset Management calculations.

**8** 

------

FUND RESULTS

income distributions. As of December 31, 2022, the Standardized 30-Day Subsidized Yield was 1.64% and the Standardized 30-Day Unsubsidized Yield was 1.57%.<sup>2</sup>

---

| | |
|:---|:---|
| **Q** | **Which individual stock holdings contributed most positively to the Fund's relative results during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | The Fund benefited from its overweight positions versus the S&P 500<sup>®</sup> Index in aerospace and defense company Lockheed Martin; pharmaceutical firm Merck; and multinational oil and gas company Chevron. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics. |

---

---

| | |
|:---|:---|
| **Q** | **Which individual stock holdings detracted significantly from relative performance during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | Relative to the S&P 500<sup>®</sup> Index, the Fund was hurt by its underweight positions in Devon Energy, an oil and gas exploration and production company; Berkshire Hathaway, a conglomerate holding company; and Pioneer Natural Resources, an independent petroleum, natural gas and natural gas liquids exploration and production company. The Fund was underweight all three stocks largely because of their unattractive dividend yields and/or risk metrics. |

---

---

| | |
|:---|:---|
| **Q** | **How did the Fund use derivatives and similar instruments during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund's excess cash holdings. In other words, we put the Fund's excess cash holdings to work by using them as collateral for the purchase of equity index futures. Equity index futures did not have a significant impact on Fund performance during the Reporting Period. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio's market value in an effort to generate premiums. Equity index options had a positive impact on performance during the Reporting Period. |

---

---

| | |
|:---|:---|
| **Q** | **What changes or enhancements did you make to your quantitative model during the Reporting Period?** |

---

---

| | |
|:---|:---|
| **A** | We made no changes to our quantitative model during the Reporting Period. |

---

<sup>2</sup> The Standardized 30-Day Subsidized Yield and Standardized 30-Day Unsubsidized Yield of the Fund quoted herein is for Institutional Shares, net of fees. Based on Goldman Sachs Asset Management calculations.

**9** 

------

FUND BASICS

## U.S. Equity Dividend and Premium Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*as of December 31, 2022* 

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOP TEN HOLDINGS AS OF 12/31/22 <sup>±</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOP TEN HOLDINGS AS OF 12/31/22 <sup>±</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOP TEN HOLDINGS AS OF 12/31/22 <sup>±</sup>**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding** | **% of Net Assets** | **Line of Business** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 5.9% | Technology Hardware, Storage & Peripherals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 5.6 | Software |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 3.0 | Interactive Media & Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.4 | Internet & Direct Marketing Retail |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1.8 | Health Care Providers & Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1.6 | Oil, Gas & Consumable Fuels |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 1.5 | Pharmaceuticals |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Home Depot, Inc. | 1.4 | Specialty Retail |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 1.3 | Household Products |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. | 1.2 | Diversified Financial Services |

---

<sup>‡</sup> The top 10 holdings may not be representative of the Fund's future investments.

<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND VS. BENCHMARK SECTOR ALLOCATION <sup>†</sup>**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As of December 31, 2022** 

------

![LOGO](g363093dsp012.jpg)

------

---

| | |
|:---|:---|
| <sup>†</sup> | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the market value. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |

---

------

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

**10** 

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

## Performance Summary
*December 31, 2022* 

The following graph shows the value as of December 31, 2022, of a $1,000,000 investment made on January 1, 2013, in Institutional Shares at NAV. For comparative purposes, the performance of the Fund's primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Aggregate Bond Index, respectively, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

 **U.S. Equity Dividend and Premium Fund's 10 Year Performance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance of a $1,000,000 investment, with distributions reinvested, from January 1, 2013 through December 31, 2022.**![LOGO](g363093dsp13.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return through December 31, 2022\*** | **One Year** | **Five Years** | **Ten Years** | **Since Inception** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding sales charges | -14.84% | 6.63% | 9.62% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including sales charges<br>| -19.55%  | 5.42%  | 9.00%  | —  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding contingent deferred sales charges | -15.48% | 5.83% | 8.80% |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including contingent deferred sales charges<br>| -16.35%  | 5.83%  | 8.80%  | —  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional**<br>| -14.53%  | 7.03%  | 10.05%  | —  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor**<br>| -14.60%  | 6.91%  | 9.91%  | —  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R6 (Commenced April 30, 2018)**<br>| -14.53%  | N/A  | N/A  | 7.92%  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P (Commenced April 17, 2018)**<br>| -14.59%  | N/A  | N/A  | 7.36%  |

---

\* These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

**11** 

------

FUND BASICS

## &nbsp;&nbsp;&nbsp;&nbsp; Index Definitions
The **S&P 500<sup>®</sup> Index** is an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes.

The **Bloomberg U.S. Aggregate Bond Index** represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes.

The **MSCI EAFE Index (net, USD, unhedged)** is an unmanaged market capitalization weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses.

The **Bloomberg Global Aggregate Bond Index** (gross, USD, unhedged) represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes.

**The Russell 3000<sup>®</sup> Index** is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes.

**Russell 1000<sup>®</sup> Index** measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 92% of the U.S. market. The Russell 1000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

**Russell Midcap<sup>®</sup> Index** measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap<sup>®</sup> Index is a subset of the Russell 1000<sup>®</sup> Index. The Russell Midcap<sup>®</sup> Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap<sup>®</sup> Index represents approximately 31% of the total market capitalization of the Russell 1000<sup>®</sup> Index companies. The Russell Midcap<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap<sup>®</sup> Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

**Russell 2000<sup>®</sup> Index** measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. The Russell 2000<sup>®</sup> Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

It is not possible to invest directly in an unmanaged index.

**12** 

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Description** | **Value** |
| **Common Stocks – 95.5%** | **Common Stocks – 95.5%** | **Common Stocks – 95.5%** |
| **Australia – 9.0%** | **Australia – 9.0%** | |
| 2509 | Ampol Ltd. (Oil, Gas & Consumable Fuels) | $48229 |
| 52370 | ANZ Group Holdings Ltd. (Banks) | 843624 |
| 38172 | APA Group (Gas Utilities) | 279014 |
| 316854 | Aurizon Holdings Ltd. (Road & Rail) | 802730 |
| 107938 | BHP Group Ltd. (Metals & Mining) | 3343589 |
| 36463 | Coles Group Ltd. (Food & Staples Retailing) | 413331 |
| 10427 | Commonwealth Bank of Australia (Banks) | 724205 |
| 729 | CSL Ltd. (Biotechnology) | 142151 |
| 30608 | Fortescue Metals Group Ltd. (Metals & Mining) | 427813 |
| 177918 | Medibank Pvt. Ltd. (Insurance) | 354953 |
| 98273 | National Australia Bank Ltd. (Banks) | 1995296 |
| 22267 | Origin Energy Ltd. (Electric Utilities) | 116544 |
| 416 | Rio Tinto Ltd. (Metals & Mining) | 32833 |
| 9879 | Sonic Healthcare Ltd. (Health Care Providers & Services) | 201048 |
| 45550 | Transurban Group (Transportation Infrastructure) | 400742 |
| 34759 | Wesfarmers Ltd. (Multiline Retail) | 1084039 |
| 57763 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 1398916 |
|  |  | 12609057 |
| **Belgium – 1.0%** | **Belgium – 1.0%** | **Belgium – 1.0%** |
| 7066 | KBC Group NV (Banks) | 454946 |
| 84547 | Proximus SADP (Diversified Telecommunication Services) | 816289 |
| 4249 | Warehouses De Pauw CVA (Equity Real Estate Investment Trusts (REITs)) | 121720 |
|  |  | 1392955 |
| **Cayman Islands – 0.5%** | **Cayman Islands – 0.5%** | **Cayman Islands – 0.5%** |
| 50600 | Budweiser Brewing Co. APAC Ltd.<sup>(a)</sup> (Beverages) | 158175 |
| 90400 | ESR Group Ltd.<sup>(a)</sup> (Real Estate Management & Development) | 188985 |
| 77600 | Sands China Ltd.\* (Hotels, Restaurants & Leisure) | 254546 |
| 2866 | Sea Ltd. ADR\* (Entertainment) | 149118 |
|  |  | 750824 |
| **Denmark – 4.0%** | **Denmark – 4.0%** | **Denmark – 4.0%** |
| 534 | AP Moller - Maersk A/S Class B (Marine) | 1195414 |
| 552 | AP Moller - Maersk A/S Class A (Marine) | 1216530 |
| 7374 | Coloplast A/S Class B (Health Care Equipment & Supplies) | 863883 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | |
| 1 | Danske Bank A/S (Banks) | $20 |
| 15498 | Novo Nordisk A/S Class B (Pharmaceuticals) | 2104870 |
| 9064 | Vestas Wind Systems A/S (Electrical Equipment) | 264403 |
|  |  | 5645120 |
| **Finland – 3.1%** |  |  |
| 6335 | Fortum Oyj (Electric Utilities) | 105503 |
| 16216 | Kesko Oyj Class B (Food & Staples Retailing) | 358312 |
| 7102 | Kone Oyj Class B (Machinery) | 367683 |
| 172766 | Nordea Bank Abp (Banks) | 1850661 |
| 4538 | Orion Oyj Class B (Pharmaceuticals) | 248787 |
| 23401 | Sampo Oyj Class A (Insurance) | 1222221 |
| 3 | Stora Enso Oyj Class R (Paper & Forest Products) | 42 |
| 6573 | UPM-Kymmene Oyj (Paper & Forest Products) | 245971 |
| 2 | Valmet Oyj (Machinery) | 54 |
|  |  | 4399234 |
| **France –10.7%** |  |  |
| 801 | Air Liquide SA (Chemicals) | 113690 |
| 8762 | Amundi SA<sup>(a)</sup> (Capital Markets) | 496884 |
| 11571 | AXA SA (Insurance) | 322316 |
| 31098 | BNP Paribas SA (Banks) | 1770693 |
| 21873 | Bouygues SA (Construction & Engineering) | 656010 |
| 1553 | Capgemini SE (IT Services) | 259624 |
| 159227 | Credit Agricole SA (Banks) | 1674963 |
| 14453 | Danone SA (Food Products) | 761755 |
| 3705 | Dassault Systemes SE (Software) | 133231 |
| 1153 | Edenred (IT Services) | 62752 |
| 2938 | Electricite de France SA (Electric Utilities) | 37719 |
| 531 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 96075 |
| 120 | Hermes International (Textiles, Apparel & Luxury Goods) | 185742 |
| 974 | Kering SA (Textiles, Apparel & Luxury Goods) | 495695 |
| 1669 | L'Oreal SA (Personal Products) | 597665 |
| 3617 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 2632063 |
| 4048 | Orange SA (Diversified Telecommunication Services) | 40165 |
| 3671 | Pernod Ricard SA (Beverages) | 722168 |
| 345 | Safran SA (Aerospace & Defense) | 43213 |
| 12911 | Sanofi (Pharmaceuticals) | 1244963 |
| 548 | Sartorius Stedim Biotech (Life Sciences Tools & Services) | 178082 |

---

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS INTERNAT IONAL EQUITY DIVIDEND AND PREMIUM FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| 1743 | Schneider Electric SE (Electrical Equipment) | $| 244777 |
| 22893 | TotalEnergies SE (Oil, Gas & Consumable Fuels) |  | 1437065 |
| 8158 | Vinci SA (Construction & Engineering) |  | 813246 |
| 1 | Vivendi SE (Media) |  | 10 |
|  |  |  | 15020566 |
| **Germany – 7.1%** | **Germany – 7.1%** | **Germany – 7.1%** | **Germany – 7.1%** |
| 1665 | Allianz SE (Insurance) |  | 355573 |
| 28758 | BASF SE (Chemicals) |  | 1416003 |
| 7180 | Bayer AG (Pharmaceuticals) |  | 369555 |
| 10054 | Bayerische Motoren Werke AG (Automobiles) |  | 890131 |
| 4413 | Bechtle AG (IT Services) |  | 155991 |
| 2013 | Carl Zeiss Meditec AG (Health Care Equipment & Supplies) |  | 253022 |
| 6992 | Delivery Hero SE\*<sup>(a)</sup> (Internet & Direct Marketing Retail) |  | 335544 |
| 11048 | Deutsche Post AG (Air Freight & Logistics) |  | 413489 |
| 101 | HelloFresh SE\* (Food & Staples Retailing) |  | 2204 |
| 783 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 23797 |
| 581 | LEG Immobilien SE (Real Estate Management & Development) |  | 37892 |
| 25876 | Mercedes-Benz Group AG (Automobiles) |  | 1692158 |
| 2 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) |  | 647 |
| 1426 | Nemetschek SE (Software) |  | 72906 |
| 12630 | SAP SE (Software) |  | 1303930 |
| 10231 | Siemens AG (Industrial Conglomerates) |  | 1410356 |
| 4920 | Siemens Healthineers AG<sup>(a)</sup> (Health Care Equipment & Supplies) |  | 245417 |
| 337545 | Telefonica Deutschland Holding AG (Diversified Telecommunication Services) |  | 829015 |
| 9614 | Vonovia SE (Real Estate Management & Development) |  | 226472 |
|  |  |  | 10034102 |
| **Hong Kong – 2.4%** | **Hong Kong – 2.4%** | **Hong Kong – 2.4%** | **Hong Kong – 2.4%** |
| 83400 | AIA Group Ltd. (Insurance) |  | 921018 |
| 28000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure) |  | 184090 |
| 28000 | Hang Lung Properties Ltd. (Real Estate Management & Development) |  | 54544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 98 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) | $| 93 |
| 14596 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets) |  | 627193 |
| 300 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates) |  | 15261 |
| 185084 | Link REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1354322 |
| 25467 | Sino Land Co. Ltd. (Real Estate Management & Development) |  | 31765 |
| 500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 6830 |
| 400 | Swire Properties Ltd. (Real Estate Management & Development) |  | 1013 |
| 16500 | Techtronic Industries Co. Ltd. (Machinery) |  | 183263 |
|  |  |  | 3379392 |
| **Ireland – 0.7%** | **Ireland – 0.7%** | **Ireland – 0.7%** | **Ireland – 0.7%** |
| 24567 | CRH PLC (Construction Materials) |  | 977033 |
| **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** | **Israel – 0.6%** |
| 436 | CyberArk Software Ltd.\* (Software) |  | 56527 |
| 82362 | ICL Group Ltd. Class G (Chemicals) |  | 595103 |
| 3205 | Teva Pharmaceutical Industries Ltd. ADR\* (Pharmaceuticals) |  | 29230 |
| 1395 | Wix.com Ltd.\*<sup>(b)</sup> (IT Services) |  | 107178 |
| 2585 | ZIM Integrated Shipping Services Ltd.<sup>(c)</sup> (Marine) |  | 44436 |
|  |  |  | 832474 |
| **Italy – 1.7%** | **Italy – 1.7%** | **Italy – 1.7%** | **Italy – 1.7%** |
| 274 | Amplifon SpA (Health Care |  |  |
|  | Providers & Services) |  | 8182 |
| 1438 | DiaSorin SpA (Health Care |  |  |
|  | Equipment & Supplies) |  | 201213 |
| 220223 | Enel SpA (Electric Utilities) |  | 1184390 |
| 20152 | Eni SpA (Oil, Gas & Consumable |  |  |
|  | Fuels) |  | 286551 |
| 62695 | Mediobanca Banca di Credito |  |  |
|  | Finanziario SpA (Banks) |  | 602440 |
| 2098 | Moncler SpA (Textiles, Apparel & |  |  |
|  | Luxury Goods) |  | 111481 |
|  |  |  | 2394257 |
| **Japan – 21.2%** | **Japan – 21.2%** | **Japan – 21.2%** | **Japan – 21.2%** |
| 1200 | Advantest Corp. (Semiconductors & |  |  |
|  | Semiconductor Equipment) |  | 76858 |
| 14500 | AGC, Inc. (Building Products) |  | 481193 |
| 1600 | Asahi Group Holdings Ltd. |  |  |
|  | (Beverages) |  | 49804 |
| 16600 | Asahi Kasei Corp. (Chemicals) |  | 118168 |
| 7100 | Astellas Pharma, Inc. |  |  |
|  | (Pharmaceuticals) |  | 107960 |

---

---

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

---

------

GOLDMAN SACHS INTERNAT IONAL EQUITY DIVIDEND AND PREMIUM FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| <br> **Common Stocks (continued)** | <br> **Common Stocks (continued)** | <br> **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 22600 | Bridgestone Corp. (Auto Components) | $800200 |
| 17800 | Canon, Inc. (Technology Hardware, Storage & Peripherals) | 385264 |
| 11600 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 295878 |
| 1500 | Dai-ichi Life Holdings, Inc. (Insurance) | 33875 |
| 16700 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 537518 |
| 600 | Daikin Industries Ltd. (Building Products) | 91028 |
| 1000 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development) | 102383 |
| 178500 | Daiwa Securities Group, Inc. (Capital Markets) | 788756 |
| 4400 | Denso Corp. (Auto Components) | 215775 |
| 1500 | Disco Corp. (Semiconductors & Semiconductor Equipment) | 427531 |
| 4800 | Eisai Co. Ltd. (Pharmaceuticals) | 316570 |
| 4000 | FANUC Corp. (Machinery) | 598586 |
| 200 | Fast Retailing Co. Ltd. (Specialty Retail) | 121707 |
| 2600 | Fuji Electric Co. Ltd. (Electrical Equipment) | 98122 |
| 700 | GMO Payment Gateway, Inc. (IT Services) | 57889 |
| 1300 | Hikari Tsushin, Inc. (Specialty Retail) | 182980 |
| 1916 | Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components) | 240307 |
| 6500 | Hitachi Construction Machinery Co. Ltd. (Machinery) | 144862 |
| 1400 | Hitachi Ltd. (Industrial Conglomerates) | 70443 |
| 3100 | Hoya Corp. (Health Care Equipment & Supplies) | 296913 |
| 6800 | Iida Group Holdings Co. Ltd. (Household Durables) | 103245 |
| 7700 | Isuzu Motors Ltd. (Automobiles) | 89265 |
| 39600 | ITOCHU Corp. (Trading Companies & Distributors) | 1242361 |
| 2000 | Japan Exchange Group, Inc. (Capital Markets) | 28826 |
| 16700 | Japan Post Insurance Co. Ltd. (Insurance) | 293705 |
| 20500 | Japan Tobacco, Inc. (Tobacco) | 413284 |
| 15700 | JFE Holdings, Inc. (Metals & Mining) | 182175 |
| 6400 | JSR Corp. (Chemicals) | 125320 |
| 12400 | Kajima Corp. (Construction & Engineering) | 144303 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| <br> **Common Stocks (continued)** | <br> **Common Stocks (continued)** | <br> **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 9300 | Kakaku.com, Inc. (Interactive Media & Services) | $149225 |
| 1700 | Kao Corp. (Personal Products) | 67491 |
| 600 | Keyence Corp. (Electronic Equipment, Instruments & Components) | 232947 |
| 900 | Kikkoman Corp. (Food Products) | 47373 |
| 32500 | Kirin Holdings Co. Ltd. (Beverages) | 495346 |
| 12500 | Komatsu Ltd. (Machinery) | 270176 |
| 2100 | Kose Corp. (Personal Products) | 228172 |
| 30600 | Lixil Corp. (Building Products) | 461329 |
| 9700 | M3, Inc. (Health Care Technology) | 263484 |
| 2100 | Makita Corp. (Machinery) | 48920 |
| 52200 | Marubeni Corp. (Trading Companies & Distributors) | 598000 |
| 17300 | Mitsubishi Corp. (Trading Companies & Distributors) | 561641 |
| 5500 | Mitsubishi Electric Corp. (Electrical Equipment) | 54499 |
| 49600 | Mitsubishi HC Capital, Inc. (Diversified Financial Services) | 243960 |
| 162300 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 1089587 |
| 12100 | Mitsui & Co. Ltd. (Trading Companies & Distributors) | 352421 |
| 7100 | Mitsui OSK Lines Ltd. (Marine) | 177414 |
| 13700 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 437987 |
| 6900 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 340275 |
| 400 | Nidec Corp. (Electrical Equipment) | 20584 |
| 10400 | Nihon M&A Center Holdings, Inc. (Professional Services) | 127969 |
| 13100 | Nintendo Co. Ltd. (Entertainment) | 550810 |
| 1100 | Nippon Express Holdings, Inc. (Air Freight & Logistics) | 62820 |
| 1000 | Nippon Paint Holdings Co. Ltd. (Chemicals) | 7854 |
| 19 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts (REITs)) | 44547 |
| 1 | Nippon Steel Corp. (Metals & Mining) | 17 |
| 7000 | Nippon Yusen KK (Marine) | 165064 |
| 3400 | Nisshin Seifun Group, Inc. (Food Products) | 42731 |
| 4000 | Nitto Denko Corp. (Chemicals) | 230379 |
| 10000 | Nomura Research Institute Ltd. (IT Services) | 237739 |
| 1100 | Obic Co. Ltd. (IT Services) | 161490 |
| 300 | Odakyu Electric Railway Co. Ltd. (Road & Rail) | 3885 |
| 5100 | Olympus Corp. (Health Care Equipment & Supplies) | 89952 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 5400 | Otsuka Corp. (IT Services) | $170210 |
| 34400 | Panasonic Holdings Corp. (Household Durables) | 287894 |
| 14300 | Recruit Holdings Co. Ltd. (Professional Services) | 447618 |
| 66300 | Resona Holdings, Inc. (Banks) | 364147 |
| 13900 | Seiko Epson Corp. (Technology Hardware, Storage & Peripherals) | 202232 |
| 2400 | Sekisui House Ltd. (Household Durables) | 42550 |
| 3700 | Shimadzu Corp. (Electronic Equipment, Instruments & Components) | 104747 |
| 3900 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 476237 |
| 300 | Shiseido Co. Ltd. (Personal Products) | 14704 |
| 165300 | SoftBank Corp. (Wireless Telecommunication Services) | 1870149 |
| 1200 | SoftBank Group Corp. (Wireless Telecommunication Services) | 50752 |
| 900 | Sompo Holdings, Inc. (Insurance) | 39819 |
| 7500 | Sony Group Corp. (Household Durables) | 571662 |
| 11800 | Sumitomo Corp. (Trading Companies & Distributors) | 196152 |
| 5700 | Sumitomo Metal Mining Co. Ltd. (Metals & Mining) | 200291 |
| 46600 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 1874830 |
| 300 | Sumitomo Mitsui Trust Holdings, Inc. (Banks) | 10469 |
| 2700 | Sysmex Corp. (Health Care Equipment & Supplies) | 163001 |
| 38200 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 1193623 |
| 3000 | TDK Corp. (Electronic Equipment, Instruments & Components) | 97601 |
| 4800 | Tokio Marine Holdings, Inc. (Insurance) | 102539 |
| 3800 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 1116549 |
| 300 | Tokyo Gas Co. Ltd. (Gas Utilities) | 5874 |
| 3900 | TOTO Ltd. (Building Products) | 132286 |
| 131000 | Toyota Motor Corp. (Automobiles) | 1787173 |
| 2500 | Toyota Tsusho Corp. (Trading Companies & Distributors) | 91961 |
| 40500 | USS Co. Ltd. (Specialty Retail) | 642616 |
| 4700 | West Japan Railway Co. (Road & Rail) | 204071 |
| 100 | Yamaha Corp. (Leisure Products) | 3711 |
| 200 | Yamato Holdings Co. Ltd. (Air Freight & Logistics) | 3169 |
| 900 | Yaskawa Electric Corp. (Machinery) | 28715 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 3900 | ZOZO, Inc. (Internet & Direct Marketing Retail) | $| 96313 |
|  |  |  | 29722807 |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| 4371 | Tenaris SA (Energy Equipment & Services) |  | 76657 |
| **Netherlands – 3.6%** | **Netherlands – 3.6%** | **Netherlands – 3.6%** | **Netherlands – 3.6%** |
| 466 | Adyen NV\*<sup>(a)</sup> (IT Services) |  | 646924 |
| 3522 | Airbus SE (Aerospace & Defense) |  | 418774 |
| 1 | Akzo Nobel NV (Chemicals) |  | 67 |
| 414 | Argenx SE\* (Biotechnology) |  | 155418 |
| 600 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 152241 |
| 5084 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 2772059 |
| 2913 | Davide Campari-Milano NV (Beverages) |  | 29574 |
| 42 | Heineken NV (Beverages) |  | 3956 |
| 1298 | Just Eat Takeaway.com NV\*<sup>(a)</sup> (Internet & Direct Marketing Retail) |  | 27627 |
| 4249 | NN Group NV (Insurance) |  | 173751 |
| 7383 | Prosus NV\* (Internet & Direct Marketing Retail) |  | 509747 |
| 1214 | Randstad NV (Professional Services) |  | 74178 |
| 4247 | Universal Music Group NV (Entertainment) |  | 102704 |
|  |  |  | 5067020 |
| **New Zealand – 1.3%** | **New Zealand – 1.3%** | **New Zealand – 1.3%** | **New Zealand – 1.3%** |
| 16592 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies) |  | 237400 |
| 72715 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers) |  | 241864 |
| 382733 | Spark New Zealand Ltd. (Diversified Telecommunication Services) |  | 1310389 |
|  |  |  | 1789653 |
| **Norway – 1.0%** | **Norway – 1.0%** | **Norway – 1.0%** | **Norway – 1.0%** |
| 8910 | Aker BP ASA (Oil, Gas & Consumable Fuels) |  | 276948 |
| 12697 | DNB Bank ASA (Banks) |  | 250767 |
| 58 | Gjensidige Forsikring ASA (Insurance) |  | 1138 |
| 18512 | Norsk Hydro ASA (Metals & Mining) |  | 138328 |
| 27368 | Telenor ASA (Diversified Telecommunication Services) |  | 255699 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| 11034 | Yara International ASA (Chemicals) | $| 484580 |
|  |  |  | 1407460 |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| 14663 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) |  | 197813 |
| 9319 | Jeronimo Martins SGPS SA (Food & Staples Retailing) |  | 201621 |
|  |  |  | 399434 |
| **Singapore – 1.3%** | **Singapore – 1.3%** | **Singapore – 1.3%** | **Singapore – 1.3%** |
| 1500 | City Developments Ltd. (Real Estate Management & Development) |  | 9221 |
| 36746 | DBS Group Holdings Ltd. (Banks) |  | 930100 |
| 5200 | Keppel Corp. Ltd. (Industrial Conglomerates) |  | 28201 |
| 17600 | Singapore Exchange Ltd. (Capital Markets) |  | 117689 |
| 208400 | Singapore Technologies Engineering Ltd. (Aerospace & Defense) |  | 521482 |
| 121600 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services) |  | 233143 |
|  |  |  | 1839836 |
| **Spain – 2.7%** | **Spain – 2.7%** | **Spain – 2.7%** | **Spain – 2.7%** |
| 205 | ACS Actividades de Construccion y Servicios SA (Construction & Engineering) |  | 5866 |
| 169 | Amadeus IT Group SA\* (IT Services) |  | 8767 |
| 65098 | Enagas SA (Gas Utilities) |  | 1082482 |
| 83526 | Endesa SA (Electric Utilities) |  | 1574175 |
| 24560 | Ferrovial SA (Construction & Engineering) |  | 643048 |
| 11487 | Industria de Diseno Textil SA (Specialty Retail) |  | 305107 |
| 47120 | Telefonica SA (Diversified Telecommunication Services) |  | 170579 |
|  |  |  | 3790024 |
| **Sweden – 1.5%** | **Sweden – 1.5%** | **Sweden – 1.5%** | **Sweden – 1.5%** |
| 17280 | Atlas Copco AB Class A (Machinery) |  | 204740 |
| 45108 | Atlas Copco AB Class B (Machinery) |  | 481287 |
| 15569 | Electrolux AB Class B (Household Durables) |  | 210351 |
| 2 | Embracer Group AB\* (Entertainment) |  | 9 |
| 14202 | EQT AB (Capital Markets) |  | 301725 |
| 43039 | Nibe Industrier AB Class B (Building Products) |  | 401716 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 2714 | Orron Energy AB (Independent Power and Renewable Electricity Producers) | $| 5866 |
| 1984 | Skandinaviska Enskilda Banken AB Class A (Banks) |  | 22842 |
| 1 | Telefonaktiebolaget LM Ericsson Class B (Communications Equipment) |  | 6 |
| 160198 | Telia Co. AB (Diversified Telecommunication Services) |  | 409349 |
| 4781 | Volvo AB Class B (Machinery) |  | 86362 |
|  |  |  | 2124253 |
| **Switzerland – 11.0%** | **Switzerland – 11.0%** | **Switzerland – 11.0%** | **Switzerland – 11.0%** |
| 4196 | Adecco Group AG (Professional Services) |  | 138027 |
| 2242 | Bachem Holding AG (Life Sciences Tools & Services) |  | 194539 |
| 501 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) |  | 64960 |
| 25578 | Coca-Cola HBC AG\* (Beverages) |  | 604633 |
| 861 | Geberit AG (Building Products) |  | 406461 |
| 33 | Givaudan SA (Chemicals) |  | 101076 |
| 12034 | Holcim Ltd.\* (Construction Materials) |  | 622919 |
| 34798 | Nestle SA (Food Products) |  | 4019494 |
| 27361 | Novartis AG (Pharmaceuticals) |  | 2476100 |
| 672 | Partners Group Holding AG (Capital Markets) |  | 595045 |
| 5448 | Roche Holding AG (Pharmaceuticals) |  | 1711965 |
| 198 | SGS SA (Professional Services) |  | 461209 |
| 5513 | SIG Group AG\* (Containers & Packaging) |  | 120466 |
| 464 | Sika AG (Chemicals) |  | 111547 |
| 918 | Sonova Holding AG (Health Care Equipment & Supplies) |  | 218024 |
| 3062 | Straumann Holding AG (Health Care Equipment & Supplies) |  | 351123 |
| 6580 | Swiss Re AG (Insurance) |  | 615239 |
| 1211 | VAT Group AG\*<sup>(a)</sup> (Machinery) |  | 332440 |
| 4695 | Zurich Insurance Group AG (Insurance) |  | 2244572 |
|  |  |  | 15389839 |
| **United Kingdom – 14.7%** | **United Kingdom – 14.7%** | **United Kingdom – 14.7%** | **United Kingdom – 14.7%** |
| 997 | Anglo American PLC (Metals & Mining) |  | 39042 |
| 1429 | Ashtead Group PLC (Trading Companies & Distributors) |  | 81174 |
| 17478 | AstraZeneca PLC ADR (Pharmaceuticals) |  | 1185008 |
| 222844 | Aviva PLC (Insurance) |  | 1182108 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS INTERNAT IONAL EQUITY DIVIDEND AND PREMIUM FUND

*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 69100 | BAE Systems PLC (Aerospace & Defense) | $713693 |
| 35012 | Barclays PLC (Banks) | 66621 |
| 8476 | BP PLC ADR (Oil, Gas & Consumable Fuels) | 296067 |
| 18061 | British American Tobacco PLC (Tobacco) | 714460 |
| 4115 | Coca-Cola Europacific Partners PLC (Beverages) | 227642 |
| 13945 | Diageo PLC (Beverages) | 610399 |
| 74513 | Evraz PLC\*<sup>(d)</sup> (Metals & Mining) |  |
| 7315 | Experian PLC (Professional Services) | 247747 |
| 39658 | GSK PLC ADR (Pharmaceuticals) | 1393582 |
| 240798 | HSBC Holdings PLC (Banks) | 1492354 |
| 21602 | Imperial Brands PLC (Tobacco) | 538130 |
| 327436 | M&G PLC (Diversified Financial Services) | 740417 |
| 43746 | National Grid PLC (Multi-Utilities) | 524049 |
| 55810 | Persimmon PLC (Household Durables) | 818321 |
| 43583 | Phoenix Group Holdings PLC (Insurance) | 319266 |
| 1916 | Reckitt Benckiser Group PLC (Household Products) | 132810 |
| 17073 | RELX PLC (Professional Services) | 472035 |
| 3482 | Rio Tinto PLC (Metals & Mining) | 245077 |
| 33779 | Rio Tinto PLC ADR (Metals & Mining) | 2405065 |
| 20 | Rolls-Royce Holdings PLC\* (Aerospace & Defense) | 22 |
| 21186 | Segro PLC (Equity Real Estate Investment Trusts (REITs)) | 195171 |
| 82070 | Shell PLC (Oil, Gas & Consumable Fuels) | 2314365 |
| 43499 | SSE PLC (Electric Utilities) | 894641 |
| 9344 | St. James's Place PLC (Capital Markets) | 123092 |
| 14900 | Unilever PLC (Personal Products) | 747633 |
| 24480 | Unilever PLC ADR (Personal Products) | 1232568 |
| 75372 | Vodafone Group PLC ADR (Wireless Telecommunication Services) | 762765 |
|  |  | 20715324 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $127,172,291)** | **(Cost $127,172,291)** | $139757321 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** | **Preferred Stocks – 1.4%** |
| **Germany – 1.4%** | **Germany – 1.4%** | **Germany – 1.4%** |
| Bayerische Motoren Werke AG (Automobiles) | Bayerische Motoren Werke AG (Automobiles) | Bayerische Motoren Werke AG (Automobiles) |
| 17427 | 0.000% | $1470685 |
| Sartorius AG (Life Sciences Tools & Services) | Sartorius AG (Life Sciences Tools & Services) | Sartorius AG (Life Sciences Tools & Services) |
| 1081 | 0.000 | 426861 |
| **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** |
| **(Cost $1,602,181)** | **(Cost $1,602,181)** | $1897546 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investments – 0.0%** | **Short-Term Investments – 0.0%** | **Short-Term Investments – 0.0%** |
| **Securities Lending Reinvestment Vehicle – 0.0%** | **Securities Lending Reinvestment Vehicle – 0.0%** | **Securities Lending Reinvestment Vehicle – 0.0%** |
| Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;44400 | 4.159% | $44400 |
| **(Cost $44,400)** | **(Cost $44,400)** | **(Cost $44,400)** |
| **TOTAL INVESTMENTS – 100.9%** | **TOTAL INVESTMENTS – 100.9%** | **TOTAL INVESTMENTS – 100.9%** |
| **(Cost $128,818,872)** | **(Cost $128,818,872)** | $141699267 |
| **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.9)%** | **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.9)%** | (1252992) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $140446275 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (c) | All or a portion of security is on loan. |
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |

---

 **SECTOR ALLOCATION AS OF DECEMBER 31, 2022**

---

| | |
|:---|:---|
| **Sector** | **% of Total<br>Market Value** |
|  Financials | &nbsp;&nbsp;&nbsp;&nbsp;20.2% |
|  Industrials | 14.4 |
|  Health Care | 12.7 |
|  Consumer Discretionary | 11.8 |
|  Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
|  Materials | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
|  Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
|  Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
|  Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
|  Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
|  | 100.0% |

---

---

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

---

------

GOLDMAN SACHS INTERNAT IONAL EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Euro Stoxx 50 Index | 29 | 03/17/23 | $1174979 | $(61507) |
|  FTSE 100 Index | 5 | 03/17/23 | 451301 | (1579) |
|  Hang Seng Index | 1 | 01/30/23 | 127571 | (352) |
|  MSCI Singapore Index | 2 | 01/30/23 | 43385 | 108 |
|  SPI 200 Index | 2 | 03/16/23 | 238025 | (7050) |
|  Topix Index | 4 | 03/09/23 | 576501 | (22564) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(92944) |

---

WRITTEN OPTIONS CONTRACTS—At December 31, 2022, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Nikkei 225 Index | $28000.00 | 03/10/2023 | (62) | $(173600000) | $(85035) | $(410568) | $325533 |
|  Euro Stoxx 50 Index | 3900.00 | 03/17/2023 | (723) | (281970000) | (628435) | (756858) | 128423 |
|  FTSE 100 Index | 7500.00 | 03/17/2023 | (102) | (76500000) | (204083) | (176423) | (27660) |
|  **TOTAL** |  |  | (887) | $(70250) | $(917553) | $(1343849) | $426296 |

---

---

| |
|:---|
| **Investment Abbreviations:** |
| ADR —American Depositary Receipt |
| AGC —Assured Guaranty Corp. |
| PLC —Public Limited Company |
| REIT —Real Estate Investment Trust |

---

**The accompanying notes are an integral part of these financial statements. 19** 

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

## Schedule of Investments
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.2%** | **Common Stocks – 98.2%** | **Common Stocks – 98.2%** |
| **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** |
| 622 | Axon Enterprise, Inc.\* | $103209 |
| 849 | HEICO Corp. | 130440 |
| 5917 | HEICO Corp. Class A | 709152 |
| 26897 | Hexcel Corp. | 1582888 |
| 35134 | Lockheed Martin Corp. | 17092340 |
| 178830 | Raytheon Technologies Corp. | 18047524 |
| 48300 | The Boeing Co.\* | 9200667 |
|  |  | 46866220 |
| **Air Freight & Logistics – 0.8%** | **Air Freight & Logistics – 0.8%** | **Air Freight & Logistics – 0.8%** |
| 116398 | United Parcel Service, Inc. Class B | 20234628 |
| **Auto Components – 0.1%** | **Auto Components – 0.1%** | **Auto Components – 0.1%** |
| 12500 | Lear Corp. | 1550250 |
| **Automobiles – 1.3%** | **Automobiles – 1.3%** | **Automobiles – 1.3%** |
| 665200 | Ford Motor Co. | 7736276 |
| 223233 | Tesla, Inc.\* | 27497841 |
|  |  | 35234117 |
| **Banks – 4.1%** | **Banks – 4.1%** | **Banks – 4.1%** |
| 441079 | Bank of America Corp. | 14608536 |
| 4600 | Cullen/Frost Bankers, Inc. | 615020 |
| 7300 | First Hawaiian, Inc. | 190092 |
| 127200 | FNB Corp. | 1659960 |
| 462900 | Huntington Bancshares, Inc. | 6526890 |
| 217329 | JPMorgan Chase & Co.<sup>(a)</sup> | 29143819 |
| 77300 | The PNC Financial Services Group, Inc. | 12208762 |
| 406500 | Truist Financial Corp. | 17491695 |
| 242400 | U.S. Bancorp | 10571064 |
| 391000 | Umpqua Holdings Corp. | 6979350 |
| 8800 | Webster Financial Corp. | 416592 |
| 202600 | Wells Fargo & Co. | 8365354 |
|  |  | 108777134 |
| **Beverages – 1.9%** | **Beverages – 1.9%** | **Beverages – 1.9%** |
| 118282 | PepsiCo, Inc. | 21368826 |
| 448500 | The Coca-Cola Co. | 28529085 |
|  |  | 49897911 |
| **Biotechnology – 2.5%** | **Biotechnology – 2.5%** | **Biotechnology – 2.5%** |
| 177986 | AbbVie, Inc. | 28764317 |
| 1200 | Alnylam Pharmaceuticals, Inc.\* | 285180 |
| 57402 | Amgen, Inc. | 15076061 |
| 2465 | BioMarin Pharmaceutical, Inc.\* | 255103 |
| 10307 | Exact Sciences Corp.\* | 510300 |
| 233594 | Gilead Sciences, Inc. | 20054045 |
| 2541 | Ionis Pharmaceuticals, Inc.\* | 95974 |
| 3600 | Mirati Therapeutics, Inc.\* | 163116 |
| 3342 | Natera, Inc.\* | 134248 |
| 1497 | Novavax, Inc.\*<sup>(b)</sup> | 15389 |
| 5374 | Sarepta Therapeutics, Inc.\* | 696363 |
| 5655 | Seagen, Inc.\* | 726724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 2200 | Ultragenyx Pharmaceutical, Inc.\* | $| 101926 |
| 600 | United Therapeutics Corp.\* |  | 166854 |
|  |  |  | 67045600 |
| **Building Products – 0.3%** | **Building Products – 0.3%** | **Building Products – 0.3%** | **Building Products – 0.3%** |
| 3200 | Advanced Drainage Systems, Inc. |  | 262304 |
| 30 | Carlisle Cos., Inc. |  | 7070 |
| 121600 | Johnson Controls International PLC |  | 7782400 |
| 900 | Lennox International, Inc. |  | 215307 |
|  |  |  | 8267081 |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| 125600 | Ares Management Corp. Class A |  | 8596064 |
| 19500 | BlackRock, Inc. |  | 13818285 |
| 307800 | Franklin Resources, Inc. |  | 8119764 |
| 296700 | Janus Henderson Group PLC |  | 6978384 |
| 46200 | Jefferies Financial Group, Inc. |  | 1583736 |
| 1138 | LPL Financial Holdings, Inc. |  | 246001 |
| 317064 | Morgan Stanley |  | 26956781 |
| 4125 | Robinhood Markets, Inc. Class A\* |  | 33578 |
| 22200 | S&P Global, Inc. |  | 7435668 |
| 23400 | The Carlyle Group, Inc. |  | 698256 |
| 117700 | The Charles Schwab Corp. |  | 9799702 |
| 52100 | Virtu Financial, Inc. Class A |  | 1063361 |
|  |  |  | 85329580 |
| **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** |
| 27726 | Air Products & Chemicals, Inc. |  | 8546817 |
| 8341 | Ashland, Inc. |  | 896908 |
| 159303 | Dow, Inc. |  | 8027278 |
| 69000 | Eastman Chemical Co. |  | 5619360 |
| 21220 | Element Solutions, Inc. |  | 385992 |
| 160101 | Huntsman Corp. |  | 4399575 |
| 37491 | Linde PLC |  | 12228814 |
| 80900 | LyondellBasell Industries NV Class A |  | 6717127 |
|  |  |  | 46821871 |
| **Commerical Services & Supplies – 0.0%** | **Commerical Services & Supplies – 0.0%** | **Commerical Services & Supplies – 0.0%** | **Commerical Services & Supplies – 0.0%** |
| 2674 | Tetra Tech, Inc. |  | 388238 |
| 1675 | Waste Connections, Inc. |  | 222038 |
|  |  |  | 610276 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| 486948 | Cisco Systems, Inc. |  | 23198203 |
| 191100 | Juniper Networks, Inc. |  | 6107556 |
|  |  |  | 29305759 |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| 50500 | MDU Resources Group, Inc. |  | 1532170 |

---

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction & Engineering – (continued)** | **Construction & Engineering – (continued)** | **Construction & Engineering – (continued)** |
| 1200 | Valmont Industries, Inc. | $396804 |
| 5200 | WillScot Mobile Mini Holdings<br>Corp.\* | 234884 |
|  |  | 2163858 |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |
| 48636 | American Express Co. | 7185969 |
| 5600 | OneMain Holdings, Inc. | 186536 |
| 17600 | SLM Corp. | 292160 |
|  |  | 7664665 |
| **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** |
| 479700 | Amcor PLC | 5713227 |
| 241799 | International Paper Co. | 8373499 |
| 68000 | Packaging Corp. of America | 8697880 |
| 47800 | Sonoco Products Co. | 2901938 |
|  |  | 25686544 |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| 21174 | ADT, Inc. | 192048 |
| 24800 | H&R Block, Inc. | 905448 |
| 11183 | Mister Car Wash, Inc.\* | 103219 |
| 6100 | Service Corp. International | 421754 |
|  |  | 1622469 |
| **Diversified Financial Services – 1.6%** | **Diversified Financial Services – 1.6%** | **Diversified Financial Services – 1.6%** |
| 55900 | Apollo Global Management,<br>Inc. | 3565861 |
| 105414 | Berkshire Hathaway, Inc.<br>Class B\* | 32562385 |
| 195100 | Equitable Holdings, Inc. | 5599370 |
|  |  | 41727616 |
| **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** |
| 1133928 | AT&T, Inc. | 20875614 |
| 594102 | Verizon Communications, |  |
|  | Inc.<sup>(a)</sup> | 23407619 |
|  |  | 44283233 |
| **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** |
| 2100 | Avangrid, Inc. | 90258 |
| 260800 | Duke Energy Corp. | 26859792 |
| 242000 | OGE Energy Corp. | 9571100 |
| 357001 | The Southern Co. | 25493442 |
|  |  | 62014592 |
| **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** |
| 8980 | ChargePoint Holdings, Inc.\*<sup>(b)</sup> | 85579 |
| 43162 | Eaton Corp. PLC | 6774276 |
| 84662 | Emerson Electric Co. | 8132632 |
| 9222 | Hubbell, Inc. | 2164219 |
| 16930 | Plug Power, Inc.\*<sup>(b)</sup> | 209424 |
| 22103 | Sunrun, Inc.\* | 530914 |
|  |  | 17897044 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** |
| 55700 | Avnet, Inc. | $2316006 |
| 97430 | National Instruments Corp. | 3595167 |
| 44664 | TE Connectivity Ltd. | 5127427 |
|  |  | 11038600 |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
| 63200 | NOV, Inc. | 1320248 |
| **Entertainment\* – 0.8%** | **Entertainment\* – 0.8%** | **Entertainment\* – 0.8%** |
| 37917 | Netflix, Inc. | 11180965 |
| 16028 | ROBLOX Corp. Class A | 456157 |
| 6080 | Roku, Inc. | 247456 |
| 101599 | The Walt Disney Co. | 8826921 |
|  |  | 20711499 |
| **Equity Real Estate Investment Trusts (REITs) – 2.5%** | **Equity Real Estate Investment Trusts (REITs) – 2.5%** | **Equity Real Estate Investment Trusts (REITs) – 2.5%** |
| 191691 | American Homes 4 Rent<br>Class A | 5777567 |
| 14200 | Americold Realty Trust, Inc. | 402002 |
| 34900 | Apartment Income REIT Corp. | 1197419 |
| 59987 | Camden Property Trust | 6711346 |
| 43400 | Crown Castle, Inc. | 5886776 |
| 17100 | CubeSmart | 688275 |
| 15200 | Equinix, Inc. | 9956456 |
| 21900 | Gaming & Leisure Properties,<br>Inc. | 1140771 |
| 6800 | Healthcare Realty Trust, Inc. | 131036 |
| 72100 | Invitation Homes, Inc. | 2137044 |
| 3400 | Life Storage, Inc. | 334900 |
| 8300 | National Retail Properties, Inc. | 379808 |
| 5 | Omega Healthcare Investors,<br>Inc. | 140 |
| 80700 | Prologis, Inc. | 9097311 |
| 22600 | Public Storage | 6332294 |
| 3100 | Rayonier, Inc. | 102176 |
| 1 | Realty Income Corp. | 63 |
| 82100 | Rexford Industrial Realty, Inc. | 4485944 |
| 36100 | SBA Communications Corp. | 10119191 |
| 6400 | Spirit Realty Capital, Inc. | 255552 |
| 17200 | STORE Capital Corp. | 551432 |
| 1193 | Sun Communities, Inc. | 170599 |
|  |  | 65858102 |
| **Food & Staples Retailing – 1.5%** | **Food & Staples Retailing – 1.5%** | **Food & Staples Retailing – 1.5%** |
| 35161 | Costco Wholesale Corp. | 16050996 |
| 285600 | Walgreens Boots Alliance, Inc. | 10670016 |
| 99045 | Walmart, Inc. | 14043591 |
|  |  | 40764603 |
| **Food Products – 0.7%** | **Food Products – 0.7%** | **Food Products – 0.7%** |
| 1003 | Bunge Ltd. | 100069 |
| 158500 | Conagra Brands, Inc. | 6133950 |
| 78000 | Flowers Foods, Inc. | 2241720 |
| 259100 | The Kraft Heinz Co. | 10547961 |
|  |  | 19023700 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

## Schedule of Investments (continued)
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |  |
| 3895 | National Fuel Gas Co. | $246554 |
| **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** |
| 176106 | Abbott Laboratories | 19334678 |
| 56046 | Dexcom, Inc.\* | 6346649 |
| 10000 | Insulet Corp.\* | 2943900 |
| 42602 | Intuitive Surgical, Inc.\* | 11304441 |
| 309453 | Medtronic PLC | 24050687 |
| 10738 | Novocure Ltd.\* | 787632 |
| 4341 | Penumbra, Inc.\* | 965699 |
| 47640 | Stryker Corp. | 11647503 |
| 4980 | Tandem Diabetes Care, Inc.\* | 223851 |
|  |  | 77605040 |
| **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** | **Health Care Providers & Services – 3.2%** |
| 14631 | Acadia Healthcare Co., Inc.\* | 1204424 |
| 27624 | agilon health, Inc.\* | 445851 |
| 36784 | Cigna Corp. | 12188010 |
| 107578 | CVS Health Corp. | 10025194 |
| 22500 | Elevance Health, Inc. | 11541825 |
| 9428 | Guardant Health, Inc.\* | 256442 |
| 41323 | Oak Street Health, Inc.\* | 888858 |
| 44733 | Signify Health, Inc. Class A\* | 1282048 |
| 89436 | UnitedHealth Group, Inc. | 47417178 |
|  |  | 85249830 |
| **Health Care Technology\* – 0.0%** | **Health Care Technology\* – 0.0%** | **Health Care Technology\* – 0.0%** |
| 1533 | Certara, Inc. | 24635 |
| 2609 | Definitive Healthcare Corp. | 28673 |
| 5824 | Teladoc Health, Inc. | 137738 |
| 2086 | Veeva Systems, Inc. Class A | 336639 |
|  |  | 527685 |
| **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** |
| 11300 | Airbnb, Inc. Class A\* | 966150 |
| 40971 | Aramark | 1693741 |
| 3230 | Booking Holdings, Inc.\* | 6509354 |
| 18300 | DraftKings, Inc. Class A\* | 208437 |
| 22319 | Hyatt Hotels Corp. Class A\* | 2018754 |
| 2700 | Marriott Vacations Worldwide<br>Corp. | 363393 |
| 80700 | McDonald's Corp. | 21266871 |
| 11765 | Planet Fitness, Inc. Class A\* | 927082 |
| 6000 | Six Flags Entertainment<br>Corp.\* | 139500 |
| 154496 | Starbucks Corp. | 15326003 |
| 22300 | Travel + Leisure Co. | 811720 |
| 700 | Vail Resorts, Inc. | 166845 |
|  |  | 50397850 |
| **Household Durables – 0.4%** | **Household Durables – 0.4%** | **Household Durables – 0.4%** |
| 89000 | Leggett & Platt, Inc. | 2868470 |
| 20827 | Lennar Corp. Class B | 1557443 |
| 48800 | Whirlpool Corp. | 6903248 |
|  |  | 11329161 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Products – 1.8%** | **Household Products – 1.8%** | **Household Products – 1.8%** |
| 84098 | Kimberly-Clark Corp. | $11416303 |
| 14500 | Reynolds Consumer Products,<br>Inc. | 434710 |
| 236198 | The Procter & Gamble Co. | 35798169 |
|  |  | 47649182 |
| **Independent Power and Renewable Electricity Producers –<br>0.0%** | **Independent Power and Renewable Electricity Producers –<br>0.0%** | **Independent Power and Renewable Electricity Producers –<br>0.0%** |
| 11262 | Brookfield Renewable Corp.<br>Class A | 310156 |
| 42467 | Vistra Corp. | 985234 |
|  |  | 1295390 |
| **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** |
| 104568 | 3M Co. | 12539795 |
| 55300 | Honeywell International, Inc. | 11850790 |
|  |  | 24390585 |
| **Insurance – 2.0%** | **Insurance – 2.0%** | **Insurance – 2.0%** |
| 10300 | American Financial Group, Inc. | 1413984 |
| 700 | Assured Guaranty Ltd. | 43582 |
| 11400 | Axis Capital Holdings Ltd. | 617538 |
| 32300 | CNA Financial Corp. | 1365644 |
| 5100 | Erie Indemnity Co. Class A | 1268472 |
| 210100 | Fidelity National Financial,<br>Inc. | 7903962 |
| 42600 | First American Financial Corp. | 2229684 |
| 1200 | Kemper Corp. | 59040 |
| 532806 | Old Republic International<br>Corp. | 12867265 |
| 224100 | Prudential Financial, Inc. | 22288986 |
| 8900 | Reinsurance Group of America,<br>Inc. | 1264601 |
| 3300 | The Hanover Insurance Group,<br>Inc. | 445929 |
| 52800 | Unum Group | 2166384 |
|  |  | 53935071 |
| **Interactive Media & Services\* – 3.8%** | **Interactive Media & Services\* – 3.8%** | **Interactive Media & Services\* – 3.8%** |
| 249320 | Alphabet, Inc. Class C | 22122164 |
| 644253 | Alphabet, Inc. Class A | 56842442 |
| 1 | Match Group, Inc. | 41 |
| 184523 | Meta Platforms, Inc. Class A | 22205498 |
| 5900 | Pinterest, Inc. Class A | 143252 |
| 55900 | Snap, Inc. Class A | 500305 |
| 4000 | ZoomInfo Technologies, Inc. | 120440 |
|  |  | 101934142 |
| **Internet & Direct Marketing Retail\* – 2.4%** | **Internet & Direct Marketing Retail\* – 2.4%** | **Internet & Direct Marketing Retail\* – 2.4%** |
| 748368 | Amazon.com, Inc. | 62862912 |
| 4200 | Chewy, Inc. Class A | 155736 |
| 1400 | DoorDash, Inc. Class A | 68348 |
| 1118 | MercadoLibre, Inc. | 946096 |
|  |  | 64033092 |
| **IT Services – 4.9%** | **IT Services – 4.9%** | **IT Services – 4.9%** |
| 58239 | Accenture PLC Class A | 15540495 |

---

---

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

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 17776 | Affirm Holdings, Inc.\*<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171894 |
| 15800 | Amdocs Ltd. |  | 1436220 |
| 42985 | Automatic Data Processing, Inc. |  | 10267397 |
| 10947 | Block, Inc.\* |  | 687910 |
| 31700 | Cloudflare, Inc. Class A\* |  | 1433157 |
| 68500 | Fidelity National Information Services, Inc. |  | 4647725 |
| 179101 | International Business Machines Corp. |  | 25233540 |
| 3 | Kyndryl Holdings, Inc.\* |  | 33 |
| 47027 | Mastercard, Inc. Class A |  | 16352699 |
| 5588 | MongoDB, Inc.\* |  | 1099942 |
| 11826 | Okta, Inc.\* |  | 808071 |
| 72300 | Paychex, Inc. |  | 8354988 |
| 84961 | PayPal Holdings, Inc.\* |  | 6050922 |
| 14600 | Snowflake, Inc. Class A\* |  | 2095684 |
| 628699 | The Western Union Co. |  | 8657185 |
| 14800 | Twilio, Inc. Class A\* |  | 724608 |
| 131041 | Visa, Inc. Class A |  | 27225078 |
|  |  |  | 130787548 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 11100 | Brunswick Corp. |  | 800088 |
| **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** |
| 15252 | 10X Genomics, Inc. Class A\* |  | 555783 |
| 7981 | Azenta, Inc. |  | 464654 |
| 8900 | Bruker Corp. |  | 608315 |
| 68725 | Danaher Corp. |  | 18240989 |
| 4700 | Maravai LifeSciences Holdings, Inc. Class A\* |  | 67257 |
| 21400 | Repligen Corp.\* |  | 3623234 |
| 43310 | Thermo Fisher Scientific, Inc. |  | 23850384 |
|  |  |  | 47410616 |
| **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** |
| 52805 | Caterpillar, Inc. |  | 12649966 |
| 4300 | Donaldson Co., Inc. |  | 253141 |
| 10600 | Flowserve Corp. |  | 325208 |
| 6100 | Graco, Inc. |  | 410286 |
| 62550 | Illinois Tool Works, Inc. |  | 13779765 |
| 5500 | Lincoln Electric Holdings, Inc. |  | 794695 |
| 4400 | The Timken Co. |  | 310948 |
| 5600 | The Toro Co. |  | 633920 |
|  |  |  | 29157929 |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| 357419 | Comcast Corp. Class A |  | 12498943 |
| 84100 | Omnicom Group, Inc. |  | 6860037 |
| 198301 | The Interpublic Group of Cos., Inc. |  | 6605406 |
|  |  |  | 25964386 |
| **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** |
| 65700 | Newmont Corp. |  | 3101040 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |
| 213300 | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881187 |
|  |  | 15982227 |
| **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** |
| 8000 | Nordstrom, Inc. | 129120 |
| 64500 | Target Corp. | 9613080 |
|  |  | 9742200 |
| **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** |
| 117600 | Consolidated Edison, Inc. | 11208456 |
| 159597 | Dominion Energy, Inc. | 9786488 |
| 193600 | Public Service Enterprise Group, Inc. | 11861872 |
|  |  | 32856816 |
| **Oil, Gas & Consumable Fuels – 5.0%** | **Oil, Gas & Consumable Fuels – 5.0%** | **Oil, Gas & Consumable Fuels – 5.0%** |
| 168898 | Chevron Corp. | 30315502 |
| 217700 | Coterra Energy, Inc. | 5348889 |
| 221400 | Devon Energy Corp. | 13618314 |
| 65100 | Diamondback Energy, Inc. | 8904378 |
| 2500 | DTE Midstream LLC\* | 138150 |
| 49528 | EOG Resources, Inc. | 6414866 |
| 377819 | Exxon Mobil Corp.<sup>(a)</sup> | 41673436 |
| 399800 | Kinder Morgan, Inc. | 7228384 |
| 63700 | Pioneer Natural Resources Co. | 14548443 |
| 180400 | The Williams Cos., Inc. | 5935160 |
|  |  | 134125522 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 7 | Sylvamo Corp. | 340 |
| **Pharmaceuticals – 5.3%** | **Pharmaceuticals – 5.3%** | **Pharmaceuticals – 5.3%** |
| 286201 | Bristol-Myers Squibb Co. | 20592162 |
| 65539 | Eli Lilly & Co. | 23976788 |
| 230334 | Johnson & Johnson | 40688501 |
| 257553 | Merck & Co., Inc. | 28575505 |
| 7 | Organon & Co. | 195 |
| 547899 | Pfizer, Inc. | 28074345 |
| 5 | Viatris, Inc. | 56 |
|  |  | 141907552 |
| **Professional Services – 0.3%** | **Professional Services – 0.3%** | **Professional Services – 0.3%** |
| 29433 | Booz Allen Hamilton Holding Corp. | 3076337 |
| 13547 | KBR, Inc. | 715282 |
| 33200 | ManpowerGroup, Inc. | 2762572 |
| 10051 | TransUnion | 570394 |
|  |  | 7124585 |
| **Real Estate Management & Development\* – 0.0%** | **Real Estate Management & Development\* – 0.0%** | **Real Estate Management & Development\* – 0.0%** |
| 83 | WeWork, Inc. Class A | 119 |
| **Road & Rail –1.0%** | **Road & Rail –1.0%** | **Road & Rail –1.0%** |
| 26846 | Norfolk Southern Corp. | 6615391 |
| 10500 | Ryder System, Inc. | 877485 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*December 31, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – (continued)** | **Road & Rail – (continued)** | **Road & Rail – (continued)** | **Road & Rail – (continued)** |
| 91562 | Union Pacific Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18959744 |
|  |  |  | 26452620 |
| **Semiconductors & Semiconductor Equipment – 5.3%** | **Semiconductors & Semiconductor Equipment – 5.3%** | **Semiconductors & Semiconductor Equipment – 5.3%** | **Semiconductors & Semiconductor Equipment – 5.3%** |
| 160393 | Advanced Micro Devices, Inc.\* |  | 10388655 |
| 84300 | Analog Devices, Inc. |  | 13827729 |
| 41590 | Broadcom, Inc. |  | 23254217 |
| 5400 | First Solar, Inc.\* |  | 808866 |
| 511509 | Intel Corp. |  | 13519183 |
| 17275 | KLA Corp. |  | 6513193 |
| 13953 | Lam Research Corp. |  | 5864446 |
| 41959 | Marvell Technology, Inc. |  | 1554161 |
| 211525 | NVIDIA Corp. |  | 30912263 |
| 115597 | QUALCOMM, Inc. |  | 12708734 |
| 140150 | Texas Instruments, Inc. |  | 23155583 |
| 500 | Wolfspeed, Inc.\* |  | 34520 |
|  |  |  | 142541550 |
| **Software – 8.1%** | **Software – 8.1%** |  |  |
| 35273 | Adobe, Inc.\* |  | 11870423 |
| 1600 | AppLovin Corp. Class A\* |  | 16848 |
| 4600 | Atlassian Corp. Class A\* |  | 591928 |
| 6500 | Bill.com Holdings, Inc.\* |  | 708240 |
| 9333 | Confluent, Inc. Class A\* |  | 207566 |
| 6900 | Coupa Software, Inc.\* |  | 546273 |
| 16800 | Crowdstrike Holdings, Inc. Class A\* |  | 1768872 |
| 31100 | Datadog, Inc. Class A\* |  | 2285850 |
| 22268 | DocuSign, Inc.\* |  | 1234093 |
| 18400 | Dynatrace, Inc.\* |  | 704720 |
| 2000 | Elastic NV\* |  | 103000 |
| 1600 | Five9, Inc.\* |  | 108576 |
| 6400 | HubSpot, Inc.\* |  | 1850432 |
| 35020 | Intuit, Inc. |  | 13630484 |
| 620725 | Microsoft Corp. |  | 148862270 |
| 3000 | nCino, Inc.\* |  | 79320 |
| 600 | New Relic, Inc.\* |  | 33870 |
| 120042 | Oracle Corp. |  | 9812233 |
| 91000 | Palantir Technologies, Inc. Class A\* |  | 584220 |
| 6500 | Palo Alto Networks, Inc.\* |  | 907010 |
| 800 | Paylocity Holding Corp.\* |  | 155408 |
| 1600 | RingCentral, Inc. Class A\* |  | 56640 |
| 75236 | Salesforce, Inc.\* |  | 9975541 |
| 14136 | SentinelOne, Inc. Class A\* |  | 206244 |
| 18562 | ServiceNow, Inc.\* |  | 7207068 |
| 15600 | Smartsheet, Inc. Class A\* |  | 614016 |
| 2300 | Splunk, Inc.\* |  | 198007 |
| 33972 | Unity Software, Inc.\*<sup>(b)</sup> |  | 971259 |
| 1526 | Zoom Video Communications, Inc. Class A\* |  | 103371 |
| 15700 | Zscaler, Inc.\* |  | 1756830 |
|  |  |  | 217150612 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** |
| 2900 | Carvana Co.\*<sup>(b)</sup> | $13746 |
| 23700 | Dick's Sporting Goods, Inc. | 2850873 |
| 1800 | Five Below, Inc.\* | 318366 |
| 2300 | Floor & Decor Holdings, Inc.\* | 160149 |
| 5300 | GameStop Corp.\*<sup>(b)</sup> | 97838 |
| 61599 | Lowe's Cos., Inc. | 12272985 |
| 10700 | Penske Automotive Group, Inc. | 1229751 |
| 115776 | The Home Depot, Inc. | 36569007 |
| 3000 | Williams-Sonoma, Inc. | 344760 |
|  |  | 53857475 |
| **Technology Hardware, Storage & Peripherals – 6.1%** | **Technology Hardware, Storage & Peripherals – 6.1%** | **Technology Hardware, Storage & Peripherals – 6.1%** |
| 1214159 | Apple, Inc.<sup>(a)</sup> | 157755679 |
| 49700 | Dell Technologies, Inc. Class C | 1998934 |
| 3494 | Pure Storage, Inc. Class A\* | 93499 |
| 68000 | Seagate Technology Holdings PLC | 3577480 |
|  |  | 163425592 |
| **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** |
| 2900 | Carter's, Inc. | 216369 |
| 2100 | Deckers Outdoor Corp.\* | 838236 |
| 3 | Kontoor Brands, Inc. | 120 |
| 2600 | Lululemon Athletica, Inc.\* | 832988 |
| 96857 | NIKE, Inc. Class B | 11333238 |
| 161000 | VF Corp. | 4445210 |
|  |  | 17666161 |
| **Tobacco – 0.8%** | **Tobacco – 0.8%** |  |
| 186563 | Altria Group, Inc. | 8527795 |
| 138734 | Philip Morris International, Inc. | 14041268 |
|  |  | 22569063 |
| **Trading Companies & Distributors – 0.7%** | **Trading Companies & Distributors – 0.7%** | **Trading Companies & Distributors – 0.7%** |
| 84198 | Fastenal Co. | 3984249 |
| 95100 | MSC Industrial Direct Co., Inc. Class A | 7769670 |
| 27499 | Watsco, Inc. | 6858251 |
|  |  | 18612170 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $2,207,100,639)** | **(Cost $2,207,100,639)** | $2618445953 |

---

---

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

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(c)</sup> – 1.0%** | **Investment Company<sup>(c)</sup> – 1.0%** | **Investment Company<sup>(c)</sup> – 1.0%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25633271 | 4.159% | $25633271 |
| **(Cost $25,633,271)** | **(Cost $25,633,271)** | **(Cost $25,633,271)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT – 99.2%** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT – 99.2%** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT – 99.2%** |
| **(Cost $2,232,733,910)** | **(Cost $2,232,733,910)** | $2644079224 |
| **Securities Lending Reinvestment Vehicle – 0.0%** | **Securities Lending Reinvestment Vehicle – 0.0%** | **Securities Lending Reinvestment Vehicle – 0.0%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348630 | 4.159% | $1348630 |
| **(Cost $1,348,630)** | **(Cost $1,348,630)** | **(Cost $1,348,630)** |
| **TOTAL INVESTMENTS – 99.2%** | **TOTAL INVESTMENTS – 99.2%** | **TOTAL INVESTMENTS – 99.2%** |
| **(Cost $2,234,082,540)** | **(Cost $2,234,082,540)** | $2645427854 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.8%** | 20314274 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2665742128 |

---

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

\* Non-income producing security.

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

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

(c) Represents an Affiliated Issuer.

**ADDITIONAL INVESTMENT INFORMATION**

FUTURES CONTRACTS — At December 31, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 170 | 03/17/23 | $32818500 | $173090 |

---

WRITTEN OPTIONS CONTRACTS—At December 31, 2022, the Fund had the following written options contracts:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $3990.000 | 01/31/2023 | (629) | $(250971000) | $(1918450) | $(8688308) | $6769858 |
|  S&P 500 Index | 4160.000 | 02/28/2023 | (743) | (309088000) | (1682895) | (9859796) | 8176901 |
|  S&P 500 Index | 3900.000 | 03/31/2023 | (647) | (252330000) | (9574306) | (9574306) |  |
|  **Total written option contracts** | **Total written option contracts** |  | (2019) | $(812389000) | $(13175651) | $(28122410) | $14946759 |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  LLC | —Limited Liability Company |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

## Statements of Assets and Liabilities
*December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity**<br> **Dividend and Premium Fund** |
|  Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $128,774,472 and $2,207,100,639, respectively)<sup>(a)</sup>  | $141654867 | $2618445953 |
|  Investments in affiliated issuers, at value (cost $0 and $25,633,271, respectively) |  | 25633271 |
|  Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $44,400 and $1,348,630, respectively) | 44400 | 1348630 |
|  Cash |  | 6568115 |
|  Foreign currencies, at value (cost $3,167,302 and $0, respectively) | 3205581 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1129029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 371233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 138591 | 2116955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 40195 | 47594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1876 | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 9574290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 34003466 |
|  Other assets | 36325 | 89944 |
| **Total assets** | 146622097 | 2697878630 |
|  **Liabilities:** |  |  |
|  Written option contracts, at value (premium received $1,343,849 and $28,122,410, respectively) | 917553 | 13175651 |
|  Variation margin on futures contracts | 20157 | 91349 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4246992 | 8238111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 364238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 100173 | 1512473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 44400 | 1348630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 35780 | 6883032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 4517 | 226023 |
|  Accrued expenses | 442012 | 661233 |
| **Total liabilities** | 6175822 | 32136502 |
|  **Net Assets:** |  |  |
|  Paid-in capital | 207390753 | 2230103262 |
|  Total distributable earnings (loss) | (66944478) | 435638866 |
| **NET ASSETS** | $140446275 | $2665742128 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $1576461 | $151972869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 205720 | 72830686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3390518 | 1122306864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 1362411 | 409319165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 68863642 | 304083414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 65047523 | 605229130 |
|  Total Net Assets | $140446275 | $2665742128 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 240499 | 11580206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 32637 | 5571138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 528617 | 85833477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 213088 | 31279131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10739598 | 23269096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 10128642 | 46296730 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $6.55 | $13.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 6.30 | 13.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 6.41 | 13.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor | 6.39 | 13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6.41 | 13.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 6.42 | 13.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $41,256 and $1,326,749, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Segregated for initial margin requirements and/or collateral on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of the International Equity Dividend and Premium
and U.S. Equity Dividend and Premium Funds is $6.93 and $13.88, 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 NAV or the original
purchase price of the shares.

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

## Statements of Operations
*For the Fiscal Year Ended December 31, 2022* 

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity**<br> **Dividend and Premium Fund** |
|  **Investment Income:** |  |  |
|  Dividends — unaffiliated issuers (net of tax withholding of $764,696 and $1,184, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61991989 |
|  Interest | 339218 | 2563 |
|  Securities lending income — affiliated issuers | 3811 | 100708 |
|  Dividends — affiliated issuers | 2790 | 535451 |
| **Total investment income** | 7432370 | 62630711 |
|  **Expenses:** |  |  |
|  Management fees | 1260622 | 19582496 |
|  Professional fees | 200097 | 113753 |
|  Custody, accounting and administrative services | 121682 | 379083 |
|  Registration fees | 78158 | 155937 |
|  Transfer Agency fees<sup>(a)</sup>  | 52453 | 1850121 |
|  Printing and mailing costs | 33436 | 238032 |
|  Trustee fees | 27675 | 32719 |
|  Distribution and Service (12b-1) fees | 6224 | 1077867 |
|  Service fees — Class C | 631 | 219363 |
|  Other | 104356 | 63646 |
| **Total expenses** | 1885334 | 23713017 |
|  Less — expense reductions | (498496) | (1991420) |
| **Net expenses** | 1386838 | 21721597 |
| **NET INVESTMENT INCOME** | 6045532 | 40909114 |
|  **Realized and unrealized gain (loss):** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1678118) | 48071939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 326176 | (3076792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 3779703 | 104073188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (298594) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 12880395 | (671441776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (40276458) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (139101) | 21625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 909000 | 24198971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (211) |  |
| **Net realized and unrealized loss** | (24494097) | (498152845) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(18448565) | $(457243731) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer
Agency fees were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **<u>Fund</u>** | **Class A** | **Class C** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class P** |
|  International Equity Dividend and Premium | $4330 | $1894 | $2771 | $404 | $1571 | $3435 | $23284 | $20988 |
|  U.S. Equity Dividend and Premium | 419778 | 658089 | 268659 | 140393 | 474968 | 683345 | 94936 | 187820 |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

## Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** | **For the Fiscal<br>Year Ended<br>December 31, 2022** | **For the Fiscal<br>Year Ended<br>December 31, 2021** |
|  **From operations:** |  |  |  |  |
|  Net investment income | $6045532 | $5974522 | $40909114 | $36810190 |
|  Net realized gain | 2132278 | 9841480 | 149068335 | 147586957 |
|  Net change in unrealized gain (loss) | (26626375) | 1174822 | (647221180) | 414042886 |
| **Net increase (decrease) in net assets resulting from operations** | (18448565) | 16990824 | (457243731) | 598440033 |
|  **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (62268) | (59547) | (9916912) | (9824749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (6815) | (7337) | (4274456) | (5383356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (148489) | (146586) | (76955281) | (77734244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (74939) | (154566) | (28036804) | (26472514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2968445) | (2859038) | (21283391) | (19587103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2608753) | (2564990) | (40415122) | (40891276) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (8180) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (895) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (19506) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (9844) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (389942) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (342692) |  |  |  |
| **Total distributions to shareholders** | (6640768) | (5792064) | (180881966) | (179893242) |
|  **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 14582923 | 15077004 | 648905775 | 604320258 |
|  Reinvestment of distributions | 6561948 | 5716638 | 164922109 | 163634347 |
|  Cost of shares redeemed | (40689520) | (47759106) | (646012765) | (762104051) |
| **Net increase (decrease) in net assets resulting from share transactions** | (19544649) | (26965464) | 167815119 | 5850554 |
| **TOTAL INCREASE (DECREASE)** | (44633982) | (15766704) | (470310578) | 424397345 |
|  **Net assets:** |  |  |  |  |
|  Beginning of year | 185080257 | 200846961 | 3136052706 | 2711655361 |
|  End of year | $140446275 | $185080257 | $2665742128 | $3136052706 |

---

---

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

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

## Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.59 | $7.16 | $7.28 | $6.55 | $7.76 |
|  Net investment income <sup>(a)</sup>  | 0.24 | 0.21 | 0.15 | 0.20 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.02) | 0.42 | (0.11) | 0.73 | (1.22) |
|  Total from investment operations | (0.78) | 0.63 | 0.04 | 0.93 | (1.02) |
|  Distributions to shareholders from net investment income | (0.23) | (0.20) | (0.16) | (0.20) | (0.19) |
|  Distributions to shareholders from return of capital | (0.03) |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.26) | (0.20) | (0.16) | (0.20) | (0.19) |
|  Net asset value, end of year | $6.55 | $7.59 | $7.16 | $7.28 | $6.55 |
| **Total return<sup>(c)</sup>** | (10.29)% | 8.94% | 0.93% | 14.42% | (13.34)% |
|  Net assets, end of year (in 000s) | $1576 | $2170 | $2050 | $2424 | $2232 |
|  Ratio of total expenses to average net assets | 1.58% | 1.39% | 1.48% | 1.44% | 1.38% |
|  Ratio of net expenses to average net assets | 1.23% | 1.23% | 1.27% | 1.33% | 1.34% |
|  Ratio of net investment income to average net assets | 3.63% | 2.85% | 2.39% | 2.86% | 2.71% |
|  Portfolio turnover rate<sup>(d)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

## Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.32 | $6.90 | $7.02 | $6.32 | $7.48 |
|  Net investment income<sup>(a)</sup>  | 0.18 | 0.14 | 0.10 | 0.14 | 0.16 |
|  Net realized and unrealized gain (loss) | (0.98) | 0.42 | (0.11) | 0.71 | (1.20) |
|  Total from investment operations | (0.80) | 0.56 | (0.01) | 0.85 | (1.04) |
|  Distributions to shareholders from net investment income | (0.20) | (0.14) | (0.11) | (0.15) | (0.12) |
|  Distributions to shareholders from return of capital | (0.02) |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.22) | (0.14) | (0.11) | (0.15) | (0.12) |
|  Net asset value, end of year | $6.30 | $7.32 | $6.90 | $7.02 | $6.32 |
| **Total return<sup>(c)</sup>** | (10.99)% | 8.22% | 0.18% | 13.54% | (14.01)% |
|  Net assets, end of year (in 000s) | $206 | $362 | $621 | $815 | $1252 |
|  Ratio of total expenses to average net assets | 2.33% | 2.16% | 2.23% | 2.19% | 2.11% |
|  Ratio of net expenses to average net assets | 1.98% | 1.98% | 2.02% | 2.08% | 2.09% |
|  Ratio of net investment income to average net assets | 2.77% | 1.91% | 1.63% | 2.11% | 2.24% |
|  Portfolio turnover rate<sup>(d)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

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

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

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.43 | $7.01 | $7.14 | $6.42 | $7.62 |
|  Net investment income<sup>(a)</sup>  | 0.25 | 0.24 | 0.16 | 0.22 | 0.31 |
|  Net realized and unrealized gain (loss) | (1.00) | 0.41 | (0.10) | 0.73 | (1.29) |
|  Total from investment operations | (0.75) | 0.65 | 0.06 | 0.95 | (0.98) |
|  Distributions to shareholders from net investment income | (0.24) | (0.23) | (0.19) | (0.23) | (0.22) |
|  Distributions to shareholders from return of capital | (0.03) |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.27) | (0.23) | (0.19) | (0.23) | (0.22) |
|  Net asset value, end of year | $6.41 | $7.43 | $7.01 | $7.14 | $6.42 |
| **Total return<sup>(c)</sup>** | (9.99)% | 9.38% | 1.18% | 14.82% | (12.96)% |
|  Net assets, end of year (in 000s) | $3391 | $4417 | $4897 | $12005 | $15696 |
|  Ratio of total expenses to average net assets | 1.21% | 1.04% | 1.10% | 1.06% | 0.95% |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.92% | 0.95% | 0.95% |
|  Ratio of net investment income to average net assets | 3.90% | 3.19% | 2.51% | 3.28% | 4.12% |
|  Portfolio turnover rate<sup>(d)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $7.41 | $7.00 | $7.12 | $6.41 | $7.60 |
|  Net investment income<sup>(a)</sup>  | 0.25 | 0.23 | 0.15 | 0.21 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.00) | 0.40 | (0.09) | 0.72 | (1.18) |
|  Total from investment operations | (0.75) | 0.63 | 0.06 | 0.93 | (0.98) |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.18) | (0.22) | (0.21) |
|  Distributions to shareholders from return of capital | (0.03) |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.27) | (0.22) | (0.18) | (0.22) | (0.21) |
|  Net asset value, end of year | $6.39 | $7.41 | $7.00 | $7.12 | $6.41 |
| **Total return<sup>(c)</sup>** | (10.09)% | 9.15% | 1.20% | 14.71% | (13.10)% |
|  Net assets, end of year (in 000s) | $1362 | $5313 | $4288 | $8915 | $8207 |
|  Ratio of total expenses to average net assets | 1.33% | 1.14% | 1.23% | 1.19% | 1.14% |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 1.03% | 1.08% | 1.09% |
|  Ratio of net investment income to average net assets | 3.81% | 3.09% | 2.39% | 3.14% | 2.76% |
|  Portfolio turnover rate<sup>(d)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

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

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

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $7.43 | $7.01 | $7.13 | $6.42 | $7.60 |
|  Net investment income<sup>(b)</sup>  | 0.25 | 0.23 | 0.17 | 0.22 | 0.08 |
|  Net realized and unrealized gain (loss) | (1.00) | 0.42 | (0.10) | 0.72 | (1.07) |
|  Total from investment operations | (0.75) | 0.65 | 0.07 | 0.94 | (0.99) |
|  Distributions to shareholders from net investment income | (0.24) | (0.23) | (0.19) | (0.23) | (0.19) |
|  Distributions to shareholders from return of capital | (0.03) |  | — <sup>(c)</sup> |  |  |
|  Total distributions | (0.27) | (0.23) | (0.19) | (0.23) | (0.19) |
|  Net asset value, end of period | $6.41 | $7.43 | $7.01 | $7.13 | $6.42 |
| **Total return<sup>(d)</sup>** | (9.99)% | 9.38% | 1.34% | 14.85% | (13.25)% |
|  Net assets, end of period (in 000s) | $68864 | $91208 | $102041 | $136241 | $125311 |
|  Ratio of total expenses to average net assets | 1.20% | 1.02% | 1.10% | 1.05% | 1.03%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.88% | 0.88% | 0.90% | 0.94% | 0.93%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 3.90% | 3.14% | 2.70% | 3.23% | 1.81%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 30, 2018.

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

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

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

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $7.44 | $7.02 | $7.14 | $6.43 | $7.71 |
|  Net investment income<sup>(b)</sup>  | 0.25 | 0.23 | 0.17 | 0.22 | 0.09 |
|  Net realized and unrealized gain (loss) | (1.00) | 0.42 | (0.10) | 0.72 | (1.18) |
|  Total from investment operations | (0.75) | 0.65 | 0.07 | 0.94 | (1.09) |
|  Distributions to shareholders from net investment income | (0.24) | (0.23) | (0.19) | (0.23) | (0.19) |
|  Distributions to shareholders from return of capital | (0.03) |  | — <sup>(c)</sup> |  |  |
|  Total distributions | (0.27) | (0.23) | (0.19) | (0.23) | (0.19) |
|  Net asset value, end of period | $6.42 | $7.44 | $7.02 | $7.14 | $6.43 |
| **Total return<sup>(d)</sup>** | (9.97)% | 9.37% | 1.33% | 14.83% | (14.35)% |
|  Net assets, end of period (in 000s) | $65048 | $81611 | $86949 | $138381 | $162129 |
|  Ratio of total expenses to average net assets | 1.20% | 1.02% | 1.10% | 1.05% | 1.03%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.88% | 0.88% | 0.90% | 0.94% | 0.93%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 3.88% | 3.17% | 2.67% | 3.26% | 1.81%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 26% | 17% | 34% | 9% | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class P Shares commenced operations on April 17, 2018.

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

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

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

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

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

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.43 | $14.20 | $13.38 | $11.46 | $13.16 |
|  Net investment income <sup>(a)</sup>  | 0.17 | 0.15 | 0.18 | 0.21 | 0.21 |
|  Net realized and unrealized gain (loss) | (2.59) | 3.01 | 1.61 | 2.57 | (1.05) |
|  Total from investment operations | (2.42) | 3.16 | 1.79 | 2.78 | (0.84) |
|  Distributions to shareholders from net investment income | (0.17) | (0.15) | (0.19) | (0.21) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.89) | (0.93) | (0.97) | (0.86) | (0.86) |
|  Net asset value, end of year | $13.12 | $16.43 | $14.20 | $13.38 | $11.46 |
| **Total return<sup>(c)</sup>** | (14.84)% | 22.42% | 13.62% | 24.62% | (6.63)% |
|  Net assets, end of year (in 000s) | $151973 | $183895 | $135937 | $195689 | $187524 |
|  Ratio of total expenses to average net assets | 1.14% | 1.13% | 1.15% | 1.16% | 1.15% |
|  Ratio of net expenses to average net assets | 1.05% | 1.06% | 1.09% | 1.12% | 1.12% |
|  Ratio of net investment income to average net assets | 1.18% | 0.97% | 1.41% | 1.65% | 1.61% |
|  Portfolio turnover rate<sup>(d)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.36 | $14.14 | $13.33 | $11.41 | $13.11 |
|  Net investment income<sup>(a)</sup>  | 0.06 | 0.04 | 0.08 | 0.12 | 0.11 |
|  Net realized and unrealized gain (loss) | (2.57) | 2.99 | 1.60 | 2.57 | (1.05) |
|  Total from investment operations | (2.51) | 3.03 | 1.68 | 2.69 | (0.94) |
|  Distributions to shareholders from net investment income | (0.06) | (0.03) | (0.09) | (0.12) | (0.12) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.78) | (0.81) | (0.87) | (0.77) | (0.76) |
|  Net asset value, end of year | $13.07 | $16.36 | $14.14 | $13.33 | $11.41 |
| **Total return<sup>(c)</sup>** | (15.48)% | 21.48% | 12.83% | 23.72% | (7.38)% |
|  Net assets, end of year (in 000s) | $72831 | $109023 | $118819 | $141029 | $139580 |
|  Ratio of total expenses to average net assets | 1.89% | 1.88% | 1.90% | 1.91% | 1.90% |
|  Ratio of net expenses to average net assets | 1.80% | 1.81% | 1.84% | 1.87% | 1.87% |
|  Ratio of net investment income to average net assets | 0.42% | 0.23% | 0.64% | 0.90% | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

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

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

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.37 | $14.16 | $13.35 | $11.43 | $13.13 |
|  Net investment income<sup>(a)</sup>  | 0.22 | 0.21 | 0.23 | 0.26 | 0.27 |
|  Net realized and unrealized gain (loss) | (2.57) | 2.99 | 1.60 | 2.57 | (1.06) |
|  Total from investment operations | (2.35) | 3.20 | 1.83 | 2.83 | (0.79) |
|  Distributions to shareholders from net investment income | (0.22) | (0.21) | (0.24) | (0.26) | (0.27) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.94) | (0.99) | (1.02) | (0.91) | (0.91) |
|  Net asset value, end of year | $13.08 | $16.37 | $14.16 | $13.35 | $11.43 |
| **Total return<sup>(c)</sup>** | (14.53)% | 22.82% | 14.12% | 25.06% | (6.28)% |
|  Net assets, end of year (in 000s) | $1122307 | $1329450 | $1252383 | $1242858 | $1106179 |
|  Ratio of total expenses to average net assets | 0.77% | 0.76% | 0.78% | 0.77% | 0.76% |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.72% | 0.75% | 0.74% |
|  Ratio of net investment income to average net assets | 1.52% | 1.33% | 1.73% | 2.02% | 2.01% |
|  Portfolio turnover rate<sup>(d)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.38 | $14.17 | $13.36 | $11.44 | $13.14 |
|  Net investment income<sup>(a)</sup>  | 0.21 | 0.19 | 0.21 | 0.25 | 0.25 |
|  Net realized and unrealized gain (loss) | (2.57) | 2.99 | 1.60 | 2.57 | (1.06) |
|  Total from investment operations | (2.36) | 3.18 | 1.81 | 2.82 | (0.81) |
|  Distributions to shareholders from net investment income | (0.21) | (0.19) | (0.22) | (0.25) | (0.25) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(b)</sup> |  |  |
|  Total distributions | (0.93) | (0.97) | (1.00) | (0.90) | (0.89) |
|  Net asset value, end of year | $13.09 | $16.38 | $14.17 | $13.36 | $11.44 |
| **Total return<sup>(c)</sup>** | (14.60)% | 22.78% | 13.90% | 25.00% | (6.47)% |
|  Net assets, end of year (in 000s) | $409319 | $473054 | $402711 | $468254 | $432136 |
|  Ratio of total expenses to average net assets | 0.89% | 0.88% | 0.90% | 0.91% | 0.90% |
|  Ratio of net expenses to average net assets | 0.80% | 0.81% | 0.83% | 0.87% | 0.87% |
|  Ratio of net investment income to average net assets | 1.44% | 1.23% | 1.64% | 1.90% | 1.86% |
|  Portfolio turnover rate<sup>(d)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

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

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

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $16.36 | $14.15 | $13.34 | $11.42 | $12.84 |
|  Net investment income<sup>(b)</sup>  | 0.22 | 0.21 | 0.23 | 0.26 | 0.17 |
|  Net realized and unrealized gain (loss) | (2.57) | 2.99 | 1.60 | 2.57 | (0.75) |
|  Total from investment operations | (2.35) | 3.20 | 1.83 | 2.83 | (0.58) |
|  Distributions to shareholders from net investment income | (0.22) | (0.21) | (0.24) | (0.26) | (0.20) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(c)</sup> |  |  |
|  Total distributions | (0.94) | (0.99) | (1.02) | (0.91) | (0.84) |
|  Net asset value, end of period | $13.07 | $16.36 | $14.15 | $13.34 | $11.42 |
| **Total return<sup>(d)</sup>** | (14.53)% | 22.85% | 14.13% | 25.09% | (4.78)% |
|  Net assets, end of period (in 000s) | $304083 | $336827 | $208584 | $275973 | $252381 |
|  Ratio of total expenses to average net assets | 0.76% | 0.75% | 0.77% | 0.76% | 0.76%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.72% | 0.74% | 0.73%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.54% | 1.33% | 1.77% | 2.03% | 1.91%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 30, 2018.

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

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

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

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

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

*Selected Share Data for a Share Outstanding Throughout Each Period* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  | **2022** | **2021** | **2020** | **2019** | **Period Ended<br>December 31, 2018<sup>(a)</sup>** |
|  **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of period | $16.37 | $14.15 | $13.34 | $11.43 | $13.12 |
|  Net investment income<sup>(b)</sup>  | 0.22 | 0.21 | 0.23 | 0.26 | 0.18 |
|  Net realized and unrealized gain (loss) | (2.58) | 3.00 | 1.60 | 2.56 | (1.03) |
|  Total from investment operations | (2.36) | 3.21 | 1.83 | 2.82 | (0.85) |
|  Distributions to shareholders from net investment income | (0.22) | (0.21) | (0.24) | (0.26) | (0.20) |
|  Distributions to shareholders from net realized gains | (0.72) | (0.78) | (0.78) | (0.65) | (0.64) |
|  Distributions to shareholders from return of capital |  |  | — <sup>(c)</sup> |  |  |
|  Total distributions | (0.94) | (0.99) | (1.02) | (0.91) | (0.84) |
|  Net asset value, end of period | $13.07 | $16.37 | $14.15 | $13.34 | $11.43 |
| **Total return<sup>(d)</sup>** | (14.59)% | 22.93% | 14.05% | 25.07% | (6.73)% |
|  Net assets, end of period (in 000s) | $605229 | $703803 | $593220 | $679431 | $648424 |
|  Ratio of total expenses to average net assets | 0.76% | 0.75% | 0.77% | 0.76% | 0.76%<sup>(e)</sup> |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.72% | 0.74% | 0.73%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.53% | 1.34% | 1.76% | 2.03% | 1.93%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 38% | 19% | 39% | 26% | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class P Shares commenced operations on April 17, 2018.

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

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

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

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

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

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

## Notes to Financial Statements
*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**1. ORGANIZATION**<br>

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**<br>| **Share Classes Offered**<br>| **Diversified/<br>Non-diversified**<br>|
|  International Equity Dividend and Premium and U.S. Equity Dividend and Premium<br>| A, C, Institutional, Investor, R6 and P<br>| Diversified<br>|

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

<br> &nbsp;&nbsp;&nbsp;&nbsp;**2. SIGNIFICANT ACCOUNTING POLICIES**<br>

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;**B. Investment Income and Investments** — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;**C. Class Allocations and Expenses** — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

**41** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS I I

## Notes to Financial Statements (continued)
*December 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**D. Federal Taxes and Distributions to Shareholders** — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund**<br>| **Income Distributions**<br> **Declared/Paid**<br>| **Capital Gains Distributions<br>Declared/Paid**<br>|
|  International Equity Dividend and Premium<br> U.S. Equity Dividend and Premium<br>| Quarterly<br>| Annually<br>|

---

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.

<br> &nbsp;&nbsp;&nbsp;&nbsp;**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS**<br>

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).

**42** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**<br>

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Shares class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market's Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

**43** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS I I

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**<br>

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;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $237371 | $35537138 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 843624 | 13555086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7502697 | 81330581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 149118 | 601706 |  |
|  Preferred Stocks |  | 1897546 |  |
|  Securities Lending Reinvestment Vehicle | 44400 |  |  |
| **Total** | $8777210 | $132922057 | $— |
|  **Derivative Type** |  |  |  |
|  **Assets**<br>Futures Contracts<sup>(b)</sup> | $108 | $— | $— |

---

**44** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)**<br>

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(93052) | $— | $— |
|  Written Option Contracts | (917553) |  |  |
| <br> **Total**<br>| $(1010605) | $— | $— |
| <br> **U.S. EQUITY DIVIDEND AND PREMIUM** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments <sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $72964121 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2545481832 |  |  |
|  Securities Lending Reinvestment Vehicle | 1348630 |  |  |
|  Investment Company | 25633271 |  |  |
| <br> **Total**<br>| $2645427854 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
| <br> Futures Contracts<sup>(b)</sup><br>| $173090 | $— | $— |
| **Liabilities**<br>|  |  |  |
| Written Option Contracts<br>| $(13175651) | $— | $— |

---

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

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

<br> &nbsp;&nbsp;&nbsp;&nbsp;**4. INVESTMENTS IN DERIVATIVES**<br>

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2022. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's net exposure.

**INTERNATIONAL EQUITY** 

**DIVIDEND AND PREMIUM FUND** 

---

| | | |
|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities**<br>| **Statements of Assets**<br> **and Liabilities**<br>|
|  Equity | Variation margin on futures contracts<br>$108<sup>(a)</sup> | Variation margin on futures contracts; Payable for written options, at value<br>$(1010605)<sup>(a)</sup>  |

---

**45** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS I I

*December 31, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;**4. INVESTMENTS IN DERIVATIVES (continued)**<br>

**U.S. EQUITY** 

**DIVIDEND AND PREMIUM FUND** 

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statements of Assets**<br> **and Liabilities**<br>| **Statements of Assets**<br> **and Liabilities**<br>| **Liabilities**<br>|
|  Equity | Variation margin on futures contracts $173090<sup>(a)</sup> | Payable for written options, at value | $(13175651) |

---

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of December 31, 2022 is reported within the
Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY<br>DIVIDEND AND PREMIUM FUND** | **INTERNATIONAL EQUITY<br>DIVIDEND AND PREMIUM FUND** | | |
| **Risk** | **Statement of Operations** | <br>**Net Realized Gain (Loss)** | <br>**Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain from forward foreign currency exchange contracts | $3111 | $— |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options | 4105879 | 769899 |
| **Total** |  | $4108990 | $769899 |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. EQUITY**<br> **DIVIDEND AND PREMIUM FUND** | **U.S. EQUITY**<br> **DIVIDEND AND PREMIUM FUND** | | |
| **Risk** | **Statement of Operations** | <br>**Net Realized Gain (Loss)** | <br>**Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options | $100996396 | $24220596 |

---

For the fiscal year ended December 31, 2022, the relevant values for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| | **Futures**<br> **contracts** | **Forward**<br> **contracts** | **Written**<br> **Option** |
| International Equity Dividend and Premium | 36 | $16560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292 |
|  U.S. Equity Dividend and Premium | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 198460 |

---

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, or shares/units outstanding for written options, based on absolute values, which is indicative of
volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 31, 2022.

**46** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY F UNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**5. AGREEMENTS AND AFFILIATED TRANSACTIONS**<br>

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM and manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended December 31, 2022, 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** | | |
| <br>**Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | <br>**Effective<br>Rate** | <br>**Effective Net<br>Management<br>Rate<sup>#</sup>** |
| International Equity Dividend and<br>Premium | 0.81% | 0.73% | 0.69% | 0.68% | 0.67% | 0.81% | 0.81% |
|  U.S. Equity Dividend and Premium<br>| 0.75  | 0.68  | 0.65  | 0.64  | 0.63  | 0.70  | 0.66\*  |

---

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

\* GSAM has agreed to waive a portion of its management fee in an amount equal to 0.04% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended December 31, 2022, GSAM waived $337 and $51,076 of the management fee for the International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

---

| | | |
|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
| | **Class A** | **Class C** |
|  Distribution and/or Service Plan<br>| 0.25%  | 0.75%  |

---

**47** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS I I

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs did not retain any of the Class C Shares' CDSC. During the fiscal year ended December 31, 2022, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
| | **Front End Sales Charge** |
| <br>**Fund** | **Class A** |
| International Equity Dividend and Premium | $19 |
| U.S. Equity Dividend and Premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate ser vice organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares Shares; and 0.04% of the average daily net assets of Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.03% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium and U.S. Equity Dividend Funds, respectively. These arrangements will remain in effect through at least April 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to April 29, 2022, Goldman Sachs waived its transfer agent fee equal to 0.02% of the U.S. Equity Dividend and Premium Fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Dividend and Premium and U.S. Equity Dividend Funds are 0.044% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

**48** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)** <br>

For the fiscal year ended December 31, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management**<br> **Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  International Equity Dividend and Premium | $337 | $1240 | $496919 | $498496 |
|  U.S. Equity Dividend and Premium | 1176156 | 225859 | 589405 | 1991420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**G. Line of Credit Facility** — As of December 31, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;**H. Other Transactions with Affiliates** — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br>Value as of<br>December 31,<br>2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending**<br> **Value as of<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** |
|  International Equity Dividend and Premium | Goldman Sachs Financial<br> Square Government Fund -<br> Institutional Shares | $504243 | $11279033 | $(11783276) | $— |  | $2790 |
|  U.S. Equity Dividend and Premium | Goldman Sachs Financial Square Government Fund -<br> Institutional Shares | 4137766 | 484435483 | (462939978) | 25633271 | 25633271 | 535451 |

---

<br> &nbsp;&nbsp;&nbsp;&nbsp;**6. PORTFOLIO SECURITIES TRANSACTIONS**<br>

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  International Equity Dividend and Premium | $39825735 | $48574466 |
|  U.S. Equity Dividend and Premium | 1109417902 | 1054017442 |

---

<br> &nbsp;&nbsp;&nbsp;&nbsp;**7. SECURITIES LENDING**<br>

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned

**49** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**7. SECURITIES LENDING (continued)**<br>

securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended December 31, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Year Ended December 31, 2022** | **For the Fiscal Year Ended December 31, 2022** | **Amounts Payable to<br>Goldman Sachs**<br> **Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
| <br> **Fund** | <br> **Earnings of GSAL<br>Relating to<br>Securities** <br> **Loaned**  | **Amounts Received<br>by the Funds**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs**<br> **Upon Return of<br>Securities Loaned as of<br>December 31, 2022** |
|  International Equity Dividend and Premium | $220 | $1984 | $— |
|  U.S. Equity Dividend and Premium | 5708 | 51379 | 171955 |

---

**50** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;**7. SECURITIES LENDING (continued)**<br>

The following table provides information about the Fund's investment in the Government Money Market Fund for the fiscal year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning**<br> **Value as of**<br> **December 31, 2021** | **Purchases**<br> **at cost** | **Proceeds**<br> **from Sales** | **Ending**<br> **Value as of<br>December 31, 2022** | **Shares as of<br>December 31, 2022** |
|  International Equity Dividend and Premium Fund | $— | $2201735 | $(2157335) | $44400 | 44400 |
|  U.S. Equity Dividend and Premium Fund |  | 25726878 | (24378248) | 1348630 | 1348630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. TAX INFORMATION**<br>

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $5869709 | $51716801 |
|  Net long-term capital gains |  | 129165165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $5869709 | $180881966 |
|  Tax return of capital | $771059 | $— |

---

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
| | **International Equity**<br> **Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $5792064 | $36715547 |
|  Net long-term capital gains |  | 143177695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $5792064 | $179893242 |

---

**51** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**8. TAX INFORMATION (continued)**<br>

As of December 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Undistributed ordinary income — net | $— | $8322074 |
|  Undistributed long-term capital gains |  | 17732643 |
|  Total Undistributed Earnings | $— | $26054717 |
|  Capital loss carryforwards<sup>(1)</sup> : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (8293249) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (71676594) |  |
|  Total capital loss carryforwards | (79969843) |  |
|  Timing differences (Real Estate Investment Trusts/Late Year Loss Deferral and Straddle Loss Deferral) | $(109866) | $73825 |
|  Unrealized gains (loss) — net | 13135231 | 409510324 |
|  Total accumulated earnings (loss) net | $(66944478) | $435638866 |

---

(1) The International Equity Dividend and Premium Fund utilized $3,013,662 of capital losses in the current fiscal year.

As of December 31, 2022, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Tax Cost | $128870848 | $2251037379 |
|  Gross unrealized gain | 26192131 | 596020957 |
|  Gross unrealized loss | (13056900) | (186510633) |
|  Net unrealized gains | $13135231 | $409510324 |

---

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 and options contracts, and differences in the tax treatment of partnership 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.

<br> &nbsp;&nbsp;&nbsp;&nbsp;**9. OTHER RISKS**<br>

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

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that

**52** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**9. OTHER RISKS (continued)**<br>

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 Fund's investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign 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.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

**53**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**9. OTHER RISKS (continued)**<br>

of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

<br> &nbsp;&nbsp;&nbsp;&nbsp;**10. INDEMNIFICATIONS**<br>

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.

<br> &nbsp;&nbsp;&nbsp;&nbsp;**11. SUBSEQUENT EVENTS**<br>

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

**54** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

<br> &nbsp;&nbsp;&nbsp;&nbsp;**12. SUMMARY OF SHARE TRANSACTIONS**<br>

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **For the Fiscal Year Ended<br>December 31 2022** | **For the Fiscal Year Ended<br>December 31 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 28023 | $181941 | 38276 | $286919 |
|  Reinvestment of distributions | 11228 | 70448 | 7993 | 59547 |
|  Shares redeemed | (84566) | (541349) | (46827) | (350353) |
|  | (45315) | (288960) | (558) | (3887) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 4220 | 28668 | 4171 | 30400 |
|  Reinvestment of distributions | 1278 | 7710 | 1003 | 7221 |
|  Shares redeemed | (22356) | (143638) | (45662) | (326957) |
|  | (16858) | (107260) | (40488) | (289336) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 80986 | 548621 | 81531 | 591238 |
|  Reinvestment of distributions | 18737 | 114899 | 12678 | 92444 |
|  Shares redeemed | (165697) | (1023925) | (198016) | (1459775) |
|  | (65974) | (360405) | (103807) | (776093) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 28803 | 173491 | 275916 | 2021371 |
|  Reinvestment of distributions | 13812 | 84783 | 21259 | 154566 |
|  Shares redeemed | (546494) | (3781060) | (193155) | (1419459) |
|  | (503879) | (3522786) | 104020 | 756478 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1143517 | 7318612 | 1073091 | 7884259 |
|  Reinvestment of distributions | 548351 | 3358387 | 392194 | 2859038 |
|  Shares redeemed | (3233966) | (20655706) | (3738617) | (27034591) |
|  | (1542098) | (9978707) | (2273332) | (16291294) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1011964 | 6331590 | 576440 | 4262817 |
|  Reinvestment of distributions | 476539 | 2925721 | 348446 | 2543822 |
|  Shares redeemed | (2332834) | (14543842) | (2336341) | (17167971) |
|  | (844331) | (5286531) | (1411455) | (10361332) |
|  **NET DECREASE** | (3018455) | $(19544649) | (3725620) | $(26965464) |

---

**55** 

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

*December 31, 2022* 

<br> &nbsp;&nbsp;&nbsp;&nbsp;**12. SUMMARY OF SHARE TRANSACTIONS (continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2022** | **For the Fiscal Year Ended<br>December 31, 2021** | **For the Fiscal Year Ended<br>December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 3146086 | $45888253 | 3071696 | $47934630 |
|  Reinvestment of distributions | 632453 | 8655361 | 538836 | 8627242 |
|  Shares redeemed | (3393740) | (48285060) | (1986087) | (31209475) |
|  | 384799 | 6258554 | 1624445 | 25352397 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 493517 | 7179638 | 663493 | 10366879 |
|  Reinvestment of distributions | 288119 | 3916606 | 306290 | 4890543 |
|  Shares redeemed | (1875786) | (26863382) | (2707607) | (41897327) |
|  | (1094150) | (15767138) | (1737824) | (26639905) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 22570666 | 323362540 | 15305046 | 239419750 |
|  Reinvestment of distributions | 5063940 | 69120715 | 4277140 | 68232724 |
|  Shares redeemed | (23006678) | (328725682) | (26845489) | (423221873) |
|  | 4627928 | 63757573 | (7263303) | (115569399) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9374564 | 134822661 | 6748651 | 106802082 |
|  Reinvestment of distributions | 2048961 | 27976575 | 1657720 | 26470639 |
|  Shares redeemed | (9019169) | (128964800) | (7959798) | (123914679) |
|  | 2404356 | 33834436 | 446573 | 9358042 |
|  **R6 Shares** |  |  |  |  |
|  Shares sold | 4163853 | 58157672 | 8807588 | 141751659 |
|  Reinvestment of distributions | 1087932 | 14837730 | 910495 | 14521923 |
|  Shares redeemed | (2567472) | (37056923) | (3874637) | (60289891) |
|  | 2684313 | 35938479 | 5843446 | 95983691 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 5740301 | 79495011 | 3705712 | 58045258 |
|  Reinvestment of distributions | 2960687 | 40415122 | 2563555 | 40891276 |
|  Shares redeemed | (5402384) | (76116918) | (5184667) | (81570806) |
|  | 3298604 | 43793215 | 1084600 | 17365728 |
|  **NET INCREASE (DECREASE)** | 12305850 | $167815119 | (2063) | $5850554 |

---

**56** 

------

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund (two of the Funds constituting Goldman Sachs Trust, referred to hereafter as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

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

**57** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp; **Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)**<br>

As a shareholder of Class A, Class C, Institutional, Investor, Class R6 or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) contingent deferred sales charges on redemptions (with respect to Class C Shares), (if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A and Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6 and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds..

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022, which represents a period of 184 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

*Actual Expenses* — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
| &nbsp;&nbsp;&nbsp;**Share Class** | **Beginning<br>Account<br>Value**<br> **7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the<br>6 months ended<br>12/31/22\*** | **Beginning<br>Account<br>Value**<br> **7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | | **Expenses<br>Paid for the**<br> **6 months ended<br>12/31/22\*** |
| &nbsp;&nbsp;&nbsp;**<u>Class A</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1063.90 |  | $6.42 | $1000.00 | $1021.90 |  | $5.30 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1019.00 | <sup>+</sup> | 6.28 | 1000.00 | 1020.00 | <sup>+</sup> | 5.29 |
| &nbsp;&nbsp;&nbsp;**<u>Class C</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1060.70 |  | 10.31 | 1000.00 | 1018.40 |  | 9.10 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1015.20 | <sup>+</sup> | 10.08 | 1000.00 | 1016.20 | <sup>+</sup> | 9.09 |
| &nbsp;&nbsp;&nbsp;**<u>Institutional</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1066.40 |  | 4.66 | 1000.00 | 1024.60 |  | 3.62 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.70 | <sup>+</sup> | 4.55 | 1000.00 | 1021.60 | <sup>+</sup> | 3.61 |
| &nbsp;&nbsp;&nbsp;**<u>Investor</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1066.40 |  | 5.12 | 1000.00 | 1024.10 |  | 4.03 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.20 | <sup>+</sup> | 5.01 | 1000.00 | 1021.20 | <sup>+</sup> | 4.02 |
| &nbsp;&nbsp;&nbsp;**<u>Class R6</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1066.50 |  | 4.60 | 1000.00 | 1023.90 |  | 3.57 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.80<sup></sup> | <sup>+</sup> | 4.50 | 1000.00 | 1021.70 | <sup>+</sup> | 3.56 |
| &nbsp;&nbsp;&nbsp;**<u>Class P</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1066.40 |  | 4.60 | 1000.00 | 1023.90 |  | 3.57 |
| &nbsp;&nbsp;&nbsp; Hypothetical 5% return | 1000.00 | 1020.80 | <sup>+</sup> | 4.50 | 1000.00 | 1021.70 | <sup>+</sup> | 3.56 |

---

\* Expenses for each share class are calculated using each Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: 

---

| | |
|:---|:---|
| + | Hypothetical expenses are based on each Fund's actual annualized net expenses ratios and an assumed rate of return of 5% per year before expenses.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Fund** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class P** |
|  International Equity Dividend and Premium | 1.23% | 1.98% | 0.89% | 0.98% | 0.88% | 0.88% |
|  U.S. Equity Dividend and Premium | 1.04 | 1.79 | 0.71 | 0.79 | 0.70 | 0.70 |

---

**58** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

**Trustees and Officers (Unaudited)** 

**Independent Trustees** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>**  | **Other**<br> **Directorships<br>Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup>**<br> **Age: 73** | **Chair of the Board of Trustees** | **Since 2018 (Trustee since 2007)** | **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007- 2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br>**Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Dwight L. Bush**<br> **Age: 65** | **Trustee** | **Since 2020** | **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present) Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **MoneyLion, Inc. (an operator of a**<br> **data-driven, digital financial platform)** |
| **Kathryn A. Cassidy<br>Age: 68** | **Trustee** | **Since 2015** | **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou**<br> **Age: 66** | **Trustee** | **Since 2022** | **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Diana M. Daniels<sup>5</sup>Age: 73** | **Trustee** | **Since 2007** | **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |
| **Joaquin Delgado<br>Age: 62** | **Trustee** | **Since 2020** | **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Director, Hexion, Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Stepan Company (a specialty chemical manufacturer)** |

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**59** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Independent Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>2</sup>** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee<sup>3</sup>**  | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>**  |
| **Eileen H. Dowling**<br> **Age: 60** | **Trustee** | **Since 2021** | **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **None** |
| **Gregory G. Weaver**<br> **Age: 71** | **Trustee** | **Since 2015** | **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** | **Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age: 65** | **Trustee** | **Since 2022** | **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br>**Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.** | **103** |  |

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**60** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Interested Trustee\*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>**  | **Position(s) Held**<br> **with the Trust** | **Term of<br>Office**<br> **and**<br> **Length of<br>Time**<br> **Served<sup>2</sup>**  | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number**<br> **of**<br> **Portfolios**<br> **in**<br> **Fund**<br> **Complex<br>Overseen**<br> **by**<br> **Trustee<sup>3</sup>**  | **Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>**  |
| **James A. McNamara**<br> **Age: 60** | **President and Trustee** | **Since**<br> **2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | **172** |  |

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*\** *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolio (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

**61** 

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

**Trustees and Officers (Unaudited) (continued)** 

**Officers of the Trust**\*

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | **Position(s) Held**<br> **with the Trust** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>**  | **Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 60** | **President and Trustee** | **Since 2007** | **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).**<br>**President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria**<br> **30 Hudson Street**<br> **Jersey City, NJ 07302**<br> **Age: 54** | **Treasurer, Principal Financial Officer and Principal Accounting Officer** | **Since 2017 (Treasurer and Principal Financial Officer**<br> **since 2019)** | **Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).**<br>**Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus**<br> **200 West Street**<br> **New York, NY 10282**<br> **Age: 45** | **Secretary** | **Since 2012** | **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br>**Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

*\** *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

**Goldman Sachs Trust – Tax-Advantaged II Funds - Tax Information (Unaudited)** 

For the year ended December 31, 2022, 96.52% of the dividends paid from net investment company taxable income by the U.S. Equity Dividend and Premium Fund qualify for the dividends received deduction available to corporations.

For the year ended December 31, 2022, the International Equity Dividend and Premium has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Equity Dividend and Premium Fund from sources within foreign countries and possessions of the United States was $0.2542 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the International Equity Dividend and Premium Fund during the year from foreign sources was 83.48%. The total amount of taxes paid by the International Equity Dividend and Premium Fund to such countries was $0.0290 per share.

For the year ended December 31, 2022, 100% and 100% of the dividends paid from net investment company taxable income by the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the U.S. Equity Dividend and Premium designates $129,165,165 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2022.

During the year ended December 31, 2022, the U.S. Equity Dividend and Premium Fund designates $10,670,265 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**62** 

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FUNDS PROFILE

## Goldman Sachs Funds
**Goldman Sachs** is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the **Asset Management Division** of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.30 trillion in assets under supervision as of December 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

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| | | | |
|:---|:---|:---|:---|
| **Money Market** | ∎ Short Duration Tax-Free Fund | **Equity Insights** | **Total Portfolio Solutions** |
| Financial Square Funds<sup>SM</sup> | ∎ Municipal Income Completion Fund | ∎ Small Cap Equity Insights Fund | ∎ Global Managed Beta Fund |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |
|  ∎ Financial Square Treasury Solutions Fund<sup>1</sup> <br> ∎ Financial Square Government Fund<sup>1</sup> <br> ∎ Financial Square Money Market Fund<sup>2</sup> <br> ∎ Financial Square Prime Obligations Fund<sup>2</sup> <br> ∎ Financial Square Treasury Instruments Fund<sup>1</sup> <br> ∎ Financial Square Treasury Obligations Fund<sup>1</sup> <br> ∎ Financial Square Federal Instruments Fund<sup>1</sup> Investor Funds<sup>SM</sup> <br> ∎ Investor Money Market Fund<sup>3</sup> <br> ∎ Investor Tax-Exempt Money Market Fund<sup>3</sup> <br>**Fixed Income**<br> Short Duration and Government<br> ∎ Enhanced Income Fund<br> ∎ Short-Term Conservative Income Fund<br> ∎ Short Duration Government Fund<br> ∎ Short Duration Income Fund<br> ∎ Government Income Fund<br> ∎ Inflation Protected Securities Fund<br> Multi-Sector<br> ∎ Bond Fund<br> ∎ Core Fixed Income Fund<br> ∎ Global Core Fixed Income Fund<br> ∎ Strategic Income Fund<br> ∎ Income Fund<br> Municipal and Tax-Free<br> ∎ High Yield Municipal Fund<br> ∎ Dynamic Municipal Income Fund | Single Sector <br> ∎ Investment Grade Credit Fund<br> ∎ U.S. Mortgages Fund<br> ∎ High Yield Fund<br> ∎ High Yield Floating Rate Fund<br> ∎ Emerging Markets Debt Fund<br> ∎ Local Emerging Markets Debt Fund<br> Fixed Income Alternatives<br> ∎ Long Short Credit Strategies Fund<br>**Fundamental Equity**<br> ∎ Equity Income Fund<br> ∎ Small Cap Growth Fund<br> ∎ Small Cap Value Fund<br> ∎ Small/Mid Cap Value Fund <br> ∎ Mid Cap Value Fund <br> ∎ Large Cap Value Fund<br> ∎ Focused Value Fund<br> ∎ Large Cap Core Fund<sup>4</sup><br> ∎ Strategic Growth Fund<br> ∎ Small/Mid Cap Growth Fund<br> ∎ Flexible Cap Fund<br> ∎ Concentrated Growth Fund<br> ∎ Technology Opportunities Fund<br> ∎ Mid Cap Growth Fund<sup>5</sup> <br> ∎ Rising Dividend Growth Fund<br> ∎ U.S. Equity ESG Fund<br> ∎ Income Builder Fund<br>**Tax-Advantaged Equity**<br> ∎ U.S. Tax-Managed Equity Fund<br> ∎ International Tax-Managed Equity Fund<br> ∎ U.S. Equity Dividend and Premium Fund<br> ∎ International Equity Dividend and Premium Fund | ∎ U.S. Equity Insights Fund <br> ∎ Small Cap Growth Insights Fund<br> ∎ Large Cap Growth Insights Fund<br> ∎ Large Cap Value Insights Fund<br> ∎ Small Cap Value Insights Fund<br> ∎ International Small Cap Insights Fund<br> ∎ International Equity Insights Fund<br> ∎ Emerging Markets Equity Insights Fund<br>**Fundamental Equity International**<br> ∎ International Equity Income Fund<br> ∎ International Equity ESG Fund<br> ∎ China Equity Fund<br> ∎ Emerging Markets Equity Fund<br> ∎ Emerging Markets Equity ex. China Fund <br> ∎ ESG Emerging Markets Equity Fund<br>**Alternative**<br> ∎ Clean Energy Income Fund<br> ∎ Real Estate Securities Fund<br> ∎ Commodity Strategy Fund<br> ∎ Global Real Estate Securities Fund<br> ∎ Absolute Return Tracker Fund<br> ∎ Managed Futures Strategy Fund<br> ∎ MLP Energy Infrastructure Fund<br> ∎ Energy Infrastructure Fund<br> ∎ Multi-Manager Alternatives Fund<br> ∎ Global Infrastructure Fund | ∎ Multi-Manager Non-Core Fixed Income Fund<br> ∎ Multi-Manager Global Equity Fund <br> ∎ Multi-Manager International EquityFund<br> ∎ Tactical Tilt Overlay Fund<br> ∎ Balanced Strategy Portfolio <br> ∎ Multi-Manager U.S. Small Cap Equity Fund<br> ∎ Multi-Manager Real Assets Strategy Fund<br> ∎ Growth and Income Strategy Portfolio<br> ∎ Growth Strategy Portfolio<br> ∎ Dynamic Global Equity Fund<br> ∎ Satellite Strategies Portfolio<br> ∎ Enhanced Dividend Global Equity Portfolio<br> ∎ Tax-Advantaged Global Equity Portfolio<br> ∎ Strategic Factor Allocation Fund<br> ∎ Strategic Volatility Premium Fund<br> ∎ GQG Partners International Opportunities Fund  |

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<sup>1</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>2</sup> **You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>3</sup> **You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

<sup>4</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

<sup>5</sup> Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds<sup>SM</sup> and Investor Funds<sup>SM</sup> are registered service marks of Goldman Sachs & Co. LLC.

**\*** **This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.** 

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![LOGO](g363093dsp066.jpg)

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ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(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. Gregory G. Weaver is the "audit committee financial expert" and is "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.** 

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| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2021** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $4132693 | $2663780 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $954600 | $365908 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
| <br> **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.** | <br> **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.** | <br> **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.** | <br> **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.** |
|  | **2022** | **2021** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $1906448 | $1906448 | 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. |

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\* 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").

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**Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures** 

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

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

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

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

**Item 4(f) –** Not applicable.

**Item 4(g) Aggregate Non-Audit Fees Disclosure** 

The aggregate non-audit fees billed to GST by PwC for the twelve months ended December 31, 2022 and December 31, 2021 were approximately $954,600 and $365,908, 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, 2021 and December 31, 2020 were approximately $14.4 million and $14.5 million, respectively. The figures for these entities are not yet available for twelve months ended December 31, 2022. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2021 and 2020 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 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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/1046292/000119312522228028/d361359dex99code.htm) | [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/1046292/000119312522228028/d361359dex99code.htm) |
| (a)(2) | Exhibit 99.CERT | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d325593dex99cert.htm) |
| (a)(3) | Not applicable to open-end investment companies. | Not applicable to open-end investment companies. |
| (a)(4) | There was no change in the registrant's independent public accountant for the period covered by this report. | 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.](d325593dex99906cert.htm) |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | <br> James A. McNamara |
|  | President/Chief Executive Officer |
|  | Goldman Sachs Trust |
| Date: | March 9, 2023 |

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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.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | <br> James A. McNamara |
|  | President/Chief Executive Officer |
|  | Goldman Sachs Trust |
| Date: | March 9, 2023 |
| By: | /s/ Joseph F. DiMaria |
|  | <br> Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | March 9, 2023 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

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

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

Dated: March 9, 2023

---

| |
|:---|
| /s/ James A. McNamara |
| James A. McNamara |
| President/Chief Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

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

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

Dated: March 9, 2023

---

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

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

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

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended December 31, 2022 (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.

---

| | |
|:---|:---|
| President/Chief 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 |
| March 9, 2023 | March 9, 2023 |

---

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.