# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-188603
**Filing Date:** 2025-8
**Character Count:** 669131
**Document Hash:** e5e07777a2fc4d8cdc35f37197773881
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188603.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188603

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251255974

**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 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 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 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           |
| C000159645 | Class R6 Shares      | GGIJX           |
| C000201776 | Class P Shares       | GGWPX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

#### Date of reporting period: June 30, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs Global Infrastructure Fund, Goldman Sachs Real Estate Securities Fund, Goldman Sachs International Tax-Managed Equity Fund, Goldman Sachs U.S. Tax-Managed Equity Fund, and Goldman Sachs Managed Futures Strategy Fund is filed herewith.

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Class A: GGIAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $64 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U833-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Class C: GGICX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $104 | 1.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U825-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Institutional Class: GGIDX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $51 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U817-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Investor Class: GGINX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $51 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U791-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Class R6: GGIJX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $51 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U775-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Global Infrastructure Fund

# Class P: GGWPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Utilities | 37.0% |
| Energy | 30.2% |
| Industrials | 16.0% |
| Real Estate | 11.3% |
| Communication Services | 3.1% |
| Money Market Instruments | 0.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $51 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$100,851,842

* # of Portfolio Holdings49

* Portfolio Turnover Rate9%

* Total Net Advisory Fees Paid$440,375

Goldman Sachs Global Infrastructure Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38150B756-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Class A: GREAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $60 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V829-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Class C: GRECX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $97 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V795-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Institutional Class: GREIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V787-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Service Class: GRESX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $67 | 1.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V779-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Investor Class: GRETX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $47 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38145N428-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Class R6: GREUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $41 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38147X275-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Class R: GRERX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $72 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38145N436-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Real Estate Securities Fund

# Class P: GMJPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Real Estate | 97.9% |
| Consumer Discretionary | 0.6% |
| Other | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $41 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$79,959,745

* # of Portfolio Holdings36

* Portfolio Turnover Rate14%

* Total Net Advisory Fees Paid$329,340

Goldman Sachs Real Estate Securities Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38150B434-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class A: GATMX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $67 | 1.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N528-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class C: GCTMX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $109 | 1.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N510-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Institutional Class: GHTMX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $50 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N536-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Investor Class: GITRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $53 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38145C539-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class R6: GHTRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $49 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38150C606-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class P: GGCPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 20.2% |
| Health Care | 11.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 7.6% |
| Materials | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.1% |
| Other | 2.8% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $49 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$910,464,279

* # of Portfolio Holdings244

* Portfolio Turnover Rate102%

* Total Net Advisory Fees Paid$3,866,767

Goldman Sachs International Tax-Managed Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38150B566-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Class A: GCTAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $52 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y674-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Class C: GCTCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $89 | 1.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y658-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Institutional Class: GCTIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y641-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Service Class: GCTSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $61 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y633-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Investor Class: GQIRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38145C521-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Class R6: GCTRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38150C705-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs U.S. Tax-Managed Equity Fund

# Class P: GSDPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Information Technology | 27.8% |
| Financials | 17.6% |
| Health Care | 11.3% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.2% |
| Industrials | 8.7% |
| Consumer Staples | 4.2% |
| Real Estate | 4.0% |
| Materials | 3.0% |
| Other | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$4,055,435,986

* # of Portfolio Holdings270

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,964,955

Goldman Sachs U.S. Tax-Managed Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38150B178-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class A: GMSAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $73 | 1.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C422-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class C: GMSCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $108 | 2.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C414-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Institutional Class: GMSSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $56 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C398-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Investor Class: GFIRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $61 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C380-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class R6: GMSWX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $55 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38150C879-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class R: GFFRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $85 | 1.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C372-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g58905ief70ea41d2f208e4d31b.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class P: GMQPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

### **Asset Class Exposure (%)\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 59.4 | 52.9 | 6.5 | 46.4 |
| Developed Currency | 43.9 | 40.7 | 3.1 | 37.6 |
| Emerging Markets Equity | 12.6 | 4.9 | 7.8 | -2.9 |
| Emerging Markets Currency | 9.6 | 8.5 | 1.1 | 7.5 |
| Long-Term Fixed Income | 136.3 | 50.0 | 86.3 | -36.2 |
| Medium-Term Fixed Income | 11.4 | 11.4 | - | 11.4 |
| Short-Term Fixed Income | 97.0 | 81.8 | 15.2 | 66.6 |
| Commodities | 16.7 | 9.8 | 6.8 | 3.0 |
| Developed Equity Volatility | 0.2 | 0.2 |  | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $55 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and the impact of offsetting forward foreign currency exchange contracts remains in the gross exposure until settlement date.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$171,469,407

* # of Portfolio Holdings135

* Portfolio Turnover Rate0%

* Total Net Advisory Fees Paid$855,228

Goldman Sachs Managed Futures Strategy Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38150B483-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Class P

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

------

![LOGO](g58905dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2025 Alternative Funds I Goldman Sachs Managed Futures Strategy Fund

------

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

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

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

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

## Goldman Sachs Alternative Funds I

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Consolidated Schedule of Investments](#af158905_1)** | 3 |
|  **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#af158905_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#af158905_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Changes in Net Assets](#af158905_4) | 9 |
|  **[Consolidated Financial Highlights](#af158905_5)** | 10 |
|  **[Notes to Financial Statements](#af158905_6)** | 17 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#af158905_7)** | 29 |

---

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 84.3%<sup>(a)</sup> | Investment Company – 84.3%<sup>(a)</sup> | Investment Company – 84.3%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 144551186 | 4.231% | $144551186 |
| **(Cost $144,551,186)** | **(Cost $144,551,186)** |  |
| **TOTAL INVESTMENTS – 84.3%**<br> **(Cost $144,551,186)** | **TOTAL INVESTMENTS – 84.3%**<br> **(Cost $144,551,186)** | $144551186 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 15.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 15.7%** | 26918221 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171469407 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  100 oz Gold | 19 | 08/27/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46652) |
|  Australian 10 year Bond | 17 | 09/15/25 | 1072031 | (133) |
|  Brent Crude Oil | 12 | 07/31/25 | 799680 | 88 |
|  CBOE Volatality Index | 14 | 07/16/25 | 261975 | (12134) |
|  Cocoa | 2 | 09/15/25 | 180000 | (9146) |
|  Coffee "C" | 2 | 09/18/25 | 223425 | (52769) |
|  EURO STOXX 50 Index | 73 | 09/19/25 | 4580708 | (5525) |
|  Euro-BTP | 44 | 09/08/25 | 6272446 | 5630 |
|  Feeder Cattle | 7 | 08/28/25 | 1086750 | 14892 |
|  FTSE 100 Index | 39 | 09/19/25 | 4705316 | (63183) |
|  FTSE China A50 Index | 123 | 07/30/25 | 1646724 | 26138 |
|  FTSE Taiwan Index Equity Index | 2 | 07/30/25 | 145880 | 5535 |
|  FTSE/JSE Top 40 Index | 35 | 09/18/25 | 1774915 | 20700 |
|  FTSE/MIB Index | 10 | 09/19/25 | 2347184 | 25473 |
|  German Stock Index | 12 | 09/19/25 | 8498561 | 143290 |
|  Hang Seng Index | 22 | 07/30/25 | 3374850 | 117824 |
|  HSCEI | 39 | 07/30/25 | 2153460 | 60685 |
|  IBEX 35 Index | 10 | 07/18/25 | 1639802 | (6707) |
|  KOSPI 200 Index | 34 | 09/11/25 | 2620980 | 136661 |
|  Lean Hogs | 17 | 08/14/25 | 731000 | (26155) |
|  Live Cattle | 15 | 08/29/25 | 1283850 | 5742 |
|  LME Copper Base Metal | 5 | 08/18/25 | 1238297 | 22267 |
|  LME Copper Base Metal | 15 | 07/14/25 | 3729461 | 163448 |
|  LME Lead Base Metal | 42 | 08/18/25 | 2138682 | 47747 |
|  LME Lead Base Metal | 92 | 07/14/25 | 4664239 | 127946 |
|  LME Nickel Base Metal | 48 | 07/14/25 | 4337222 | (133003) |
|  LME Nickel Base Metal | 15 | 08/18/25 | 1362196 | (34567) |
|  LME Primary Aluminium | 76 | 07/14/25 | 4935820 | 205392 |
|  LME Zinc Base Metal | 52 | 07/14/25 | 3573999 | 123780 |
|  LME Zinc Base Metal | 35 | 08/18/25 | 2405104 | 76469 |
|  Low Sulphur Gasoil | 6 | 08/12/25 | 398100 | 738 |
|  MSCI EAFE E-Mini Index | 30 | 09/19/25 | 4022550 | 58597 |
|  NASDAQ 100 E-Mini Index | 18 | 09/19/25 | 8241570 | 233659 |
|  Nikkei 225 Index | 5 | 09/11/25 | 1406548 | 73804 |
|  NY Harbor USLD | 8 | 07/31/25 | 764837 | (16923) |

---

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

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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)** |  |  |  |  |
|  Palladium | 2 | 09/26/25 | $223100 | $12461 |
|  Platinum | 9 | 10/29/25 | 610875 | 65972 |
|  RBOB Gasoline | 3 | 07/31/25 | 260757 | (991) |
|  S&P 500 E-Mini Index | 111 | 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34708313 | 889958 |
|  S&P/TSX 60 Index | 25 | 09/18/25 | 5874793 | 76552 |
|  Silver | 9 | 09/26/25 | 1634625 | (17560) |
|  Soybean Oil | 13 | 08/14/25 | 410514 | 3155 |
|  SPI 200 Index | 42 | 09/18/25 | 5899560 | 4585 |
|  TOPIX Index | 28 | 09/11/25 | 5552168 | 143091 |
|  WTI Crude Oil | 11 | 07/22/25 | 715000 | 80 |
| Total |  |  |  | $2466911 |
|  **Short position contracts:** |  |  |  |  |
|  Corn | (171) | 09/12/25 | (3496950) | 137186 |
|  Cotton No. 2 | (31) | 12/08/25 | (1056015) | 1895 |
|  Hard Red Winter Wheat | (21) | 09/12/25 | (553350) | 26968 |
|  LME Copper Base Metal | (15) | 07/14/25 | (3729461) | (78613) |
|  LME Lead Base Metal | (92) | 07/14/25 | (4664239) | (151777) |
|  LME Lead Base Metal | (56) | 08/18/25 | (2851576) | (81872) |
|  LME Nickel Base Metal | (48) | 07/14/25 | (4337222) | 150699 |
|  LME Nickel Base Metal | (27) | 08/18/25 | (2451953) | 35865 |
|  LME Primary Aluminium | (76) | 07/14/25 | (4935820) | (331439) |
|  LME Zinc Base Metal | (52) | 07/14/25 | (3573999) | (98675) |
|  LME Zinc Base Metal | (48) | 08/18/25 | (3298428) | (103171) |
|  Milling Wheat | (76) | 09/10/25 | (872862) | 89529 |
|  Mini VSTOXX<sup>®</sup>Index | (39) | 07/16/25 | (84989) | 2339 |
|  MSCI EAFE E-Mini Index | (174) | 09/19/25 | (10731450) | (328810) |
|  Russell 2000 E-Mini Index | (101) | 09/19/25 | (11068085) | (370107) |
|  SET50 Index | (353) | 09/29/25 | (1526504) | (48084) |
|  Soybean | (8) | 11/14/25 | (411000) | 2474 |
|  Soybean Meal | (44) | 08/14/25 | (1214840) | 96755 |
|  Sugar No. 11 | (44) | 09/30/25 | (798336) | 27433 |
|  TurkDEX ISE 30 | (353) | 08/29/25 | (1049485) | (70840) |
|  Wheat | (24) | 09/12/25 | (645000) | 25126 |
| Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1067119) |
| Total Futures Contracts |  |  |  | $1399792 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | BRL | 34100000 | USD | 5952060 | 7/2/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324282 |
|  | BRL | 8220000 | USD | 1476150 | 8/4/2025 | 24007 |
|  | AUD | 16680000 | USD | 10862346 | 9/17/2025 | 133465 |
|  | CAD | 13189000 | USD | 9676465 | 9/17/2025 | 47149 |
|  | CLP | 4370000000 | USD | 4653392 | 9/17/2025 | 36549 |
|  | COP | 28358000000 | USD | 6755372 | 9/17/2025 | 110979 |
|  | CZK | 195344000 | USD | 9020992 | 9/17/2025 | 307926 |
|  | EUR | 15890000 | USD | 18255279 | 9/17/2025 | 560021 |
|  | GBP | 18575750 | USD | 25180153 | 9/17/2025 | 330719 |
|  | HUF | 3172000000 | USD | 8943045 | 9/17/2025 | 368070 |
|  | IDR | 149580000000 | USD | 9149763 | 9/17/2025 | 86354 |
|  | JPY | 658000000 | USD | 4593869 | 9/17/2025 | 15960 |

---

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

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
| (continued) |  |  |  |  |  |  |
|  | KRW | 2880000000 | USD | 2128786 | 9/17/2025 | $10120 |
|  | MXN | 140141000 | USD | 7225932 | 9/17/2025 | 180596 |
|  | NOK | 132200000 | USD | 13081773 | 9/17/2025 | 40436 |
|  | NZD | 39180000 | USD | 23697298 | 9/17/2025 | 247889 |
|  | PLN | 34999000 | USD | 9329262 | 9/17/2025 | 362909 |
|  | SEK | 207254400 | USD | 21743505 | 9/17/2025 | 276116 |
|  | USD | 4699390 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;4370000000 | 9/17/2025 | 9449 |
|  | USD | 128025 | COP | 528000000 | 9/17/2025 | 180 |
|  | USD | 8797524 | JPY | 1244949000 | 9/17/2025 | 75636 |
|  | USD | 20201 | NOK | 200000 | 9/17/2025 | 349 |
|  | ZAR | 169120000 | USD | 9434735 | 9/17/2025 | 63497 |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612658 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** |
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 6085165 | BRL | 34100000 | 7/2/2025 | (191178) |
|  | CAD | 5060000 | USD | 3743135 | 9/17/2025 | (12641) |
|  | INR | 1100000000 | USD | 12792498 | 9/17/2025 | (4891) |
|  | JPY | 808276000 | USD | 5717967 | 9/17/2025 | (55332) |
|  | USD | 11192588 | AUD | 17192000 | 9/17/2025 | (140744) |
|  | USD | 4486819 | CAD | 6105000 | 9/17/2025 | (14102) |
|  | USD | 1674121 | CHF | 1355000 | 9/17/2025 | (50509) |
|  | USD | 4807578 | COP | 20020000000 | 9/17/2025 | (39885) |
|  | USD | 6244459 | CZK | 135200000 | 9/17/2025 | (212200) |
|  | USD | 682062 | EUR | 593000 | 9/17/2025 | (20108) |
|  | USD | 5511830 | GBP | 4057000 | 9/17/2025 | (59822) |
|  | USD | 7099300 | HUF | 2518078000 | 9/17/2025 | (292285) |
|  | USD | 11006452 | IDR | 179820000000 | 9/17/2025 | (96893) |
|  | USD | 12762400 | INR | 1100000000 | 9/17/2025 | (25207) |
|  | USD | 4825466 | JPY | 692000000 | 9/17/2025 | (22562) |
|  | USD | 1637968 | KRW | 2220000000 | 9/17/2025 | (10772) |
|  | USD | 5786874 | MXN | 112000000 | 9/17/2025 | (132387) |
|  | USD | 4811555 | NOK | 48700000 | 9/17/2025 | (22421) |
|  | USD | 17826688 | NZD | 29460000 | 9/17/2025 | (178040) |
|  | USD | 6618855 | PLN | 24900000 | 9/17/2025 | (276630) |
|  | USD | 12961206 | SEK | 123693000 | 9/17/2025 | (180485) |
|  | USD | 7699521 | ZAR | 138050000 | 9/17/2025 | (53736) |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2092830) |

---

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the<br> Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.250%<sup>(b)</sup> | 3 Month BBSW | 9/17/2026 | AUD | 164080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165116 | $58595 | $106521 |
| 2.500 <sup>(c)</sup> | CORRA | 9/17/2026 | CAD | 40390 | 21382 |  | 21382 |
| 0.250 <sup>(c)</sup> | 1 Day SOFR | 9/17/2026 | CHF | 129710 | 709616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843400 | (133784) |
| 2.000 <sup>(c)</sup> | 1 Day ESTRON | 9/17/2026 | EUR | 23660 | 78009 | 79489 | (1480) |
| 4.000 <sup>(c)</sup> | 1 Day SONIO | 9/17/2026 | GBP | 22120 | 108390 | 71516 | 36874 |
| 0.750 <sup>(c)</sup> | 12 Month BOJDTR | 9/17/2026 | JPY | 51577480 | 277470 | 224522 | 52948 |
| 2.250 <sup>(c)</sup> | 3 Month STIBOR | 9/17/2026 | SEK | 462760 | 207489 | 143564 | 63925 |
|  1 Day SOFR<sup>(c)</sup> | 4.000% | 9/17/2026 | USD | 222910 | (849198) | (360338) | (488860) |

---

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

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<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;Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(c)</sup> | 1 Day ESTRON | 9/17/2027 | EUR | 80260 | $416440 | $417152 | $(712) |
| 4.000 <sup>(c)</sup> | 1 Day SONIO | 9/17/2027 | GBP | 56630 | 684962 | 448691 | 236271 |
| 1.000 <sup>(c)</sup> | 12 Month BOJDTR | 9/17/2027 | JPY | 12911010 | 394866 | 374803 | 20063 |
|  1 Day SOFR<sup>(c)</sup> | 4.000% | 9/17/2027 | USD | 960 | (11965) | (7310) | (4655) |
| 8.000 <sup>(d)</sup> | 1 Month MXIBTIEF | 9/17/2030 | MXN | 305000 | 209089 | 222296 | (13207) |
| 8.000 <sup>(b)</sup> | 3 Month JIBAR | 9/17/2030 | ZAR | 412720 | 603378 | 282389 | 320989 |
| 0.500 <sup>(c)</sup> | 1 Day SOFR | 9/17/2035 | CHF | 6280 | (40047) | 53366 | (93413) |
| 2.500 <sup>(c)</sup> | 1 Day ESTRON | 9/17/2035 | EUR | 11440 | 38238 | 84678 | (46440) |
| 4.250 <sup>(c)</sup> | 1 Day SONIO | 9/17/2035 | GBP | 14010 | 402742 | 228694 | 174048 |
|  12 Month BOJDTR<sup>(c)</sup> | 1.500 | 9/17/2035 | JPY | 3782070 | (620937) | (527775) | (93162) |
| 4.250 <sup>(c)</sup> | 1 Day SOFR | 9/17/2035 | USD | 36430 | 1734913 | 1050055 | 684858 |
|  1 Day ESTRON<sup>(c)</sup> | 2.750 | 9/17/2055 | EUR | 12160 | (264423) | (512983) | 248560 |
|  1 Day SONIO<sup>(c)</sup> | 4.500 | 9/17/2055 | GBP | 14300 | (169684) | (3597) | (166087) |
|  12 Month BOJDTR<sup>(c)</sup> | 2.000 | 9/17/2055 | JPY | 512980 | 182153 |  | 182153 |
|  1 Day SOFR<sup>(c)</sup> | 4.500 | 9/17/2055 | USD | 16440 | (1722000) | (1201158) | (520842) |
| **TOTAL** |  |  |  |  | $**2555999** | $**1970049** | $**585950** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

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

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

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

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| BBSW | —Bank Bill Swap Rate |
| CORRA | —Canadian Overnight Repo Rate Average |
| ESTRON | —Euro Short-Term Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| SOFR | —Secured Overnight Financing Rate |
| SONIO | —Sterling Overnight Index Average |
| STIBOR | —Stockholm 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 |

---

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Statement of Assets and Liabilities<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2025 (Unaudited)*

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

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

---

| | |
|:---|:---|
|  | **Managed Futures<br>Strategy Fund<sup>(a)</sup>** |
| Assets: |  |
|  Investments in affiliated issuers, at value (cost $144,551,186) | $144551186 |
|  Cash | 8577756 |
|  Foreign Currency, at value (cost $366,153) | 368185 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 16219616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 236499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 15334 |
|  Unrealized gain on forward foreign currency exchange contracts | 3612658 |
|  Unrealized appreciation on futures contracts | 953613 |
|  Variation margin on futures contracts | 204878 |
|  Variation margin on swap contracts | 181479 |
|  Other assets | 63878 |
|  **Total assets** | 174985082 |
| Liabilities: |  |
|  Unrealized loss on forward foreign currency exchange contracts | 2092830 |
|  Unrealized depreciation on futures contracts | 1013117 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 107043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 68022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 8751 |
|  Accrued expenses | 225912 |
|  **Total liabilities** | 3515675 |
| Net Assets: |  |
|  Paid-in capital | 198893115 |
|  Total distributable loss | (27423708) |
|  **NET ASSETS** | $171469407 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $16647062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1333391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 39067418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 66136069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 27358155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 501841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 20425471 |
|  Total Net Assets | $171469407 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2035955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 180852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 4555040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 7838410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3187779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 63538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2383298 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 7.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.57 |

---

<sup>(a)</sup> Statement of Assets 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.

<sup>(b)</sup> Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Futures | Forwards | Swaps |
|  Managed Futures Strategy Fund | $9470838 | $940000 | $5808778 |

---

<sup>(c)</sup> Maximum public offering price per share for Class A Shares of the Managed Futures Strategy Fund is $8.66. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Statement of Operations<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*For the Six Months Ended June 30, 2025*

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

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

---

| | |
|:---|:---|
|  | **Managed Futures** |
|  | **Strategy Fund<sup>(a)</sup>** |
| Investment income: |  |
|  Dividends — affiliated issuers | $3255933 |
|  Interest | 85723 |
|  **Total Investment Income** | 3341656 |
| Expenses: |  |
|  Management fees | 1061081 |
|  Transfer Agency fees<sup>(b)</sup> | 86123 |
|  Professional fees | 84844 |
|  Custody, accounting and administrative services | 69989 |
|  Registration fees | 56171 |
|  Printing and mailing costs | 38348 |
|  Distribution and/or Service (12b-1) fees<sup>(b)</sup> | 26636 |
|  Trustee fees | 13834 |
|  Service fees — Class C | 1993 |
|  Other | 14545 |
|  **Total expenses** | 1453564 |
|  Less — expense reductions | (234279) |
|  **Net expenses** | 1219285 |
|  **NET INVESTMENT INCOME** | 2122371 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 87046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (2182458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3340203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (10842556) |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4317418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 591006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3451984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (5130510) |
|  **Net realized and unrealized loss** | (19952241) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17829870) |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1)<br>Fees** | **Distribution and/or Service (12b-1)<br>Fees** | **Distribution and/or Service (12b-1)<br>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** |
|  Managed Futures Strategy Fund | $19447 | $5980 | $1209 | $11668 | $1196 | $8552 | $55064 | $6171 | $363 | $3109 |

---

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Managed Futures Strategy Fund<sup>(a)</sup>** | **Managed Futures Strategy Fund<sup>(a)</sup>** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |
|  Net investment income | $2122371 | $7461727 |
|  Net realized loss | (16278171) | (27580972) |
|  Net change in unrealized gain (loss) | (3674070) | 4455210 |
|  **Net decrease in net assets resulting from operations** | (17829870) | (15664035) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 32363602 | 117689294 |
|  Cost of shares redeemed | (68639419) | (164316780) |
|  **Net decrease in net assets resulting from share transactions** | (36275817) | (46627486) |
|  **TOTAL DECREASE** | (54105687) | (62291521) |
| Net Assets: |  |  |
|  Beginning of period | $225575094 | $287866615 |
|  End of period | $171469407 | $225575094 |

---

<sup>(a)</sup> The Statement of Changes in Net Assets 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.91 | $9.41 | $9.82 | $9.85 | $10.12 | $9.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.23 | 0.23 | (0.04) | (0.19) | (0.12) |
|  Net realized and unrealized gain (loss) | (0.81) | (0.73) | (0.64) | 2.00 | 0.64 | 0.76 |
|  Total from investment operations | (0.73) | (0.50) | (0.41) | 1.96 | 0.45 | 0.64 |
|  Distributions to shareholders from net investment income |  |  |  | (1.14) | (0.03) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  |  | (1.99) | (0.72) | (0.13) |
|  Net asset value, end of period | $8.18 | $8.91 | $9.41 | $9.82 | $9.85 | $10.12 |
|  **Total Return<sup>(b)</sup>** | (8.19)% | (5.31)% | (4.18)% | 20.08% | 4.64% | 6.62% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 |
|  Ratio of net expenses to average net assets | 1.53 %<sup>(c)</sup> | 1.48% | 1.43% | 1.58% | 1.83% | 1.48% |
|  Ratio of total expenses to average net assets | 1.69 %<sup>(c)</sup> | 1.62% | 1.58% | 1.71% | 1.89% | 1.63% |
|  Ratio of net investment income (loss) to average net assets | 1.89 %<sup>(c)</sup> | 2.42% | 2.44% | (0.31)% | (1.79)% | (1.21)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.06 | $8.59 | $9.02 | $9.21 | $9.52 | $9.11 |
|  Net investment income (loss)<sup>(a)</sup> | 0.04 | 0.14 | 0.15 | (0.10) | (0.25) | (0.18) |
|  Net realized and unrealized gain (loss) | (0.73) | (0.67) | (0.58) | 1.85 | 0.59 | 0.72 |
|  Total from investment operations | (0.69) | (0.53) | (0.43) | 1.75 | 0.34 | 0.54 |
|  Distributions to shareholders from net investment income |  |  |  | (1.09) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.65) | (0.13) |
|  Total distributions |  |  |  | (1.94) | (0.65) | (0.13) |
|  Net asset value, end of period | $7.37 | $8.06 | $8.59 | $9.02 | $9.21 | $9.52 |
|  **Total Return<sup>(b)</sup>** | (8.56)% | (6.17)% | (4.77)% | 19.26% | 3.71% | 5.88% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 |
|  Ratio of net expenses to average net assets | 2.28 %<sup>(c)</sup> | 2.24% | 2.18% | 2.33% | 2.58% | 2.22% |
|  Ratio of total expenses to average net assets | 2.43 %<sup>(c)</sup> | 2.37% | 2.32% | 2.46% | 2.64% | 2.37% |
|  Ratio of net investment income (loss) to average net assets | 1.13 %<sup>(c)</sup> | 1.67% | 1.69% | (0.95)% | (2.54)% | (1.92)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.33 | $9.82 | $10.22 | $10.19 | $10.43 | $9.87 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.27 | 0.28 | 0.05 | (0.15) | (0.07) |
|  Net realized and unrealized gain (loss) | (0.85) | (0.76) | (0.67) | 2.02 | 0.66 | 0.76 |
|  Total from investment operations | (0.75) | (0.49) | (0.39) | 2.07 | 0.51 | 0.69 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) | (0.13) |
|  Net asset value, end of period | $8.58 | $9.33 | $9.82 | $10.22 | $10.19 | $10.43 |
|  **Total Return<sup>(b)</sup>** | (8.04)% | (4.99)% | (3.80)% | 20.59% | 4.99% | 6.95% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49052 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(c)</sup> | 1.12% | 1.06% | 1.20% | 1.46% | 1.07% |
|  Ratio of total expenses to average net assets | 1.32 %<sup>(c)</sup> | 1.25% | 1.21% | 1.33% | 1.52% | 1.24% |
|  Ratio of net investment income (loss) to average net assets | 2.25 %<sup>(c)</sup> | 2.78% | 2.80% | 0.39% | (1.42)% | (0.74)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.18 | $9.68 | $10.07 | $10.06 | $10.32 | $9.77 |
|  Net investment income (loss)<sup>(a)</sup> | 0.09 | 0.26 | 0.26 | 0.01 | (0.16) | (0.10) |
|  Net realized and unrealized gain (loss) | (0.83) | (0.76) | (0.65) | 2.03 | 0.64 | 0.78 |
|  Total from investment operations | (0.74) | (0.50) | (0.39) | 2.04 | 0.48 | 0.68 |
|  Distributions to shareholders from net investment income |  |  |  | (1.18) | (0.05) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  |  | (2.03) | (0.74) | (0.13) |
|  Net asset value, end of period | $8.44 | $9.18 | $9.68 | $10.07 | $10.06 | $10.32 |
|  **Total Return<sup>(b)</sup>** | (8.06)% | (5.17)% | (3.87)% | 20.43% | 4.83% | 6.92% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149762 |
|  Ratio of net expenses to average net assets | 1.28 %<sup>(c)</sup> | 1.23% | 1.18% | 1.33% | 1.57% | 1.22% |
|  Ratio of total expenses to average net assets | 1.43 %<sup>(c)</sup> | 1.37% | 1.32% | 1.46% | 1.64% | 1.38% |
|  Ratio of net investment income (loss) to average net assets | 2.13 %<sup>(c)</sup> | 2.67% | 2.69% | 0.10% | (1.54)% | (0.96)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.33 | $9.83 | $10.22 | $10.19 | $10.44 | $9.87 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.27 | 0.28 | 0.01 | (0.15) | (0.08) |
|  Net realized and unrealized gain (loss) | (0.85) | (0.77) | (0.66) | 2.06 | 0.65 | 0.78 |
|  Total from investment operations | (0.75) | (0.50) | (0.38) | 2.07 | 0.50 | 0.70 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) | (0.13) |
|  Net asset value, end of period | $8.58 | $9.33 | $9.83 | $10.22 | $10.19 | $10.44 |
|  **Total Return<sup>(b)</sup>** | (8.04)% | (5.09)% | (3.68)% | 20.47% | 5.00% | 7.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55439 |
|  Ratio of net expenses to average net assets | 1.16 %<sup>(c)</sup> | 1.11% | 1.06% | 1.20% | 1.45% | 1.08% |
|  Ratio of total expenses to average net assets | 1.31 %<sup>(c)</sup> | 1.24% | 1.20% | 1.33% | 1.51% | 1.24% |
|  Ratio of net investment income (loss) to average net assets | 2.25 %<sup>(c)</sup> | 2.79% | 2.81% | 0.07% | (1.41)% | (0.79)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.62 | $9.13 | $9.54 | $9.64 | $9.92 | $9.45 |
|  Net investment income (loss)<sup>(a)</sup> | 0.07 | 0.20 | 0.20 | (0.04) | (0.21) | (0.13) |
|  Net realized and unrealized gain (loss) | (0.79) | (0.71) | (0.61) | 1.93 | 0.62 | 0.73 |
|  Total from investment operations | (0.72) | (0.51) | (0.41) | 1.89 | 0.41 | 0.60 |
|  Distributions to shareholders from net investment income |  |  |  | (1.14) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  |  | (1.99) | (0.69) | (0.13) |
|  Net asset value, end of period | $7.90 | $8.62 | $9.13 | $9.54 | $9.64 | $9.92 |
|  **Total Return<sup>(b)</sup>** | (8.35)% | (5.59)% | (4.30)% | 19.77% | 4.33% | 6.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
|  Ratio of net expenses to average net assets | 1.78 %<sup>(c)</sup> | 1.73% | 1.68% | 1.83% | 2.08% | 1.72% |
|  Ratio of total expenses to average net assets | 1.94 %<sup>(c)</sup> | 1.87% | 1.82% | 1.96% | 2.14% | 1.87% |
|  Ratio of net investment income (loss) to average net assets | 1.64 %<sup>(c)</sup> | 2.17% | 2.18% | (0.36)% | (2.04)% | (1.41)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.32 | $9.81 | $10.21 | $10.17 | $10.42 | $9.86 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.27 | 0.28 | 0.01 | (0.15) | (0.08) |
|  Net realized and unrealized gain (loss) | (0.85) | (0.76) | (0.67) | 2.07 | 0.65 | 0.77 |
|  Total from investment operations | (0.75) | (0.49) | (0.39) | 2.08 | 0.50 | 0.69 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) | (0.13) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) | (0.13) |
|  Net asset value, end of period | $8.57 | $9.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 | $10.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42 |
|  **Total Return<sup>(b)</sup>** | (8.05)% | (5.00)% | (3.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.62% | 4.98% | 6.95% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22214 | $13 | $14 | $11 | $71 |
|  Ratio of net expenses to average net assets | 1.16 %<sup>(c)</sup> | 1.09% | 1.05% | 1.20% | 1.44% | 1.08% |
|  Ratio of total expenses to average net assets | 1.31 %<sup>(c)</sup> | 1.23% | 1.19% | 1.32% | 1.51% | 1.24% |
|  Ratio of net investment income (loss) to average net assets | 2.26 %<sup>(c)</sup> | 2.80% | 2.81% | 0.10% | (1.40)% | (0.84)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% | –% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

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

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

---

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

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------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements *June 30, 2025* 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The 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 Managed Futures Strategy Fund — Cayman Commodity-MFS, LLC. (the "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 June 30, 2025, the Fund's net assets were $171,469,407, of which $34,422,451 or 20%, represented the Subsidiary's net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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. Income and capital gains distributions, if any, are declared and paid at least annually.

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

**17**

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GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Subsidiary's income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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 Statement 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 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 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;G. Segment Reporting — The Fund follows FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.

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

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing

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

18.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (the "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 derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated 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;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;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;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Fund's investments classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Managed Futures Strategy Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Investment Companies | $144551186 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $3612658 | $— |
|  Futures Contracts | 3488628 |  |  |
|  Interest Rate Swap Contracts |  | 2148592 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488628 | $5761250 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(2092830) | $— |
|  Futures Contracts<sup>(a)</sup> | (2088836) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1562642) |  |
|  **Total** | $(2088836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3655472) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. 

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

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

20.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2025. 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 Fund** | **Managed Futures Strategy Fund** |  |  |  |
| **Risk** | **Consolidated Statement of Assets and**<br> **Liabilities** | **Assets** | **Consolidated Statement of Assets and**<br> **Liabilities** | **Liabilities** |
| Commodity | Variation margin on futures contracts | $1464107 <sup>(a)</sup> | Variation margin on futures contracts | $(1183313)<sup>(a)</sup> |
| Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | $3612658 | Payable for unrealized loss on forward foreign currency exchange contracts | $(2092830) |
| Equity | Variation margin on futures contracts | $2018891 <sup>(a)</sup> | Variation margin on futures contracts | $(905390)<sup>(a)</sup> |
| Interest Rate | Variation margin on futures and swaps contracts | $2154222 <sup>(a)</sup> | Variation margin on futures and swaps contracts | $(1562775)<sup>(a)</sup> |
| Total |  | $9249878 |  | $(5744308) |

---

<sup>(a)</sup> Includes unrealized gain (loss) on futures and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation margin as of June 30, 2025, is reported within the Consolidated Statement 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 six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |  |
| **Risk** | **Consolidated Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $(3340203) | $(3451984) |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (6028151) | 1807103 |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (3322834) | 2233378 |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (3674029) | (4853573) |
| Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16365217) | $(4265076) |

---

For the six months ended June 30, 2025, the relevant values for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** | **Swap Contracts** |
|  Managed Futures Strategy Fund | 8179 | 856129256 | 16543962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures, 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 six months ended June 30, 2025.

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

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

**21**

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GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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 GSAM 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 June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **<u>Derivative Assets</u>**<br> **Forwards<sup>(1)</sup>**  | **<u>Derivative Assets</u>**<br> **Forwards<sup>(1)</sup>**  | **<u>Derivative Liabilities</u>**<br> **Forwards<sup>(1)</sup>**  | **<u>Derivative Liabilities</u>**<br> **Forwards<sup>(1)</sup>**  | **Net Derivative**<br> **Assets**<br> (Liabilities) | **Net Derivative**<br> **Assets**<br> (Liabilities) | **Collateral<br> (Received) <br>Pledged<sup>(1)</sup>**  | **Net**<br> **Amount<sup>(2)</sup>** | **Net**<br> **Amount<sup>(2)</sup>** |
|  Morgan Stanley Co., Inc. | $— | 3612658 | $— | (2092830) | $— | 1519828 | $- | $— | 1519828 |

---

<sup>(1)</sup> Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities 

<sup>(2)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the 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 six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  |  | |
| **Fund** | **First**<br> **$1 billion** | **Next**<br> **$1 billion** | **Next**<br> **$3 billion** | **Next**<br> **$3 billion** | **Over**<br> **$8 billion** | **Effective**<br> **Rate** | **Effective Net** <br> **Management** <br> **Rate^<sup>1</sup>**  |
|  Managed Futures Strategy Fund | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 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.

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

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

22.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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. With respect to the Subsidiary, for the six months ended June 30, 2025, GSAM waived $82,741 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. With respect to the affiliated Underlying Fund, for the six months ended June 30, 2025, GSAM waived $123,112 of the Fund's management fees.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A, Class C and Class R Shares of 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, Class C or Class R 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 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 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 six months ended June 30, 2025, Goldman Sachs retained $235 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&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: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.04% of the average daily net assets of Institutional Shares; and 0.03% of the average daily net assets of Class R6 and P 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 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 30, 2026, 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

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

**23**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

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

(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 six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Management** | **Other Expense** | **Total Expense** |
| **Fund** | **Fee Waiver** | **Reimbursements** | **Reductions** |
|  Managed Futures Strategy Fund | $205853 | $28426 | $234279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Fund participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The following table provides information about the Fund's investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Ending value as of**<br> **June 30, 2025** | **Shares as of June 30,**<br> **2025** | **Dividend Income** |
|  Managed Futures Strategy Fund | $173722551 | $105544776 | $(134716141) | $144551186 | 144551186 | $3255933 |

---

As of June 30, 2025, the following Goldman Sachs Fund was the beneficial owner of 5% or more of total outstanding shares of the Fund:

---

| | | |
|:---|:---|:---|
| **Fund** | **Goldman Sachs Growth and Income Strategy Portfolio** | **Goldman Sachs Growth Strategy Portfolio** |
| Managed Futures Strategy Fund | 5% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TAX INFORMATION

As of the Fund's most recent fiscal year end, December 31, 2024, the Fund's capital loss carryforwards and certain timing differences on a tax-basis were as follows:

---

| | |
|:---|:---|
|  | **Managed Futures <br>Strategy Fund** |
|  Capital loss carryforwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7024630) |
|  Timing differences (Straddle Loss Deferral) | (241410) |

---

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

24.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TAX INFORMATION (continued)

As of June 30, 2025, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | **Managed Futures<br>Strategy Fund** |
| Tax Cost | $150380297 |
| Gross unrealized gain | 3505570 |
| Gross unrealized loss | (9334680) |
| Net unrealized gain (loss) | $(5829110) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER RISKS

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

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

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

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

**25**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER RISKS (continued)

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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from the Fund's performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. 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. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

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, declining prices of the securities sold, 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

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

26.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

&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. OTHER RISKS (continued)

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 Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact 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.

Subsidiary Risk — The Subsidiary is not registered under the Act and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.

Tax Risk — The Fund seeks to gain exposure to the commodity markets primarily through investments in the Subsidiary. The tax treatment of the Fund's investments in the Subsidiary could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund's income from such investments was not "qualifying income," the Fund may 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 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 deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SUBSEQUENT EVENTS

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

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

**27**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements (continued) *June 30, 2025* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  |
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **(Unaudited)** | **(Unaudited)** | | |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 407125 | $3382217 | 449681 | $4213968 |
|  Shares redeemed | (128240) | (1083222) | (405416) | (3781794) |
|  | 278885 | 2298995 | 44265 | 432174 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 2843 | 21610 | 5723 | 47269 |
|  Shares redeemed | (71300) | (539413) | (291092) | (2490641) |
|  | (68457) | (517803) | (285369) | (2443372) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1872319 | 16376212 | 3209747 | 31428119 |
|  Shares redeemed | (2166869) | (18763259) | (4490380) | (43371078) |
|  | (294550) | (2387047) | (1280633) | (11942959) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1379476 | 11802675 | 4912228 | 47413120 |
|  Shares redeemed | (3506425) | (30497524) | (10290358) | (97986670) |
|  | (2126949) | (18694849) | (5378130) | (50573550) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 85191 | 742137 | 1044568 | 10382076 |
|  Shares redeemed | (2085463) | (17746046) | (1740165) | (16607639) |
|  | (2000272) | (17003909) | (695597) | (6225563) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 4906 | 38751 | 7095 | 63591 |
|  Shares redeemed | (1247) | (9955) | (8326) | (78958) |
|  | 3659 | 28796 | (1231) | (15367) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  |  | 2381948 | 24141151 |
|  Shares redeemed |  |  |  |  |
|  |  |  | 2381948 | 24141151 |
|  **NET DECREASE IN SHARES** | (4207684) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36275817) | (5214747) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46627486) |

---

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

28.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS

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

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

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

#### Background
The Goldman Sachs Managed Futures Strategy Fund (the "Fund") is an investment portfolio of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

**29**

------

GOLDMAN SACHS ALTERNATIVE FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

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

30.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS

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

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

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

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

The Trustees observed that the Fund's Institutional Shares had placed in the top half of the Fund's peer group for the ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They also noted that the Fund had experienced a benchmark index change in 2021 and certain portfolio management changes in 2022.

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

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

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. The Trustees noted that the Investment Adviser had agreed to waive a portion of the Fund's management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund's wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

---

| | |
|:---|:---|
|  First $1 billion | 1.00% |
|  Next $1 billion | 0.90 |
|  Next $3 billion | 0.86 |
|  Next $3 billion | 0.84 |
|  Over $8 billion | 0.82 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund's recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser's undertaking to

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

**31**

------

GOLDMAN SACHS ALTERNATIVE FUNDS

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

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

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

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

limit certain expenses of the Fund that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (e) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs' retention of certain fees as Fund Distributor; (g) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (i) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (j) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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

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

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

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![LOGO](g58905dsp036.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. SELSATSAR-25

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![LOGO](g946618dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2025 Goldman Sachs Real Estate Securities and Global Infrastructure Funds Goldman Sachs Global Infrastructure Fund Goldman Sachs Real Estate Securities Fund

------

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

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

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

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

## Goldman Sachs Real Estate Securities and Global Infrastructure Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#resgi946618_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Infrastructure Fund](#resgi946618_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Real Estate Securities Fund](#resgi946618_3) | 5 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#resgi946618_5) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#resgi946618_6) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#resgi946618_7) | 8 |
|  **[Financial Highlights](#resgi946618_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Infrastructure Fund](#resgi946618_9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Real Estate Securities Fund](#resgi946618_10) | 15 |
|  **[Notes to Financial Statements](#resgi946618_11)** | 23 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#resgi946618_12)** | 34 |

---

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.6% | Common Stocks – 97.6% | Common Stocks – 97.6% |
| Australia – 2.9% | Australia – 2.9% | Australia – 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312207 | APA Group (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678665 |
| 138338 | Transurban Group (Transportation) | 1272843 |
|  |  | 2951508 |
| Canada – 15.2% | Canada – 15.2% | Canada – 15.2% |
| 182645 | Enbridge, Inc. (Energy) | 8282231 |
| 17079 | Fortis, Inc. (Utilities) | 815478 |
| 40623 | Hydro One Ltd. (Utilities)<sup>(a)</sup> | 1463830 |
| 54820 | Pembina Pipeline Corp. (Energy) | 2058342 |
| 56138 | TC Energy Corp. (Energy) | 2740631 |
|  |  | 15360512 |
| China – 1.1% | China – 1.1% | China – 1.1% |
| 142600 | ENN Energy Holdings Ltd. (Utilities) | 1144796 |
| France – 8.4% | France – 8.4% | France – 8.4% |
| 44341 | Engie SA (Utilities) | 1042138 |
| 21447 | Veolia Environnement SA (Utilities) | 765699 |
| 45151 | Vinci SA (Capital Goods) | 6658439 |
|  |  | 8466276 |
| Germany – 1.3% | Germany – 1.3% | Germany – 1.3% |
| 17905 | Fraport AG Frankfurt Airport Services Worldwide (Transportation)\* | 1350746 |
| Italy – 3.2% | Italy – 3.2% | Italy – 3.2% |
| 252484 | Enav SpA (Transportation)<sup>(a)</sup> | 1167584 |
| 340780 | Snam SpA (Utilities) | 2062978 |
|  |  | 3230562 |
| Japan – 1.5% | Japan – 1.5% | Japan – 1.5% |
| 27600 | Japan Airport Terminal Co. Ltd. (Transportation) | 881328 |
| 22400 | Osaka Gas Co. Ltd. (Utilities) | 574558 |
|  |  | 1455886 |
| Mexico – 1.2% | Mexico – 1.2% | Mexico – 1.2% |
| 52165 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 1197422 |
| Spain – 3.7% | Spain – 3.7% | Spain – 3.7% |
| 23650 | Aena SME SA (Transportation)<sup>(a)</sup> | 631308 |
| 79209 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 3084261 |
|  |  | 3715569 |
| United Kingdom – 8.5% | United Kingdom – 8.5% | United Kingdom – 8.5% |
| 470764 | National Grid PLC (Utilities) | 6910189 |
| 45376 | Severn Trent PLC (Utilities) | 1704877 |
|  |  | 8615066 |
| United States – 50.6% | United States – 50.6% | United States – 50.6% |
| 6514 | Ameren Corp. (Utilities) | 625605 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30939 | American Tower Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838138 |
| 6990 | American Water Works Co., Inc. (Utilities) | 972379 |
| 12209 | Atmos Energy Corp. (Utilities) | 1881529 |
| 23328 | BKV Corp. (Energy)\* | 562671 |
| 52080 | CenterPoint Energy, Inc. (Utilities) | 1913419 |
| 16930 | Cheniere Energy, Inc. (Energy) | 4122794 |
| 19206 | CMS Energy Corp. (Utilities) | 1330592 |
| 9728 | Consolidated Edison, Inc. (Utilities) | 976205 |
| 11651 | Crown Castle, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 1196907 |
| 5586 | Digital Realty Trust, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 973807 |
| 20431 | DT Midstream, Inc. (Energy) | 2245571 |
| 10954 | Edison International (Utilities) | 565226 |
| 10918 | Eversource Energy (Utilities) | 694603 |
| 42564 | Exelon Corp. (Utilities) | 1848129 |
| 56101 | Ferrovial SE (Capital Goods) | 2992580 |
| 53848 | Kinder Morgan, Inc. (Energy) | 1583131 |
| 10734 | Kinetik Holdings, Inc. (Energy) | 472833 |
| 16672 | NextEra Energy, Inc. (Utilities) | 1157370 |
| 37756 | NiSource, Inc. (Utilities) | 1523077 |
| 21365 | ONEOK, Inc. (Energy) | 1744025 |
| 174041 | PG&E Corp. (Utilities) | 2426132 |
| 10166 | SBA Communications Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 2387383 |
| 29116 | Sempra (Utilities) | 2206119 |
| 17763 | Targa Resources Corp. (Energy) | 3092183 |
| 57307 | Williams Cos., Inc. (The) (Energy) | 3599453 |
| 15590 | Xcel Energy, Inc. (Utilities) | 1061679 |
|  |  | 50993540 |
| TOTAL COMMON STOCKS<br>(Cost $63,685,606) | TOTAL COMMON STOCKS<br>(Cost $63,685,606) | 98481883 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.8%<sup>(b)</sup> | Investment Company – 0.8%<sup>(b)</sup> | Investment Company – 0.8%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 757362 | 4.231% | $757362 |
| (Cost $757,362) | (Cost $757,362) |  |
| TOTAL INVESTMENTS – 98.4%<br>(Cost $64,442,968) | TOTAL INVESTMENTS – 98.4%<br>(Cost $64,442,968) | $99239245 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** | 1612597 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100851842 |

---

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** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of** <br> **Market**<br> **Value** |
|  Utilities | 37.6% |
|  Energy | 30.7 |
|  Industrials | 16.3 |
|  Real Estate | 11.5 |
|  Communication Services | 3.1 |
|  Investment Company | 0.8 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

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

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

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Health Care REITs – 12.9% | Health Care REITs – 12.9% | Health Care REITs – 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20943 | Alexandria Real Estate Equities, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521090 |
| 39135 | Ventas, Inc. REIT | 2471375 |
| 41189 | Welltower, Inc. REIT | 6331985 |
|  |  | 10324450 |
| Hotel & Resort REITs – 1.6% | Hotel & Resort REITs – 1.6% | Hotel & Resort REITs – 1.6% |
| 13063 | Ryman Hospitality Properties, Inc. REIT | 1288926 |
| Hotels, Restaurants & Leisure – 0.6% | Hotels, Restaurants & Leisure – 0.6% | Hotels, Restaurants & Leisure – 0.6% |
| 1798 | Hilton Worldwide Holdings, Inc. | 478879 |
| Industrial REITs – 11.6% | Industrial REITs – 11.6% | Industrial REITs – 11.6% |
| 77604 | Americold Realty Trust, Inc. REIT | 1290555 |
| 64785 | Prologis, Inc. REIT | 6810199 |
| 32572 | Rexford Industrial Realty, Inc. REIT | 1158586 |
|  |  | 9259340 |
| Office REITs – 3.2% | Office REITs – 3.2% | Office REITs – 3.2% |
| 32138 | Cousins Properties, Inc. REIT | 965104 |
| 26430 | Kilroy Realty Corp. REIT | 906813 |
| 12138 | SL Green Realty Corp. REIT | 751342 |
|  |  | 2623259 |
| Real Estate Management & Development – 0.8% | Real Estate Management & Development – 0.8% | Real Estate Management & Development – 0.8% |
| 4929 | CBRE Group, Inc., Class A\* | 690652 |
| Residential REITs – 15.1% | Residential REITs – 15.1% | Residential REITs – 15.1% |
| 37855 | American Homes 4 Rent, Class A REIT | 1365430 |
| 14093 | AvalonBay Communities, Inc. REIT | 2867926 |
| 11126 | Camden Property Trust REIT | 1253789 |
| 23704 | Equity LifeStyle Properties, Inc. REIT | 1461826 |
| 7121 | Essex Property Trust, Inc. REIT | 2018091 |
| 48261 | Invitation Homes, Inc. REIT | 1582961 |
| 37252 | UDR, Inc. REIT | 1520999 |
|  |  | 12071022 |
| Retail REITs – 13.9% | Retail REITs – 13.9% | Retail REITs – 13.9% |
| 16607 | Agree Realty Corp. REIT | 1213307 |
| 27598 | Curbline Properties Corp. REIT | 630062 |
| 13566 | Federal Realty Investment Trust REIT | 1288634 |
| 71494 | Kimco Realty Corp. REIT | 1502804 |
| 43914 | Realty Income Corp. REIT | 2529886 |
| 24233 | Simon Property Group, Inc. REIT | 3895697 |
|  |  | 11060390 |
| Specialized REITs – 38.8% | Specialized REITs – 38.8% | Specialized REITs – 38.8% |
| 31081 | American Tower Corp. REIT | 6869523 |
| 12539 | Crown Castle, Inc. REIT | 1288131 |
| 23102 | Digital Realty Trust, Inc. REIT | 4027372 |
| 7090 | Equinix, Inc. REIT | 5639882 |
| 22907 | Extra Space Storage, Inc. REIT | 3377408 |
| 10065 | Iron Mountain, Inc. REIT | 1032367 |
| 8189 | Public Storage REIT | 2402816 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10809 | SBA Communications Corp. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538386 |
| 100921 | VICI Properties, Inc. REIT | 3290025 |
| 20781 | Weyerhaeuser Co. REIT | 533864 |
|  |  | 30999774 |
| TOTAL COMMON STOCKS<br>(Cost $54,334,485) | TOTAL COMMON STOCKS<br>(Cost $54,334,485) | 78796692 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
| Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> Fund - Institutional Shares |
| 67888 | 4.231% | 67888 |
| (Cost $67,888) | (Cost $67,888) |  |
| TOTAL INVESTMENTS – 98.6%<br>(Cost $54,402,373) | TOTAL INVESTMENTS – 98.6%<br>(Cost $54,402,373) | $78864580 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.4%** | 1095165 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79959745 |

---

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

\* Non-income producing security.

(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| REIT | —Real Estate Investment Trust |

---

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

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure<br>Fund** | **Real Estate Securities<br>Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $63,685,606 and $54,334,485, respectively) | $98481883 | $78796692 |
|  Investments in affiliated issuers, at value (cost $757,362 and $67,888, respectively) | 757362 | 67888 |
|  Cash | 570850 | 744157 |
|  Foreign Currency, at value (cost $225,986 and $–, respectively) | 228172 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 511944 | 306381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 374301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 12411 | 11847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4042 | 98763 |
|  Other assets | 37659 | 53121 |
|  **Total assets** | 100978624 | 80078849 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 36620 | 26532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1382 | 3114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 685 | 2097 |
|  Accrued expenses | 88095 | 87361 |
|  **Total liabilities** | 126782 | 119104 |
| Net Assets: |  |  |
|  Paid-in capital | 65647953 | 45246281 |
|  Total distributable earnings | 35203889 | 34713464 |
|  **NET ASSETS** | $100851842 | $79959745 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $518160 | $12229319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 230989 | 503271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2308940 | 19193470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 278265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 342778 | 1312584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 31939136 | 2867714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 402180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 65511839 | 43172942 |
|  Total Net Assets | $100851842 | $79959745 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 38575 | 1092152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17453 | 49535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 172519 | 1609443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 24515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 25665 | 114843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2392868 | 240499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 36762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4912631 | 3621424 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $13.43 | $11.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13.24 | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 13.38 | 11.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 13.36 | 11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13.35 | 11.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 10.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 13.34 | 11.92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Maximum public offering price per share for Class A Shares of the Global Infrastructure Fund and Real Estate Securities Fund is $14.21 and $11.85, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Statements of Operations *For the Six Months Ended June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Global<br>Infrastructure Fund** | **Real Estate<br>Securities Fund** |
| Investment income: |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $224,431 and $–, respectively) | $1871497 | $1266018 |
|  Dividends — affiliated issuers | 15177 | 7072 |
|  **Total Investment Income** | 1886674 | 1273090 |
| Expenses: |  |  |
|  Management fees | 440987 | 358459 |
|  Professional fees | 59208 | 51811 |
|  Registration fees | 28621 | 52334 |
|  Custody, accounting and administrative services | 26389 | 20068 |
|  Printing and mailing costs | 22782 | 18643 |
|  Transfer Agency fees<sup>(a)</sup> | 15590 | 22042 |
|  Trustee fees | 13495 | 13659 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 1354 | 19705 |
|  Service fees — Class C | 294 |  |
|  Shareholder Administration fees — Service Shares |  | 340 |
|  Other | 5113 | 679 |
|  **Total expenses** | 613833 | 557740 |
|  Less — expense reductions | (140279) | (184665) |
|  **Net expenses** | 473554 | 373075 |
|  **NET INVESTMENT INCOME** | 1413120 | 900015 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3612301 | 2099619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9125) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 7382094 | (2441922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 39737 |  |
|  **Net realized and unrealized gain (loss)** | 11025007 | (342303) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $12438127 | $557712 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Global Infrastructure Fund | $472 | $882 | $– | $– | $283 | $176 | $427 | $– | $521 | $4765 | $– | $9418 |
|  Real Estate Securities Fund | 15320 | 3026 | 340 | 1019 | 9192 | 454 | 3962 | 54 | 894 | 428 | 306 | 6752 |

---

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

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

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $1413120 | $2930393 | $900015 | $1793488 |
|  Net realized gain | 3603176 | 19332736 | 2099619 | 14005999 |
|  Net change in unrealized gain (loss) | 7421831 | (13860035) | (2441922) | (10110415) |
|  **Net increase in net assets resulting from operations** | 12438127 | 8403094 | 557712 | 5689072 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4978) | (33403) | (170677) | (921577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1465) | (33244) | (6554) | (50383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (24872) | (340812) | (286615) | (1497009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (3612) | (19066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3814) | (214451) | (18167) | (79849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (359594) | (5266834) | (42044) | (197539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (5291) | (31485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (723768) | (9269598) | (654306) | (3460872) |
|  From return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (1259) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (792) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (19453) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (34237) |  |  |
|  **Total distributions to shareholders** | (1118491) | (15214329) | (1187266) | (6257780) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 2852463 | 13041935 | 2987970 | 11076770 |
|  Reinvestment of distributions | 1118491 | 15213606 | 1178150 | 6206101 |
|  Cost of shares redeemed | (11235286) | (127072663) | (8927015) | (33239865) |
|  **Net decrease in net assets resulting from share transactions** | (7264332) | (98817122) | (4760895) | (15956994) |
|  **TOTAL INCREASE (DECREASE)** | 4055304 | (105628357) | (5390449) | (16525702) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $96796538 | $202424895 | $85350194 | $101875896 |
|  End of period | $100851842 | $96796538 | $79959745 | $85350194 |

---

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.00 | $12.54 | $12.27 | $13.45 | $11.78 | $12.47 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.26 | 0.25 | 0.18 | 0.15 | 0.14 |
|  Net realized and unrealized gain (loss) | 1.36 | 1.14 | 0.32 | (1.20) | 1.74 | (0.64) |
|  Total from investment operations | 1.56 | 1.40 | 0.57 | (1.02) | 1.89 | (0.50) |
|  Distributions to shareholders from net investment income | (0.13) | (0.29) | (0.29) | (0.14) | (0.18) | (0.16) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.01) | (0.02) |  | (0.03) |
|  Total distributions | (0.13) | (1.94) | (0.30) | (0.16) | (0.22) | (0.19) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 |
|  **Total Return<sup>(b)</sup>** | 13.06% | 10.93% | 4.78% | (7.62)% | 16.15% | (3.97)% |
|  Net assets, end of period (in 000's) | $518 | $239 | $185 | $296 | $1302 | $357 |
|  Ratio of net expenses to average net assets | 1.22 %<sup>(c)</sup> | 1.24% | 1.31% | 1.35% | 1.35% | 1.34% |
|  Ratio of total expenses to average net assets | 1.62 %<sup>(c)</sup> | 1.62% | 1.49% | 1.41% | 1.45% | 1.56% |
|  Ratio of net investment income to average net assets | 3.07 %<sup>(c)</sup> | 2.03% | 2.06% | 1.44% | 1.14% | 1.17% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.83 | $12.38 | $12.11 | $13.34 | $11.70 | $12.41 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.16 | 0.16 | 0.09 | 0.05 | 0.02 |
|  Net realized and unrealized gain (loss) | 1.38 | 1.13 | 0.31 | (1.20) | 1.73 | (0.62) |
|  Total from investment operations | 1.49 | 1.29 | 0.47 | (1.11) | 1.78 | (0.60) |
|  Distributions to shareholders from net investment income | (0.08) | (0.19) | (0.19) | (0.11) | (0.10) | (0.09) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.01) | (0.01) |  | (0.02) |
|  Total distributions | (0.08) | (1.84) | (0.20) | (0.12) | (0.14) | (0.11) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
|  **Total Return<sup>(b)</sup>** | 12.64% | 10.19% | 3.95% | (8.29)% | 15.28% | (4.78)% |
|  Net assets, end of period (in 000's) | $231 | $242 | $257 | $454 | $622 | $868 |
|  Ratio of net expenses to average net assets | 1.97 %<sup>(c)</sup> | 1.99% | 2.06% | 2.10% | 2.10% | 2.09% |
|  Ratio of total expenses to average net assets | 2.37 %<sup>(c)</sup> | 2.36% | 2.24% | 2.17% | 2.20% | 2.30% |
|  Ratio of net investment income to average net assets | 1.83 %<sup>(c)</sup> | 1.29% | 1.35% | 0.71% | 0.39% | 0.21% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.96 | $12.50 | $12.23 | $13.47 | $11.80 | $12.50 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.26 | 0.27 | 0.25 | 0.19 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.38 | 1.17 | 0.34 | (1.22) | 1.74 | (0.68) |
|  Total from investment operations | 1.57 | 1.43 | 0.61 | (0.97) | 1.93 | (0.47) |
|  Distributions to shareholders from net investment income | (0.15) | (0.32) | (0.32) | (0.23) | (0.22) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.04) |  | (0.06) |
|  Total distributions | (0.15) | (1.97) | (0.34) | (0.27) | (0.26) | (0.23) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.80 |
|  **Total Return<sup>(b)</sup>** | 13.12% | 11.25% | 5.13% | (7.24)% | 16.50% | (3.63)% |
|  Net assets, end of period (in 000's) | $2309 | $1922 | $8591 | $13554 | $8983 | $6772 |
|  Ratio of net expenses to average net assets | 0.97 %<sup>(c)</sup> | 0.98% | 0.99% | 0.99% | 0.99% | 0.99% |
|  Ratio of total expenses to average net assets | 1.26 %<sup>(c)</sup> | 1.23% | 1.12% | 1.04% | 1.08% | 1.19% |
|  Ratio of net investment income to average net assets | 2.99 %<sup>(c)</sup> | 2.04% | 2.25% | 1.94% | 1.50% | 1.82% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.93 | $12.47 | $12.21 | $13.46 | $11.78 | $12.47 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.29 | 0.29 | 0.27 | 0.18 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.44 | 1.14 | 0.30 | (1.27) | 1.75 | (0.58) |
|  Total from investment operations | 1.57 | 1.43 | 0.59 | (1.00) | 1.93 | (0.48) |
|  Distributions to shareholders from net investment income | (0.14) | (0.32) | (0.31) | (0.21) | (0.21) | (0.19) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.04) |  | (0.02) |
|  Total distributions | (0.14) | (1.97) | (0.33) | (0.25) | (0.25) | (0.21) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 |
|  **Total Return<sup>(b)</sup>** | 13.22% | 11.26% | 5.00% | (7.41)% | 16.49% | (3.80)% |
|  Net assets, end of period (in 000's) | $343 | $1534 | $1195 | $1720 | $248 | $181 |
|  Ratio of net expenses to average net assets | 0.97 %<sup>(c)</sup> | 0.99% | 1.06% | 1.10% | 1.10% | 1.09% |
|  Ratio of total expenses to average net assets | 1.36 %<sup>(c)</sup> | 1.37% | 1.24% | 1.16% | 1.20% | 1.29% |
|  Ratio of net investment income to average net assets | 2.09 %<sup>(c)</sup> | 2.27% | 2.41% | 2.17% | 1.39% | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.92 | $12.46 | $12.20 | $13.44 | $11.77 | $12.47 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.30 | 0.31 | 0.24 | 0.19 | 0.18 |
|  Net realized and unrealized gain (loss) | 1.40 | 1.13 | 0.29 | (1.21) | 1.74 | (0.65) |
|  Total from investment operations | 1.58 | 1.43 | 0.60 | (0.97) | 1.93 | (0.47) |
|  Distributions to shareholders from net investment income | (0.15) | (0.32) | (0.32) | (0.24) | (0.22) | (0.19) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.03) |  | (0.04) |
|  Total distributions | (0.15) | (1.97) | (0.34) | (0.27) | (0.26) | (0.23) |
|  Net asset value, end of period | $13.35 | $11.92 | $12.46 | $12.20 | $13.44 | $11.77 |
|  **Total Return<sup>(b)</sup>** | 13.26% | 11.29% | 5.09% | (7.25)% | 16.55% | (3.64)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160304 |
|  Ratio of net expenses to average net assets | 0.96 %<sup>(c)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.20% | 1.12% | 1.04% | 1.07% | 1.18% |
|  Ratio of net investment income to average net assets | 2.82 %<sup>(c)</sup> | 2.42% | 2.55% | 1.86% | 1.51% | 1.57% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.91 | $12.46 | $12.19 | $13.44 | $11.76 | $12.47 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.29 | 0.30 | 0.24 | 0.19 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.40 | 1.13 | 0.31 | (1.22) | 1.75 | (0.69) |
|  Total from investment operations | 1.58 | 1.42 | 0.61 | (0.98) | 1.94 | (0.48) |
|  Distributions to shareholders from net investment income | (0.15) | (0.32) | (0.32) | (0.24) | (0.22) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (1.65) |  |  | (0.04) |  |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.03) |  | (0.06) |
|  Total distributions | (0.15) | (1.97) | (0.34) | (0.27) | (0.26) | (0.23) |
|  Net asset value, end of period | $13.34 | $11.91 | $12.46 | $12.19 | $13.44 | $11.76 |
|  **Total Return<sup>(b)</sup>** | 13.27% | 11.21% | 5.17% | (7.32)% | 16.66% | (3.72)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12085 |
|  Ratio of net expenses to average net assets | 0.96 %<sup>(c)</sup> | 0.97% | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.25 %<sup>(c)</sup> | 1.24% | 1.12% | 1.04% | 1.07% | 1.18% |
|  Ratio of net investment income to average net assets | 2.92 %<sup>(c)</sup> | 2.26% | 2.50% | 1.87% | 1.51% | 1.77% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 32% | 26% | 36% | 50% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.30 | $11.44 | $10.23 | $14.90 | $11.03 | $13.27 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.19 | 0.21 | 0.13 | 0.07 | 0.12 |
|  Net realized and unrealized gain (loss) | (0.05) | 0.52 | 1.45 | (4.29) | 4.75 | (1.22) |
|  Total from investment operations | 0.06 | 0.71 | 1.66 | (4.16) | 4.82 | (1.10) |
|  Distributions to shareholders from net investment income | (0.16) | (0.25) | (0.16) | (0.15) | (0.13) | (0.14) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.16) | (0.85) | (0.45) | (0.51) | (0.95) | (1.14) |
|  Net asset value, end of period | $11.20 | $11.30 | $11.44 | $10.23 | $14.90 | $11.03 |
|  **Total Return<sup>(b)</sup>** | 0.51% | 6.05% | 16.58% | (28.07)% | 44.33% | (7.85)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19177 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(c)</sup> | 1.21% | 1.22% | 1.26% | 1.28% | 1.29% |
|  Ratio of total expenses to average net assets | 1.65 %<sup>(c)</sup> | 1.57% | 1.55% | 1.57% | 1.55% | 1.62% |
|  Ratio of net investment income to average net assets | 1.90 %<sup>(c)</sup> | 1.65% | 1.94% | 1.03% | 0.55% | 1.06% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.26 | $10.49 | $9.44 | $13.82 | $10.31 | $12.50 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.10 | 0.12 | 0.03 | (0.02) | 0.03 |
|  Net realized and unrealized gain (loss) | (0.03) | 0.46 | 1.33 | (3.96) | 4.41 | (1.14) |
|  Total from investment operations | 0.02 | 0.56 | 1.45 | (3.93) | 4.39 | (1.11) |
|  Distributions to shareholders from net investment income | (0.12) | (0.19) | (0.11) | (0.09) | (0.06) | (0.08) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.12) | (0.79) | (0.40) | (0.45) | (0.88) | (1.08) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 |
|  **Total Return<sup>(b)</sup>** | 0.08% | 5.29% | 15.63% | (28.54)% | 43.12% | (8.50)% |
|  Net assets, end of period (in 000's) | $503 | $677 | $730 | $807 | $1540 | $1332 |
|  Ratio of net expenses to average net assets | 1.95 %<sup>(c)</sup> | 1.96% | 1.97% | 2.01% | 2.03% | 2.04% |
|  Ratio of total expenses to average net assets | 2.40 %<sup>(c)</sup> | 2.32% | 2.30% | 2.32% | 2.29% | 2.37% |
|  Ratio of net investment income (loss) to average net assets | 1.02 %<sup>(c)</sup> | 0.90% | 1.18% | 0.24% | (0.20)% | 0.26% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.02 | $12.11 | $10.80 | $15.67 | $11.56 | $13.83 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.24 | 0.27 | 0.18 | 0.13 | 0.17 |
|  Net realized and unrealized gain (loss) | (0.04) | 0.54 | 1.52 | (4.51) | 4.97 | (1.26) |
|  Total from investment operations | 0.09 | 0.78 | 1.79 | (4.33) | 5.10 | (1.09) |
|  Distributions to shareholders from net investment income | (0.18) | (0.27) | (0.19) | (0.18) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.18) | (0.87) | (0.48) | (0.54) | (0.99) | (1.18) |
|  Net asset value, end of period | $11.93 | $12.02 | $12.11 | $10.80 | $15.67 | $11.56 |
|  **Total Return<sup>(b)</sup>** | 0.72% | 6.37% | 16.92% | (27.77)% | 44.74% | (7.48)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23409 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.86% | 0.89% | 0.91% | 0.91% | 0.91% |
|  Ratio of total expenses to average net assets | 1.29 %<sup>(c)</sup> | 1.21% | 1.19% | 1.20% | 1.17% | 1.24% |
|  Ratio of net investment income to average net assets | 2.24 %<sup>(c)</sup> | 1.96% | 2.38% | 1.42% | 0.92% | 1.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.45 | $11.58 | $10.36 | $15.07 | $11.15 | $13.40 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.16 | 0.20 | 0.08 | 0.05 | 0.11 |
|  Net realized and unrealized gain (loss) | (0.05) | 0.53 | 1.46 | (4.30) | 4.80 | (1.23) |
|  Total from investment operations | 0.05 | 0.69 | 1.66 | (4.22) | 4.85 | (1.12) |
|  Distributions to shareholders from net investment income | (0.15) | (0.22) | (0.15) | (0.13) | (0.11) | (0.13) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.15) | (0.82) | (0.44) | (0.49) | (0.93) | (1.13) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 |
|  **Total Return<sup>(b)</sup>** | 0.44% | 5.87% | 16.34% | (28.12)% | 44.13% | (7.95)% |
|  Net assets, end of period (in 000's) | $278 | $277 | $362 | $312 | $893 | $940 |
|  Ratio of net expenses to average net assets | 1.34 %<sup>(c)</sup> | 1.36% | 1.39% | 1.41% | 1.41% | 1.41% |
|  Ratio of total expenses to average net assets | 1.79 %<sup>(c)</sup> | 1.73% | 1.69% | 1.70% | 1.68% | 1.74% |
|  Ratio of net investment income to average net assets | 1.79 %<sup>(c)</sup> | 1.40% | 1.84% | 0.66% | 0.42% | 0.95% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.53 | $11.65 | $10.40 | $15.13 | $11.19 | $13.43 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.25 | 0.22 | 0.15 | 0.11 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.06) | 0.50 | 1.50 | (4.35) | 4.81 | (1.22) |
|  Total from investment operations | 0.07 | 0.75 | 1.72 | (4.20) | 4.92 | (1.08) |
|  Distributions to shareholders from net investment income | (0.17) | (0.27) | (0.18) | (0.17) | (0.16) | (0.16) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.17) | (0.87) | (0.47) | (0.53) | (0.98) | (1.16) |
|  Net asset value, end of period | $11.43 | $11.53 | $11.65 | $10.40 | $15.13 | $11.19 |
|  **Total Return<sup>(b)</sup>** | 0.61% | 6.30% | 16.91% | (27.90)% | 44.58% | (7.59)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.95% | 0.98% | 1.01% | 1.03% | 1.04% |
|  Ratio of total expenses to average net assets | 1.40 %<sup>(c)</sup> | 1.31% | 1.31% | 1.32% | 1.30% | 1.36% |
|  Ratio of net investment income to average net assets | 2.21 %<sup>(c)</sup> | 2.10% | 2.03% | 1.22% | 0.80% | 1.17% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.02 | $12.11 | $10.79 | $15.67 | $11.56 | $13.83 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.25 | 0.26 | 0.30 | 0.12 | 0.18 |
|  Net realized and unrealized gain (loss) | (0.06) | 0.53 | 1.54 | (4.64) | 4.98 | (1.27) |
|  Total from investment operations | 0.08 | 0.78 | 1.80 | (4.34) | 5.10 | (1.09) |
|  Distributions to shareholders from net investment income | (0.18) | (0.27) | (0.19) | (0.18) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.18) | (0.87) | (0.48) | (0.54) | (0.99) | (1.18) |
|  Net asset value, end of period | $11.92 | $12.02 | $12.11 | $10.79 | $15.67 | $11.56 |
|  **Total Return<sup>(b)</sup>** | 0.64% | 6.38% | 17.04% | (27.82)% | 44.74% | (7.47)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.84% | 0.88% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.28 %<sup>(c)</sup> | 1.19% | 1.18% | 1.23% | 1.18% | 1.24% |
|  Ratio of net investment income to average net assets | 2.28 %<sup>(c)</sup> | 2.05% | 2.31% | 2.47% | 0.93% | 1.52% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.04 | $11.21 | $10.04 | $14.64 | $10.87 | $13.09 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.17 | 0.17 | 0.10 | 0.04 | 0.09 |
|  Net realized and unrealized gain (loss) | (0.05) | 0.49 | 1.43 | (4.21) | 4.66 | (1.19) |
|  Total from investment operations | 0.04 | 0.66 | 1.60 | (4.11) | 4.70 | (1.10) |
|  Distributions to shareholders from net investment income | (0.14) | (0.23) | (0.14) | (0.13) | (0.11) | (0.12) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.14) | (0.83) | (0.43) | (0.49) | (0.93) | (1.12) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 |
|  **Total Return<sup>(b)</sup>** | 0.41% | 5.74% | 16.26% | (28.22)% | 43.82% | (8.00)% |
|  Net assets, end of period (in 000's) | $402 | $402 | $512 | $841 | $1134 | $910 |
|  Ratio of net expenses to average net assets | 1.45 %<sup>(c)</sup> | 1.45% | 1.47% | 1.51% | 1.53% | 1.54% |
|  Ratio of total expenses to average net assets | 1.90 %<sup>(c)</sup> | 1.81% | 1.81% | 1.82% | 1.79% | 1.87% |
|  Ratio of net investment income to average net assets | 1.65 %<sup>(c)</sup> | 1.48% | 1.63% | 0.84% | 0.93% | 0.79% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended** | | | | | |
|  | June 30, 2025 | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.01 | $12.10 | $10.79 | $15.66 | $11.55 | $13.82 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.24 | 0.25 | 0.18 | 0.13 | 0.17 |
|  Net realized and unrealized gain (loss) | (0.04) | 0.54 | 1.54 | (4.51) | 4.97 | (1.26) |
|  Total from investment operations | 0.09 | 0.78 | 1.79 | (4.33) | 5.10 | (1.09) |
|  Distributions to shareholders from net investment income | (0.18) | (0.27) | (0.19) | (0.18) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.60) | (0.29) | (0.36) | (0.82) | (1.00) |
|  Total distributions | (0.18) | (0.87) | (0.48) | (0.54) | (0.99) | (1.18) |
|  Net asset value, end of period | $11.92 | $12.01 | $12.10 | $10.79 | $15.66 | $11.55 |
|  **Total Return<sup>(b)</sup>** | 0.64% | 6.47% | 16.94% | (27.78)% | 44.79% | (7.48)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70215 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.85% | 0.88% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.28 %<sup>(c)</sup> | 1.20% | 1.18% | 1.19% | 1.16% | 1.23% |
|  Ratio of net investment income to average net assets | 2.25 %<sup>(c)</sup> | 1.99% | 2.22% | 1.42% | 0.93% | 1.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 14% | 39% | 35% | 35% | 37% | 57% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

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

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

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements *June 30, 2025 (Unaudited)*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Global Infrastructure Fund | A, C, Institutional, Investor, R6 and P | Non-Diversified |
| Goldman Sachs Real Estate Securities Fund | A, C, Institutional, Service, Investor, R6, R and P | Non-Diversified |

---

Class A Shares of the Global Infrastructure 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in United States ("U.S.") real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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

**23**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Global Infrastructure Fund | Quarterly | Annually |
| Real Estate Securities Fund | Quarterly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

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

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

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

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

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

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

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

24.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

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

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a 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.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of June 30, 2025:

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

**25**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Global 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 | $— | $2600682 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 25378219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 64558894 | 2992580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 2951508 |  |
|  Investment Company | 757362 |  |  |
|  **Total** | $65316256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33922989 | $— |
| **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 | $78796692 | $— | $— |
|  Investment Company | 67888 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78864580 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |  |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective**<br> **Rate** | **Effective Net<br>Management<br>Rate<sup>^</sup>** |
|  Global Infrastructure Fund | 0.90% | 0.81% | 0.77% | 0.75% | 0.74% | 0.90% | 0.90% |
|  Real Estate Securities Fund | 0.87 | 0.78 | 0.74 | 0.73 | 0.71 | 0.87 | 0.80 <sup>\*</sup> |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.80% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. 

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

26.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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, 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 six months ended June 30, 2025, GSAM waived $612 and $278 of the Global Infrastructure and Real Estate Securities Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

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

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended June 30, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br> **Sales Charge** | **Contingent Deferred**<br> **Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Real Estate Securities Fund | $221 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net

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

**27**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 0.11% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Infrastructure Fund. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Global Infrastructure Fund and Real Estate Securities Fund are 0.034% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the 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 six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency**<br> **Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Global Infrastructure Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140279 |
|  Real Estate Securities Fund | 29119 |  | 155546 | 184665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended June 30, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Global Infrastructure and Real Estate Securities Fund, respectively. The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | |
| **Underlying Fund** | **Beginning value**<br> **as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **June 30, 2025** | **Shares as of June**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $622116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559756 | $(9424510) | $757362 | 757362 | $15177 |

---

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

28.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | |
| **Underlying Fund** | **Beginning value**<br> **as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **June 30, 2025** | **Shares as of June**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $323521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068494 | $(5324127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67888 | 67888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 |

---

As of June 30, 2025, the following Goldman Sachs Funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs**<br> **Balanced Strategy**<br> **Portfolio** | **Goldman Sachs Growth**<br> **and Income Strategy**<br> **Portfolio** | **Goldman Sachs Growth**<br> **Strategy Portfolio** | **Goldman Sachs Dynamic**<br> **Global Equity Fund** |
|  Global Infrastructure Fund | 6% | 10% | 9% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Global Infrastructure Fund | $8525402 | $16147917 |
| Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11886263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16783203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TAX INFORMATION

As of the Funds' most recent fiscal year end, December 31, 2024, certain timing differences on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global**<br> **Infrastructure**<br> **Fund** | **Real Estate**<br> **Securities Fund** |
| Timing differences — (Real Estate Investment Trusts and Post October Capital Loss Deferral) | $(311633) | $56323 |

---

As of June 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure**<br> **Fund** | **Real Estate Securities**<br> **Fund** |
| Tax Cost | $67638409 | $55136387 |
| Gross unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34406488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25867135 |
| Gross unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2805652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2138942) |
| Net unrealized gain (loss) | $31600836 | $23728193 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment companies.

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

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

**29**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

&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. 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 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.

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.

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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market Risk — The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts

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

30.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER RISKS (continued)

of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments.

Non-Diversification Risk — The 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.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SUBSEQUENT EVENTS

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

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

**31**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

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

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

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

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

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 26181 | $336353 | 6885 | $94421 |
|  Reinvestment of distributions | 377 | 4978 | 2653 | 32803 |
|  Shares redeemed | (7890) | (102885) | (4353) | (54967) |
|  | 18668 | 238446 | 5185 | 72257 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 16 | 12 | 175 | 2172 |
|  Reinvestment of distributions | 112 | 1465 | 2744 | 33367 |
|  Shares redeemed | (3130) | (39040) | (3225) | (41570) |
|  | (3002) | (37563) | (306) | (6031) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 19184 | 241113 | 162574 | 1983437 |
|  Reinvestment of distributions | 1893 | 24872 | 27719 | 342071 |
|  Shares redeemed | (9305) | (119071) | (717040) | (8811696) |
|  | 11772 | 146914 | (526747) | (6486188) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1414 | 16520 | 49075 | 641078 |
|  Reinvestment of distributions | 291 | 3814 | 17480 | 215243 |
|  Shares redeemed | (104604) | (1283501) | (33821) | (422085) |
|  | (102899) | (1263167) | 32734 | 434236 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 78222 | 1013758 | 517219 | 7215870 |
|  Reinvestment of distributions | 27468 | 359594 | 429789 | 5286287 |
|  Shares redeemed | (422849) | (5494448) | (7244548) | (89092416) |
|  | (317159) | (4121096) | (6297540) | (76590259) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 103363 | 1244707 | 238621 | 3104957 |
|  Reinvestment of distributions | 55296 | 723768 | 756614 | 9303835 |
|  Shares redeemed | (328934) | (4196341) | (2329457) | (28649929) |
|  | (170275) | (2227866) | (1334222) | (16241137) |
|  **NET DECREASE IN SHARES** | (562895) | $(7264332) | (8120896) | $(98817122) |
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 40313 | $454709 | 60513 | $692707 |
|  Reinvestment of distributions | 14655 | 164381 | 75928 | 882651 |
|  Shares redeemed | (74291) | (845400) | (263921) | (3036541) |
|  | (19323) | (226310) | (127480) | (1461183) |

---

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

32.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Six Months**<br> **Ended June 30, 2025**<br> (Unaudited) | **For the Six Months**<br> **Ended June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 1214 | $12426 | 3541 | $37380 |
|  Reinvestment of distributions | 643 | 6554 | 4753 | 50383 |
|  Shares redeemed | (18271) | (187237) | (11980) | (124702) |
|  | (16414) | (168257) | (3686) | (36939) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 42003 | 507270 | 252793 | 2954151 |
|  Reinvestment of distributions | 23944 | 286106 | 121180 | 1494742 |
|  Shares redeemed | (167083) | (2013580) | (819678) | (10174675) |
|  | (101136) | (1220204) | (445705) | (5725782) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 694 | 8014 | 6247 | 75450 |
|  Reinvestment of distributions | 317 | 3607 | 1614 | 19029 |
|  Shares redeemed | (697) | (7916) | (14953) | (163757) |
|  | 314 | 3705 | (7092) | (69278) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 19209 | 220053 | 86140 | 1065062 |
|  Reinvestment of distributions | 1587 | 18167 | 6722 | 79849 |
|  Shares redeemed | (9167) | (105674) | (62020) | (741064) |
|  | 11629 | 132546 | 30842 | 403847 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 8080 | 97495 | 57534 | 717509 |
|  Reinvestment of distributions | 3328 | 39738 | 15119 | 187090 |
|  Shares redeemed | (11844) | (143557) | (43474) | (547615) |
|  | (436) | (6324) | 29179 | 356984 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 3472 | 38554 | 12760 | 142213 |
|  Reinvestment of distributions | 483 | 5291 | 2770 | 31485 |
|  Shares redeemed | (3607) | (40123) | (24800) | (292127) |
|  | 348 | 3722 | (9270) | (118429) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 137492 | 1649449 | 456715 | 5392298 |
|  Reinvestment of distributions | 54776 | 654306 | 280357 | 3460872 |
|  Shares redeemed | (465534) | (5583528) | (1517713) | (18159384) |
|  | (273266) | (3279773) | (780641) | (9306214) |
|  **NET DECREASE IN SHARES** | (398284) | $(4760895) | (1313853) | $(15956994) |

---

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

**33**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

#### Background
The Goldman Sachs Global Infrastructure Fund and Goldman Sachs Real Estate Securities Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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

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

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

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

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

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

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

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and

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

**35**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Global Infrastructure Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and three-year periods and in the third quartile for the five-year period, and had outperformed the Fund's benchmark index for the one- and three-year periods and underperformed for the five-year period ended March 31, 2025. The Trustees observed that the Real Estate Securities Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They noted that the Real Estate Securities Fund had experienced certain portfolio management changes in 2024.

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

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

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **Global<br>Infrastructure<br>Fund** | **Real Estate<br>Securities Fund** |
|  First $1 billion | 0.90% | 0.87% |
|  Next $1 billion | 0.81 | 0.78 |
|  Next $3 billion | 0.77 | 0.74 |
|  Next $3 billion | 0.75 | 0.73 |
|  Over $8 billion | 0.74 | 0.71 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee for the Real Estate Securities Fund and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of its transfer agency fees with respect to certain share classes of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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

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

**37**

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

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

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

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

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

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![LOGO](g946618dsp040.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. RESSAR-25

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![LOGO](g16850dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements June 30, 2025 Tax-Advantaged Equity Funds I Goldman Sachs International Tax-Managed Equity Fund Goldman Sachs U.S. Tax-Managed Equity Fund

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

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

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

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

## Goldman Sachs Tax-Advantaged Equity Funds

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| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#tae116850_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Tax-Managed Equity Fund](#tae116850_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Tax-Managed Equity Fund](#tae116850_3) | 9 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tae116850_5) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tae116850_6) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tae116850_7) | 16 |
|  **[Financial Highlights](#tae116850_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Tax-Managed Equity Fund](#tae116850_9) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Tax-Managed Equity Fund](#tae116850_10) | 23 |
|  **[Notes to Financial Statements](#tae116850_11)** | 30 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#tae116850_12)** | 44 |

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

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GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 97.0% | Common Stocks – 97.0% | Common Stocks – 97.0% |
| Australia – 6.2% | Australia – 6.2% | Australia – 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255335 | ANZ Group Holdings Ltd. (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896506 |
| 8827 | BHP Group Ltd. (Materials) | 212357 |
| 17000 | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | 215426 |
| 40950 | Commonwealth Bank of Australia (Banks) | 4983955 |
| 281223 | Computershare Ltd. (Commercial & Professional Services) | 7377630 |
| 129492 | Emerald Resources NL (Materials)\* | 337944 |
| 1144256 | Evolution Mining Ltd. (Materials) | 5957337 |
| 565919 | Insurance Australia Group Ltd. (Insurance) | 3364402 |
| 107863 | National Australia Bank Ltd. (Banks) | 2795572 |
| 594961 | Northern Star Resources Ltd. (Materials) | 7349041 |
| 37220 | Pro Medicus Ltd. (Health Care Equipment & Services) | 6965155 |
| 815447 | Qantas Airways Ltd. (Transportation) | 5760787 |
| 45513 | Regis Resources Ltd. (Materials)\* | 133584 |
| 1927186 | Telstra Group Ltd. (Telecommunication Services) | 6145070 |
|  |  | 56494766 |
| Austria – 0.5% | Austria – 0.5% | Austria – 0.5% |
| 45409 | Erste Group Bank AG (Banks) | 3865457 |
| 3694 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Insurance) | 190227 |
|  |  | 4055684 |
| Belgium – 0.0% | Belgium – 0.0% | Belgium – 0.0% |
| 2185 | Colruyt Group NV (Consumer Staples Distribution & Retail) | 94555 |
| 1966 | Deme Group NV (Capital Goods) | 299245 |
|  |  | 393800 |
| Brazil – 0.6% | Brazil – 0.6% | Brazil – 0.6% |
| 150573 | Yara International ASA (Materials) | 5556547 |
| China – 1.2% | China – 1.2% | China – 1.2% |
| 698000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 843319 |
| 171762 | Prosus NV (Consumer Discretionary Distribution & Retail)\* | 9636971 |
|  |  | 10480290 |
| Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% |
| 10211 | Cementir Holding NV |  |
|  | (Materials) | 178446 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – (continued) | Denmark – (continued) | Denmark – (continued) | Denmark – (continued) |
| 23433 | Danske Bank A/S (Banks) | $| 957093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125422 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8690998 |
| 7995 | Pandora A/S (Consumer Durables & Apparel) |  | 1408682 |
| 9677 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 128433 |
| 385094 | Vestas Wind Systems A/S (Capital Goods) |  | 5784483 |
|  |  |  | 17148135 |
| Finland – 2.2% | Finland – 2.2% | Finland – 2.2% | Finland – 2.2% |
| 1247479 | Nokia OYJ (Technology Hardware & Equipment) |  | 6472708 |
| 564728 | Nordea Bank Abp (Banks) |  | 8379276 |
| 233496 | Wartsila OYJ Abp (Capital Goods) |  | 5518532 |
|  |  |  | 20370516 |
| France – 11.1% | France – 11.1% | France – 11.1% | France – 11.1% |
| 66745 | Air Liquide SA (Materials) |  | 13762902 |
| 21687 | Airbus SE (Capital Goods) |  | 4536939 |
| 256377 | AXA SA (Insurance) |  | 12589410 |
| 64671 | Cie de Saint-Gobain SA (Capital Goods) |  | 7597246 |
| 80426 | Cie Generale des Etablissements Michelin SCA (Automobiles & Components) |  | 2991384 |
| 17640 | Covivio SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1118449 |
| 93413 | Danone SA (Food, Beverage & Tobacco) |  | 7643367 |
| 12738 | Dassault Aviation SA (Capital Goods) |  | 4503804 |
| 30204 | Dassault Systemes (Software & Services) |  | 1094643 |
| 449607 | Engie SA (Utilities) |  | 10567031 |
| 8404 | EssilorLuxottica SA (Health Care Equipment & Services) |  | 2307677 |
| 12065 | Gaztransport Et Technigaz SA (Energy) |  | 2386739 |
| 7777 | Gecina SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 856127 |
| 9703 | Legrand SA (Capital Goods) |  | 1300480 |
| 45889 | Safran SA (Capital Goods) |  | 14965522 |
| 4621 | Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1105632 |
| 18308 | SCOR SE (Insurance) |  | 608047 |
| 31317 | Thales SA (Capital Goods) |  | 9247120 |
| 3081 | TotalEnergies SE (Energy) |  | 188319 |
| 3672 | Vicat SACA (Materials) |  | 254411 |
| 8703 | Vinci SA (Capital Goods) |  | 1283435 |
|  |  |  | 100908684 |

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

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

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| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% |
| 20345 | TBC Bank Group PLC (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296242 |
| Germany – 11.6% | Germany – 11.6% | Germany – 11.6% |
| 12385 | Allianz SE (Insurance) | 5026251 |
| 66886 | Continental AG (Automobiles & Components) | 5837662 |
| 1008 | CTS Eventim AG & Co. KGaA (Media & Entertainment) | 125346 |
| 57446 | Deutsche Bank AG (Financial Services) | 1703012 |
| 14223 | Deutsche Post AG (Transportation) | 658808 |
| 96979 | Deutsche Telekom AG (Telecommunication Services) | 3549783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207893 | E.ON SE (Utilities) | 3830563 |
| 106335 | Fresenius Medical Care AG (Health Care Equipment & Services) | 6109499 |
| 157873 | Fresenius SE & Co. KGaA (Health Care Equipment & Services) | 7944614 |
| 16507 | GEA Group AG (Capital Goods) | 1157143 |
| 5596 | GFT Technologies SE (Software & Services) | 164748 |
| 20816 | Hannover Rueck SE (Insurance) | 6559404 |
| 190422 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 8125701 |
| 15708 | Knorr-Bremse AG (Capital Goods) | 1523629 |
| 2032 | LEG Immobilien SE (Real Estate Management & Development) | 180871 |
| 17724 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) | 11508811 |
| 24687 | Nordex SE (Capital Goods)\* | 489855 |
| 1688 | Rheinmetall AG (Capital Goods) | 3574677 |
| 5365 | SAF-Holland SE (Automobiles & Components) | 108204 |
| 47929 | SAP SE (Software & Services) | 14655712 |
| 59987 | Scout24 SE (Media & Entertainment)<sup>(a)</sup> | 8281140 |
| 102004 | Siemens Energy AG (Capital Goods)\* | 11922328 |
| 41514 | Siemens Healthineers AG (Health Care Equipment & Services)<sup>(a)</sup> | 2304625 |
|  |  | 105342386 |
| Hong Kong – 2.2% | Hong Kong – 2.2% | Hong Kong – 2.2% |
| 95600 | AIA Group Ltd. (Insurance) | 865987 |
| 198300 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 10665877 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 48000 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | $| 553106 |
| 8205000 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 7907915 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19992885 |
| Italy – 4.8% | Italy – 4.8% | Italy – 4.8% | Italy – 4.8% |
| 76084 | A2A SpA (Utilities) |  | 204934 |
| 13224 | Avio SpA (Capital Goods) |  | 368950 |
| 4870 | Banca Generali SpA (Financial Services) |  | 270579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269708 | Banca Mediolanum SpA (Financial Services) |  | 4647936 |
| 292892 | Banca Monte dei Paschi di Siena SpA (Banks) |  | 2484182 |
| 32555 | Banca Popolare di Sondrio SpA (Banks) |  | 452094 |
| 677381 | Banco BPM SpA (Banks) |  | 7906751 |
| 90624 | Coca-Cola HBC AG (Food, Beverage & Tobacco)\* |  | 4734439 |
| 22210 | Credito Emiliano SpA (Banks) |  | 327755 |
| 879272 | Enel SpA (Utilities) |  | 8344916 |
| 1868 | Ferrari NV (Automobiles & Components) |  | 915154 |
| 7559 | Leonardo SpA (Capital Goods) |  | 426531 |
| 19094 | RAI Way SpA (Telecommunication Services)<sup>(a)</sup> |  | 136750 |
| 179387 | UniCredit SpA (Banks) |  | 12033893 |
|  |  |  | 43254864 |
| Ivory Coast (Cote D'Ivoire) – 0.1% | Ivory Coast (Cote D'Ivoire) – 0.1% | Ivory Coast (Cote D'Ivoire) – 0.1% | Ivory Coast (Cote D'Ivoire) – 0.1% |
| 20991 | Endeavour Mining PLC (Materials) |  | 644823 |
| Japan – 22.2% | Japan – 22.2% | Japan – 22.2% | Japan – 22.2% |
| 16900 | Asia Pile Holdings Corp. (Materials) |  | 114335 |
| 24700 | Bandai Namco Holdings, Inc. (Consumer Durables & Apparel) |  | 885229 |
| 218400 | Central Japan Railway Co. (Transportation) |  | 4882242 |
| 36900 | Chudenko Corp. (Capital Goods) |  | 850606 |
| 21700 | Computer Engineering & Consulting Ltd. (Software & Services) |  | 329590 |
| 27100 | Credit Saison Co. Ltd. (Financial Services) |  | 731162 |
| 374200 | Dai-ichi Life Holdings, Inc. (Insurance) |  | 2844895 |
| 110900 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) |  | 3810836 |
| 685700 | Daiwa Securities Group, Inc. (Financial Services) |  | 4869860 |
| 382000 | Denso Corp. (Automobiles & Components) |  | 5155200 |

---

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

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 74100 | Electric Power Development Co. Ltd. (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244900 | EXEO Group, Inc. (Capital Goods) | 3117659 |
| 31900 | Fuji Electric Co. Ltd. (Capital Goods) | 1469056 |
| 1900 | Fujita Kanko, Inc. (Consumer Services) | 146787 |
| 49400 | Fujitsu Ltd. (Software & Services) | 1198414 |
| 5700 | Halows Co. Ltd. (Consumer Staples Distribution & Retail) | 190832 |
| 22000 | Heiwa Corp. (Consumer Services) | 320749 |
| 9100 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 259231 |
| 14500 | Hitachi Construction Machinery Co. Ltd. (Capital Goods) | 432089 |
| 423000 | Hitachi Ltd. (Capital Goods) | 12294222 |
| 6600 | Hokuhoku Financial Group, Inc. (Banks) | 125050 |
| 1600 | Hoya Corp. (Health Care Equipment & Services) | 190019 |
| 17500 | Isuzu Motors Ltd. (Automobiles & Components) | 221689 |
| 55300 | Iyogin Holdings, Inc. (Banks) | 605923 |
| 25800 | Izumi Co. Ltd. (Consumer Discretionary Distribution & Retail) | 595584 |
| 181700 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 5352778 |
| 276600 | KDDI Corp. (Telecommunication Services) | 4749384 |
| 33900 | Konami Group Corp. (Media & Entertainment) | 5359649 |
| 50600 | Kyushu Electric Power Co., Inc. (Utilities) | 452406 |
| 89800 | Life Corp. (Consumer Staples Distribution & Retail) | 1377341 |
| 31000 | MIRAIT ONE Corp. (Capital Goods) | 545175 |
| 210200 | Mitsubishi Chemical Group Corp. (Materials) | 1104816 |
| 60800 | Mitsubishi Corp. (Capital Goods) | 1214899 |
| 350300 | Mitsubishi Electric Corp. (Capital Goods) | 7534594 |
| 429100 | Mitsubishi HC Capital, Inc. (Financial Services) | 3159346 |
| 29600 | Mizuho Financial Group, Inc. (Banks) | 821694 |
| 160300 | Modec, Inc. (Energy) | 6870933 |
| 412200 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 9214982 |
| 52300 | Namura Shipbuilding Co. Ltd. (Capital Goods) | 1137218 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | NEC Corp. (Software & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890343 |
| 7400 | NGK Insulators Ltd. (Capital Goods) | 92882 |
| 132700 | Nippon Yusen KK (Transportation) | 4773877 |
| 18700 | Nojima Corp. (Consumer Discretionary Distribution & Retail) | 408748 |
| 38000 | NOK Corp. (Automobiles & Components) | 560652 |
| 650500 | Nomura Holdings, Inc. (Financial Services) | 4286601 |
| 31600 | NS Solutions Corp. (Software & Services) | 893109 |
| 455600 | Obayashi Corp. (Capital Goods) | 6903169 |
| 45900 | Oracle Corp. Japan (Software & Services) | 5470849 |
| 20200 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1001502 |
| 6700 | Pan Pacific International Holdings Corp. (Consumer Discretionary Distribution & Retail) | 230447 |
| 305400 | Rakuten Group, Inc. (Consumer Discretionary Distribution & Retail)\* | 1682810 |
| 21600 | Resorttrust, Inc. (Consumer Services) | 263790 |
| 121600 | Sanrio Co. Ltd. (Consumer Discretionary Distribution & Retail) | 5880044 |
| 140000 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1606562 |
| 14500 | Shinmaywa Industries Ltd. (Capital Goods) | 162757 |
| 219800 | Shizuoka Financial Group, Inc. (Banks) | 2557391 |
| 48400 | SoftBank Group Corp. (Telecommunication Services) | 3518972 |
| 97200 | Sompo Holdings, Inc. (Insurance) | 2929103 |
| 371400 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 7964082 |
| 85900 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 2163045 |
| 153100 | Sumitomo Mitsui Trust Group, Inc. (Banks) | 4072067 |
| 252700 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 7801608 |
| 10600 | Toa Corp. (Capital Goods) | 111068 |
| 21300 | Tokio Marine Holdings, Inc. (Insurance) | 902716 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 33800 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473020 |
| 36500 | Tosoh Corp. (Materials) |  | 534130 |
| 10700 | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 222037 |
| 6700 | Toyo Kanetsu KK (Energy) |  | 184051 |
| 12400 | Toyo Tire Corp. (Automobiles & Components) |  | 262644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735900 | Toyota Motor Corp. (Automobiles & Components) |  | 12674400 |
| 11000 | TRE Holdings Corp. (Commercial & Professional Services) |  | 104237 |
| 14000 | Tsukishima Holdings Co. Ltd. (Capital Goods) |  | 206683 |
| 66700 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) |  | 5206430 |
| 2900 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) |  | 106375 |
| 14800 | Yahagi Construction Co. Ltd. (Capital Goods) |  | 174680 |
| 91800 | Yamaha Motor Co. Ltd. (Automobiles & Components) |  | 686946 |
| 12100 | Yellow Hat Ltd. (Consumer Discretionary Distribution & Retail) |  | 129324 |
| 97100 | Yokogawa Electric Corp. (Technology Hardware & Equipment) |  | 2593916 |
| 12700 | Yurtec Corp. (Capital Goods) |  | 186561 |
|  |  |  | 201674451 |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| 27624 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1968634 |
| Netherlands – 2.6% | Netherlands – 2.6% | Netherlands – 2.6% | Netherlands – 2.6% |
| 18019 | Aegon Ltd. (Insurance) |  | 130579 |
| 19462 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 15595626 |
| 34060 | Euronext NV (Financial Services)<sup>(a)</sup> |  | 5835912 |
| 24705 | Heineken Holding NV (Food, Beverage & Tobacco) |  | 1843479 |
| 4086 | NSI NV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 115061 |
|  |  |  | 23520657 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 87983 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) |  | 1932523 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Norway – 2.0% | Norway – 2.0% | Norway – 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209501 | DNB Bank ASA (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793662 |
| 244787 | Kongsberg Gruppen ASA (Capital Goods) | 9492132 |
| 274078 | Orkla ASA (Food, Beverage & Tobacco) | 2985119 |
|  |  | 18270913 |
| Singapore – 1.7% | Singapore – 1.7% | Singapore – 1.7% |
| 37600 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 482157 |
| 715200 | Singapore Exchange Ltd. (Financial Services) | 8374439 |
| 69700 | Singapore Technologies Engineering Ltd. (Capital Goods) | 427378 |
| 1287800 | Singapore Telecommunications Ltd. (Telecommunication Services) | 3882445 |
| 77400 | United Overseas Bank Ltd. (Banks) | 2190708 |
|  |  | 15357127 |
| Spain – 0.3% | Spain – 0.3% | Spain – 0.3% |
| 43554 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 670657 |
| 12215 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail) | 637217 |
| 112627 | Unicaja Banco SA (Banks)<sup>(a)</sup> | 266016 |
| 13101 | Vidrala SA (Materials) | 1522352 |
|  |  | 3096242 |
| Sweden – 2.9% | Sweden – 2.9% | Sweden – 2.9% |
| 96461 | Boliden AB (Materials)\* | 3014354 |
| 50134 | Evolution AB (Consumer Services)<sup>(a)</sup> | 3981798 |
| 14980 | Saab AB, Class B (Capital Goods) | 837581 |
| 13714 | Sectra AB, Class B (Health Care Equipment & Services)\* | 508377 |
| 517521 | Svenska Handelsbanken AB, Class A (Banks) | 6928202 |
| 232325 | Swedbank AB, Class A (Banks) | 6153437 |
| 551968 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 4716745 |
|  |  | 26140494 |
| Switzerland – 4.7% | Switzerland – 4.7% | Switzerland – 4.7% |
| 193017 | ABB Ltd. (Capital Goods) | 11567285 |
| 762 | Allreal Holding AG (Real Estate Management & Development) | 178980 |
| 407 | Belimo Holding AG (Capital Goods) | 414856 |
| 2891 | BKW AG (Utilities) | 633851 |
| 1359 | Cembra Money Bank AG (Financial Services) | 170954 |
| 2 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 333451 |

---

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

---

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

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 30330 | Cie Financiere Richemont SA (Consumer Durables & Apparel) | $| 5739433 |
| 22117 | DSM-Firmenich AG (Materials) |  | 2352922 |
| 65 | Givaudan SA (Materials) |  | 315219 |
| 23203 | Schindler Holding AG Participation Certificates (Capital Goods) |  | 8640106 |
| 10815 | SGS SA (Commercial & Professional Services) |  | 1098108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338982 | UBS Group AG (Financial Services) |  | 11509039 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42954204 |
| United Kingdom – 12.7% | United Kingdom – 12.7% | United Kingdom – 12.7% | United Kingdom – 12.7% |
| 47485 | Admiral Group PLC (Insurance) |  | 2132390 |
| 122541 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) |  | 17053937 |
| 1722 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 120333 |
| 665007 | Aviva PLC (Insurance) |  | 5653714 |
| 31712 | Babcock International Group PLC (Capital Goods) |  | 499462 |
| 193225 | BAE Systems PLC (Capital Goods) |  | 5014749 |
| 245328 | Beazley PLC (Insurance) |  | 3150017 |
| 1015080 | Centrica PLC (Utilities) |  | 2252234 |
| 105386 | Compass Group PLC (Consumer Services) |  | 3569637 |
| 194920 | Currys PLC (Consumer Discretionary Distribution & Retail)\* |  | 325820 |
| 16799 | DCC PLC (Capital Goods) |  | 1090266 |
| 167525 | Halma PLC (Technology Hardware & Equipment) |  | 7363418 |
| 75762 | Hiscox Ltd. (Insurance) |  | 1307698 |
| 58505 | HSBC Holdings PLC (Banks) |  | 707688 |
| 236123 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 9329263 |
| 303480 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) |  | 1211977 |
| 6782530 | Lloyds Banking Group PLC (Banks) |  | 7131959 |
| 453042 | Marks & Spencer Group PLC (Consumer Staples Distribution & Retail) |  | 2204967 |
| 1590714 | NatWest Group PLC (Banks) |  | 11171516 |
| 34812 | Next PLC (Consumer Discretionary Distribution & Retail) |  | 5945683 |
| 476379 | Rolls-Royce Holdings PLC (Capital Goods) |  | 6313286 |
| 130443 | Smiths Group PLC (Capital Goods) |  | 4023432 |
| 39694 | SSE PLC (Utilities) |  | 999501 |
| 1869565 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 10307895 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 61036 | TP ICAP Group PLC (Financial Services) | $| 228530 |
| 6086686 | Vodafone Group PLC (Telecommunication Services) |  | 6515505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115624877 |
| United States – 5.0% | United States – 5.0% | United States – 5.0% | United States – 5.0% |
| 5592 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 214733 |
| 94004 | Nestle SA (Food, Beverage & Tobacco) |  | 9346477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151755 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 18419583 |
| 9633 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3144402 |
| 68157 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) |  | 6598536 |
| 243461 | Shell PLC (Energy) |  | 8550233 |
|  |  |  | 46273964 |
| TOTAL COMMON STOCKS<br>(Cost $653,137,755) | TOTAL COMMON STOCKS<br>(Cost $653,137,755) |  | 882753708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stock – 0.6% | Preferred Stock – 0.6% | Preferred Stock – 0.6% | Preferred Stock – 0.6% |
| Germany – 0.6% | Germany – 0.6% | Germany – 0.6% | Germany – 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22478 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) |  |  |
| (Cost $5,559,631) | (Cost $5,559,631) | 0.34% | 5725101 |
| TOTAL INVESTMENTS – 97.6%<br>(Cost $658,697,386) | TOTAL INVESTMENTS – 97.6%<br>(Cost $658,697,386) | TOTAL INVESTMENTS – 97.6%<br>(Cost $658,697,386) | $888478809 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 2.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 2.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 2.4%** | 21985470 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910464279 |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

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

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

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

---

| | |
|:---|:---|
| Sector Name | **% of**<br> **Market**<br> **Value** |
|  Financials | 25.6% |
|  Industrials | 20.7 |
|  Health Care | 11.5 |
|  Information Technology | 9.7 |
|  Consumer Discretionary | 9.1 |
|  Consumer Staples | 7.8 |
|  Materials | 4.8 |
|  Communication Services | 4.7 |
|  Utilities | 3.2 |
|  Energy | 2.1 |
|  Real Estate | 0.8 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 95 | 09/19/25 | $5961196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42771 |
|  FTSE 100 Index | 17 | 09/19/25 | 2051035 | (17049) |
|  Hang Seng Index | 3 | 07/30/25 | 460207 | 16037 |
|  MSCI Singapore Index | 5 | 07/30/25 | 161718 | 4895 |
|  SPI 200 Index | 7 | 09/18/25 | 983260 | 2554 |
|  TOPIX Index | 16 | 09/11/25 | 3172668 | 76184 |
| Total Futures Contracts |  |  |  | $125392 |

---

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

---

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

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

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

Schedule of Investments *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |
| 3982 | Curtiss-Wright Corp. | $1945406 |
| &nbsp;&nbsp;&nbsp;&nbsp;133943 | General Electric Co. | 34475589 |
| 66994 | HEICO Corp., Class A | 17334698 |
| 12658 | Hexcel Corp. | 715051 |
| 51195 | Howmet Aerospace, Inc. | 9528925 |
| 86875 | Rocket Lab Corp.\* | 3107519 |
| 68198 | RTX Corp. | 9958272 |
| 33115 | Textron, Inc. | 2658803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79724263 |
| Automobiles – 1.6% | Automobiles – 1.6% | Automobiles – 1.6% |
| 97923 | General Motors Co. | 4818791 |
| 181139 | Tesla, Inc.\* | 57540615 |
| 40647 | Thor Industries, Inc. | 3609860 |
|  |  | 65969266 |
| Banks – 5.6% | Banks – 5.6% | Banks – 5.6% |
| 567436 | Bank of America Corp. | 26851072 |
| 1 | Cadence Bank | 32 |
| 255026 | Citigroup, Inc. | 21707813 |
| 302686 | Citizens Financial Group, Inc. | 13545198 |
| 76524 | Cullen/Frost Bankers, Inc. | 9836395 |
| 60509 | FNB Corp. | 882221 |
| 190260 | Huntington Bancshares, Inc. | 3188758 |
| 35641 | International Bancshares Corp. | 2372265 |
| 209653 | JPMorgan Chase & Co. | 60780501 |
| 124884 | PNC Financial Services Group, Inc. (The) | 23280875 |
| 63495 | Prosperity Bancshares, Inc. | 4459889 |
| 36373 | Synovus Financial Corp. | 1882303 |
| 246771 | Truist Financial Corp. | 10608685 |
| 102826 | United Community Banks, Inc. | 3063187 |
| 967062 | US Bancorp | 43759555 |
|  |  | 226218749 |
| Beverages – 0.8% | Beverages – 0.8% | Beverages – 0.8% |
| 283522 | Coca-Cola Co. (The) | 20059181 |
| 394001 | Primo Brands Corp., Class A | 11670310 |
|  |  | 31729491 |
| Biotechnology – 3.4% | Biotechnology – 3.4% | Biotechnology – 3.4% |
| 96833 | AbbVie, Inc. | 17974141 |
| 28872 | Alnylam Pharmaceuticals, Inc.\* | 9414871 |
| 120869 | Blueprint Medicines Corp.\* | 15492988 |
| 227114 | Exact Sciences Corp.\* | 12068838 |
| 254998 | Gilead Sciences, Inc. | 28271628 |
| 70608 | Natera, Inc.\* | 11928516 |
| 11173 | Regeneron Pharmaceuticals, Inc. | 5865825 |
| 119754 | TG Therapeutics, Inc.\* | 4309947 |
| 140273 | Veracyte, Inc.\* | 3791579 |
| 62342 | Vertex Pharmaceuticals, Inc.\* | 27754658 |
|  |  | 136872991 |
| Broadline Retail – 3.7% | Broadline Retail – 3.7% | Broadline Retail – 3.7% |
| 493780 | Amazon.com, Inc.\* | 108330394 |
| 16192 | MercadoLibre, Inc. (Brazil)\* | 42319897 |
|  |  | 150650291 |
| Building Products – 1.0% | Building Products – 1.0% | Building Products – 1.0% |
| 208079 | Carrier Global Corp. | 15229302 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Building Products – (continued) | Building Products – (continued) | Building Products – (continued) |
| 21989 | Johnson Controls International PLC | 2322478 |
| 39269 | Lennox International, Inc. | 22510562 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40062342 |
| Capital Markets – 4.4% | Capital Markets – 4.4% | Capital Markets – 4.4% |
| 6082 | Ameriprise Financial, Inc. | 3246146 |
| 179279 | CME Group, Inc. | 49412878 |
| 21495 | Coinbase Global, Inc., Class A\* | 7533783 |
| 47508 | Interactive Brokers Group, Inc., Class A | 2632418 |
| 1154447 | Invesco Ltd. | 18205629 |
| 107847 | Jefferies Financial Group, Inc. | 5898152 |
| 299816 | Morgan Stanley | 42232082 |
| 13090 | Morningstar, Inc. | 4109344 |
| 15193 | MSCI, Inc. | 8762411 |
| 189280 | Nasdaq, Inc. | 16925418 |
| 147041 | Northern Trust Corp. | 18643328 |
| 13056 | Victory Capital Holdings, Inc., Class A | 831275 |
|  |  | 178432864 |
| Chemicals – 1.4% | Chemicals – 1.4% | Chemicals – 1.4% |
| 71307 | Element Solutions, Inc. | 1615104 |
| 117791 | Linde PLC | 55265181 |
|  |  | 56880285 |
| Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% |
| 37388 | Cintas Corp. | 8332664 |
| Communications Equipment – 0.9% | Communications Equipment – 0.9% | Communications Equipment – 0.9% |
| 342273 | Arista Networks, Inc.\* | 35017950 |
| 13316 | Cisco Systems, Inc. | 923864 |
| 6071 | Motorola Solutions, Inc. | 2552613 |
|  |  | 38494427 |
| Construction & Engineering – 0.5% | Construction & Engineering – 0.5% | Construction & Engineering – 0.5% |
| 25469 | AECOM | 2874431 |
| 10335 | Comfort Systems USA, Inc. | 5541730 |
| 4587 | Limbach Holdings, Inc.\* | 642639 |
| 59807 | MasTec, Inc.\* | 10192907 |
| 3893 | Sterling Infrastructure, Inc.\* | 898232 |
|  |  | 20149939 |
| Construction Materials – 0.4% | Construction Materials – 0.4% | Construction Materials – 0.4% |
| 20785 | Eagle Materials, Inc. | 4200856 |
| 6646 | Martin Marietta Materials, Inc. | 3648388 |
| 35514 | Vulcan Materials Co. | 9262762 |
|  |  | 17112006 |
| Consumer Finance – 1.7% | Consumer Finance – 1.7% | Consumer Finance – 1.7% |
| 234665 | Capital One Financial Corp. | 49927325 |
| 121062 | OneMain Holdings, Inc. | 6900534 |
| 196278 | Synchrony Financial | 13099594 |
|  |  | 69927453 |
| Consumer Staples Distribution & Retail – 2.6% | Consumer Staples Distribution & Retail – 2.6% | Consumer Staples Distribution & Retail – 2.6% |
| 8547 | Casey's General Stores, Inc. | 4361278 |
| 67314 | Costco Wholesale Corp. | 66636821 |
| 377011 | Target Corp. | 37192135 |
|  |  | 108190234 |

---

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

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

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% |
| 13158 | Bright Horizons Family Solutions, Inc.\* | $1626197 |
| 336528 | Coursera, Inc.\* | 2947985 |
| 2379 | Graham Holdings Co., Class B | 2250938 |
| 10601 | Grand Canyon Education, Inc.\* | 2003589 |
| 14614 | H&R Block, Inc. | 802163 |
| 42877 | Service Corp. International | 3490188 |
|  |  | 13121060 |
| Diversified REITs – 0.1% | Diversified REITs – 0.1% | Diversified REITs – 0.1% |
| 177988 | Broadstone Net Lease, Inc. REIT | 2856707 |
| Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% |
| 49925 | Verizon Communications, Inc. | 2160255 |
| Electric Utilities – 0.9% | Electric Utilities – 0.9% | Electric Utilities – 0.9% |
| 433379 | NextEra Energy, Inc. | 30085170 |
| 123201 | Xcel Energy, Inc. | 8389988 |
|  |  | 38475158 |
| Electrical Equipment – 1.2% | Electrical Equipment – 1.2% | Electrical Equipment – 1.2% |
| 195946 | AMETEK, Inc. | 35458388 |
| 32308 | Emerson Electric Co. | 4307626 |
| &nbsp;&nbsp;&nbsp;&nbsp;101798 | nVent Electric PLC | 7456703 |
| 157372 | Sunrun, Inc.\* | 1287303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48510020 |
| Electronic Equipment, Instruments & Components – 0.7% | Electronic Equipment, Instruments & Components – 0.7% | Electronic Equipment, Instruments & Components – 0.7% |
| 94239 | Keysight Technologies, Inc.\* | 15442002 |
| 0 | Ralliant Corp.\* | 16 |
| 22509 | Teledyne Technologies, Inc.\* | 11531586 |
| 1 | Vontier Corp. | 37 |
|  |  | 26973641 |
| Energy Equipment & Services – 0.5% | Energy Equipment & Services – 0.5% | Energy Equipment & Services – 0.5% |
| 94650 | Schlumberger NV | 3199170 |
| 476743 | TechnipFMC PLC (United Kingdom) | 16419029 |
|  |  | 19618199 |
| Entertainment – 1.6% | Entertainment – 1.6% | Entertainment – 1.6% |
| 91763 | Madison Square Garden Entertainment Corp.\* | 3667767 |
| 44510 | Netflix, Inc.\* | 59604676 |
| 36796 | Roku, Inc.\* | 3234001 |
|  |  | 66506444 |
| Financial Services – 4.4% | Financial Services – 4.4% | Financial Services – 4.4% |
| 59822 | Affirm Holdings, Inc.\* | 4136093 |
| 50054 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 2017176 |
| 94927 | Berkshire Hathaway, Inc., Class B\* | 46112689 |
| 24793 | Corebridge Financial, Inc. | 880151 |
| 343962 | Equitable Holdings, Inc. | 19296268 |
| 89684 | Jackson Financial, Inc., Class A | 7963043 |
| 53766 | MGIC Investment Corp. | 1496846 |
| 107650 | Paymentus Holdings, Inc., Class A\* | 3525538 |
| 231676 | Visa, Inc., Class A | 82256564 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financial Services – (continued) | Financial Services – (continued) | Financial Services – (continued) |
| 151165 | Voya Financial, Inc. | 10732715 |
|  |  | 178417083 |
| Food Products – 0.5% | Food Products – 0.5% | Food Products – 0.5% |
| 181535 | Cal-Maine Foods, Inc. | 18086332 |
| 39591 | Darling Ingredients, Inc.\* | 1502083 |
|  |  | 19588415 |
| Ground Transportation – 0.7% | Ground Transportation – 0.7% | Ground Transportation – 0.7% |
| 31815 | Lyft, Inc., Class A\* | 501404 |
| 12022 | Norfolk Southern Corp. | 3077271 |
| 9514 | Old Dominion Freight Line, Inc. | 1544122 |
| 134192 | Uber Technologies, Inc.\* | 12520114 |
| 43995 | Union Pacific Corp. | 10122370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27765281 |
| Health Care Equipment & Supplies – 2.1% | Health Care Equipment & Supplies – 2.1% | Health Care Equipment & Supplies – 2.1% |
| 80091 | Abbott Laboratories | 10893177 |
| &nbsp;&nbsp;&nbsp;&nbsp;507954 | Boston Scientific Corp.\* | 54559339 |
| 35822 | Intuitive Surgical, Inc.\* | 19466033 |
|  |  | 84918549 |
| Health Care Providers & Services – 1.6% | Health Care Providers & Services – 1.6% | Health Care Providers & Services – 1.6% |
| 21748 | Cigna Group (The) | 7189454 |
| 21134 | Elevance Health, Inc. | 8220281 |
| 6544 | Encompass Health Corp. | 802491 |
| 43802 | HCA Healthcare, Inc. | 16780546 |
| 34579 | Humana, Inc. | 8453874 |
| 19477 | Quest Diagnostics, Inc. | 3498654 |
| 38418 | UnitedHealth Group, Inc. | 11985263 |
| 48189 | Universal Health Services, Inc., Class B | 8729437 |
|  |  | 65660000 |
| Health Care REITs – 1.0% | Health Care REITs – 1.0% | Health Care REITs – 1.0% |
| 47046 | Omega Healthcare Investors, Inc. REIT | 1724236 |
| 28435 | Ventas, Inc. REIT | 1795670 |
| 241135 | Welltower, Inc. REIT | 37069683 |
|  |  | 40589589 |
| Health Care Technology – 0.7% | Health Care Technology – 0.7% | Health Care Technology – 0.7% |
| 662053 | Waystar Holding Corp.\* | 27058106 |
| Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% |
| 154677 | Airbnb, Inc., Class A\* | 20469954 |
| 70 | Booking Holdings, Inc. | 405247 |
| 60067 | DoorDash, Inc., Class A\* | 14807116 |
| 594970 | International Game Technology PLC | 9406476 |
| 5453 | Royal Caribbean Cruises Ltd. | 1707552 |
|  |  | 46796345 |
| Household Durables – 0.6% | Household Durables – 0.6% | Household Durables – 0.6% |
| 180841 | M/I Homes, Inc.\* | 20275893 |
| 40583 | PulteGroup, Inc. | 4279883 |
|  |  | 24555776 |
| Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% |
| 61345 | Energizer Holdings, Inc. | 1236715 |

---

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

---

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

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Household Products – (continued) | Household Products – (continued) | Household Products – (continued) | Household Products – (continued) |
| 66825 | Procter & Gamble Co. (The) | $| 10646559 |
|  |  |  | 11883274 |
| Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% |
| 22534 | Ormat Technologies, Inc. |  | 1887448 |
| Industrial REITs – 1.0% | Industrial REITs – 1.0% | Industrial REITs – 1.0% | Industrial REITs – 1.0% |
| 61286 | First Industrial Realty Trust, Inc. REIT |  | 2949695 |
| &nbsp;&nbsp;&nbsp;&nbsp;352067 | Prologis, Inc. REIT |  | 37009283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39958978 |
| Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% |
| 35396 | American Financial Group, Inc. |  | 4467329 |
| 41281 | CNO Financial Group, Inc. |  | 1592621 |
| 14522 | Goosehead Insurance, Inc., Class A |  | 1532216 |
| 96658 | Progressive Corp. (The) |  | 25794154 |
| 6559 | Reinsurance Group of America, Inc. |  | 1301043 |
| 65766 | Travelers Cos., Inc. (The) |  | 17595036 |
| 11715 | Trupanion, Inc.\* |  | 648425 |
| 98161 | W R Berkley Corp. |  | 7211889 |
|  |  |  | 60142713 |
| Interactive Media & Services – 6.6% | Interactive Media & Services – 6.6% | Interactive Media & Services – 6.6% | Interactive Media & Services – 6.6% |
| 838086 | Alphabet, Inc., Class A |  | 147695896 |
| 110021 | Alphabet, Inc., Class C |  | 19516625 |
| 123706 | Meta Platforms, Inc., Class A |  | 91306162 |
| 59120 | Reddit, Inc., Class A\* |  | 8901698 |
|  |  |  | 267420381 |
| IT Services – 1.7% | IT Services – 1.7% | IT Services – 1.7% | IT Services – 1.7% |
| 29152 | Amdocs Ltd. |  | 2659828 |
| 44360 | DigitalOcean Holdings, Inc.\* |  | 1266922 |
| 5074 | EPAM Systems, Inc.\* |  | 897185 |
| 52678 | Gartner, Inc.\* |  | 21293501 |
| 77270 | International Business Machines Corp. |  | 22777651 |
| 68485 | MongoDB, Inc.\* |  | 14381165 |
| 18619 | Twilio, Inc., Class A\* |  | 2315459 |
| 3762 | VeriSign, Inc. |  | 1086465 |
|  |  |  | 66678176 |
| Leisure Products – 0.4% | Leisure Products – 0.4% | Leisure Products – 0.4% | Leisure Products – 0.4% |
| 17704 | Hasbro, Inc. |  | 1306909 |
| 122119 | Mattel, Inc.\* |  | 2408187 |
| 1754594 | Peloton Interactive, Inc., Class A\* |  | 12176882 |
|  |  |  | 15891978 |
| Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% |
| 113346 | Bruker Corp. |  | 4669855 |
| 7809 | IQVIA Holdings, Inc.\* |  | 1230620 |
| 34200 | Medpace Holdings, Inc.\* |  | 10734012 |
| 9296 | Mettler-Toledo International, Inc.\* |  | 10920197 |
| 196055 | Tempus AI, Inc.\*<sup>(a)</sup> |  | 12457335 |
|  |  |  | 40012019 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Machinery – 1.4% | Machinery – 1.4% | Machinery – 1.4% |
| 5761 | AGCO Corp. | $594305 |
| 56319 | Caterpillar, Inc. | 21863599 |
| 1 | Fortive Corp. | 52 |
| 57778 | Illinois Tool Works, Inc. | 14285611 |
| &nbsp;&nbsp;&nbsp;&nbsp;151534 | Mueller Industries, Inc. | 12042407 |
| 48266 | Otis Worldwide Corp. | 4779299 |
| 17128 | Trinity Industries, Inc. | 462627 |
| 8394 | Xylem, Inc. | 1085848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55113748 |
| Media – 0.8% | Media – 0.8% | Media – 0.8% |
| 21612 | Charter Communications, Inc., Class A\* | 8835202 |
| 35546 | Liberty Broadband Corp., Class C\* | 3497015 |
| 538121 | News Corp., Class A | 15992956 |
| 76033 | Trade Desk, Inc. (The), Class A\* | 5473616 |
|  |  | 33798789 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 56430 | Anglogold Ashanti PLC (United Kingdom) | 2571515 |
| 84932 | Carpenter Technology Corp. | 23473506 |
| 208551 | Southern Copper Corp. (Mexico) | 21099105 |
|  |  | 47144126 |
| Multi-Utilities – 0.0% | Multi-Utilities – 0.0% | Multi-Utilities – 0.0% |
| 16741 | Public Service Enterprise Group, Inc. | 1409257 |
| Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% |
| 1 | Vornado Realty Trust REIT | 38 |
| Oil, Gas & Consumable Fuels – 1.5% | Oil, Gas & Consumable Fuels – 1.5% | Oil, Gas & Consumable Fuels – 1.5% |
| 67311 | Antero Midstream Corp. | 1275543 |
| 73639 | Antero Resources Corp.\* | 2966179 |
| 10830 | Cheniere Energy, Inc. | 2637322 |
| 131671 | Crescent Energy Co., Class A | 1132371 |
| 20523 | Diversified Energy Co. PLC | 301072 |
| 86172 | EOG Resources, Inc. | 10307033 |
| 100932 | Excelerate Energy, Inc., Class A | 2959326 |
| 12264 | Hess Corp. | 1699054 |
| 43600 | Kinder Morgan, Inc. | 1281840 |
| 812116 | Magnolia Oil & Gas Corp., Class A | 18256368 |
| 85533 | Marathon Petroleum Corp. | 14207887 |
| 514976 | Nordic American Tankers Ltd. | 1354387 |
| 13160 | Valero Energy Corp. | 1768967 |
|  |  | 60147349 |
| Passenger Airlines – 0.1% | Passenger Airlines – 0.1% | Passenger Airlines – 0.1% |
| 52439 | Alaska Air Group, Inc.\* | 2594682 |
| Pharmaceuticals – 2.6% | Pharmaceuticals – 2.6% | Pharmaceuticals – 2.6% |
| 6454 | Eli Lilly & Co. | 5031086 |
| 268893 | Johnson & Johnson | 41073406 |
| 26154 | Merck & Co., Inc. | 2070351 |
| 145812 | Prestige Consumer Healthcare, Inc.\* | 11643088 |
| 288156 | Zoetis, Inc. | 44937928 |
|  |  | 104755859 |

---

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

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

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

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

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 4245595 | Alight, Inc., Class A | $24030068 |
| 35982 | Equifax, Inc. | 9332651 |
| 163144 | ExlService Holdings, Inc.\* | 7144076 |
| 45726 | Genpact Ltd. | 2012401 |
| 6968 | Korn Ferry | 510963 |
| 79225 | Parsons Corp.\* | 5685978 |
| 72261 | UL Solutions, Inc., Class A | 5264937 |
| 135799 | Upwork, Inc.\* | 1825139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55806213 |
| Residential REITs – 0.2% | Residential REITs – 0.2% | Residential REITs – 0.2% |
| 1 | Apartment Investment and |  |
|  | Management Co., Class A REIT | 9 |
| 21010 | Camden Property Trust REIT | 2367617 |
| 42892 | Equity LifeStyle Properties, Inc. REIT | 2645150 |
| 26410 | Mid-America Apartment Communities, Inc. REIT | 3908944 |
|  |  | 8921720 |
| Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% |
| 2 | Simon Property Group, Inc. REIT | 321 |
| Semiconductors & Semiconductor Equipment – 9.1% | Semiconductors & Semiconductor Equipment – 9.1% | Semiconductors & Semiconductor Equipment – 9.1% |
| 357941 | Broadcom, Inc. | 98666437 |
| 143897 | Intel Corp. | 3223293 |
| 3264 | KLA Corp. | 2923695 |
| 49590 | Lam Research Corp. | 4827091 |
| 1532573 | NVIDIA Corp. | 242131208 |
| 17512 | SiTime Corp.\* | 3731457 |
| 63128 | Texas Instruments, Inc. | 13106635 |
|  |  | 368609816 |
| Software – 9.9% | Software – 9.9% | Software – 9.9% |
| 7088 | ACI Worldwide, Inc.\* | 325410 |
| 52029 | Adobe, Inc.\* | 20128980 |
| 165938 | C3.ai, Inc., Class A\* | 4077097 |
| 160083 | CCC Intelligent Solutions Holdings, Inc.\* | 1506381 |
| 59461 | Commvault Systems, Inc.\* | 10365836 |
| 152122 | Datadog, Inc., Class A\* | 20434548 |
| 142965 | Informatica, Inc., Class A\* | 3481198 |
| 25757 | Intuit, Inc. | 20286986 |
| 28035 | Manhattan Associates, Inc.\* | 5536071 |
| 475326 | Microsoft Corp. | 236431906 |
| 10318 | MicroStrategy, Inc., Class A\* | 4170845 |
| 94876 | Palo Alto Networks, Inc.\* | 19415425 |
| 44414 | RingCentral, Inc., Class A\* | 1259137 |
| 12478 | Sapiens International Corp. NV (Israel) | 364981 |
| 19939 | ServiceNow, Inc.\* | 20498887 |
| 26367 | Teradata Corp.\* | 588248 |
| 332934 | Varonis Systems, Inc.\* | 16896400 |
| 8655 | Workday, Inc., Class A\* | 2077200 |
| 43289 | Zscaler, Inc.\* | 13590149 |
|  |  | 401435685 |
| Specialized REITs – 1.7% | Specialized REITs – 1.7% | Specialized REITs – 1.7% |
| 5206 | CubeSmart REIT | 221255 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 53758 | Digital Realty Trust, Inc. REIT | 9371632 |
| 158211 | Extra Space Storage, Inc. REIT | 23326630 |
| 49710 | Iron Mountain, Inc. REIT | 5098755 |
| 100176 | Lamar Advertising Co., Class A REIT | 12157359 |
| 67485 | Public Storage REIT | 19801449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69977080 |
| Specialty Retail – 1.0% | Specialty Retail – 1.0% | Specialty Retail – 1.0% |
| 87070 | Buckle, Inc. (The) | 3948625 |
| 15268 | Carvana Co.\* | 5144705 |
| 55432 | Chewy, Inc., Class A\* | 2362512 |
| 28160 | Lithia Motors, Inc. | 9513011 |
| 9322 | Penske Automotive Group, Inc. | 1601613 |
| 28608 | Revolve Group, Inc.\* | 573591 |
| 25995 | Sonic Automotive, Inc., Class A | 2077780 |
| 1 | Victoria's Secret & Co.\* | 19 |
| 681679 | Warby Parker, Inc., Class A\* | 14949220 |
|  |  | 40171076 |
| Technology Hardware, Storage & Peripherals – 5.5% | Technology Hardware, Storage & Peripherals – 5.5% | Technology Hardware, Storage & Peripherals – 5.5% |
| 964527 | Apple, Inc. | 197892004 |
| 219128 | Dell Technologies, Inc., Class C | 26865093 |
|  |  | 224757097 |
| Textiles, Apparel & Luxury Goods – 0.9% | Textiles, Apparel & Luxury Goods – 0.9% | Textiles, Apparel & Luxury Goods – 0.9% |
| 24646 | Birkenstock Holding PLC (Germany)\* | 1212090 |
| 501267 | On Holding AG, Class A (Switzerland)\* | 26090947 |
| 31116 | Ralph Lauren Corp. | 8534497 |
| 37246 | VF Corp. | 437641 |
|  |  | 36275175 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 89824 | FTAI Aviation Ltd. | 10333353 |
| 5515 | United Rentals, Inc. | 4155001 |
|  |  | 14488354 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 75358 | Telephone and Data Systems, Inc. | 2681238 |
| TOTAL COMMON STOCKS<br>(Cost $2,672,488,974) | TOTAL COMMON STOCKS<br>(Cost $2,672,488,974) | 3994280483 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government 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;&nbsp;&nbsp;&nbsp;&nbsp;99606 | 4.231% | 99606 |
| **(Cost $99,606)** | **(Cost $99,606)** | **(Cost $99,606)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,672,588,580) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,672,588,580) | 3994380089 |

---

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

---

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

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

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

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

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 12772900 | 4.231% | $12772900 |
| **(Cost $12,772,900)** | **(Cost $12,772,900)** | **(Cost $12,772,900)** |
| TOTAL INVESTMENTS – 98.8%<br>(Cost $2,685,361,480) | TOTAL INVESTMENTS – 98.8%<br>(Cost $2,685,361,480) | $4007152989 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 1.2%** | 48282997 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055435986 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

**FUTURES CONTRACTS** — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 40 | 09/19/25 | $4383400 | $145608 |
|  S&P 500 E-Mini Index | 141 | 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44088938 | 1519654 |
| Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665262 |

---

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

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

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

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

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed** <br> **Equity Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $658,697,386 and $2,672,488,974, respectively)<sup>(a)</sup>  | $888478809 | $3994280483 |
|  Investments in affiliated issuers, at value (cost $– and $99,606, respectively) |  | 99606 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 12772900 |
|  Cash | 6318707 | 60525900 |
|  Foreign Currency, at value (cost $10,220,699 and $–, respectively) | 10294474 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 4636437 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 3241459 | 3103933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1743403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 738239 | 1336748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 301686 | 35384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 24400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2 | 6506 |
|  Variation margin on futures contracts |  | 217300 |
|  Other assets | 40547 | 68686 |
|  **Total assets** | 915818163 | 4072451178 |
| Liabilities: |  |  |
|  Variation margin on futures contracts | 8123 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 3099099 | 2898847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1744639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 310873 | 1023269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 124912 | 55630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 12924 | 69564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 12772900 |
|  Accrued expenses | 53314 | 194982 |
|  **Total liabilities** | 5353884 | 17015192 |
| Net Assets: |  |  |
|  Paid-in capital | 628494518 | 2220846321 |
|  Total distributable earnings | 281969761 | 1834589665 |
|  **NET ASSETS** | $910464279 | $4055435986 |
|  <br> Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $6479676 | $104918578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 877173 | 16897434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 21908534 | 73133273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 4583730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23802272 | 25634029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 774669706 | 3534354181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 82726918 | 295914761 |
|  Total Net Assets | $910464279 | $4055435986 |
|  <br> Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 424792 | 2183854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 58945 | 383396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1431055 | 1480456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 95115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1554558 | 523943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 50980970 | 72207475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5441176 | 6043692 |
|  <br> Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $15.25 | $48.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 14.88 | 44.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15.31 | 49.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 48.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 15.31 | 48.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15.20 | 48.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 15.20 | 48.96 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $– and $11,831,148 for International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund, respectively. 

<sup>(b)</sup> 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 $16.14 and $50.84, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

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

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

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

Statements of Operations *June 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **International Tax-**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed Equity** <br> **Fund** | **U.S. Tax-Managed** <br> **Equity Fund** |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,934,919 and $4,269, respectively) | $18253422 | $22157081 |
|  Dividends — affiliated issuers | 7789 | 109837 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 201 | 10703 |
|  **Total Investment Income** | 18261412 | 22277621 |
| Expenses: |  |  |
|  Management fees | 3867485 | 10969139 |
|  Transfer Agency fees<sup>(a)</sup>  | 153053 | 603039 |
|  Custody, accounting and administrative services | 145358 | 120140 |
|  Professional fees | 103088 | 54867 |
|  Registration fees | 40735 | 59073 |
|  Printing and mailing costs | 16288 | 24193 |
|  Trustee fees | 14529 | 17070 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 9895 | 190175 |
|  Service fees — Class C | 970 | 20923 |
|  Shareholder Administration fees — Service Shares |  | 5342 |
|  Other | 24992 | 51216 |
|  **Total expenses** | 4376393 | 12115177 |
|  Less — expense reductions | (288403) | (31906) |
|  **Net expenses** | 4087990 | 12083271 |
|  **NET INVESTMENT INCOME** | 14173422 | 10194350 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 10735112 | (33307108) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 70364339 | 542848198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 290555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1023874 | (5836975) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 101758978 | (427798711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 253566 | 3001794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 753880 |  |
|  **Net realized and unrealized gain** | 185180304 | 78907198 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199353726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89101548 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1)** | **Distribution and/or Service (12b-1)** | **Distribution and/or Service (12b-1)** | | | | | | | |
|  |  | **Fees**  |  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  |
| **Fund** | **Class A** | **Class C** | **Service** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
|  International Tax-Managed Equity Fund | $6985 | $2910 | $– | $4191 | $582 | $3667 | $– | $14603 | $118891 | $11119 |
|  U.S. Tax-Managed Equity Fund | 122065 | 62768 | 5342 | 73239 | 12554 | 13741 | 855 | 18164 | 443339 | 41147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024**  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024**  |
| From operations: |  |  |  |  |
|  Net investment income | $14173422 | $18548037 | $10194350 | $12280771 |
|  Net realized gain | 82413880 | 48666804 | 503704115 | 168219122 |
|  Net change in unrealized gain (loss) | 102766424 | (16996333) | (424796917) | 536156888 |
| **Net increase in net assets resulting from operations** | 199353726 | 50218508 | 89101548 | 716656781 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (94950) |  | (1440051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (7466) |  | (266024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (334877) |  | (1218711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  |  | (59643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (402396) |  | (418582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (17309410) |  | (53286000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (1502550) |  | (4747824) |
|  **Total distributions to shareholders** |  | (19651649) |  | (61436835) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 47818518 | 122234394 | 1129144673 | 203011084 |
|  Proceeds paid in connection with in-kind transactions | (237930000) | (36860000) | (704483001) | (132396067) |
|  Reinvestment of distributions |  | 19651584 |  | 61006981 |
|  Cost of shares redeemed | (11128676) | (14599746) | (12511786) | (39262904) |
| **Net increase (decrease) in net assets resulting from share transactions** | (201240158) | 90426232 | 412149886 | 92359094 |
|  **TOTAL INCREASE (DECREASE)** | (1886432) | 120993091 | 501251434 | 747579040 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $912350711 | $791357620 | $3554184552 | $2806605512 |
|  End of period | $910464279 | $912350711 | $4055435986 | $3554184552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.32 | $11.84 | $10.07 | $12.28 | $11.32 | $10.43 |
|  Net investment income<sup>(a)</sup>  | 0.20 <sup>(b)</sup> | 0.22 <sup>(c)</sup> | 0.24 | 0.29 | 0.28 | 0.10 |
|  Net realized and unrealized gain (loss) | 2.73 | 0.49 | 1.76 | (2.18) | 1.07 | 0.92 |
|  Total from investment operations | 2.93 | 0.71 | 2.00 | (1.89) | 1.35 | 1.02 |
|  Distributions to shareholders from net investment income |  | (0.23) | (0.23) | (0.32) | (0.39) | (0.13) |
|  Net asset value, end of period | $15.25 | $12.32 | $11.84 | $10.07 | $12.28 | $11.32 |
|  **Total Return<sup>(f)</sup>**  | 23.78% | 5.99% | 19.96 | (15.36)% | 12.02% | 9.75% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
|  Ratio of net expenses to average net assets | 1.21 %<sup>(g)</sup> | 1.21% | 1.22 | 1.22% | 1.22% | 1.23% |
|  Ratio of total expenses to average net assets | 1.33 %<sup>(g)</sup> | 1.33% | 1.35 | 1.32% | 1.33% | 1.36% |
|  Ratio of net investment income to average net assets | 2.98 %<sup>(b)(g)</sup> | 1.74 %<sup>(c)</sup> | 2.15 | 2.74% | 2.33% | 1.07% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.06 | $11.60 | $9.87 | $12.03 | $11.04 | $10.18 |
|  Net investment income<sup>(a)</sup>  | 0.15 <sup>(b)</sup> | 0.12 <sup>(c)</sup> | 0.16 | 0.21 | 0.20 | 0.03 |
|  Net realized and unrealized gain (loss) | 2.67 | 0.48 | 1.72 | (2.13) | 1.03 | 0.88 |
|  Total from investment operations | 2.82 | 0.60 | 1.88 | (1.92) | 1.23 | 0.91 |
|  Distributions to shareholders from net investment income |  | (0.14) | (0.15) | (0.24) | (0.24) | (0.05) |
|  Net asset value, end of period | $14.88 | $12.06 | $11.60 | $9.87 | $12.03 | $11.04 |
|  **Total Return<sup>(f)</sup>**  | 23.38% | 5.23% | 18.98 | (15.96)% | 11.19% | 8.89% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 |
|  Ratio of net expenses to average net assets | 1.96 %<sup>(g)</sup> | 1.96% | 1.97 | 1.97% | 1.96% | 1.98% |
|  Ratio of total expenses to average net assets | 2.08 %<sup>(g)</sup> | 2.08% | 2.10 | 2.07% | 2.07% | 2.11% |
|  Ratio of net investment income to average net assets | 2.32 %<sup>(b)(g)</sup> | 0.95 %<sup>(c)</sup> | 1.46 | 2.01% | 1.59% | 0.33% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.34 | $11.86 | $10.10 | $12.31 | $11.29 | $10.40 |
|  Net investment income<sup>(a)</sup>  | 0.23 <sup>(b)</sup> | 0.27 <sup>(c)</sup> | 0.27 | 0.32 | 0.32 | 0.13 |
|  Net realized and unrealized gain (loss) | 2.74 | 0.48 | 1.77 | (2.17) | 1.07 | 0.92 |
|  Total from investment operations | 2.97 | 0.75 | 2.04 | (1.85) | 1.39 | 1.05 |
|  Distributions to shareholders from net investment income |  | (0.27) | (0.28) | (0.36) | (0.37) | (0.16) |
|  Net asset value, end of period | $15.31 | $12.34 | $11.86 | $10.10 | $12.31 | $11.29 |
|  **Total Return<sup>(f)</sup>**  | 24.07% | 6.31% | 20.23 | (15.02)% | 12.42% | 10.11% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 |
|  Ratio of net expenses to average net assets | 0.90 %<sup>(g)</sup> | 0.90% | 0.90 | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 0.97 %<sup>(g)</sup> | 0.97% | 0.99 | 0.95% | 0.96% | 0.99% |
|  Ratio of net investment income to average net assets | 3.42 %<sup>(b)(g)</sup> | 2.08 %<sup>(c)</sup> | 2.45 | 3.01% | 2.65% | 1.36% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.35 | $11.87 | $10.10 | $12.32 | $11.30 | $10.40 |
|  Net investment income<sup>(a)</sup>  | 0.23 <sup>(b)</sup> | 0.26 <sup>(c)</sup> | 0.26 | 0.32 | 0.31 | 0.13 |
|  Net realized and unrealized gain (loss) | 2.73 | 0.48 | 1.78 | (2.19) | 1.07 | 0.92 |
|  Total from investment operations | 2.96 | 0.74 | 2.04 | (1.87) | 1.38 | 1.05 |
|  Distributions to shareholders from net investment income |  | (0.26) | (0.27) | (0.35) | (0.36) | (0.15) |
|  Net asset value, end of period | $15.31 | $12.35 | $11.87 | $10.10 | $12.32 | $11.30 |
|  **Total Return<sup>(f)</sup>**  | 23.97% | 6.25% | 20.26 | (15.15)% | 12.31% | 10.09% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9085 |
|  Ratio of net expenses to average net assets | 0.96 %<sup>(g)</sup> | 0.96% | 0.97 | 0.97% | 0.97% | 0.98% |
|  Ratio of total expenses to average net assets | 1.08 %<sup>(g)</sup> | 1.07% | 1.10 | 1.08% | 1.08% | 1.11% |
|  Ratio of net investment income to average net assets | 3.31 %<sup>(b)(g)</sup> | 2.01 %<sup>(c)</sup> | 2.33 | 3.08% | 2.58% | 1.38% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.25 | $11.78 | $10.02 | $12.23 | $11.22 | $10.33 |
|  Net investment income<sup>(a)</sup>  | 0.21 <sup>(b)</sup> | 0.26 <sup>(c)</sup> | 0.27 | 0.32 | 0.32 | 0.14 |
|  Net realized and unrealized gain (loss) | 2.74 | 0.48 | 1.77 | (2.17) | 1.06 | 0.92 |
|  Total from investment operations | 2.95 | 0.74 | 2.04 | (1.85) | 1.38 | 1.06 |
|  Distributions to shareholders from net investment income |  | (0.27) | (0.28) | (0.36) | (0.37) | (0.17) |
|  Net asset value, end of period | $15.20 | $12.25 | $11.78 | $10.02 | $12.23 | $11.22 |
|  **Total Return<sup>(f)</sup>**  | 24.08% | 6.37% | 20.30 | (15.11)% | 12.43% | 10.20% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640212 |
|  Ratio of net expenses to average net assets | 0.89 %<sup>(g)</sup> | 0.89% | 0.89 | 0.89% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 0.95 %<sup>(g)</sup> | 0.96% | 0.98 | 0.94% | 0.95% | 0.97% |
|  Ratio of net investment income to average net assets | 3.08 %<sup>(b)(g)</sup> | 2.04 %<sup>(c)</sup> | 2.44 | 3.06% | 2.66% | 1.42% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.26 | $11.78 | $10.03 | $12.23 | $11.22 | $10.34 |
|  Net investment income<sup>(a)</sup>  | 0.23 <sup>(b)</sup> | 0.26 <sup>(c)</sup> | 0.27 | 0.33 | 0.32 | 0.14 |
|  Net realized and unrealized gain (loss) | 2.71 | 0.49 | 1.76 | (2.17) | 1.06 | 0.91 |
|  Total from investment operations | 2.94 | 0.75 | 2.03 | (1.84) | 1.38 | 1.05 |
|  Distributions to shareholders from net investment income |  | (0.27) | (0.28) | (0.36) | (0.37) | (0.17) |
|  Net asset value, end of period | $15.20 | $12.26 | $11.78 | $10.03 | $12.23 | $11.22 |
|  **Total Return<sup>(f)</sup>**  | 23.98% | 6.37% | 20.28 | (15.03)% | 12.42% | 10.09% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68788 |
|  Ratio of net expenses to average net assets | 0.89 %<sup>(g)</sup> | 0.89% | 0.89 | 0.89% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(g)</sup> | 0.96% | 0.98 | 0.94% | 0.95% | 0.98% |
|  Ratio of net investment income to average net assets | 3.38 %<sup>(b)(g)</sup> | 2.06 %<sup>(c)</sup> | 2.47 | 3.10% | 2.66% | 1.45% |
|  Portfolio turnover rate<sup>(h)</sup>  | 102% | 191% | 132 | 226% | 162% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $46.22 | $37.33 | $30.32 | $38.29 | $29.78 | $25.54 |
|  Net investment income<sup>(a)</sup>  | 0.06 | 0.03 | 0.10 | 0.10 | 0.05 | 0.06 |
|  Net realized and unrealized gain (loss) | 1.76 | 9.54 | 7.00 | (7.95) | 8.52 | 4.31 |
|  Total from investment operations | 1.82 | 9.57 | 7.10 | (7.85) | 8.57 | 4.37 |
|  Distributions to shareholders from net investment income |  | (0.05) | (0.09) | (0.12) | (0.06) | (0.09) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  | (0.04) |
|  Total distributions |  | (0.68) | (0.09) | (0.12) | (0.06) | (0.13) |
|  Net asset value, end of period | $48.04 | $46.22 | $37.33 | $30.32 | $38.29 | $29.78 |
|  **Total Return<sup>(b)</sup>**  | 3.94% | 25.58% | 23.41% | (20.51)% | 28.80% | 17.06% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75584 |
|  Ratio of net expenses to average net assets | 1.02 %<sup>(c)</sup> | 1.01% | 1.03% | 1.03% | 1.06% | 1.08% |
|  Ratio of total expenses to average net assets | 1.06 %<sup>(c)</sup> | 1.05% | 1.07% | 1.10% | 1.11% | 1.12% |
|  Ratio of net investment income to average net assets | 0.28 %<sup>(c)</sup> | 0.07% | 0.29% | 0.29% | 0.16% | 0.24% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $42.56 | $34.63 | $28.27 | $35.84 | $28.04 | $24.11 |
|  Net investment loss<sup>(a)</sup>  | (0.10) | (0.27) | (0.14) | (0.14) | (0.19) | (0.13) |
|  Net realized and unrealized gain (loss) | 1.61 | 8.83 | 6.50 | (7.43) | 7.99 | 4.06 |
|  Total from investment operations | 1.51 | 8.56 | 6.36 | (7.57) | 7.80 | 3.93 |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |  |
|  Net asset value, end of period | $44.07 | $42.56 | $34.63 | $28.27 | $35.84 | $28.04 |
|  **Total Return<sup>(b)</sup>**  | 3.55% | 24.65% | 22.50% | (21.12)% | 27.82% | 16.25% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19502 |
|  Ratio of net expenses to average net assets | 1.77 %<sup>(c)</sup> | 1.76% | 1.78% | 1.78% | 1.81% | 1.83% |
|  Ratio of total expenses to average net assets | 1.81 %<sup>(c)</sup> | 1.80% | 1.82% | 1.85% | 1.86% | 1.87% |
|  Ratio of net investment loss to average net assets | (0.48)%<sup>(c)</sup> | (0.68)% | (0.46)% | (0.46)% | (0.59)% | (0.53)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $47.45 | $38.30 | $31.10 | $39.28 | $30.53 | $26.16 |
|  Net investment income<sup>(a)</sup>  | 0.14 | 0.17 | 0.21 | 0.21 | 0.17 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.81 | 9.81 | 7.19 | (8.17) | 8.74 | 4.43 |
|  Total from investment operations | 1.95 | 9.98 | 7.40 | (7.96) | 8.91 | 4.58 |
|  Distributions to shareholders from net investment income |  | (0.20) | (0.20) | (0.22) | (0.16) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  | (0.04) |
|  Total distributions |  | (0.83) | (0.20) | (0.22) | (0.16) | (0.21) |
|  Net asset value, end of period | $49.40 | $47.45 | $38.30 | $31.10 | $39.28 | $30.53 |
|  **Total Return<sup>(b)</sup>**  | 4.11% | 25.99% | 23.81% | (20.26)% | 29.23% | 17.48% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47997 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.69% | 0.71% | 0.70% | 0.74% | 0.74% |
|  Ratio of total expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.69% | 0.71% | 0.72% | 0.75% | 0.75% |
|  Ratio of net investment income to average net assets | 0.60 %<sup>(c)</sup> | 0.39% | 0.62% | 0.64% | 0.48% | 0.56% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $46.40 | $37.50 | $30.48 | $38.52 | $29.96 | $25.70 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.02 | (0.05) | 0.04 | 0.04 | – <sup>(b)</sup> | 0.02 |
|  Net realized and unrealized gain (loss) | 1.77 | 9.58 | 7.02 | (7.99) | 8.56 | 4.33 |
|  Total from investment operations | 1.79 | 9.53 | 7.06 | (7.95) | 8.56 | 4.35 |
|  Distributions to shareholders from net investment income |  |  | (0.04) | (0.09) | – <sup>(b)</sup> | (0.05) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |  |
|  Distributions to shareholders from return of capital |  |  |  |  |  | (0.04) |
|  Total distributions |  | (0.63) | (0.04) | (0.09) | – <sup>(b)</sup> | (0.09) |
|  Net asset value, end of period | $48.19 | $46.40 | $37.50 | $30.48 | $38.52 | $29.96 |
|  **Total Return<sup>(c)</sup>**  | 3.86% | 25.35% | 23.17% | (20.65)% | 28.58% | 16.87% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(d)</sup> | 1.19% | 1.21% | 1.22% | 1.23% | 1.24% |
|  Ratio of total expenses to average net assets | 1.20 %<sup>(d)</sup> | 1.19% | 1.21% | 1.25% | 1.24% | 1.25% |
|  Ratio of net investment income (loss) to average net assets | 0.09 %<sup>(d)</sup> | (0.11)% | 0.12% | 0.13% | 0.01% | 0.08% |
|  Portfolio turnover rate<sup>(e)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $47.01 | $37.96 | $30.83 | $38.93 | $30.26 | $25.93 |
|  Net investment income<sup>(a)</sup>  | 0.12 | 0.14 | 0.19 | 0.18 | 0.14 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.80 | 9.71 | 7.12 | (8.09) | 8.67 | 4.40 |
|  Total from investment operations | 1.92 | 9.85 | 7.31 | (7.91) | 8.81 | 4.52 |
|  Distributions to shareholders from net investment income |  | (0.17) | (0.18) | (0.19) | (0.14) | (0.15) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  | (0.04) |
|  Total distributions |  | (0.80) | (0.18) | (0.19) | (0.14) | (0.19) |
|  Net asset value, end of period | $48.93 | $47.01 | $37.96 | $30.83 | $38.93 | $30.26 |
|  **Total Return<sup>(b)</sup>**  | 4.08% | 25.88% | 23.71% | (20.31)% | 29.13% | 17.38% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15938 |
|  Ratio of net expenses to average net assets | 0.77 %<sup>(c)</sup> | 0.76% | 0.78% | 0.78% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 0.81 %<sup>(c)</sup> | 0.80% | 0.82% | 0.85% | 0.87% | 0.87% |
|  Ratio of net investment income to average net assets | 0.52 %<sup>(c)</sup> | 0.32% | 0.54% | 0.54% | 0.40% | 0.46% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $47.01 | $37.96 | $30.82 | $38.93 | $30.26 | $25.93 |
|  Net investment income<sup>(a)</sup>  | 0.14 | 0.17 | 0.21 | 0.21 | 0.17 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.80 | 9.71 | 7.14 | (8.10) | 8.67 | 4.40 |
|  Total from investment operations | 1.94 | 9.88 | 7.35 | (7.89) | 8.84 | 4.55 |
|  Distributions to shareholders from net investment income |  | (0.20) | (0.21) | (0.22) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  | (0.04) |
|  Total distributions |  | (0.83) | (0.21) | (0.22) | (0.17) | (0.22) |
|  Net asset value, end of period | $48.95 | $47.01 | $37.96 | $30.82 | $38.93 | $30.26 |
|  **Total Return<sup>(b)</sup>**  | 4.13% | 25.97% | 23.85% | (20.26)% | 29.24% | 17.49% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536722 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.68% | 0.70% | 0.69% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.68% | 0.70% | 0.72% | 0.74% | 0.74% |
|  Ratio of net investment income to average net assets | 0.61 %<sup>(c)</sup> | 0.40% | 0.63% | 0.65% | 0.49% | 0.57% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. 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** | **U.S. Tax-Managed Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $47.02 | $37.97 | $30.83 | $38.94 | $30.27 | $25.94 |
|  Net investment income<sup>(a)</sup>  | 0.14 | 0.17 | 0.21 | 0.21 | 0.17 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.80 | 9.71 | 7.14 | (8.10) | 8.67 | 4.40 |
|  Total from investment operations | 1.94 | 9.88 | 7.35 | (7.89) | 8.84 | 4.55 |
|  Distributions to shareholders from net investment income |  | (0.20) | (0.21) | (0.22) | (0.17) | (0.18) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  | (0.04) |
|  Total distributions |  | (0.83) | (0.21) | (0.22) | (0.17) | (0.22) |
|  Net asset value, end of period | $48.96 | $47.02 | $37.97 | $30.83 | $38.94 | $30.27 |
|  **Total Return<sup>(b)</sup>**  | 4.13% | 25.97% | 23.84% | (20.25)% | 29.23% | 17.48% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152775 |
|  Ratio of net expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.68% | 0.70% | 0.69% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(c)</sup> | 0.68% | 0.70% | 0.72% | 0.74% | 0.74% |
|  Ratio of net investment income to average net assets | 0.61 %<sup>(c)</sup> | 0.40% | 0.63% | 0.64% | 0.49% | 0.59% |
|  Portfolio turnover rate<sup>(d)</sup>  | 78% | 96% | 184% | 246% | 116% | 177% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the 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;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/** <br> **Non-Diversified**  |
| Goldman Sachs International Tax-Managed Equity Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs U.S. Tax-Managed Equity Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in United States ("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 and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| International Tax-Managed Equity Fund | Annually | Annually |
| U.S. Tax-Managed Equity Fund | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's Valuation Procedures (defined below), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated 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 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 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $644823 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 248800995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 9749215 | 519025976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 214733 | 46059231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 58427289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America |  | 5556547 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9963948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878514861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $142441 | $— | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | |
|:---|:---|:---|
| Liabilities |  |  |
|  Futures Contracts<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17049) | $|

---

---

| | | | |
|:---|:---|:---|:---|
| **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> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $364981 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 46293581 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3905302024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 42319897 |  |  |
|  Investment Company | 99606 |  |  |
|  Securities Lending Reinvestment Vehicle | 12772900 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007152989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $1665262 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $142441 | Variation margin on futures contracts | $(17049) |
| **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665262 | Variation margin on futures contracts | $— |

---

1 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 June 30, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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 Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |  |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in <br>Unrealized <br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023874 | $(5836975) |
| **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |  |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in <br>Unrealized <br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 253566 | 3001794 |

---

For the six months ended June 30, 2025, the relevant values for each derivative type was as follows:

---

| | |
|:---|:---|
|  | **Average number of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts<sup>(a)</sup>**  |
| **Fund** | **Futures Contracts** |
|  International Tax-Managed Equity Fund | 169 |
|  U.S. Tax-Managed Equity Fund | 110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |  | |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net <br>Management <br>Rate^** |
|  International Tax-Managed Equity Fund | 0.85% | 0.77% | 0.73% | 0.72% | 0.71% | 0.85% | 0.85% |
|  U.S. Tax-Managed Equity Fund | 0.70 | 0.63 | 0.60 | 0.59 | 0.58 | 0.64 | 0.64 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The International Tax-Managed Equity and U.S. Tax-Managed Equity 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 six

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

months ended June 30, 2025, GSAM waived $718 and $4,184 of the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds' management fees, 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.

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** |
|  | <br> **Class A\*** | <br> **Class C** | <br> **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 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 six months ended June 30, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br> **Sales Charge** | **Contingent Deferred** <br>**Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  International Tax-Managed Equity Fund | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  U.S. Tax-Managed Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for 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 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the 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 six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  International Tax-Managed Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281226 | $288403 |
|  U.S. Tax-Managed Equity Fund | 4184 | 27722 |  | 31906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended June 30, 2025, 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.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:

#### International Tax-Managed Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | $– | $34158361 | $(34158361) | $– |  | $7789 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### U.S. Tax-Managed Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |
|  | $68087 | $103324773 | $(103293254) | $99606 | 99606 | $109837 |

---

As of June 30, 2025, the Goldman Sachs Global Tax-Aware Equity Portfolio was beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Goldman Sachs<br>Global Tax-Aware<br>Equity Portfolio** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Tax-Managed Equity Fund | 84% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Tax-Managed Equity Fund | 87 |

---

&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 six months ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Sales In-Kind** |
|  International Tax-Managed Equity Fund | $945298523 | $903126959 | $228540624 |
|  U.S. Tax-Managed Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869056865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769831431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685565263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

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 June 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>June 30, 2025** |
|  International Tax-Managed Equity Fund | $22 | $— | $— |
|  U.S. Tax-Managed Equity Fund | 1214 |  |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning value as** | **Purchases** | **Proceeds** | **Ending value as** |
| **Fund** | **of December 31, 2024** | **at Cost** | **from Sales** | **of June 30, 2025** |
|  International Tax-Managed Equity Fund | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4311395) | $— |
|  U.S. Tax-Managed Equity Fund | 1350000 | 38071475 | (26648575) | 12772900 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, December 31, 2024, the Funds' capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity<br>Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(43068931) | $— |
|  Timing differences — (Real Estate Investment Trusts, Qualified Late Year loss and post October loss deferral) | (2045156) | (1749970) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

As of June 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
| Tax Cost | $658665353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687405211 |
| Gross unrealized gain | 231137678 | 1328011128 |
| Gross unrealized loss | (1324222) | (8263350) |
| Net unrealized gain (loss) | $229813456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319747778 |

---

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.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 58600 | $828411 | 84896 | $1085066 |
|  Reinvestment of distributions |  |  | 7713 | 94950 |
|  Shares redeemed | (58074) | (797368) | (78130) | (982351) |
|  | 526 | 31043 | 14479 | 197665 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 5846 | 77437 | 8586 | 105897 |
|  Reinvestment of distributions |  |  | 619 | 7466 |
|  Shares redeemed | (5360) | (72139) | (10800) | (133079) |
|  | 486 | 5298 | (1595) | (19716) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 249687 | 3385284 | 357172 | 4537807 |
|  Reinvestment of distributions |  |  | 27132 | 334812 |
|  Shares redeemed | (62174) | (826325) | (205960) | (2598668) |
|  | 187513 | 2558959 | 178344 | 2273951 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 360357 | 5028072 | 800245 | 10040363 |
|  Reinvestment of distributions |  |  | 32609 | 402396 |
|  Shares redeemed | (360853) | (4724508) | (251620) | (3244983) |
|  | (496) | 303564 | 581234 | 7197776 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 3040655 | 37510391 | 8123901 | 103540510 |
|  Reinvestment of distributions |  |  | 1414168 | 17309410 |
|  Shares redeemed | (75674) | (1021041) | (70129) | (900719) |
|  Shares redeemed in connection with in-kind transactions | (17520619) | (237930000) | (2777694) | (36860000) |
|  | (14555638) | (201440650) | 6690246 | 83089201 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 71308 | 988923 | 233377 | 2924751 |
|  Reinvestment of distributions |  |  | 122657 | 1502550 |
|  Shares redeemed | (278779) | (3687295) | (533960) | (6739946) |
|  | (207471) | (2698372) | (177926) | (2312645) |
|  **NET INCREASE (DECREASE) IN SHARES** | (14575080) | $(201240158) | 7284782 | $90426232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 89015 | $3985395 | 83918 | $3699833 |
|  Reinvestment of distributions |  |  | 28737 | 1369183 |
|  Shares redeemed | (56129) | (2515076) | (316122) | (13693613) |
|  | 32886 | 1470319 | (203467) | (8624597) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 24547 | 1027212 | 40545 | 1569988 |
|  Reinvestment of distributions |  |  | 6052 | 266024 |
|  Shares redeemed | (56099) | (2315119) | (82223) | (3300480) |
|  | (31552) | (1287907) | (35626) | (1464468) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 69366 | 3205088 | 181310 | 8075483 |
|  Reinvestment of distributions |  |  | 17639 | 859726 |
|  Shares redeemed | (65245) | (3059014) | (178587) | (7812511) |
|  | 4121 | 146074 | 20362 | 1122698 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 5237 | 231257 | 10552 | 449672 |
|  Reinvestment of distributions |  |  | 1245 | 59643 |
|  Shares redeemed | (6407) | (297707) | (8820) | (372852) |
|  | (1170) | (66450) | 2977 | 136463 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 19336 | 893036 | 60976 | 2664009 |
|  Reinvestment of distributions |  |  | 8662 | 418582 |
|  Shares redeemed | (26446) | (1217007) | (42506) | (1924482) |
|  | (7110) | (323971) | 27132 | 1158109 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 24133559 | 1106101244 | 4016667 | 175362628 |
|  Reinvestment of distributions |  |  | 1103545 | 53286000 |
|  Shares redeemed | (3183) | (144599) | (3818) | (165994) |
|  Shares redeemed in connection with in-kind transactions | (17102888) | (704483001) | (3353104) | (132396067) |
|  | 7027488 | 401473644 | 1763290 | 96086567 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 294058 | 13701441 | 258346 | 11189471 |
|  Reinvestment of distributions |  |  | 98289 | 4747823 |
|  Shares redeemed | (64554) | (2963264) | (273635) | (11992972) |
|  | 229504 | 10738177 | 83000 | 3944322 |
|  **NET INCREASE IN SHARES** | 7254167 | $412149886 | 1657668 | $92359094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs International Tax-Managed Equity Fund and Goldman Sachs U.S. Tax-Managed Equity Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Tax-Managed Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They noted that the U.S. Tax-Managed Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the five-year period and in the third quartile of the Fund's peer group for the one-, three-, and ten-year periods, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | |
|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **International Tax-<br>Managed Equity<br>Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  First $1 billion | 0.85% | 0.70% |
|  Next $1 billion | 0.77 | 0.63 |
|  Next $3 billion | 0.73 | 0.60 |
|  Next $3 billion | 0.72 | 0.59 |
|  Over $8 billion | 0.71 | 0.58 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to waive a portion of its management fee for the U.S. Tax-Managed Equity Fund and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of its transfer agency fee with respect to certain share classes of each of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Tax-Managed Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds' ability to participate in the securities lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48.0 ------

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![LOGO](g16850dsp052.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. TAXADVSAR-25

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d58905dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d58905dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 26, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 26, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.