# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-033211
**Filing Date:** 2026-2
**Character Count:** 1501818
**Document Hash:** 0239487d85d08e7fc10558e141ec9d72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-033211.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001193125-26-033211

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26586672

**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 Financial Square Government Fund (Series ID: S000009242)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000025196 | Institutional Shares         | FGTXX           |
| C000025197 | Administration Shares        | FOAXX           |
| C000025198 | Service Shares               | FOSXX           |
| C000025199 | Preferred Shares             | GPGXX           |
| C000025200 | Select Shares                | GSGXX           |
| C000025201 | Capital Shares               | GCGXX           |
| C000088802 | Cash Management Shares       | GVCXX           |
| C000088803 | Premier Shares               | GGPXX           |
| C000088804 | Resource Shares              | GVRXX           |
| C000166882 | Class A Shares               | FSOXX           |
| C000166883 | Class C Shares               | FSGXX           |
| C000167141 | Class R6 Shares              | FGGXX           |
| C000214495 | Drexel Hamilton Class Shares | VETXX           |
| C000229774 | Seelaus Class Shares         | WMNXX           |
| C000229775 | Loop Class Shares            | LDIXX           |
| C000237844 | Class D Shares               | GSAXX           |

### Goldman Sachs Financial Square Treasury Solutions Fund (Series ID: S000009243)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025203 | Institutional Shares   | FEDXX           |
| C000025204 | Administration Shares  | FVAXX           |
| C000025205 | Service Shares         | FVSXX           |
| C000025206 | Preferred Shares       | GPFXX           |
| C000025207 | Select Shares          | GSFXX           |
| C000025208 | Capital Shares         | GCFXX           |
| C000088805 | Cash Management Shares | GFCXX           |
| C000088806 | Premier Shares         | GFPXX           |

### Goldman Sachs Investor Tax-Exempt Money Market Fund (Series ID: S000009244)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000025210 | Class I Shares        | FTXXX           |
| C000025211 | Administration Shares | FEAXX           |
| C000025212 | Service Shares        | FESXX           |
| C000025213 | Preferred Shares      | GPTXX           |
| C000166884 | Class A Shares        | FKIXX           |
| C000166885 | Class C Shares        | FCYXX           |

### Goldman Sachs Financial Square Treasury Obligations Fund (Series ID: S000009260)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025302 | Institutional Shares   | FTOXX           |
| C000025303 | Administration Shares  | FGAXX           |
| C000025304 | Service Shares         | FYAXX           |
| C000025305 | Preferred Shares       | GPOXX           |
| C000025306 | Select Shares          | GSOXX           |
| C000025307 | Capital Shares         | GCTXX           |
| C000088819 | Premier Shares         | GTPXX           |
| C000088820 | Resource Shares        | GTRXX           |
| C000088821 | Cash Management Shares | GTOXX           |

### Goldman Sachs Financial Square Treasury Instruments Fund (Series ID: S000009261)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025309 | Institutional Shares   | FTIXX           |
| C000025310 | Administration Shares  | FRAXX           |
| C000025311 | Service Shares         | FYSXX           |
| C000025312 | Preferred Shares       | GPIXX           |
| C000025313 | Select Shares          | GSIXX           |
| C000025314 | Capital Shares         | GCIXX           |
| C000088822 | Cash Management Shares | GICXX           |
| C000088823 | Premier Shares         | GIPXX           |
| C000229776 | Seelaus Class Shares   | WOMXX           |
| C000229777 | Loop Class Shares      | LEIXX           |
| C000240871 | Class D Shares         | FRDXX           |
| C000260398 | Token Shares           | GDTXX           |

### Goldman Sachs Financial Square Federal Instruments Fund (Series ID: S000051190)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000161175 | Institutional Shares   | FIRXX           |
| C000161176 | Administration Shares  | FIOXX           |
| C000161177 | Service Shares         | FILXX           |
| C000161178 | Preferred Shares       | FIHXX           |
| C000161180 | Capital Shares         | FIKXX           |
| C000161786 | Cash Management Shares | FIWXX           |
| C000240872 | Class D Shares         | FIDXX           |

### Goldman Sachs Investor Money Market Fund (Series ID: S000051191)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000161182 | Class I Shares         | FMJXX           |
| C000166000 | Class A Shares         | FMEXX           |
| C000166001 | Class C Shares         | FMGXX           |
| C000166002 | Administration Shares  | FMKXX           |
| C000172501 | Cash Management Shares | FHMXX           |
| C000172503 | Service Shares         | FHSXX           |
| C000240873 | Class D Shares         | FMDXX           |

### Goldman Sachs Investor Tax-Exempt California Money Market Fund (Series ID: S000086404)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000251955 | Administration Shares | ICBXX           |
| C000251956 | Class A Shares        | INCXX           |
| C000251957 | Preferred Shares      | ICPXX           |
| C000251958 | Service Shares        | ICSXX           |
| C000251959 | Class I Shares        | ICIXX           |

### Goldman Sachs Investor Tax-Exempt New York Money Market Fund (Series ID: S000086405)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000251960 | Administration Shares | INDXX           |
| C000251961 | Class A Shares        | INBXX           |
| C000251962 | Preferred Shares      | INPXX           |
| C000251963 | Service Shares        | INSXX           |
| C000251964 | Class I Shares        | INYXX           |

### Stablecoin Reserves Fund (Series ID: S000096115)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000264902 | Institutional Shares | STBXX           |

?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: November 30

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

The Annual Report to Shareholders for the Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund, Goldman Sachs Investor Tax-Exempt New York Money Market Fund, and Stablecoin Reserves Fund is filed herewith.

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Class D: FIDXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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** |
| Class D | $20 | 0.20% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments Fund

Class D

## 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 Financial Square Federal Instruments Fund

38150C333-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Institutional Class: FIRXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $20 | 0.20% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments 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 Financial Square Federal Instruments Fund

38148U692-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Capital Class: FIKXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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** |
| Capital | $36 | 0.35% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments Fund

Capital 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 Financial Square Federal Instruments Fund

38148U676-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Service Class: FILXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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 | $71 | 0.70% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Federal Instruments Fund

38148U627-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Preferred Class: FIHXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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** |
| Preferred | $31 | 0.30% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments Fund

Preferred 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 Financial Square Federal Instruments Fund

38148U650-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Administration Class: FIOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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** |
| Administration | $46 | 0.45% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments Fund

Administration 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 Financial Square Federal Instruments Fund

38148U684-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Federal Instruments Fund

# Cash Management Class: FIWXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Federal Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 76.7% |
| U.S. Government Agency Securities | 29.5% |

---

## 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** |
| Cash Management | $102 | 1.00% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,261,081,305

* # of Portfolio Holdings as of Period End428

* Total Net Advisory Fees Paid for the Period$14,044,106

Goldman Sachs Financial Square Federal Instruments Fund

Cash Management 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 Financial Square Federal Instruments Fund

38148U668-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Class A: FSOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Class A | $43 | 0.42% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U452-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Class C: FSGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Class C | $119 | 1.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U445-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Class D: GSAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Class D | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Class D

## 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 Financial Square Government Fund

38150C366-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Institutional Class: FGTXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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 | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38141W273-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Capital Class: GCGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Capital | $33 | 0.32% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Capital 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 Financial Square Government Fund

38143H506-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Service Class: FOSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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 | $68 | 0.67% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Government Fund

38141W257-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Preferred Class: GPGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Preferred | $28 | 0.27% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Preferred 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 Financial Square Government Fund

38141W240-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Select Class: GSGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Select | $20 | 0.20% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Select 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 Financial Square Government Fund

38142Y716-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Administration Class: FOAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Administration | $43 | 0.42% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Administration 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 Financial Square Government Fund

38141W265-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Cash Management Class: GVCXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Cash Management | $99 | 0.97% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Cash Management 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 Financial Square Government Fund

38145C828-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Premier Class: GGPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Premier | $53 | 0.52% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Premier 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 Financial Square Government Fund

38145C836-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Resource Class: GVRXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Resource | $83 | 0.82% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Resource 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 Financial Square Government Fund

38145C810-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Resource Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Class R6: FGGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Class R6 | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government 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 Financial Square Government Fund

38148U619-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Drexel Hamilton Class: VETXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Drexel Hamilton | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Drexel Hamilton 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 Financial Square Government Fund

38150C762-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Loop Class: LDIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Loop | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Loop 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 Financial Square Government Fund

38150C481-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Loop Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Government Fund

# Seelaus Class: WMNXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Government Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 56.7% |
| U.S. Treasury Obligations | 28.3% |
| U.S. Government Agency Securities | 14.5% |

---

## 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** |
| Seelaus | $17 | 0.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$278,535,657,925

* # of Portfolio Holdings as of Period End611

* Total Net Advisory Fees Paid for the Period$410,545,710

Goldman Sachs Financial Square Government Fund

Seelaus 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 Financial Square Government Fund

38150C499-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Class D: FRDXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Class D | $19 | 0.19% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Class D

## 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 Financial Square Treasury Instruments Fund

38150C341-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Institutional Class: FTIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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 | $19 | 0.19% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments 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 Financial Square Treasury Instruments Fund

38142B500-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Capital Class: GCIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Capital | $35 | 0.34% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Capital 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 Financial Square Treasury Instruments Fund

38143H407-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Service Class: FYSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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 | $70 | 0.69% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Instruments Fund

38142B708-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Preferred Class: GPIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Preferred | $30 | 0.29% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Preferred 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 Financial Square Treasury Instruments Fund

38142B807-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Select Class: GSIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Select | $22 | 0.22% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Select 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 Financial Square Treasury Instruments Fund

38142Y724-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Administration Class: FRAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Administration | $45 | 0.44% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Administration 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 Financial Square Treasury Instruments Fund

38142B609-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Cash Management Class: GICXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Cash Management | $101 | 0.99% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Cash Management 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 Financial Square Treasury Instruments Fund

38145C729-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Premier Class: GIPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Premier | $55 | 0.54% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Premier 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 Financial Square Treasury Instruments Fund

38145C737-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Loop Class: LEIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Loop | $19 | 0.19% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Loop 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 Financial Square Treasury Instruments Fund

38150C465-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Loop Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Seelaus Class: WOMXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Seelaus | $19 | 0.19% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Seelaus 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 Financial Square Treasury Instruments Fund

38150C473-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Instruments Fund

# Token Class: GDTXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Instruments Fund (the "Fund") for the period of June 20, 2025 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 102.7% |

---

## 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** |
| Token | $9<sup>Footnote Reference(a)</sup> | 0.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Based on the period June 20, 2025 (commencement of operations) through November 30, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$100,423,418,032

* # of Portfolio Holdings as of Period End346

* Total Net Advisory Fees Paid for the Period$171,929,254

Goldman Sachs Financial Square Treasury Instruments Fund

Token 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 Financial Square Treasury Instruments Fund

38151N106-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Token Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Institutional Class: FTOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $20 | 0.20% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations 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 Financial Square Treasury Obligations Fund

38141W323-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Capital Class: GCTXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Capital | $36 | 0.35% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Capital 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 Financial Square Treasury Obligations Fund

38143H308-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Service Class: FYAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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 | $71 | 0.70% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Obligations Fund

38141W299-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Preferred Class: GPOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Preferred | $31 | 0.30% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Preferred 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 Financial Square Treasury Obligations Fund

38141W281-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Select Class: GSOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Select | $23 | 0.23% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Select 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 Financial Square Treasury Obligations Fund

38142Y732-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Administration Class: FGAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Administration | $46 | 0.45% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Administration 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 Financial Square Treasury Obligations Fund

38141W315-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Cash Management Class: GTOXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Cash Management | $102 | 1.00% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Cash Management 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 Financial Square Treasury Obligations Fund

38145C786-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Premier Class: GTPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Premier | $56 | 0.55% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Premier 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 Financial Square Treasury Obligations Fund

38145C794-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Obligations Fund

# Resource Class: GTRXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Obligations Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.9% |
| Repurchase Agreements | 60.4% |

---

## 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** |
| Resource | $87 | 0.85% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$51,028,888,963

* # of Portfolio Holdings as of Period End340

* Total Net Advisory Fees Paid for the Period$83,230,185

Goldman Sachs Financial Square Treasury Obligations Fund

Resource 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 Financial Square Treasury Obligations Fund

38145C778-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Resource Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Institutional Class: FEDXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $20 | 0.20% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions 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 Financial Square Treasury Solutions Fund

38142B880-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Capital Class: GCFXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Capital | $36 | 0.35% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Capital 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 Financial Square Treasury Solutions Fund

38143H605-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Capital Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Service Class: FVSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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 | $71 | 0.70% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Financial Square Treasury Solutions Fund

38142B864-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Preferred Class: GPFXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Preferred | $31 | 0.30% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Preferred 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 Financial Square Treasury Solutions Fund

38142B856-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Select Class: GSFXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Select | $23 | 0.23% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Select 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 Financial Square Treasury Solutions Fund

38142Y690-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Select Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Administration Class: FVAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Administration | $46 | 0.45% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Administration 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 Financial Square Treasury Solutions Fund

38142B872-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Cash Management Class: GFCXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Cash Management | $102 | 1.00% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Cash Management 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 Financial Square Treasury Solutions Fund

38145C752-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Financial Square Treasury Solutions Fund

# Premier Class: GFPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Financial Square Treasury Solutions Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 104.2% |

---

## 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** |
| Premier | $56 | 0.55% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$17,460,509,816

* # of Portfolio Holdings as of Period End335

* Total Net Advisory Fees Paid for the Period$28,894,650

Goldman Sachs Financial Square Treasury Solutions Fund

Premier 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 Financial Square Treasury Solutions Fund

38145C760-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Premier Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Stablecoin Reserves Fund

# Institutional Class: STBXX

## Fund Overview
This annual shareholder report contains important information about Stablecoin Reserves Fund (the "Fund") for the period of October 29, 2025 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.8% |
| Repurchase Agreements | 48.8% |

---

## 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 | $2<sup>Footnote Reference(a)</sup> | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;Based on the period October 29, 2025 (commencement of operations) through November 30, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$45,066,594

* # of Portfolio Holdings as of Period End7

* Total Net Advisory Fees Paid for the Period$3,181

Stablecoin Reserves 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

Stablecoin Reserves Fund

38151N205-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Class A: FMEXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Class A | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market 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 Investor Money Market Fund

38148U593-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Class C: FMGXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Class C | $120 | 1.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market 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 Investor Money Market Fund

38148U585-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Class D: FMDXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Class D | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market Fund

Class D

## 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 Investor Money Market Fund

38150C358-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class D

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Class I: FMJXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Class I | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market Fund

Class I

## 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 Investor Money Market Fund

38148U577-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Service Class: FHSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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 | $69 | 0.68% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Money Market Fund

38148U296-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Administration Class: FMKXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Administration | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market Fund

Administration 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 Investor Money Market Fund

38148U569-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Money Market Fund

# Cash Management Class: FHMXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Repurchase Agreements | 34.1% |
| Commercial Paper and Corporate Obligations | 13.9% |
| U.S. Treasury Obligations | 11.6% |
| Certificate of Deposit | 10.3% |
| Variable Rate Obligations | 8.9% |
| U.S. Government Agency Obligations | 8.3% |
| Variable Rate Municipal Debt Obligations | 6.0% |
| Time Deposits | 3.7% |
| Medium Term Notes | 2.3% |

---

## 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** |
| Cash Management | $100 | 0.98% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$12,166,220,364

* # of Portfolio Holdings as of Period End577

* Total Net Advisory Fees Paid for the Period$18,216,611

Goldman Sachs Investor Money Market Fund

Cash Management 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 Investor Money Market Fund

38148U320-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Class A: INCXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 48.8% |
| Other Municipal Security | 14.6% |
| Non-Financial Company Commercial Paper | 20.7% |
| Tender Option Bond | 8.4% |
| U.S. Treasury Obligations | 7.1% |

---

## 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** |
| Class A | $43 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,434,204

* # of Portfolio Holdings as of Period End43

* Total Net Advisory Fees Paid for the Period$13,894

Goldman Sachs Investor Tax-Exempt California Money Market 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 Investor Tax-Exempt California Money Market Fund

38150C325-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Class I: ICIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 48.8% |
| Other Municipal Security | 14.6% |
| Non-Financial Company Commercial Paper | 20.7% |
| Tender Option Bond | 8.4% |
| U.S. Treasury Obligations | 7.1% |

---

## 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** |
| Class I | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,434,204

* # of Portfolio Holdings as of Period End43

* Total Net Advisory Fees Paid for the Period$13,894

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Class I

## 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 Investor Tax-Exempt California Money Market Fund

38150C317-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Service Class: ICSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 48.8% |
| Other Municipal Security | 14.6% |
| Non-Financial Company Commercial Paper | 20.7% |
| Tender Option Bond | 8.4% |
| U.S. Treasury Obligations | 7.1% |

---

## 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 | $70 | 0.69% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,434,204

* # of Portfolio Holdings as of Period End43

* Total Net Advisory Fees Paid for the Period$13,894

Goldman Sachs Investor Tax-Exempt California Money Market 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt California Money Market Fund

38150C283-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Preferred Class: ICPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 48.8% |
| Other Municipal Security | 14.6% |
| Non-Financial Company Commercial Paper | 20.7% |
| Tender Option Bond | 8.4% |
| U.S. Treasury Obligations | 7.1% |

---

## 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** |
| Preferred | $28 | 0.28% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,434,204

* # of Portfolio Holdings as of Period End43

* Total Net Advisory Fees Paid for the Period$13,894

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Preferred 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 Investor Tax-Exempt California Money Market Fund

38150C275-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt California Money Market Fund

# Administration Class: ICBXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt California Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 48.8% |
| Other Municipal Security | 14.6% |
| Non-Financial Company Commercial Paper | 20.7% |
| Tender Option Bond | 8.4% |
| U.S. Treasury Obligations | 7.1% |

---

## 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** |
| Administration | $43 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$8,434,204

* # of Portfolio Holdings as of Period End43

* Total Net Advisory Fees Paid for the Period$13,894

Goldman Sachs Investor Tax-Exempt California Money Market Fund

Administration 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 Investor Tax-Exempt California Money Market Fund

38150C291-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class A: FKIXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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** |
| Class A | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market 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 Investor Tax-Exempt Money Market Fund

38148U353-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class C: FCYXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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** |
| Class C | $118 | 1.17% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market 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 Investor Tax-Exempt Money Market Fund

38148U346-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Class I: FTXXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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** |
| Class I | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market Fund

Class I

## 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 Investor Tax-Exempt Money Market Fund

38141W182-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Service Class: FESXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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 | $69 | 0.68% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt Money Market Fund

38141W166-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Preferred Class: GPTXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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** |
| Preferred | $28 | 0.28% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market Fund

Preferred 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 Investor Tax-Exempt Money Market Fund

38141W158-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt Money Market Fund

# Administration Class: FEAXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 51.9% |
| Non-Financial Company Commercial Paper | 26.6% |
| Other Municipal Security | 11.3% |
| Tender Option Bond | 8.3% |
| U.S. Treasury Obligations | 1.2% |

---

## 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** |
| Administration | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,524,145,397

* # of Portfolio Holdings as of Period End248

* Total Net Advisory Fees Paid for the Period$4,703,661

Goldman Sachs Investor Tax-Exempt Money Market Fund

Administration 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 Investor Tax-Exempt Money Market Fund

38141W174-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Class A: INBXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 68.6% |
| Other Municipal Security | 14.0% |
| Tender Option Bond | 7.3% |
| Non-Financial Company Commercial Paper | 6.8% |
| U.S. Treasury Obligations | 2.9% |

---

## 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** |
| Class A | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$38,439,422

* # of Portfolio Holdings as of Period End89

* Total Net Advisory Fees Paid for the Period$38,225

Goldman Sachs Investor Tax-Exempt New York Money Market 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 Investor Tax-Exempt New York Money Market Fund

38150C267-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Class I: INYXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 68.6% |
| Other Municipal Security | 14.0% |
| Tender Option Bond | 7.3% |
| Non-Financial Company Commercial Paper | 6.8% |
| U.S. Treasury Obligations | 2.9% |

---

## 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** |
| Class I | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$38,439,422

* # of Portfolio Holdings as of Period End89

* Total Net Advisory Fees Paid for the Period$38,225

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Class I

## 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 Investor Tax-Exempt New York Money Market Fund

38150C259-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Class I

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Service Class: INSXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 68.6% |
| Other Municipal Security | 14.0% |
| Tender Option Bond | 7.3% |
| Non-Financial Company Commercial Paper | 6.8% |
| U.S. Treasury Obligations | 2.9% |

---

## 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 | $70 | 0.69% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$38,439,422

* # of Portfolio Holdings as of Period End89

* Total Net Advisory Fees Paid for the Period$38,225

Goldman Sachs Investor Tax-Exempt New York Money Market 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

38150C234-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Preferred Class: INPXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 68.6% |
| Other Municipal Security | 14.0% |
| Tender Option Bond | 7.3% |
| Non-Financial Company Commercial Paper | 6.8% |
| U.S. Treasury Obligations | 2.9% |

---

## 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** |
| Preferred | $28 | 0.28% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$38,439,422

* # of Portfolio Holdings as of Period End89

* Total Net Advisory Fees Paid for the Period$38,225

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Preferred 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 Investor Tax-Exempt New York Money Market Fund

38150C226-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Preferred Class

![Image](g20621i09ffe1365d4287b8e31b.jpg)

Annual Shareholder Report

November 30, 2025

# Goldman Sachs Investor Tax-Exempt New York Money Market Fund

# Administration Class: INDXX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investor Tax-Exempt New York Money Market Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | |
|:---|:---|
| Variable Rate Demand Note | 68.6% |
| Other Municipal Security | 14.0% |
| Tender Option Bond | 7.3% |
| Non-Financial Company Commercial Paper | 6.8% |
| U.S. Treasury Obligations | 2.9% |

---

## 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** |
| Administration | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$38,439,422

* # of Portfolio Holdings as of Period End89

* Total Net Advisory Fees Paid for the Period$38,225

Goldman Sachs Investor Tax-Exempt New York Money Market Fund

Administration 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 Investor Tax-Exempt New York Money Market Fund

38150C242-AR-1125&nbsp;&nbsp;&nbsp;&nbsp; Administration Class

------

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $4685066 | $4331760 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $462000 | $466200 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

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

---

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

---

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

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

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

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

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

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended November 30, 2025 and November 30, 2024 were approximately $462,000 and $466,200, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2025. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

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

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

------

![LOGO](g20621dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements November 30, 2025 Financial Square FundsSM Goldman Sachs Financial Square Federal Instruments Fund Goldman Sachs Financial Square Government Fund Goldman Sachs Financial Square Treasury Instruments Fund Goldman Sachs Financial Square Treasury Obligations Fund Goldman Sachs Financial Square Treasury Solutions Fund

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Funds

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#fs20621_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Federal Instruments Fund](#fs20621_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Government Fund](#fs20621_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Instruments Fund](#fs20621_4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Obligations Fund](#fs20621_5) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Solutions Fund](#fs20621_6) | 39 |
|  **[Financial Statements](#fs20621_7)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fs20621_8) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fs20621_9) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fs20621_10) | 49 |
|  **[Financial Highlights](#fs20621_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Federal Instruments Fund](#fs20621_12) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Government Fund](#fs20621_13) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Instruments Fund](#fs20621_14) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Obligations Fund](#fs20621_15) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Financial Square Treasury Solutions Fund](#fs20621_16) | 96 |
|  **[Notes to Financial Statements](#fs20621_17)** | 104 |
|  **[Report of Independent Registered Public Accounting Firm](#fs20621_18)** | 119 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#fs20621_19)** | 120 |
|  **[Other Information](#fs20621_20)** | 127 |

---

------

GOLDMAN SACHS FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities - 29.5% | U.S. Government Agency Securities - 29.5% | U.S. Government Agency Securities - 29.5% | U.S. Government Agency Securities - 29.5% |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567000 | 3.901% | 01/21/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526050 |
| 7567000 | 3.902 | 01/23/26 | 7524444 |
| 6054000 | 3.903 | 01/26/26 | 6018026 |
| 3784000 | 3.904 | 01/28/26 | 3760712 |
| 4995000 | 3.918 | 01/29/26 | 4963728 |
| Federal Farm Credit Bank ((SOFR + 0.050%)) | Federal Farm Credit Bank ((SOFR + 0.050%)) | Federal Farm Credit Bank ((SOFR + 0.050%)) | Federal Farm Credit Bank ((SOFR + 0.050%)) |
| 25000000 | 4.100 <sup>(a)</sup> | 05/14/26 | 25000000 |
| Federal Farm Credit Bank ((SOFR + 0.105%)) | Federal Farm Credit Bank ((SOFR + 0.105%)) | Federal Farm Credit Bank ((SOFR + 0.105%)) | Federal Farm Credit Bank ((SOFR + 0.105%)) |
| 2399000 | 4.155 <sup>(a)</sup> | 04/21/27 | 2399000 |
| 7974000 | 4.155 <sup>(a)</sup> | 05/14/27 | 7974000 |
| Federal Farm Credit Bank ((SOFR + 0.110%)) | Federal Farm Credit Bank ((SOFR + 0.110%)) | Federal Farm Credit Bank ((SOFR + 0.110%)) | Federal Farm Credit Bank ((SOFR + 0.110%)) |
| 12160000 | 4.160 <sup>(a)</sup> | 07/21/27 | 12160000 |
| Federal Farm Credit Bank ((SOFR + 0.115%)) | Federal Farm Credit Bank ((SOFR + 0.115%)) | Federal Farm Credit Bank ((SOFR + 0.115%)) | Federal Farm Credit Bank ((SOFR + 0.115%)) |
| 6567000 | 4.165 <sup>(a)</sup> | 05/06/27 | 6567000 |
| Federal Farm Credit Bank ((SOFR + 0.125%)) | Federal Farm Credit Bank ((SOFR + 0.125%)) | Federal Farm Credit Bank ((SOFR + 0.125%)) | Federal Farm Credit Bank ((SOFR + 0.125%)) |
| 5015000 | 4.175 <sup>(a)</sup> | 04/29/27 | 5015000 |
| Federal Farm Credit Bank ((SOFR + 0.130%)) | Federal Farm Credit Bank ((SOFR + 0.130%)) | Federal Farm Credit Bank ((SOFR + 0.130%)) | Federal Farm Credit Bank ((SOFR + 0.130%)) |
| 4615000 | 4.180 <sup>(a)</sup> | 04/23/27 | 4615000 |
| Federal Farm Credit Bank ((SOFR + 0.155%)) | Federal Farm Credit Bank ((SOFR + 0.155%)) | Federal Farm Credit Bank ((SOFR + 0.155%)) | Federal Farm Credit Bank ((SOFR + 0.155%)) |
| 15000000 | 4.164 <sup>(a)</sup> | 12/01/25 | 15000000 |
| Federal Farm Credit Bank (3M USD T-Bill + 0.190%) | Federal Farm Credit Bank (3M USD T-Bill + 0.190%) | Federal Farm Credit Bank (3M USD T-Bill + 0.190%) | Federal Farm Credit Bank (3M USD T-Bill + 0.190%) |
| 2078000 | 4.240 <sup>(a)</sup> | 11/24/27 | 2078000 |
| Federal Farm Credit Bank (3M USD T-Bill + 0.200%) | Federal Farm Credit Bank (3M USD T-Bill + 0.200%) | Federal Farm Credit Bank (3M USD T-Bill + 0.200%) | Federal Farm Credit Bank (3M USD T-Bill + 0.200%) |
| 5351000 | 3.980 <sup>(a)</sup> | 11/05/27 | 5351000 |
| Federal Farm Credit Bank (SOFR + 0.005%) | Federal Farm Credit Bank (SOFR + 0.005%) | Federal Farm Credit Bank (SOFR + 0.005%) | Federal Farm Credit Bank (SOFR + 0.005%) |
| 1103000 | 4.055 <sup>(a)</sup> | 05/20/26 | 1103000 |
| Federal Farm Credit Bank (SOFR + 0.035%) | Federal Farm Credit Bank (SOFR + 0.035%) | Federal Farm Credit Bank (SOFR + 0.035%) | Federal Farm Credit Bank (SOFR + 0.035%) |
| 2206000 | 4.085 <sup>(a)</sup> | 11/19/26 | 2206000 |
| Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) |
| 4633000 | 4.120 <sup>(a)</sup> | 12/07/26 | 4633000 |
| Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) |
| 3706000 | 4.125 <sup>(a)</sup> | 11/16/26 | 3706000 |
| 2206000 | 4.125 <sup>(a)</sup> | 04/19/27 | 2206000 |
| Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) |
| 5000000 | 4.130 <sup>(a)</sup> | 03/11/27 | 5000000 |
| Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) |
| 2197000 | 4.135 <sup>(a)</sup> | 08/07/26 | 2197000 |
| 12841000 | 4.135 <sup>(a)</sup> | 02/26/27 | 12841000 |
| Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) |
| 2118000 | 4.140 <sup>(a)</sup> | 02/24/27 | 2118000 |
| Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) |
| 8603000 | 4.145 <sup>(a)</sup> | 02/12/27 | 8603000 |
| Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) |
| 2429000 | 4.150 <sup>(a)</sup> | 02/09/27 | 2429000 |
| Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) |
| 4168000 | 4.155 <sup>(a)</sup> | 02/01/27 | 4168000 |
| 12500000 | 4.155 <sup>(a)</sup> | 03/05/27 | 12500000 |
| Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) |
| 22070000 | 4.165 <sup>(a)</sup> | 01/28/27 | 22070000 |
| 11244000 | 4.165 <sup>(a)</sup> | 02/10/27 | 11244000 |
| Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) |
| 4003000 | 4.185 <sup>(a)</sup> | 12/18/26 | 4002949 |
| 2879000 | 4.185 <sup>(a)</sup> | 01/08/27 | 2879000 |
| Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) |
| 3877000 | 4.185 <sup>(a)</sup> | 09/03/26 | 3879103 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |  |
| 585000000 | 3.957 | 12/02/25 | 584936625 |
| 4324000 | 4.039 | 12/08/25 | 4320683 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162000 | 4.040% | 12/08/25 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160342 |
|  | 7655000 | 4.192 | 12/17/25 |  | 7641119 |
|  | 112695000 | 3.993 | 12/18/25 |  | 112487187 |
|  | 3031000 | 4.204 | 12/19/25 |  | 3024802 |
|  | 101000000 | 3.999 | 12/22/25 |  | 100769341 |
|  | 2706000 | 4.144 | 12/30/25 |  | 2697215 |
|  | 8118000 | 4.145 | 12/31/25 |  | 8090737 |
|  | 10824000 | 4.129 | 01/02/26 |  | 10785274 |
|  | 1353000 | 4.154 | 01/02/26 |  | 1348159 |
|  | 2706000 | 4.179 | 01/02/26 |  | 2696319 |
|  | 13530000 | 4.150 | 01/05/26 |  | 13476950 |
|  | 2706000 | 4.155 | 01/05/26 |  | 2695390 |
|  | 16236000 | 4.156 | 01/05/26 |  | 16172341 |
|  | 8361000 | 3.958 | 01/06/26 |  | 8328007 |
|  | 4874000 | 4.252 | 01/06/26 |  | 4854767 |
|  | 563000 | 4.141 | 01/08/26 |  | 560611 |
|  | 19482000 | 4.134 | 01/15/26 |  | 19384346 |
|  | 3015000 | 4.244 | 01/20/26 |  | 2997886 |
|  | 7100000 | 4.251 | 01/20/26 |  | 7059698 |
|  | 3015000 | 4.250 | 01/21/26 |  | 2997552 |
|  | 102994000 | 4.078 | 01/22/26 |  | 102402862 |
|  | 32481000 | 4.091 | 01/22/26 |  | 32294574 |
|  | 12994000 | 4.123 | 01/22/26 |  | 12919420 |
|  | 12994000 | 4.124 | 01/22/26 |  | 12919420 |
|  | 6497000 | 4.126 | 01/22/26 |  | 6459710 |
|  | 3226000 | 4.241 | 01/22/26 |  | 3207484 |
|  | 3015000 | 4.246 | 01/22/26 |  | 2997695 |
|  | 150000000 | 4.060 | 01/29/26 |  | 149030325 |
|  | 11446000 | 4.116 | 01/29/26 |  | 11372007 |
|  | 2861000 | 4.122 | 01/29/26 |  | 2842505 |
|  | 1431000 | 3.896 | 02/03/26 |  | 1421063 |
|  | 3291000 | 4.074 | 02/03/26 |  | 3268147 |
|  | 1357000 | 3.907 | 02/05/26 |  | 1347509 |
|  | 7710000 | 4.037 | 02/27/26 |  | 7636404 |
|  | 9639000 | 4.038 | 03/02/26 |  | 9543854 |
|  | 2766000 | 3.763 | 06/11/26 |  | 2712450 |
|  Federal Home Loan Bank ((SOFR - 0.005%)) | Federal Home Loan Bank ((SOFR - 0.005%)) | Federal Home Loan Bank ((SOFR - 0.005%)) | Federal Home Loan Bank ((SOFR - 0.005%)) | Federal Home Loan Bank ((SOFR - 0.005%)) | Federal Home Loan Bank ((SOFR - 0.005%)) |
|  | 250000000 | 4.045 <sup>(a)</sup> | 03/10/26 |  | 250000000 |
|  | 200000000 | 4.045 <sup>(a)</sup> | 03/20/26 |  | 200000000 |
|  Federal Home Loan Bank ((SOFR + 0.000%)) | Federal Home Loan Bank ((SOFR + 0.000%)) | Federal Home Loan Bank ((SOFR + 0.000%)) | Federal Home Loan Bank ((SOFR + 0.000%)) | Federal Home Loan Bank ((SOFR + 0.000%)) | Federal Home Loan Bank ((SOFR + 0.000%)) |
|  | 50000000 | 4.050 <sup>(a)</sup> | 04/17/26 |  | 50000000 |
|  Federal Home Loan Bank ((SOFR + 0.030%)) | Federal Home Loan Bank ((SOFR + 0.030%)) | Federal Home Loan Bank ((SOFR + 0.030%)) | Federal Home Loan Bank ((SOFR + 0.030%)) | Federal Home Loan Bank ((SOFR + 0.030%)) | Federal Home Loan Bank ((SOFR + 0.030%)) |
|  | 13000000 | 4.080 <sup>(a)</sup> | 02/19/26 |  | 13000000 |
|  Federal Home Loan Bank ((SOFR + 0.050%)) | Federal Home Loan Bank ((SOFR + 0.050%)) | Federal Home Loan Bank ((SOFR + 0.050%)) | Federal Home Loan Bank ((SOFR + 0.050%)) | Federal Home Loan Bank ((SOFR + 0.050%)) | Federal Home Loan Bank ((SOFR + 0.050%)) |
|  | 75000000 | 4.100 <sup>(a)</sup> | 05/14/26 |  | 75000000 |
|  Federal Home Loan Bank ((SOFR + 0.095%)) | Federal Home Loan Bank ((SOFR + 0.095%)) | Federal Home Loan Bank ((SOFR + 0.095%)) | Federal Home Loan Bank ((SOFR + 0.095%)) | Federal Home Loan Bank ((SOFR + 0.095%)) | Federal Home Loan Bank ((SOFR + 0.095%)) |
|  | 5515000 | 4.145 <sup>(a)</sup> | 04/14/27 |  | 5515000 |
|  | 6348000 | 4.146 <sup>(a)</sup> | 06/17/27 |  | 6346932 |
|  Federal Home Loan Bank ((SOFR + 0.100%)) | Federal Home Loan Bank ((SOFR + 0.100%)) | Federal Home Loan Bank ((SOFR + 0.100%)) | Federal Home Loan Bank ((SOFR + 0.100%)) | Federal Home Loan Bank ((SOFR + 0.100%)) | Federal Home Loan Bank ((SOFR + 0.100%)) |
|  | 4055000 | 4.150 <sup>(a)</sup> | 05/27/27 |  | 4055000 |
|  | 11335000 | 4.150 <sup>(a)</sup> | 06/10/27 |  | 11335000 |
|  Federal Home Loan Bank ((SOFR + 0.110%)) | Federal Home Loan Bank ((SOFR + 0.110%)) | Federal Home Loan Bank ((SOFR + 0.110%)) | Federal Home Loan Bank ((SOFR + 0.110%)) | Federal Home Loan Bank ((SOFR + 0.110%)) | Federal Home Loan Bank ((SOFR + 0.110%)) |
|  | 1380000 | 4.160 <sup>(a)</sup> | 07/15/27 |  | 1380000 |
|  | 8010000 | 4.160 <sup>(a)</sup> | 07/19/27 |  | 8009973 |
|  | 3040000 | 4.160 <sup>(a)</sup> | 07/21/27 |  | 3040000 |
|  Federal Home Loan Bank ((SOFR + 0.130%)) | Federal Home Loan Bank ((SOFR + 0.130%)) | Federal Home Loan Bank ((SOFR + 0.130%)) | Federal Home Loan Bank ((SOFR + 0.130%)) | Federal Home Loan Bank ((SOFR + 0.130%)) | Federal Home Loan Bank ((SOFR + 0.130%)) |
|  | 6785000 | 4.180 <sup>(a)</sup> | 04/16/27 |  | 6785000 |
|  | 4350000 | 4.180 <sup>(a)</sup> | 04/23/27 |  | 4350000 |

---

&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) |
| Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;15000000 | 4.050 %<sup>(a)</sup> | 02/13/26 | $| 15000000 |
| Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) |  |  |
| 27575000 | 4.055 <sup>(a)</sup> | 05/20/26 |  | 27575000 |
| 27575000 | 4.055 <sup>(a)</sup> | 05/21/26 |  | 27575000 |
| Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) |  |  |
| 6925000 | 4.060 <sup>(a)</sup> | 08/21/26 |  | 6925000 |
| Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) |  |  |
| 6500000 | 4.095 <sup>(a)</sup> | 05/18/26 |  | 6500000 |
| Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) |  |  |
| 8000000 | 4.135 <sup>(a)</sup> | 02/26/27 |  | 8000000 |
| Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) |  |  |
| 6500000 | 4.140 <sup>(a)</sup> | 02/12/27 |  | 6500000 |
| 13000000 | 4.140 <sup>(a)</sup> | 02/19/27 |  | 13000000 |
| Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) |  |  |
| 8275000 | 4.145 <sup>(a)</sup> | 04/09/27 |  | 8275000 |
| Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) |  |  |
| 8140000 | 4.150 <sup>(a)</sup> | 10/21/26 |  | 8140000 |
| Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) |  |  |
| 1290000 | 4.160 <sup>(a)</sup> | 02/12/27 |  | 1290000 |
| Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) |  |  |
| 3265000 | 4.165 <sup>(a)</sup> | 01/25/27 |  | 3265000 |
| Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) |  |  |
| 18775000 | 4.185 <sup>(a)</sup> | 01/06/27 |  | 18775000 |
| Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) |  |  |
| 6030000 | 4.185 <sup>(a)</sup> | 10/29/26 |  | 6033671 |
| Federal Home Loan Bank System | Federal Home Loan Bank System | Federal Home Loan Bank System |  |  |
| 114699000 | 3.995 | 12/16/25 |  | 114512136 |
| 1609000 | 4.146 | 12/26/25 |  | 1604473 |
| 6534000 | 4.161 | 12/26/25 |  | 6515616 |
| 7545000 | 4.224 | 12/26/25 |  | 7523772 |
| 4654000 | 4.234 | 12/26/25 |  | 4640906 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436065271 |
| U.S. Treasury Obligations - 76.7% | U.S. Treasury Obligations - 76.7% | U.S. Treasury Obligations - 76.7% | U.S. Treasury Obligations - 76.7% | U.S. Treasury Obligations - 76.7% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |  |  |
| 96232400 | 3.925 | 12/09/25 |  | 96149659 |
| 41253500 | 3.930 | 12/09/25 |  | 41218030 |
| 369262700 | 3.935 | 12/09/25 |  | 368945206 |
| 48655500 | 3.940 | 12/09/25 |  | 48613666 |
| 40307900 | 3.945 | 12/09/25 |  | 40273243 |
| 538812800 | 3.966 | 12/16/25 |  | 537937230 |
| 325388400 | 3.952 | 12/18/25 |  | 324791534 |
| 5940500 | 3.964 | 12/18/25 |  | 5929603 |
| 29702500 | 3.993 | 12/18/25 |  | 29648016 |
| 25544200 | 3.951 | 12/23/25 |  | 25483489 |
| 600000000 | 3.956 | 12/23/25 |  | 598573973 |
| 37455700 | 3.958 | 12/23/25 |  | 37366679 |
| 8254600 | 3.960 | 12/23/25 |  | 8234981 |
| 77400 | 3.963 | 12/23/25 |  | 77216 |
| 62000 | 3.968 | 12/23/25 |  | 61853 |
| 320500 | 3.935 | 12/26/25 |  | 319591 |
| 2986600 | 3.952 | 12/26/25 |  | 2978127 |
| 154800 | 3.972 | 12/26/25 |  | 154361 |
| 9710800 | 4.237 | 12/26/25 |  | 9683250 |
| 11606600 | 4.240 | 12/26/25 |  | 11573672 |
| 2583400 | 4.242 | 12/26/25 |  | 2576071 |
| 2342500 | 4.250 | 12/26/25 |  | 2335854 |
| 3346500 | 4.254 | 12/26/25 |  | 3337006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529600 | 4.256% | 12/26/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508238 |
| 36950100 | 4.267 | 12/26/25 | 36845272 |
| 72177300 | 4.304 | 12/26/25 | 71972532 |
| 29209300 | 3.963 | 12/30/25 | 29120019 |
| 4164300 | 3.968 | 12/30/25 | 4151571 |
| 525000000 | 3.971 <sup>(b)</sup> | 12/30/25 | 523395295 |
| 90632900 | 3.978 | 12/30/25 | 90355873 |
| 2207700 | 3.904 | 01/02/26 | 2200138 |
| 12142500 | 3.911 | 01/02/26 | 12100909 |
| 35798300 | 3.921 | 01/02/26 | 35675684 |
| 409300300 | 3.922 | 01/02/26 | 407898364 |
| 34004000 | 3.926 | 01/02/26 | 33887529 |
| 44516000 | 3.927 | 01/02/26 | 44363524 |
| 25072300 | 3.931 | 01/02/26 | 24986422 |
| 7822900 | 3.932 | 01/02/26 | 7796105 |
| 1186500 | 3.937 | 01/02/26 | 1182436 |
| 15667300 | 3.947 | 01/02/26 | 15613636 |
| 40286600 | 3.953 | 01/02/26 | 40148610 |
| 4142300 | 4.256 | 01/02/26 | 4128112 |
| 13246300 | 3.905 | 01/08/26 | 13192526 |
| 79058000 | 3.910 | 01/08/26 | 78737062 |
| 13246300 | 3.916 | 01/08/26 | 13192526 |
| 150000000 | 3.921 | 01/08/26 | 149391071 |
| 572400 | 3.901 | 01/20/26 | 569351 |
| 101700 | 3.906 | 01/20/26 | 101158 |
| 26899100 | 3.912 | 01/20/26 | 26755804 |
| 2331700 | 3.922 | 01/20/26 | 2319279 |
| 4448800 | 3.933 | 01/27/26 | 4421822 |
| 1472700 | 3.854 | 02/05/26 | 1462465 |
| 599100 | 3.859 | 02/05/26 | 594936 |
| 449300 | 3.880 | 02/05/26 | 446177 |
| 11912400 | 3.885 | 02/05/26 | 11829612 |
| 7640800 | 3.833 | 02/26/26 | 7571647 |
| 41563500 | 3.803 | 03/03/26 | 41166561 |
| 36694700 | 3.865 | 03/03/26 | 36344259 |
| 9247500 | 3.870 | 03/03/26 | 9159185 |
| 4035600 | 3.827 | 03/05/26 | 3994878 |
| 948000 | 3.975 | 03/05/26 | 938434 |
| 10034000 | 3.981 | 03/05/26 | 9932751 |
| 11547900 | 3.984 | 03/05/26 | 11431375 |
| 9815700 | 3.992 | 03/05/26 | 9716654 |
| 29229500 | 4.007 | 03/05/26 | 28934557 |
| 41404700 | 4.013 | 03/05/26 | 40986902 |
| 2225400 | 3.823 | 03/10/26 | 2202553 |
| 11476200 | 3.829 | 03/10/26 | 11358381 |
| 1145300 | 3.834 | 03/10/26 | 1133542 |
| 7835200 | 3.839 | 03/10/26 | 7754761 |
| 110667000 | 3.850 | 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109444518 |
| 9877600 | 3.871 | 03/17/26 | 9768487 |
| 9367100 | 3.824 | 03/24/26 | 9257110 |
| 9666800 | 3.829 | 03/24/26 | 9553291 |
| 923000 | 3.833 | 03/24/26 | 912162 |
| 5156300 | 3.834 | 03/24/26 | 5095754 |
| 1934900 | 3.838 | 03/24/26 | 1912180 |
| 10186800 | 3.839 | 03/24/26 | 10067185 |
| 32818300 | 3.850 | 03/24/26 | 32432942 |
| 11605700 | 3.833 | 03/26/26 | 11468028 |
| 4774000 | 3.839 | 03/26/26 | 4717369 |
| 1530300 | 3.859 | 03/26/26 | 1512147 |

---

&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713700 | 3.808 %<sup>(b)</sup> | 03/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704898 |
| 2141100 | 3.834 <sup>(b)</sup> | 03/31/26 | 2114694 |
| 713700 | 3.839 <sup>(b)</sup> | 03/31/26 | 704898 |
| 2908400 | 3.812 | 04/02/26 | 2871996 |
| 733500 | 3.813 | 04/02/26 | 724319 |
| 1977000 | 3.817 | 04/02/26 | 1952254 |
| 3378700 | 3.752 | 04/09/26 | 3333937 |
| 2882600 | 3.816 | 04/09/26 | 2844410 |
| 4323900 | 3.823 | 04/09/26 | 4266614 |
| 1004200 | 3.828 | 04/09/26 | 990896 |
| 8984300 | 3.833 | 04/09/26 | 8865271 |
| 3603300 | 3.838 | 04/09/26 | 3555561 |
| 482700 | 3.755 | 04/16/26 | 475991 |
| 9532800 | 3.766 | 04/16/26 | 9400300 |
| 15084100 | 3.788 | 04/16/26 | 14874441 |
| 6046100 | 3.789 | 04/16/26 | 5962063 |
| 85453100 | 3.807 | 04/16/26 | 84265359 |
| 622200 | 3.753 | 04/23/26 | 613155 |
| 2896100 | 3.780 | 04/23/26 | 2853998 |
| 58797400 | 3.781 | 04/23/26 | 57942642 |
| 5710700 | 3.744 | 04/30/26 | 5624126 |
| 2953800 | 3.749 | 04/30/26 | 2909021 |
| 62875400 | 3.760 | 04/30/26 | 61922212 |
| 1327900 | 3.777 | 05/07/26 | 1306719 |
| 25664500 | 3.812 | 05/14/26 | 25232965 |
| 2803200 | 3.821 | 05/14/26 | 2756066 |
| 2791000 | 3.812 | 05/21/26 | 2741836 |
| 33073000 | 3.833 | 05/21/26 | 32490416 |
| 681000 | 3.753 <sup>(b)</sup> | 05/28/26 | 668647 |
| 2837300 | 3.775 | 05/28/26 | 2785831 |
| 4005500 | 3.780 | 05/28/26 | 3932840 |
| 78728900 | 3.791 | 05/28/26 | 77300757 |
| 35284400 | 3.963 | 08/06/26 | 34370456 |
| 34239900 | 3.619 | 10/29/26 | 33152079 |
| 1582200 | 3.633 | 11/27/26 | 1527306 |
| 25495500 | 3.635 | 11/27/26 | 24610943 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 109718900 | 4.022 | 01/31/26 | 109725308 |
| 843200 | 4.024 | 01/31/26 | 843249 |
| 154923500 | 4.025 | 01/31/26 | 154932548 |
| 1327800 | 3.787 | 03/31/26 | 1329928 |
| 3054100 | 3.805 | 03/31/26 | 3058995 |
| 3319600 | 3.817 | 03/31/26 | 3324920 |
| 3148400 | 4.025 | 03/31/26 | 3153446 |
| 2655800 | 4.039 | 03/31/26 | 2660057 |
| 2175100 | 4.122 | 03/31/26 | 2178586 |
| 1584700 | 4.132 | 03/31/26 | 1587240 |
| 4484500 | 4.198 | 03/31/26 | 4491688 |
| 3610600 | 3.860 | 04/30/26 | 3563477 |
| 13885000 | 3.865 | 04/30/26 | 13703783 |
| 6735700 | 3.875 | 04/30/26 | 6647790 |
| 3982000 | 3.894 | 04/30/26 | 3995938 |
| 13612200 | 3.927 | 04/30/26 | 13614256 |
| 2191600 | 3.928 | 04/30/26 | 2191931 |
| 19702800 | 3.931 | 04/30/26 | 19705776 |
| 6735700 | 3.955 | 04/30/26 | 6647790 |
| 23626600 | 3.960 | 04/30/26 | 23709298 |
| 7004800 | 3.966 | 04/30/26 | 7029318 |
| 1949900 | 3.976 | 04/30/26 | 1956725 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100500 | 4.000% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073086 |
| 3258600 | 4.009 | 04/30/26 | 3216071 |
| 7799600 | 4.014 | 04/30/26 | 7826900 |
| 4875500 | 4.022 | 04/30/26 | 4811868 |
| 2563000 | 4.034 | 04/30/26 | 2571971 |
| 805300 | 4.036 | 04/30/26 | 794790 |
| 1520500 | 4.038 | 04/30/26 | 1500656 |
| 1491900 | 4.040 | 04/30/26 | 1472429 |
| 2151800 | 4.060 | 04/30/26 | 2123716 |
| 5238500 | 4.061 | 04/30/26 | 5170131 |
| 1496700 | 4.066 | 04/30/26 | 1477166 |
| 2151800 | 4.068 | 04/30/26 | 2159332 |
| 2245100 | 4.070 | 04/30/26 | 2215799 |
| 1431600 | 4.071 | 04/30/26 | 1412916 |
| 2993400 | 4.077 | 04/30/26 | 3003877 |
| 1431600 | 4.081 | 04/30/26 | 1412916 |
| 2993400 | 4.101 | 04/30/26 | 3003877 |
| 5304100 | 4.107 | 04/30/26 | 5234875 |
| 4528100 | 4.108 | 04/30/26 | 4543949 |
| 3536100 | 4.112 | 04/30/26 | 3489949 |
| 3354700 | 4.146 | 04/30/26 | 3310917 |
| 3574500 | 4.150 | 04/30/26 | 3527848 |
| 4949400 | 4.156 | 04/30/26 | 4884804 |
| 1329200 | 4.163 | 04/30/26 | 1333852 |
| 1772600 | 4.190 | 04/30/26 | 1749465 |
| 452900 | 4.204 | 04/30/26 | 446989 |
| 2800600 | 3.982 | 05/31/26 | 2812265 |
| 2030400 | 3.996 | 05/31/26 | 2038857 |
| 263600 | 4.003 | 05/31/26 | 264698 |
| 538700 | 4.012 | 05/31/26 | 540944 |
| 1077400 | 4.014 | 05/31/26 | 1081888 |
| 3284000 | 4.054 | 05/31/26 | 3297679 |
| 1382200 | 3.726 | 06/30/26 | 1387426 |
| 300500 | 3.734 | 06/30/26 | 301636 |
| 1471400 | 3.743 | 06/30/26 | 1476963 |
| 990200 | 3.748 | 06/30/26 | 972666 |
| 2455000 | 3.752 | 06/30/26 | 2464281 |
| 1841300 | 3.754 | 06/30/26 | 1808695 |
| 3576000 | 3.755 | 06/30/26 | 3589519 |
| 1227500 | 3.756 | 06/30/26 | 1232141 |
| 1321900 | 3.807 | 06/30/26 | 1326898 |
| 1985200 | 3.889 | 06/30/26 | 1950047 |
| 1227600 | 3.914 | 06/30/26 | 1205862 |
| 13120600 | 3.994 | 06/30/26 | 12888267 |
| 1358500 | 4.004 | 06/30/26 | 1334444 |
| 905600 | 4.006 | 06/30/26 | 889564 |
| 8480900 | 4.010 | 06/30/26 | 8330725 |
| 2544300 | 4.015 | 06/30/26 | 2499247 |
| 905600 | 4.034 | 06/30/26 | 889564 |
| 905600 | 4.045 | 06/30/26 | 889564 |
| 4102800 | 4.099 | 06/30/26 | 4030150 |
| 1543700 | 4.135 | 06/30/26 | 1549536 |
| 3847500 | 4.136 | 06/30/26 | 3862046 |
| 8480900 | 4.155 | 06/30/26 | 8330725 |
| 6720800 | 4.159 | 06/30/26 | 6746208 |
| 3387300 | 4.197 | 06/30/26 | 3327319 |
| 2290700 | 4.087 | 07/15/26 | 2296215 |
| 3086800 | 4.092 | 07/15/26 | 3094231 |
| 5393800 | 4.107 | 07/15/26 | 5406785 |

---

&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179100 | 3.660% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188569 |
| 1227600 | 3.714 | 07/31/26 | 1231257 |
| 1579500 | 3.719 | 07/31/26 | 1544789 |
| 4866900 | 3.728 | 07/31/26 | 4881397 |
| 1756900 | 3.789 | 07/31/26 | 1762133 |
| 3179200 | 3.846 | 07/31/26 | 3188670 |
| 285400 | 3.909 | 07/31/26 | 279128 |
| 1841400 | 3.912 | 07/31/26 | 1846885 |
| 792000 | 3.942 | 07/31/26 | 774595 |
| 2373100 | 3.943 | 07/31/26 | 2320949 |
| 2132200 | 3.953 | 07/31/26 | 2138551 |
| 40159600 | 3.958 | 07/31/26 | 40171372 |
| 3164200 | 3.959 | 07/31/26 | 3173625 |
| 7262600 | 3.961 | 07/31/26 | 7264859 |
| 15185600 | 3.962 | 07/31/26 | 15190323 |
| 4529500 | 3.963 | 07/31/26 | 4530909 |
| 533700 | 3.965 | 07/31/26 | 535290 |
| 12774400 | 3.968 | 07/31/26 | 12737335 |
| 3682700 | 3.973 | 07/31/26 | 3693669 |
| 3069000 | 3.985 | 07/31/26 | 3001556 |
| 449800 | 3.990 | 07/31/26 | 439915 |
| 6108800 | 4.006 | 07/31/26 | 5974554 |
| 4295700 | 4.088 | 07/31/26 | 4201298 |
| 2577400 | 4.098 | 07/31/26 | 2520760 |
| 4279000 | 4.099 | 07/31/26 | 4184965 |
| 2567400 | 4.104 | 07/31/26 | 2575047 |
| 5134800 | 4.109 | 07/31/26 | 5150095 |
| 6701400 | 4.111 | 07/31/26 | 6554131 |
| 4824000 | 4.114 | 07/31/26 | 4754548 |
| 6418500 | 4.119 | 07/31/26 | 6330838 |
| 4295700 | 4.084 | 08/15/26 | 4219535 |
| 5154800 | 4.095 | 08/15/26 | 5063402 |
| 5435800 | 4.111 | 08/15/26 | 5339420 |
| 963300 | 3.685 | 08/31/26 | 962278 |
| 1641200 | 3.716 | 08/31/26 | 1603786 |
| 1115500 | 3.731 | 08/31/26 | 1090070 |
| 613800 | 3.733 | 08/31/26 | 613149 |
| 4998600 | 3.744 | 08/31/26 | 4993298 |
| 2497300 | 3.764 | 08/31/26 | 2440370 |
| 1841400 | 3.805 | 08/31/26 | 1839447 |
| 2455100 | 3.817 | 08/31/26 | 2452496 |
| 2439100 | 3.844 | 08/31/26 | 2383497 |
| 12525100 | 3.867 | 08/31/26 | 12239569 |
| 6744300 | 3.868 | 08/31/26 | 6737147 |
| 4875600 | 3.881 | 08/31/26 | 4764452 |
| 13651800 | 3.886 | 08/31/26 | 13340584 |
| 3748100 | 3.895 | 08/31/26 | 3662656 |
| 1063600 | 3.910 | 08/31/26 | 1039353 |
| 14213900 | 3.922 | 08/31/26 | 14114043 |
| 1830900 | 3.924 | 08/31/26 | 1828958 |
| 2551600 | 3.926 | 08/31/26 | 2493432 |
| 3464000 | 3.931 | 08/31/26 | 3460326 |
| 5196000 | 3.933 | 08/31/26 | 5152842 |
| 4497700 | 3.934 | 08/31/26 | 4395167 |
| 3406300 | 3.935 | 08/31/26 | 3328648 |
| 10781800 | 3.938 | 08/31/26 | 10536011 |
| 14375700 | 3.939 | 08/31/26 | 14360453 |
| 5309300 | 3.977 | 08/31/26 | 5303669 |
| 1228800 | 3.568 | 09/30/26 | 1200066 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289800 | 3.655% | 09/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212872 |
| 7402100 | 3.663 | 09/30/26 | 7229011 |
| 1613000 | 3.673 | 09/30/26 | 1575282 |
| 4592300 | 3.677 | 09/30/26 | 4484915 |
| 3657900 | 3.687 | 09/30/26 | 3572365 |
| 2749900 | 3.689 | 09/30/26 | 2685597 |
| 3405100 | 3.691 | 09/30/26 | 3347899 |
| 7009200 | 3.692 | 09/30/26 | 6933052 |
| 3772600 | 3.694 | 09/30/26 | 3765461 |
| 7596800 | 3.695 | 09/30/26 | 7582424 |
| 491000 | 3.697 | 09/30/26 | 490071 |
| 2050200 | 3.699 | 09/30/26 | 2046320 |
| 13881300 | 3.705 | 09/30/26 | 13652746 |
| 5658800 | 3.709 | 09/30/26 | 5627823 |
| 1227600 | 3.710 | 09/30/26 | 1225277 |
| 7315600 | 3.714 | 09/30/26 | 7144534 |
| 1673400 | 3.719 | 09/30/26 | 1670233 |
| 2469200 | 3.733 | 09/30/26 | 2411461 |
| 2510100 | 3.790 | 09/30/26 | 2451404 |
| 2035100 | 3.803 | 09/30/26 | 1987512 |
| 4056000 | 3.817 | 09/30/26 | 3961156 |
| 6184000 | 3.846 | 09/30/26 | 6039395 |
| 11244800 | 3.847 | 09/30/26 | 10981854 |
| 2142100 | 3.848 | 09/30/26 | 2138046 |
| 3759500 | 3.849 | 09/30/26 | 3752386 |
| 10875400 | 3.862 | 09/30/26 | 10679523 |
| 20886400 | 3.867 | 09/30/26 | 20397998 |
| 717000 | 3.670 | 10/15/26 | 722757 |
| 3308100 | 3.673 | 10/15/26 | 3334663 |
| 6596100 | 3.677 | 10/15/26 | 6649064 |
| 6581500 | 3.679 | 10/15/26 | 6634347 |
| 21733300 | 3.983 | 10/31/26 | 21738343 |
| 6574100 | 3.984 | 10/31/26 | 6575625 |
| 11467300 | 3.985 | 10/31/26 | 11469961 |
| 2761200 | 3.632 | 11/30/26 | 2776825 |
| 2398300 | 3.633 | 11/30/26 | 2342225 |
| 3864600 | 3.661 | 11/30/26 | 3886469 |
| 7729300 | 3.666 | 11/30/26 | 7773038 |
| 2539900 | 3.668 | 11/30/26 | 2534453 |
| 7448300 | 3.671 | 11/30/26 | 7490448 |
| 2348300 | 3.676 | 11/30/26 | 2361588 |
| 6550300 | 3.678 | 11/30/26 | 6488263 |
| 1719800 | 3.680 | 11/30/26 | 1729532 |
| 784400 | 3.681 | 11/30/26 | 788839 |
| 1568900 | 3.684 | 12/15/26 | 1579837 |
| 20541800 | 3.881 | 01/31/27 | 20526648 |
| 1937400 | 3.882 | 01/31/27 | 1935971 |
| 9745300 | 3.938 | 04/30/27 | 9747458 |
| 81324200 | 3.939 | 04/30/27 | 81342209 |
| 16723600 | 3.940 | 04/30/27 | 16727303 |
| 2243300 | 3.941 | 04/30/27 | 2243797 |
| 8128800 | 3.939 | 07/31/27 | 8123872 |
| 185684000 | 3.942 | 07/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185571425 |
| 2691900 | 4.020 | 10/31/27 | 2691936 |

---

&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 FINANCIAL SQUARE FEDERAL INSTRUMENTS FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
|  $ | &nbsp;&nbsp;&nbsp;&nbsp;69966500 | 4.022% | 10/31/27 | $69967429 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | $6336864227 |
|  **TOTAL INVESTMENTS - 106.2%** | **TOTAL INVESTMENTS - 106.2%** | **TOTAL INVESTMENTS - 106.2%** | **TOTAL INVESTMENTS - 106.2%** | $8772929498 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%** | (511848193) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261081305 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion represents a forward commitment.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| SOFR | —Secured Overnight Financing Rate |
| T-Bill | —Treasury Bill |

---

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

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

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

------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities - 14.5% | U.S. Government Agency Securities - 14.5% | U.S. Government Agency Securities - 14.5% | U.S. Government Agency Securities - 14.5% |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |  |
| $238692000 | 3.901% | 01/21/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237400278 |
| 238692000 | 3.902 | 01/23/26 | 237349623 |
| 190953000 | 3.903 | 01/26/26 | 189818315 |
| 119346000 | 3.904 | 01/28/26 | 118611492 |
| 157536000 | 3.905 | 01/29/26 | 156551215 |
| 210819000 | 3.918 | 01/29/26 | 209501133 |
| Federal Farm Credit Bank (3M USD T-Bill + 0.190%) | Federal Farm Credit Bank (3M USD T-Bill + 0.190%) | Federal Farm Credit Bank (3M USD T-Bill + 0.190%) |  |
| 72017000 | 4.240 <sup>(a)</sup> | 11/24/27 | 72017000 |
| Federal Farm Credit Bank (3M USD T-Bill + 0.200%) | Federal Farm Credit Bank (3M USD T-Bill + 0.200%) | Federal Farm Credit Bank (3M USD T-Bill + 0.200%) |  |
| 182342000 | 3.980 <sup>(a)</sup> | 11/05/27 | 182342000 |
| Federal Farm Credit Bank (Prime Rate - 3.025%) | Federal Farm Credit Bank (Prime Rate - 3.025%) | Federal Farm Credit Bank (Prime Rate - 3.025%) |  |
| 112926000 | 3.973 <sup>(a)</sup> | 03/18/26 | 112936872 |
| Federal Farm Credit Bank (Prime Rate - 3.030%) | Federal Farm Credit Bank (Prime Rate - 3.030%) | Federal Farm Credit Bank (Prime Rate - 3.030%) |  |
| 127409000 | 3.968 <sup>(a)</sup> | 04/17/26 | 127412893 |
| 211586000 | 3.970 <sup>(a)</sup> | 04/17/26 | 211592465 |
| Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) | Federal Farm Credit Bank (Prime Rate - 3.035%) |  |
| 142400000 | 3.965 <sup>(a)</sup> | 04/29/26 | 142400000 |
| Federal Farm Credit Bank (Prime Rate - 3.040%) | Federal Farm Credit Bank (Prime Rate - 3.040%) | Federal Farm Credit Bank (Prime Rate - 3.040%) |  |
| 120598000 | 3.960 <sup>(a)</sup> | 05/21/26 | 120598000 |
| 38108000 | 3.960 <sup>(a)</sup> | 05/28/26 | 38108000 |
| 99052000 | 3.960 <sup>(a)</sup> | 06/12/26 | 99052000 |
| Federal Farm Credit Bank (Prime Rate - 3.060%) | Federal Farm Credit Bank (Prime Rate - 3.060%) | Federal Farm Credit Bank (Prime Rate - 3.060%) |  |
| 142042000 | 3.940 <sup>(a)</sup> | 03/24/26 | 142042000 |
| Federal Farm Credit Bank (Prime Rate - 3.070%) | Federal Farm Credit Bank (Prime Rate - 3.070%) | Federal Farm Credit Bank (Prime Rate - 3.070%) |  |
| 189843000 | 3.930 <sup>(a)</sup> | 01/02/26 | 189843000 |
| 188864000 | 3.930 <sup>(a)</sup> | 01/29/26 | 188864000 |
| Federal Farm Credit Bank (SOFR + 0.005%) | Federal Farm Credit Bank (SOFR + 0.005%) | Federal Farm Credit Bank (SOFR + 0.005%) |  |
| 38414000 | 4.055 <sup>(a)</sup> | 05/20/26 | 38414000 |
| Federal Farm Credit Bank (SOFR + 0.035%) | Federal Farm Credit Bank (SOFR + 0.035%) | Federal Farm Credit Bank (SOFR + 0.035%) |  |
| 76828000 | 4.085 <sup>(a)</sup> | 11/19/26 | 76828000 |
| Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) | Federal Farm Credit Bank (SOFR + 0.070%) |  |
| 168112000 | 4.120 <sup>(a)</sup> | 12/07/26 | 168112000 |
| Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) | Federal Farm Credit Bank (SOFR + 0.075%) |  |
| 134490000 | 4.125 <sup>(a)</sup> | 11/16/26 | 134490000 |
| 76828000 | 4.125 <sup>(a)</sup> | 04/19/27 | 76828000 |
| Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) | Federal Farm Credit Bank (SOFR + 0.080%) |  |
| 212154000 | 4.130 <sup>(a)</sup> | 03/11/27 | 212154000 |
| Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) | Federal Farm Credit Bank (SOFR + 0.085%) |  |
| 80467000 | 4.135 <sup>(a)</sup> | 08/07/26 | 80467000 |
| 465909000 | 4.135 <sup>(a)</sup> | 02/26/27 | 465909000 |
| Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) | Federal Farm Credit Bank (SOFR + 0.090%) |  |
| 76851000 | 4.140 <sup>(a)</sup> | 02/24/27 | 76851000 |
| 80000000 | 4.140 <sup>(a)</sup> | 05/12/27 | 80000000 |
| Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) | Federal Farm Credit Bank (SOFR + 0.095%) |  |
| 351673000 | 4.145 <sup>(a)</sup> | 07/17/26 | 351673000 |
| 312208000 | 4.145 <sup>(a)</sup> | 02/12/27 | 312208000 |
| Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) | Federal Farm Credit Bank (SOFR + 0.100%) |  |
| 81286000 | 4.150 <sup>(a)</sup> | 02/09/27 | 81286000 |
| 170000000 | 4.150 <sup>(a)</sup> | 08/13/27 | 170000000 |
| Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) | Federal Farm Credit Bank (SOFR + 0.105%) |  |
| 88735000 | 4.155 <sup>(a)</sup> | 03/18/26 | 88736806 |
| 245524000 | 4.155 <sup>(a)</sup> | 05/26/26 | 245524000 |
| 325548000 | 4.155 <sup>(a)</sup> | 02/01/27 | 325548000 |
| 480000000 | 4.155 <sup>(a)</sup> | 03/05/27 | 480000000 |
| Federal Farm Credit Bank (SOFR + 0.110%) | Federal Farm Credit Bank (SOFR + 0.110%) | Federal Farm Credit Bank (SOFR + 0.110%) |  |
| 89344000 | 4.160 <sup>(a)</sup> | 03/13/26 | 89344000 |
| Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) | Federal Farm Credit Bank (SOFR + 0.115%) |  |
| 33651000 | 4.165 <sup>(a)</sup> | 04/08/26 | 33651000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) |
|  $ | 1007535000 | 4.165 %<sup>(a)</sup> | 01/28/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007535000 |
|  | 418251000 | 4.165 <sup>(a)</sup> | 02/10/27 | 418251000 |
| Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) | Federal Farm Credit Bank (SOFR + 0.120%) |  |
|  | 123239000 | 4.170 <sup>(a)</sup> | 07/15/26 | 123239000 |
|  Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) | Federal Farm Credit Bank (SOFR + 0.125%) |  |
|  | 133264000 | 4.175 <sup>(a)</sup> | 06/10/26 | 133264000 |
|  | 132192000 | 4.175 <sup>(a)</sup> | 06/15/26 | 132192000 |
|  | 266486000 | 4.175 <sup>(a)</sup> | 06/18/26 | 266486000 |
|  | 320951000 | 4.175 <sup>(a)</sup> | 08/06/26 | 320951000 |
|  | 540136000 | 4.175 <sup>(a)</sup> | 09/21/26 | 540136000 |
| Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) | Federal Farm Credit Bank (SOFR + 0.130%) |  |
|  | 158440000 | 4.180 <sup>(a)</sup> | 08/28/26 | 158440000 |
|  | 310363000 | 4.180 <sup>(a)</sup> | 10/22/27 | 310363000 |
| Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) | Federal Farm Credit Bank (SOFR + 0.135%) |  |
|  | 153985000 | 4.185 <sup>(a)</sup> | 12/18/26 | 153983055 |
|  | 206917000 | 4.185 <sup>(a)</sup> | 01/08/27 | 206917000 |
| Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) | Federal Farm Credit Bank (SOFR + 0.140%) |  |
|  | 45514000 | 4.190 <sup>(a)</sup> | 08/26/26 | 45514000 |
|  | 142023000 | 4.185 <sup>(a)</sup> | 09/03/26 | 142100021 |
|  | 155027000 | 4.190 <sup>(a)</sup> | 09/04/26 | 155027000 |
|  | 91870000 | 4.190 <sup>(a)</sup> | 09/09/26 | 91870000 |
|  | 340680000 | 4.190 <sup>(a)</sup> | 10/09/26 | 340680000 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |  |
|  | 95213000 | 4.144 | 12/30/25 | 94903902 |
|  | 285637000 | 4.145 | 12/31/25 | 284677736 |
|  | 380848000 | 4.129 | 01/02/26 | 379485411 |
|  | 47568000 | 4.154 | 01/02/26 | 47397812 |
|  | 95212000 | 4.179 | 01/02/26 | 94871353 |
|  | 476061000 | 4.150 | 01/05/26 | 474194417 |
|  | 95212000 | 4.155 | 01/05/26 | 94838684 |
|  | 571274000 | 4.156 | 01/05/26 | 569034097 |
|  | 338297000 | 3.958 | 01/06/26 | 336962995 |
|  | 186917000 | 4.252 | 01/06/26 | 186179931 |
|  | 12790000 | 4.141 | 01/08/26 | 12735728 |
|  | 518584000 | 4.134 | 01/15/26 | 515984598 |
|  | 94711000 | 4.244 | 01/20/26 | 94173381 |
|  | 223046000 | 4.251 | 01/20/26 | 221779898 |
|  | 94711000 | 4.250 | 01/21/26 | 94162900 |
|  | 246012000 | 3.931 | 01/22/26 | 244602855 |
|  | 98372000 | 4.045 | 01/22/26 | 97808530 |
|  | 221239000 | 4.046 | 01/22/26 | 219971753 |
|  | 98372000 | 4.062 | 01/22/26 | 97808530 |
|  | 282595000 | 4.078 | 01/22/26 | 280976309 |
|  | 706440000 | 4.091 | 01/22/26 | 702393545 |
|  | 282594000 | 4.123 | 01/22/26 | 280975315 |
|  | 282594000 | 4.124 | 01/22/26 | 280975315 |
|  | 141347000 | 4.126 | 01/22/26 | 140537371 |
|  | 101341000 | 4.241 | 01/22/26 | 100760524 |
|  | 94711000 | 4.246 | 01/22/26 | 94168500 |
|  | 463801000 | 3.941 | 01/28/26 | 460939090 |
|  | 822192000 | 3.913 | 01/29/26 | 816972565 |
|  | 84328000 | 3.916 | 01/29/26 | 83792669 |
|  | 85452000 | 3.958 | 01/29/26 | 84909534 |
|  | 217346000 | 4.060 | 01/29/26 | 215966245 |
|  | 337804000 | 4.116 | 01/29/26 | 335659554 |
|  | 84451000 | 4.122 | 01/29/26 | 83914889 |
|  | 425010000 | 3.914 | 01/30/26 | 422312880 |
|  | 210819000 | 3.917 | 01/30/26 | 209481139 |
|  | 252983000 | 3.918 | 01/30/26 | 251377566 |

---

&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 FINANCIAL SQUARE GOVERNMENT FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) |
| 266473000 | 3.896% | 02/03/26 | $| 264658675 |
| 168656000 | 3.908 | 02/03/26 |  | 167507678 |
| 97117000 | 4.074 | 02/03/26 |  | 96455763 |
| 252797000 | 3.907 | 02/05/26 |  | 251028896 |
| 173212000 | 4.037 | 02/27/26 |  | 171558595 |
| 216513000 | 4.038 | 03/02/26 |  | 214375806 |
| 106954000 | 3.763 | 06/11/26 |  | 104883371 |
| Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) | Federal Home Loan Bank (SOFR + 0.000%) |  |  |
| 1485000000 | 4.050 <sup>(a)</sup> | 02/13/26 |  | 1485000000 |
| Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) |  |  |
| 960355000 | 4.055 <sup>(a)</sup> | 05/20/26 |  | 960355000 |
| 960355000 | 4.055 <sup>(a)</sup> | 05/21/26 |  | 960355000 |
| Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) |  |  |
| 240060000 | 4.060 <sup>(a)</sup> | 08/21/26 |  | 240060000 |
| Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) |  |  |
| 240325000 | 4.095 <sup>(a)</sup> | 05/18/26 |  | 240325000 |
| Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) |  |  |
| 288120000 | 4.135 <sup>(a)</sup> | 02/26/27 |  | 288120000 |
| Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) |  |  |
| 48040000 | 4.140 <sup>(a)</sup> | 02/19/26 |  | 48040000 |
| 240275000 | 4.140 <sup>(a)</sup> | 02/12/27 |  | 240275000 |
| 480435000 | 4.140 <sup>(a)</sup> | 02/19/27 |  | 480435000 |
| Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) |  |  |
| 287080000 | 4.145 <sup>(a)</sup> | 04/09/27 |  | 287080000 |
| Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) |  |  |
| 288045000 | 4.150 <sup>(a)</sup> | 10/21/26 |  | 288045000 |
| Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) |  |  |
| 48075000 | 4.160 <sup>(a)</sup> | 02/12/27 |  | 48075000 |
| Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) |  |  |
| 144580000 | 4.165 <sup>(a)</sup> | 01/25/27 |  | 144580000 |
| Federal Home Loan Bank (SOFR + 0.125%) | Federal Home Loan Bank (SOFR + 0.125%) | Federal Home Loan Bank (SOFR + 0.125%) |  |  |
| 57395000 | 4.175 <sup>(a)</sup> | 10/22/27 |  | 57395000 |
| 669610000 | 4.175 <sup>(a)</sup> | 10/27/27 |  | 669610000 |
| Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) |  |  |
| 143335000 | 4.180 <sup>(a)</sup> | 10/22/27 |  | 143335000 |
| Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) |  |  |
| 351805000 | 4.185 <sup>(a)</sup> | 01/06/27 |  | 351805000 |
| Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) |  |  |
| 375825000 | 4.190 <sup>(a)</sup> | 09/09/26 |  | 375825000 |
| 493740000 | 4.190 <sup>(a)</sup> | 10/08/26 |  | 493740000 |
| 220875000 | 4.185 <sup>(a)</sup> | 10/29/26 |  | 221009451 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |  |
| 268268000 | 3.888 | 01/20/26 |  | 266833511 |
| 33003000 | 3.942 | 01/21/26 |  | 32822996 |
| 246053000 | 3.901 | 01/22/26 |  | 244684080 |
| 491861000 | 3.912 | 01/22/26 |  | 489124523 |
| 491919000 | 3.905 | 01/29/26 |  | 488819159 |
| 295151000 | 3.906 | 01/29/26 |  | 293291098 |
| 330719000 | 3.889 | 01/30/26 |  | 328607910 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) |
| 996040000 | 4.130 <sup>(a)</sup> | 01/08/27 |  | 996040000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) |
| 725420000 | 4.145 <sup>(a)</sup> | 05/05/27 |  | 725420000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) |
| 404828000 | 4.190 <sup>(a)</sup> | 09/04/26 |  | 404828000 |
| 229714000 | 4.190 <sup>(a)</sup> | 10/16/26 |  | 229714000 |
| 157650000 | 4.188 <sup>(a)</sup> | 10/29/26 |  | 157705071 |
| 1062669000 | 4.190 <sup>(a)</sup> | 09/22/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062669000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) | U.S. Government Agency Securities– (continued) |
| Federal Home Loan Mortgage Corporation (SOFR + 0.140%) | Federal Home Loan Mortgage Corporation (SOFR + 0.140%) | Federal Home Loan Mortgage Corporation (SOFR + 0.140%) | Federal Home Loan Mortgage Corporation (SOFR + 0.140%) |
| $1057499000 | 4.190 %<sup>(a)</sup> | 10/06/27 | $1057499000 |
| 1950000000 | 4.190 <sup>(a)</sup> | 10/14/27 | 1950000000 |
| Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) |
| 125225000 | 4.170 <sup>(a)</sup> | 07/29/26 | 125225000 |
| Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) |
| 987275000 | 4.185 <sup>(a)</sup> | 08/21/26 | 987268283 |
| Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) |
| 863397000 | 4.190 <sup>(a)</sup> | 09/11/26 | 863397000 |
| U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) |
| 11850000 | 4.150 <sup>(a)</sup> | 07/09/26 | 11850000 |
| 10496667 | 4.180 <sup>(a)</sup> | 09/15/26 | 10496667 |
| 7788461 | 4.180 <sup>(a)</sup> | 12/15/26 | 7788461 |
| 3124999 | 4.180 <sup>(a)</sup> | 01/20/27 | 3124999 |
| 6122558 | 4.100 <sup>(a)</sup> | 06/20/27 | 6122558 |
| 3 | 4.139 <sup>(a)</sup> | 06/20/27 | 3 |
| 11142855 | 4.100 <sup>(a)</sup> | 09/20/27 | 11142855 |
| 15653847 | 4.180 <sup>(a)</sup> | 06/20/28 | 15653847 |
| 22944818 | 4.180 <sup>(a)</sup> | 11/15/28 | 22944819 |
| 23671698 | 4.150 <sup>(a)</sup> | 01/15/30 | 23671698 |
| 32400000 | 4.180 <sup>(a)</sup> | 03/15/30 | 32400000 |
| 20000000 | 4.180 <sup>(a)</sup> | 10/15/30 | 20000001 |
| 7666666 | 4.180 <sup>(a)</sup> | 08/15/31 | 7666666 |
| 10418220 | 4.180 <sup>(a)</sup> | 09/02/31 | 10418220 |
| 29938160 | 4.180 <sup>(a)</sup> | 09/30/31 | 29938160 |
| 17441862 | 4.180 <sup>(a)</sup> | 12/20/31 | 17441862 |
| 36103944 | 4.180 <sup>(a)</sup> | 12/15/33 | 36103944 |
| 12835691 | 4.180 <sup>(a)</sup> | 01/20/35 | 12835691 |
| 13955239 | 4.180 <sup>(a)</sup> | 04/20/35 | 13955239 |
| 2965352 | 4.100 <sup>(a)</sup> | 09/20/38 | 2965352 |
| 34570021 | 4.100 <sup>(a)</sup> | 07/07/40 | 34570021 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40248072618 |
| U.S. Treasury Obligations - 28.3% | U.S. Treasury Obligations - 28.3% | U.S. Treasury Obligations - 28.3% | U.S. Treasury Obligations - 28.3% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |  |
| 65000000 | 3.905 | 12/02/25 | 64993008 |
| 480532500 | 3.931 | 12/02/25 | 480480812 |
| 19474200 | 3.936 | 12/02/25 | 19472105 |
| 600000000 | 4.304 | 12/26/25 | 598304167 |
| 494795600 | 3.966 <sup>(b)</sup> | 12/30/25 | 493294720 |
| 6599100 | 3.904 | 01/02/26 | 6576493 |
| 36295000 | 3.911 | 01/02/26 | 36170661 |
| 91958900 | 3.921 | 01/02/26 | 91643869 |
| 330470800 | 3.926 | 01/02/26 | 329338681 |
| 120738100 | 3.927 | 01/02/26 | 120324478 |
| 60737300 | 3.931 | 01/02/26 | 60529228 |
| 30773400 | 3.932 | 01/02/26 | 30667977 |
| 39594700 | 3.905 | 01/08/26 | 39434209 |
| 112184700 | 3.910 | 01/08/26 | 111729978 |
| 39594600 | 3.916 | 01/08/26 | 39434110 |
| 145308900 | 3.912 | 01/20/26 | 144534269 |
| 36424400 | 3.922 | 01/20/26 | 36230224 |
| 19582700 | 3.927 | 01/20/26 | 19478306 |
| 199111400 | 3.886 <sup>(b)</sup> | 01/27/26 | 197928260 |
| 196016700 | 3.906 <sup>(b)</sup> | 01/27/26 | 194851949 |
| 264931900 | 3.885 | 02/05/26 | 263088424 |
| 21866200 | 3.888 | 02/05/26 | 21714048 |
| 13119700 | 3.890 | 02/05/26 | 13028409 |

---

&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 FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $216271100 | 3.833% | 02/26/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214313756 |
| 232514500 | 3.793 | 03/03/26 | 230298722 |
| 1375403600 | 3.803 | 03/03/26 | 1362296505 |
| 38799700 | 3.860 | 03/03/26 | 38429953 |
| 566697100 | 3.865 | 03/03/26 | 561296683 |
| 470243700 | 3.870 | 03/03/26 | 465762449 |
| 6039800 | 3.975 | 03/05/26 | 5978789 |
| 495699800 | 3.981 | 03/05/26 | 490692516 |
| 259411700 | 3.984 | 03/05/26 | 256791267 |
| 220499600 | 3.992 | 03/05/26 | 218272236 |
| 770916300 | 4.007 | 03/05/26 | 763128932 |
| 930106600 | 4.013 | 03/05/26 | 920711180 |
| 206659200 | 3.823 | 03/10/26 | 204538962 |
| 365551000 | 3.829 | 03/10/26 | 361800598 |
| 32824000 | 3.834 | 03/10/26 | 32487239 |
| 143700000 | 3.839 | 03/10/26 | 142225698 |
| 1472841600 | 3.850 | 03/17/26 | 1456565905 |
| 261305100 | 3.871 | 03/17/26 | 258417538 |
| 203051600 | 3.824 | 03/24/26 | 200668940 |
| 213705600 | 3.829 | 03/24/26 | 211197923 |
| 23968400 | 3.833 | 03/24/26 | 23687149 |
| 374448700 | 3.834 | 03/24/26 | 370054822 |
| 51683900 | 3.838 | 03/24/26 | 51077428 |
| 220818500 | 3.839 | 03/24/26 | 218227359 |
| 461526400 | 3.850 | 03/24/26 | 456110730 |
| 138472200 | 3.839 | 03/26/26 | 136826875 |
| 41108800 | 3.859 | 03/26/26 | 40620346 |
| 20468700 | 3.808 <sup>(b)</sup> | 03/31/26 | 20216347 |
| 84872600 | 3.819 <sup>(b)</sup> | 03/31/26 | 83826230 |
| 256889300 | 3.829 <sup>(b)</sup> | 03/31/26 | 253722187 |
| 176387600 | 3.834 <sup>(b)</sup> | 03/31/26 | 174212969 |
| 20468700 | 3.839 <sup>(b)</sup> | 03/31/26 | 20216347 |
| 80535800 | 3.812 | 04/02/26 | 79528617 |
| 5236000 | 3.817 | 04/02/26 | 5170518 |
| 93212800 | 3.752 | 04/09/26 | 91979006 |
| 24836300 | 3.803 | 04/09/26 | 24507559 |
| 48371900 | 3.816 | 04/09/26 | 47731634 |
| 72558000 | 3.823 | 04/09/26 | 71597600 |
| 46227000 | 3.828 | 04/09/26 | 45615125 |
| 175246000 | 3.833 | 04/09/26 | 172926389 |
| 60464900 | 3.838 | 04/09/26 | 59664568 |
| 13315900 | 3.755 | 04/16/26 | 13130790 |
| 251086400 | 3.766 | 04/16/26 | 247595946 |
| 389506700 | 3.788 | 04/16/26 | 384092009 |
| 164101100 | 3.789 | 04/16/26 | 161819864 |
| 2574200600 | 3.807 | 04/16/26 | 2538415588 |
| 19010800 | 3.753 | 04/23/26 | 18734434 |
| 79896400 | 3.780 | 04/23/26 | 78734921 |
| 1763499600 | 3.781 | 04/23/26 | 1737863046 |
| 363890600 | 3.739 | 04/30/26 | 358378126 |
| 997730300 | 3.744 | 04/30/26 | 982615969 |
| 193405800 | 3.749 | 04/30/26 | 190475951 |
| 4056723300 | 3.760 | 04/30/26 | 3995269161 |
| 913755300 | 3.812 | 05/14/26 | 898391311 |
| 90808300 | 3.821 | 05/14/26 | 89281439 |
| 94014900 | 3.812 | 05/21/26 | 92359296 |
| 621444300 | 3.833 | 05/21/26 | 610500656 |
| 23711300 | 3.753 <sup>(b)</sup> | 05/28/26 | 23281203 |
| 98796700 | 3.775 | 05/28/26 | 97004636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $137416300 | 3.780% | 05/28/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134923718 |
| 2271691300 | 3.791 | 05/28/26 | 2230485300 |
| 1028638300 | 3.963 | 08/06/26 | 1001994281 |
| 1660908900 | 3.619 | 10/29/26 | 1608140899 |
| 59501700 | 3.633 | 11/27/26 | 57437318 |
| 869124600 | 3.635 | 11/27/26 | 838970756 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |  |
| 27192400 | 3.787 | 03/31/26 | 27232838 |
| 62542300 | 3.805 | 03/31/26 | 62635307 |
| 67981000 | 3.817 | 03/31/26 | 68082094 |
| 106853700 | 4.025 | 03/31/26 | 107012602 |
| 54384600 | 4.039 | 03/31/26 | 54465475 |
| 99009600 | 4.122 | 03/31/26 | 99156837 |
| 53643800 | 4.132 | 03/31/26 | 53723574 |
| 152186100 | 4.198 | 03/31/26 | 152412416 |
| 175290700 | 3.875 | 04/30/26 | 172970130 |
| 192429700 | 3.955 | 04/30/26 | 189882237 |
| 671120600 | 3.960 | 04/30/26 | 673434656 |
| 235954800 | 3.966 | 04/30/26 | 236768383 |
| 67200900 | 3.976 | 04/30/26 | 67432612 |
| 65293900 | 4.000 | 04/30/26 | 64429513 |
| 55530200 | 4.009 | 04/30/26 | 54795068 |
| 268804100 | 4.014 | 04/30/26 | 269730949 |
| 158882200 | 4.022 | 04/30/26 | 156778852 |
| 86979000 | 4.034 | 04/30/26 | 87278908 |
| 36109400 | 4.036 | 04/30/26 | 35631369 |
| 68177900 | 4.038 | 04/30/26 | 67275333 |
| 50628300 | 4.040 | 04/30/26 | 49958062 |
| 73024100 | 4.060 | 04/30/26 | 72057377 |
| 177773900 | 4.061 | 04/30/26 | 175420456 |
| 50792500 | 4.066 | 04/30/26 | 50120088 |
| 73024100 | 4.068 | 04/30/26 | 73275891 |
| 76188800 | 4.070 | 04/30/26 | 75180181 |
| 48583200 | 4.071 | 04/30/26 | 47940036 |
| 101585200 | 4.077 | 04/30/26 | 101935471 |
| 48583200 | 4.081 | 04/30/26 | 47940036 |
| 101585200 | 4.101 | 04/30/26 | 101935471 |
| 203046300 | 4.108 | 04/30/26 | 203746413 |
| 150433500 | 4.146 | 04/30/26 | 148442000 |
| 144172500 | 4.150 | 04/30/26 | 142263885 |
| 167966200 | 4.156 | 04/30/26 | 165742595 |
| 45108300 | 4.163 | 04/30/26 | 45263836 |
| 79487800 | 4.190 | 04/30/26 | 78435508 |
| 20304700 | 4.204 | 04/30/26 | 20035898 |
| 87058400 | 3.982 | 05/31/26 | 87423789 |
| 109423800 | 3.996 | 05/31/26 | 109883058 |
| 11814400 | 4.003 | 05/31/26 | 11863986 |
| 24156700 | 4.012 | 05/31/26 | 24258087 |
| 48313600 | 4.014 | 05/31/26 | 48516375 |
| 67250400 | 4.054 | 05/31/26 | 67532654 |
| 53454800 | 3.726 | 06/30/26 | 53661415 |
| 13415100 | 3.734 | 06/30/26 | 13466953 |
| 1247600 | 3.739 | 06/30/26 | 1225553 |
| 44681500 | 3.743 | 06/30/26 | 44854204 |
| 47475300 | 3.748 | 06/30/26 | 46636322 |
| 94950800 | 3.752 | 06/30/26 | 95317807 |
| 71213200 | 3.754 | 06/30/26 | 69954729 |
| 160354700 | 3.755 | 06/30/26 | 160974508 |
| 47475400 | 3.756 | 06/30/26 | 47658904 |

---

&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 FINANCIAL SQUARE GOVERNMENT FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $51122700 | 3.807% | 06/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51320301 |
| 67531900 | 3.889 | 06/30/26 | 66338484 |
| 47475200 | 3.914 | 06/30/26 | 46636224 |
| 343189300 | 3.994 | 06/30/26 | 337124500 |
| 60913700 | 4.004 | 06/30/26 | 59837240 |
| 40609300 | 4.006 | 06/30/26 | 39891657 |
| 221833800 | 4.010 | 06/30/26 | 217913580 |
| 66550200 | 4.015 | 06/30/26 | 65374133 |
| 40609200 | 4.034 | 06/30/26 | 39891559 |
| 40609300 | 4.045 | 06/30/26 | 39891657 |
| 139563100 | 4.099 | 06/30/26 | 137096758 |
| 49196900 | 4.135 | 06/30/26 | 49387058 |
| 130159700 | 4.136 | 06/30/26 | 130662798 |
| 221833700 | 4.155 | 06/30/26 | 217913482 |
| 232641200 | 4.159 | 06/30/26 | 233540413 |
| 114840600 | 4.197 | 06/30/26 | 112811151 |
| 77495000 | 4.087 | 07/15/26 | 77681562 |
| 104428000 | 4.092 | 07/15/26 | 104679400 |
| 182470100 | 4.107 | 07/15/26 | 182909379 |
| 100565600 | 3.660 | 07/31/26 | 100868772 |
| 47475300 | 3.714 | 07/31/26 | 47618422 |
| 61084000 | 3.719 | 07/31/26 | 59745065 |
| 167800200 | 3.728 | 07/31/26 | 168306062 |
| 59437000 | 3.789 | 07/31/26 | 59616183 |
| 100565400 | 3.846 | 07/31/26 | 100868571 |
| 17776700 | 3.909 | 07/31/26 | 17387042 |
| 71213100 | 3.912 | 07/31/26 | 71427784 |
| 35516100 | 3.942 | 07/31/26 | 34737602 |
| 80534500 | 3.943 | 07/31/26 | 78769218 |
| 72559300 | 3.953 | 07/31/26 | 72778042 |
| 18085800 | 3.958 | 07/31/26 | 17689367 |
| 107379200 | 3.959 | 07/31/26 | 107702913 |
| 18112800 | 3.965 | 07/31/26 | 18167404 |
| 71213000 | 3.968 | 07/31/26 | 69652042 |
| 142426000 | 3.973 | 07/31/26 | 142855367 |
| 118688000 | 3.985 | 07/31/26 | 116086410 |
| 15595200 | 3.990 | 07/31/26 | 15253360 |
| 236253600 | 4.006 | 07/31/26 | 231075022 |
| 127213100 | 4.088 | 07/31/26 | 124424643 |
| 76327900 | 4.098 | 07/31/26 | 74654825 |
| 126716100 | 4.099 | 07/31/26 | 123938537 |
| 76029600 | 4.104 | 07/31/26 | 76258804 |
| 152059300 | 4.109 | 07/31/26 | 152517708 |
| 227956500 | 4.111 | 07/31/26 | 222959791 |
| 152596300 | 4.114 | 07/31/26 | 150399350 |
| 190074100 | 4.119 | 07/31/26 | 187487541 |
| 127213200 | 4.084 | 08/15/26 | 124957638 |
| 152655900 | 4.095 | 08/15/26 | 149949224 |
| 160970300 | 4.111 | 08/15/26 | 158116205 |
| 26023000 | 3.685 | 08/31/26 | 25995759 |
| 47845300 | 3.716 | 08/31/26 | 46754703 |
| 32518700 | 3.731 | 08/31/26 | 31777461 |
| 23737600 | 3.733 | 08/31/26 | 23712752 |
| 135040100 | 3.744 | 08/31/26 | 134898742 |
| 72803100 | 3.764 | 08/31/26 | 71143609 |
| 71213200 | 3.805 | 08/31/26 | 71138655 |
| 94950800 | 3.817 | 08/31/26 | 94851407 |
| 94329300 | 3.844 | 08/31/26 | 92179135 |
| 397162000 | 3.867 | 08/31/26 | 388108993 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $213856800 | 3.868% | 08/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213632937 |
| 127750300 | 3.881 | 08/31/26 | 124838329 |
| 357705100 | 3.886 | 08/31/26 | 349551483 |
| 129960300 | 3.895 | 08/31/26 | 126997953 |
| 46923800 | 3.910 | 08/31/26 | 45854208 |
| 378441900 | 3.922 | 08/31/26 | 375823157 |
| 70808900 | 3.924 | 08/31/26 | 70734778 |
| 75563700 | 3.926 | 08/31/26 | 73841283 |
| 102579000 | 3.931 | 08/31/26 | 102471622 |
| 153868500 | 3.933 | 08/31/26 | 152592016 |
| 155952800 | 3.934 | 08/31/26 | 152397974 |
| 118105000 | 3.935 | 08/31/26 | 115412886 |
| 289719300 | 3.938 | 08/31/26 | 283115368 |
| 386292400 | 3.939 | 08/31/26 | 385888034 |
| 168160000 | 3.977 | 08/31/26 | 167983972 |
| 38313500 | 3.568 | 09/30/26 | 37418162 |
| 102315800 | 3.655 | 09/30/26 | 99924809 |
| 230210500 | 3.663 | 09/30/26 | 224830772 |
| 47023200 | 3.673 | 09/30/26 | 45924327 |
| 152812300 | 3.677 | 09/30/26 | 149241270 |
| 106636200 | 3.687 | 09/30/26 | 104144247 |
| 81908800 | 3.689 | 09/30/26 | 79994695 |
| 11223800 | 3.691 | 09/30/26 | 11035386 |
| 225728400 | 3.692 | 09/30/26 | 222570888 |
| 102598700 | 3.694 | 09/30/26 | 102403454 |
| 200610800 | 3.695 | 09/30/26 | 200229035 |
| 18990200 | 3.697 | 09/30/26 | 18954061 |
| 60855700 | 3.699 | 09/30/26 | 60739891 |
| 110847000 | 3.701 | 09/30/26 | 108256646 |
| 476795700 | 3.705 | 09/30/26 | 470456515 |
| 102082400 | 3.706 | 09/30/26 | 100368742 |
| 153898400 | 3.709 | 09/30/26 | 153054940 |
| 47475200 | 3.710 | 09/30/26 | 47384854 |
| 213272100 | 3.714 | 09/30/26 | 208288201 |
| 48784600 | 3.719 | 09/30/26 | 48691762 |
| 77142100 | 3.733 | 09/30/26 | 75339387 |
| 73176800 | 3.790 | 09/30/26 | 71466751 |
| 64533000 | 3.803 | 09/30/26 | 63024945 |
| 118244200 | 3.817 | 09/30/26 | 115480983 |
| 176575900 | 3.846 | 09/30/26 | 172449545 |
| 356567400 | 3.847 | 09/30/26 | 348234871 |
| 67924300 | 3.848 | 09/30/26 | 67795039 |
| 119211800 | 3.849 | 09/30/26 | 118984939 |
| 344844800 | 3.862 | 09/30/26 | 338636797 |
| 662287800 | 3.867 | 09/30/26 | 646810972 |
| 112984300 | 3.672 | 10/15/26 | 113892630 |
| 166666900 | 3.673 | 10/15/26 | 168006807 |
| 16157000 | 3.675 | 10/15/26 | 16286893 |
| 178535300 | 3.677 | 10/15/26 | 179970622 |
| 179423600 | 3.679 | 10/15/26 | 180866064 |
| 117315300 | 3.632 | 11/30/26 | 117980676 |
| 76711400 | 3.633 | 11/30/26 | 74916621 |
| 132104100 | 3.661 | 11/30/26 | 132853354 |
| 264208000 | 3.666 | 11/30/26 | 265706507 |
| 95697800 | 3.668 | 11/30/26 | 95489211 |
| 189613500 | 3.671 | 11/30/26 | 190688930 |
| 43066100 | 3.676 | 11/30/26 | 43310358 |
| 234478300 | 3.678 | 11/30/26 | 232051406 |
| 64675600 | 3.680 | 11/30/26 | 65042420 |

---

&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 FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| 26309500 | 3.681% | 11/30/26 | $26458719 |
| 52624500 | 3.684 | 12/15/26 | 52991358 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.098%) |
| 61036800 | 3.881 <sup>(a)</sup> | 01/31/27 | 60984757 |
| 700559900 | 3.882 <sup>(a)</sup> | 01/31/27 | 699962574 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.159%) |
| 1679217700 | 3.939 <sup>(a)</sup> | 07/31/27 | 1678562503 |
| 2869339900 | 3.942 <sup>(a)</sup> | 07/31/27 | 2868220341 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.160%) |
| 128282900 | 3.938 <sup>(a)</sup> | 04/30/27 | 128301059 |
| 3719382100 | 3.939 <sup>(a)</sup> | 04/30/27 | 3719908578 |
| 1634242900 | 3.940 <sup>(a)</sup> | 04/30/27 | 1634474227 |
| 494337400 | 3.941 <sup>(a)</sup> | 04/30/27 | 494407373 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.182%) |
| 166124500 | 3.962 <sup>(a)</sup> | 07/31/26 | 166136516 |
| 293100 | 3.968 <sup>(a)</sup> | 07/31/26 | 293121 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.190%) |
| 412241000 | 4.020 <sup>(a)</sup> | 10/31/27 | 412257375 |
| 4223953900 | 4.022 <sup>(a)</sup> | 10/31/27 | 4224121688 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.205%) |
| 100145900 | 3.983 <sup>(a)</sup> | 10/31/26 | 100149305 |
| 1853509800 | 3.985 <sup>(a)</sup> | 10/31/26 | 1853572819 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
| 5108583100 | 4.022 <sup>(a)</sup> | 01/31/26 | 5108835763 |
| 2620967000 | 4.025 <sup>(a)</sup> | 01/31/26 | 2621096630 |
| **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | $79079392857 |
| **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119327465475 |
| Repurchase Agreements<sup>(c)</sup> - 56.7% | Repurchase Agreements<sup>(c)</sup> - 56.7% | Repurchase Agreements<sup>(c)</sup> - 56.7% | Repurchase Agreements<sup>(c)</sup> - 56.7% |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| 340000000 | 4.270 | 12/09/25 | $340000000 |
| Maturity Value: $348,630,144 | Maturity Value: $348,630,144 | Maturity Value: $348,630,144 | Maturity Value: $348,630,144 |
| Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
| Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 07/01/42 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $350,199,999. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 07/01/42 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $350,199,999. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 07/01/42 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $350,199,999. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 07/01/42 to 08/01/50. The aggregate market value of the collateral, including accrued interest, was $350,199,999. |
| 245000000 | 4.260 | 01/02/26 | $245000000 |
| Maturity Value: $250,334,467 | Maturity Value: $250,334,467 | Maturity Value: $250,334,467 | Maturity Value: $250,334,467 |
| Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 |
| Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $252,350,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $252,350,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $252,350,001. | Collateralized by Federal National Mortgage Association, 2.000% to 3.500%, due 08/01/40 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $252,350,001. |
| 945000000 | 3.900 | 03/31/26 | $945000000 |
| Maturity Value: $981,547,875 | Maturity Value: $981,547,875 | Maturity Value: $981,547,875 | Maturity Value: $981,547,875 |
| Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 |
| Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 03/01/41 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,999. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 03/01/41 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,999. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 03/01/41 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,999. | Collateralized by Federal National Mortgage Association, 2.000% to 4.500%, due 03/01/41 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $973,349,999. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| $| 295000000 | 4.170 %<sup>(d)</sup> | 12/05/25 | $295000000 |
|  Maturity Value: $298,109,545 | Maturity Value: $298,109,545 | Maturity Value: $298,109,545 | Maturity Value: $298,109,545 | Maturity Value: $298,109,545 |
|  Settlement Date: 09/05/25 | Settlement Date: 09/05/25 | Settlement Date: 09/05/25 | Settlement Date: 09/05/25 | Settlement Date: 09/05/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/54 to 09/01/55 and Federal National Mortgage Association, 6.000%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $303,850,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/54 to 09/01/55 and Federal National Mortgage Association, 6.000%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $303,850,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/54 to 09/01/55 and Federal National Mortgage Association, 6.000%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $303,850,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/54 to 09/01/55 and Federal National Mortgage Association, 6.000%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $303,850,000. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 07/01/54 to 09/01/55 and Federal National Mortgage Association, 6.000%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $303,850,000. |
|  | 246000000 | 4.150 <sup>(d)</sup> | 12/08/25 | $246000000 |
| Maturity Value: $248,580,609 | Maturity Value: $248,580,609 | Maturity Value: $248,580,609 | Maturity Value: $248,580,609 | Maturity Value: $248,580,609 |
| Settlement Date: 09/08/25 | Settlement Date: 09/08/25 | Settlement Date: 09/08/25 | Settlement Date: 09/08/25 | Settlement Date: 09/08/25 |
|  Collateralized by Government National Mortgage Association, 1.500% to 8.500%, due 04/20/26 to 04/20/64. The aggregate market value of the collateral, including accrued interest, was $253,380,001. | Collateralized by Government National Mortgage Association, 1.500% to 8.500%, due 04/20/26 to 04/20/64. The aggregate market value of the collateral, including accrued interest, was $253,380,001. | Collateralized by Government National Mortgage Association, 1.500% to 8.500%, due 04/20/26 to 04/20/64. The aggregate market value of the collateral, including accrued interest, was $253,380,001. | Collateralized by Government National Mortgage Association, 1.500% to 8.500%, due 04/20/26 to 04/20/64. The aggregate market value of the collateral, including accrued interest, was $253,380,001. | Collateralized by Government National Mortgage Association, 1.500% to 8.500%, due 04/20/26 to 04/20/64. The aggregate market value of the collateral, including accrued interest, was $253,380,001. |
|  | 494000000 | 4.080 <sup>(d)</sup> | 03/09/26 | $494000000 |
|  Maturity Value: $526,472,257 | Maturity Value: $526,472,257 | Maturity Value: $526,472,257 | Maturity Value: $526,472,257 | Maturity Value: $526,472,257 |
|  Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 08/01/42 to 12/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $508,820,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 08/01/42 to 12/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $508,820,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 08/01/42 to 12/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $508,820,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 08/01/42 to 12/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $508,820,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 08/01/42 to 12/01/55 and Federal National Mortgage Association, 2.000% to 6.000%, due 03/01/38 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $508,820,000. |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  | 1000000000 | 4.090 | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 2.875% to 3.250%, due 05/15/42 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $1,020,347,663. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.250%, due 05/15/42 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $1,020,347,663. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.250%, due 05/15/42 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $1,020,347,663. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.250%, due 05/15/42 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $1,020,347,663. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.250%, due 05/15/42 to 05/15/52. The aggregate market value of the collateral, including accrued interest, was $1,020,347,663. |
|  | 832000000 | 4.050 <sup>(d)</sup> | 12/03/25 | $832000000 |
| Maturity Value: $834,808,000 | Maturity Value: $834,808,000 | Maturity Value: $834,808,000 | Maturity Value: $834,808,000 | Maturity Value: $834,808,000 |
| Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 |
|  Collateralized by U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $849,301,552. | Collateralized by U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $849,301,552. | Collateralized by U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $849,301,552. | Collateralized by U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $849,301,552. | Collateralized by U.S. Treasury Notes, 4.125% to 4.625%, due 04/30/29 to 10/31/31. The aggregate market value of the collateral, including accrued interest, was $849,301,552. |
|  | 1235000000 | 4.040 <sup>(d)</sup> | 12/10/25 | $1235000000 |
| Maturity Value: $1,239,157,833 | Maturity Value: $1,239,157,833 | Maturity Value: $1,239,157,833 | Maturity Value: $1,239,157,833 | Maturity Value: $1,239,157,833 |
| Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.750%, due 07/30/30, Government National Mortgage Association, 2.000% to 5.500%, due 01/20/51 to 05/20/55 and a U.S. Treasury Note, 3.875%, due 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,272,406,395. | Collateralized by Federal Home Loan Mortgage Corp., 4.750%, due 07/30/30, Government National Mortgage Association, 2.000% to 5.500%, due 01/20/51 to 05/20/55 and a U.S. Treasury Note, 3.875%, due 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,272,406,395. | Collateralized by Federal Home Loan Mortgage Corp., 4.750%, due 07/30/30, Government National Mortgage Association, 2.000% to 5.500%, due 01/20/51 to 05/20/55 and a U.S. Treasury Note, 3.875%, due 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,272,406,395. | Collateralized by Federal Home Loan Mortgage Corp., 4.750%, due 07/30/30, Government National Mortgage Association, 2.000% to 5.500%, due 01/20/51 to 05/20/55 and a U.S. Treasury Note, 3.875%, due 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,272,406,395. | Collateralized by Federal Home Loan Mortgage Corp., 4.750%, due 07/30/30, Government National Mortgage Association, 2.000% to 5.500%, due 01/20/51 to 05/20/55 and a U.S. Treasury Note, 3.875%, due 08/15/33. The aggregate market value of the collateral, including accrued interest, was $1,272,406,395. |
|  | 1994000000 | 4.040 <sup>(d)</sup> | 12/12/25 | $1994000000 |
| Maturity Value: $2,000,489,361 | Maturity Value: $2,000,489,361 | Maturity Value: $2,000,489,361 | Maturity Value: $2,000,489,361 | Maturity Value: $2,000,489,361 |
| Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 |
|  Collateralized by Government National Mortgage Association, 4.000% to 5.500%, due 05/20/52 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $2,054,967,859. | Collateralized by Government National Mortgage Association, 4.000% to 5.500%, due 05/20/52 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $2,054,967,859. | Collateralized by Government National Mortgage Association, 4.000% to 5.500%, due 05/20/52 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $2,054,967,859. | Collateralized by Government National Mortgage Association, 4.000% to 5.500%, due 05/20/52 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $2,054,967,859. | Collateralized by Government National Mortgage Association, 4.000% to 5.500%, due 05/20/52 to 11/20/54. The aggregate market value of the collateral, including accrued interest, was $2,054,967,859. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) |
| $| 984000000 | 4.060 %<sup>(d)</sup> | 12/19/25 | $984000000 |
|  Maturity Value: $994,098,575 | Maturity Value: $994,098,575 | Maturity Value: $994,098,575 | Maturity Value: $994,098,575 | Maturity Value: $994,098,575 |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 10/01/50 to 05/01/55 and Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,013,862,907. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 10/01/50 to 05/01/55 and Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,013,862,907. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 10/01/50 to 05/01/55 and Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,013,862,907. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 10/01/50 to 05/01/55 and Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,013,862,907. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 10/01/50 to 05/01/55 and Federal National Mortgage Association, 2.000% to 6.500%, due 03/01/37 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,013,862,907. |
|  | 4193000000 | 4.030 <sup>(d)</sup> | 01/12/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193000000 |
|  Maturity Value: $4,222,571,121 | Maturity Value: $4,222,571,121 | Maturity Value: $4,222,571,121 | Maturity Value: $4,222,571,121 | Maturity Value: $4,222,571,121 |
|  Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/54 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $4,280,176,944. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/54 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $4,280,176,944. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/54 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $4,280,176,944. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/54 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $4,280,176,944. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/54 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/41 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $4,280,176,944. |
|  | 840000000 | 4.030 <sup>(d)</sup> | 01/14/26 | $840000000 |
|  Maturity Value: $845,736,031 | Maturity Value: $845,736,031 | Maturity Value: $845,736,031 | Maturity Value: $845,736,031 | Maturity Value: $845,736,031 |
|  Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 02/05/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/30/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $857,087,840. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/05/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/30/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $857,087,840. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/05/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/30/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $857,087,840. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/05/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/30/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $857,087,840. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/05/26 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/30/26 to 08/31/31. The aggregate market value of the collateral, including accrued interest, was $857,087,840. |
|  Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. | Barclays Capital, Inc. |
|  | 26640000 | 4.080 | 12/01/25 | $26640000 |
|  Maturity Value: $26,649,058 | Maturity Value: $26,649,058 | Maturity Value: $26,649,058 | Maturity Value: $26,649,058 | Maturity Value: $26,649,058 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $27,172,816. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $27,172,816. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $27,172,816. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $27,172,816. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $27,172,816. |
|  | 500000000 | 4.080 | 12/01/25 | $500000000 |
|  Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Notes, 2.875% to 4.250%, due 02/28/29 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $510,000,086. | Collateralized by U.S. Treasury Notes, 2.875% to 4.250%, due 02/28/29 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $510,000,086. | Collateralized by U.S. Treasury Notes, 2.875% to 4.250%, due 02/28/29 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $510,000,086. | Collateralized by U.S. Treasury Notes, 2.875% to 4.250%, due 02/28/29 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $510,000,086. | Collateralized by U.S. Treasury Notes, 2.875% to 4.250%, due 02/28/29 to 04/30/29. The aggregate market value of the collateral, including accrued interest, was $510,000,086. |
|  BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
|  | 129500000 | 4.090 | 12/01/25 | $129500000 |
|  Maturity Value: $129,544,138 | Maturity Value: $129,544,138 | Maturity Value: $129,544,138 | Maturity Value: $129,544,138 | Maturity Value: $129,544,138 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 01/01/35 to 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 03/01/33 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $133,385,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 01/01/35 to 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 03/01/33 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $133,385,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 01/01/35 to 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 03/01/33 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $133,385,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 01/01/35 to 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 03/01/33 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $133,385,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 01/01/35 to 11/01/54 and Federal National Mortgage Association, 4.500% to 6.500%, due 03/01/33 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $133,385,002. |
|  | 632000000 | 4.270 <sup>(d)</sup> | 12/11/25 | $632000000 |
|  Maturity Value: $645,718,085 | Maturity Value: $645,718,085 | Maturity Value: $645,718,085 | Maturity Value: $645,718,085 | Maturity Value: $645,718,085 |
|  Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 03/19/26 to 11/27/26, U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/48, U.S. Treasury Notes, 0.750% to 0.875%, due 04/30/26 to 09/30/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $644,640,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/19/26 to 11/27/26, U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/48, U.S. Treasury Notes, 0.750% to 0.875%, due 04/30/26 to 09/30/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $644,640,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/19/26 to 11/27/26, U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/48, U.S. Treasury Notes, 0.750% to 0.875%, due 04/30/26 to 09/30/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $644,640,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/19/26 to 11/27/26, U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/48, U.S. Treasury Notes, 0.750% to 0.875%, due 04/30/26 to 09/30/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $644,640,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/19/26 to 11/27/26, U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, a U.S. Treasury Inflation-Indexed Bond, 0.875%, due 02/15/47, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 11/15/48, U.S. Treasury Notes, 0.750% to 0.875%, due 04/30/26 to 09/30/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $644,640,002. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 3350000000 | 4.090% | 02/09/26 | $3350000000 |
|  Maturity Value: $3,432,208,992 | Maturity Value: $3,432,208,992 | Maturity Value: $3,432,208,992 | Maturity Value: $3,432,208,992 | Maturity Value: $3,432,208,992 |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 09/03/26, U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 3.500% to 4.625%, due 05/15/26 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $3,416,999,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/03/26, U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 3.500% to 4.625%, due 05/15/26 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $3,416,999,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/03/26, U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 3.500% to 4.625%, due 05/15/26 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $3,416,999,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/03/26, U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 3.500% to 4.625%, due 05/15/26 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $3,416,999,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/03/26, U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 3.500% to 4.625%, due 05/15/26 to 07/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $3,416,999,994. |
|  | 1680000000 | 4.090 <sup>(d)</sup> | 02/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000000 |
|  Maturity Value: $1,721,036,329 | Maturity Value: $1,721,036,329 | Maturity Value: $1,721,036,329 | Maturity Value: $1,721,036,329 | Maturity Value: $1,721,036,329 |
|  Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 |
|  Collateralized by U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/27 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.375%, due 07/15/28 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/35 to 05/15/47, U.S. Treasury Notes, 1.250% to 4.875%, due 03/15/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $1,713,599,992. | Collateralized by U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/27 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.375%, due 07/15/28 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/35 to 05/15/47, U.S. Treasury Notes, 1.250% to 4.875%, due 03/15/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $1,713,599,992. | Collateralized by U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/27 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.375%, due 07/15/28 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/35 to 05/15/47, U.S. Treasury Notes, 1.250% to 4.875%, due 03/15/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $1,713,599,992. | Collateralized by U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/27 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.375%, due 07/15/28 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/35 to 05/15/47, U.S. Treasury Notes, 1.250% to 4.875%, due 03/15/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $1,713,599,992. | Collateralized by U.S. Treasury Bonds, 4.625% to 6.125%, due 11/15/27 to 02/15/40, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 2.500%, due 01/15/27 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.750% to 1.375%, due 07/15/28 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/35 to 05/15/47, U.S. Treasury Notes, 1.250% to 4.875%, due 03/15/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $1,713,599,992. |
|  | 2525000000 | 4.090 <sup>(d)</sup> | 02/10/26 | $2525000000 |
|  Maturity Value: $2,586,963,494 | Maturity Value: $2,586,963,494 | Maturity Value: $2,586,963,494 | Maturity Value: $2,586,963,494 | Maturity Value: $2,586,963,494 |
|  Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 08/15/54, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,575,499,996. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 08/15/54, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,575,499,996. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 08/15/54, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,575,499,996. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 08/15/54, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,575,499,996. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.375% to 4.625%, due 02/15/42 to 08/15/54, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 01/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 01/15/30 to 01/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,575,499,996. |
|  | 2515000000 | 4.090 <sup>(d)</sup> | 02/17/26 | $2515000000 |
|  Maturity Value: $2,577,289,558 | Maturity Value: $2,577,289,558 | Maturity Value: $2,577,289,558 | Maturity Value: $2,577,289,558 | Maturity Value: $2,577,289,558 |
|  Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 |
|  Collateralized by U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.500%, due 01/15/28 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 0.500% to 4.875%, due 08/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,565,300,002. | Collateralized by U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.500%, due 01/15/28 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 0.500% to 4.875%, due 08/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,565,300,002. | Collateralized by U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.500%, due 01/15/28 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 0.500% to 4.875%, due 08/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,565,300,002. | Collateralized by U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.500%, due 01/15/28 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 0.500% to 4.875%, due 08/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,565,300,002. | Collateralized by U.S. Treasury Bonds, 3.875% to 6.125%, due 11/15/27 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.500%, due 01/15/28 to 01/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 08/15/51, U.S. Treasury Notes, 0.500% to 4.875%, due 08/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/28 to 08/15/55. The aggregate market value of the collateral, including accrued interest, was $2,565,300,002. |

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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>13</sub>

------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 1675000000 | 3.850 %<sup>(d)</sup> | 03/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000000 |
|  Maturity Value: $1,707,422,869 | Maturity Value: $1,707,422,869 | Maturity Value: $1,707,422,869 | Maturity Value: $1,707,422,869 | Maturity Value: $1,707,422,869 |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |
|  Collateralized by Federal Farm Credit Bank, 1.730% to 2.830%, due 09/10/35 to 12/19/36, Federal Home Loan Bank, 4.080%, due 05/25/33, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/27 to 12/01/55, Federal National Mortgage Association, 1.900% to 7.500%, due 06/01/27 to 12/01/55, Government National Mortgage Association, 1.500% to 7.000%, due 10/20/28 to 11/20/55 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32. The aggregate market value of the collateral, including accrued interest, was $1,725,223,231. | Collateralized by Federal Farm Credit Bank, 1.730% to 2.830%, due 09/10/35 to 12/19/36, Federal Home Loan Bank, 4.080%, due 05/25/33, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/27 to 12/01/55, Federal National Mortgage Association, 1.900% to 7.500%, due 06/01/27 to 12/01/55, Government National Mortgage Association, 1.500% to 7.000%, due 10/20/28 to 11/20/55 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32. The aggregate market value of the collateral, including accrued interest, was $1,725,223,231. | Collateralized by Federal Farm Credit Bank, 1.730% to 2.830%, due 09/10/35 to 12/19/36, Federal Home Loan Bank, 4.080%, due 05/25/33, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/27 to 12/01/55, Federal National Mortgage Association, 1.900% to 7.500%, due 06/01/27 to 12/01/55, Government National Mortgage Association, 1.500% to 7.000%, due 10/20/28 to 11/20/55 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32. The aggregate market value of the collateral, including accrued interest, was $1,725,223,231. | Collateralized by Federal Farm Credit Bank, 1.730% to 2.830%, due 09/10/35 to 12/19/36, Federal Home Loan Bank, 4.080%, due 05/25/33, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/27 to 12/01/55, Federal National Mortgage Association, 1.900% to 7.500%, due 06/01/27 to 12/01/55, Government National Mortgage Association, 1.500% to 7.000%, due 10/20/28 to 11/20/55 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32. The aggregate market value of the collateral, including accrued interest, was $1,725,223,231. | Collateralized by Federal Farm Credit Bank, 1.730% to 2.830%, due 09/10/35 to 12/19/36, Federal Home Loan Bank, 4.080%, due 05/25/33, Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 08/01/27 to 12/01/55, Federal National Mortgage Association, 1.900% to 7.500%, due 06/01/27 to 12/01/55, Government National Mortgage Association, 1.500% to 7.000%, due 10/20/28 to 11/20/55 and a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32. The aggregate market value of the collateral, including accrued interest, was $1,725,223,231. |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
|  | 400000000 | 4.030 | 12/01/25 | $400000000 |
|  Maturity Value: $400,134,333 | Maturity Value: $400,134,333 | Maturity Value: $400,134,333 | Maturity Value: $400,134,333 | Maturity Value: $400,134,333 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Notes, 1.750% to 3.625%, due 10/31/27 to 01/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $408,000,033. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Notes, 1.750% to 3.625%, due 10/31/27 to 01/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $408,000,033. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Notes, 1.750% to 3.625%, due 10/31/27 to 01/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $408,000,033. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Notes, 1.750% to 3.625%, due 10/31/27 to 01/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $408,000,033. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Notes, 1.750% to 3.625%, due 10/31/27 to 01/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/41 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $408,000,033. |
|  | 314640000 | 4.090 | 12/01/25 | $314640000 |
|  Maturity Value: $314,747,240 | Maturity Value: $314,747,240 | Maturity Value: $314,747,240 | Maturity Value: $314,747,240 | Maturity Value: $314,747,240 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Farm Credit Bank, 0.940% to 4.170%, due 06/24/26 to 08/19/30, Federal Home Loan Bank, 2.000% to 4.065%, due 12/12/25 to 02/25/27, Federal Home Loan Mortgage Corp., 3.875% to 4.270%, due 05/23/28 to 11/24/28, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 3.500% to 6.500%, due 03/15/33 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $322,327,955. | Collateralized by Federal Farm Credit Bank, 0.940% to 4.170%, due 06/24/26 to 08/19/30, Federal Home Loan Bank, 2.000% to 4.065%, due 12/12/25 to 02/25/27, Federal Home Loan Mortgage Corp., 3.875% to 4.270%, due 05/23/28 to 11/24/28, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 3.500% to 6.500%, due 03/15/33 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $322,327,955. | Collateralized by Federal Farm Credit Bank, 0.940% to 4.170%, due 06/24/26 to 08/19/30, Federal Home Loan Bank, 2.000% to 4.065%, due 12/12/25 to 02/25/27, Federal Home Loan Mortgage Corp., 3.875% to 4.270%, due 05/23/28 to 11/24/28, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 3.500% to 6.500%, due 03/15/33 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $322,327,955. | Collateralized by Federal Farm Credit Bank, 0.940% to 4.170%, due 06/24/26 to 08/19/30, Federal Home Loan Bank, 2.000% to 4.065%, due 12/12/25 to 02/25/27, Federal Home Loan Mortgage Corp., 3.875% to 4.270%, due 05/23/28 to 11/24/28, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 3.500% to 6.500%, due 03/15/33 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $322,327,955. | Collateralized by Federal Farm Credit Bank, 0.940% to 4.170%, due 06/24/26 to 08/19/30, Federal Home Loan Bank, 2.000% to 4.065%, due 12/12/25 to 02/25/27, Federal Home Loan Mortgage Corp., 3.875% to 4.270%, due 05/23/28 to 11/24/28, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37 and Government National Mortgage Association, 3.500% to 6.500%, due 03/15/33 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $322,327,955. |
|  | 1675000000 | 4.100 <sup>(d)</sup> | 01/15/26 | $1675000000 |
|  Maturity Value: $1,710,100,559 | Maturity Value: $1,710,100,559 | Maturity Value: $1,710,100,559 | Maturity Value: $1,710,100,559 | Maturity Value: $1,710,100,559 |
|  Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 |
|  Collateralized by Federal Farm Credit Bank, 1.420% to 4.275%, due 10/20/26 to 09/01/33, Federal Home Loan Bank, 0.650% to 4.250%, due 12/16/25 to 11/29/38, Government National Mortgage Association, 1.500% to 7.000%, due 04/15/43 to 11/20/55 and Tennessee Valley Authority, 4.875%, due 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,720,603,099. | Collateralized by Federal Farm Credit Bank, 1.420% to 4.275%, due 10/20/26 to 09/01/33, Federal Home Loan Bank, 0.650% to 4.250%, due 12/16/25 to 11/29/38, Government National Mortgage Association, 1.500% to 7.000%, due 04/15/43 to 11/20/55 and Tennessee Valley Authority, 4.875%, due 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,720,603,099. | Collateralized by Federal Farm Credit Bank, 1.420% to 4.275%, due 10/20/26 to 09/01/33, Federal Home Loan Bank, 0.650% to 4.250%, due 12/16/25 to 11/29/38, Government National Mortgage Association, 1.500% to 7.000%, due 04/15/43 to 11/20/55 and Tennessee Valley Authority, 4.875%, due 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,720,603,099. | Collateralized by Federal Farm Credit Bank, 1.420% to 4.275%, due 10/20/26 to 09/01/33, Federal Home Loan Bank, 0.650% to 4.250%, due 12/16/25 to 11/29/38, Government National Mortgage Association, 1.500% to 7.000%, due 04/15/43 to 11/20/55 and Tennessee Valley Authority, 4.875%, due 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,720,603,099. | Collateralized by Federal Farm Credit Bank, 1.420% to 4.275%, due 10/20/26 to 09/01/33, Federal Home Loan Bank, 0.650% to 4.250%, due 12/16/25 to 11/29/38, Government National Mortgage Association, 1.500% to 7.000%, due 04/15/43 to 11/20/55 and Tennessee Valley Authority, 4.875%, due 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,720,603,099. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) |
| $| 980000000 | 4.090 %<sup>(d)</sup> | 01/28/26 | $980000000 |
|  Maturity Value: $1,000,486,354 | Maturity Value: $1,000,486,354 | Maturity Value: $1,000,486,354 | Maturity Value: $1,000,486,354 | Maturity Value: $1,000,486,354 |
|  Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 |
|  Collateralized by Federal Farm Credit Bank, 0.590% to 4.800%, due 02/17/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.500%, due 12/26/25 to 01/27/42, Federal Home Loan Mortgage Corp., 4.000% to 4.270%, due 08/26/27 to 07/07/28, Federal National Mortgage Association, 0.000% to 1.875%, due 01/28/26 to 09/24/26, Government National Mortgage Association, 2.500% to 6.500%, due 03/15/33 to 11/20/55, Tennessee Valley Authority, 4.375%, due 08/01/34 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,001,500,420. | Collateralized by Federal Farm Credit Bank, 0.590% to 4.800%, due 02/17/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.500%, due 12/26/25 to 01/27/42, Federal Home Loan Mortgage Corp., 4.000% to 4.270%, due 08/26/27 to 07/07/28, Federal National Mortgage Association, 0.000% to 1.875%, due 01/28/26 to 09/24/26, Government National Mortgage Association, 2.500% to 6.500%, due 03/15/33 to 11/20/55, Tennessee Valley Authority, 4.375%, due 08/01/34 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,001,500,420. | Collateralized by Federal Farm Credit Bank, 0.590% to 4.800%, due 02/17/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.500%, due 12/26/25 to 01/27/42, Federal Home Loan Mortgage Corp., 4.000% to 4.270%, due 08/26/27 to 07/07/28, Federal National Mortgage Association, 0.000% to 1.875%, due 01/28/26 to 09/24/26, Government National Mortgage Association, 2.500% to 6.500%, due 03/15/33 to 11/20/55, Tennessee Valley Authority, 4.375%, due 08/01/34 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,001,500,420. | Collateralized by Federal Farm Credit Bank, 0.590% to 4.800%, due 02/17/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.500%, due 12/26/25 to 01/27/42, Federal Home Loan Mortgage Corp., 4.000% to 4.270%, due 08/26/27 to 07/07/28, Federal National Mortgage Association, 0.000% to 1.875%, due 01/28/26 to 09/24/26, Government National Mortgage Association, 2.500% to 6.500%, due 03/15/33 to 11/20/55, Tennessee Valley Authority, 4.375%, due 08/01/34 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,001,500,420. | Collateralized by Federal Farm Credit Bank, 0.590% to 4.800%, due 02/17/26 to 12/22/45, Federal Home Loan Bank, 0.000% to 4.500%, due 12/26/25 to 01/27/42, Federal Home Loan Mortgage Corp., 4.000% to 4.270%, due 08/26/27 to 07/07/28, Federal National Mortgage Association, 0.000% to 1.875%, due 01/28/26 to 09/24/26, Government National Mortgage Association, 2.500% to 6.500%, due 03/15/33 to 11/20/55, Tennessee Valley Authority, 4.375%, due 08/01/34 and a U.S. Treasury Note, 3.875%, due 12/31/27. The aggregate market value of the collateral, including accrued interest, was $1,001,500,420. |
|  | 1975000000 | 4.100 <sup>(d)</sup> | 04/29/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975000000 |
|  Maturity Value: $2,015,937,365 | Maturity Value: $2,015,937,365 | Maturity Value: $2,015,937,365 | Maturity Value: $2,015,937,365 | Maturity Value: $2,015,937,365 |
|  Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 |
|  Collateralized by Federal Farm Credit Bank, 0.900% to 4.550%, due 12/19/25 to 01/05/37, Federal Home Loan Bank, 0.000% to 0.900%, due 03/04/26 to 08/26/26, Federal Home Loan Mortgage Corp., 0.800% to 4.550%, due 10/27/26 to 09/26/30, Federal National Mortgage Association, 0.875%, due 12/18/26, Government National Mortgage Association, 2.000% to 7.500%, due 08/15/28 to 11/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $2,026,743,353. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.550%, due 12/19/25 to 01/05/37, Federal Home Loan Bank, 0.000% to 0.900%, due 03/04/26 to 08/26/26, Federal Home Loan Mortgage Corp., 0.800% to 4.550%, due 10/27/26 to 09/26/30, Federal National Mortgage Association, 0.875%, due 12/18/26, Government National Mortgage Association, 2.000% to 7.500%, due 08/15/28 to 11/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $2,026,743,353. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.550%, due 12/19/25 to 01/05/37, Federal Home Loan Bank, 0.000% to 0.900%, due 03/04/26 to 08/26/26, Federal Home Loan Mortgage Corp., 0.800% to 4.550%, due 10/27/26 to 09/26/30, Federal National Mortgage Association, 0.875%, due 12/18/26, Government National Mortgage Association, 2.000% to 7.500%, due 08/15/28 to 11/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $2,026,743,353. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.550%, due 12/19/25 to 01/05/37, Federal Home Loan Bank, 0.000% to 0.900%, due 03/04/26 to 08/26/26, Federal Home Loan Mortgage Corp., 0.800% to 4.550%, due 10/27/26 to 09/26/30, Federal National Mortgage Association, 0.875%, due 12/18/26, Government National Mortgage Association, 2.000% to 7.500%, due 08/15/28 to 11/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $2,026,743,353. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.550%, due 12/19/25 to 01/05/37, Federal Home Loan Bank, 0.000% to 0.900%, due 03/04/26 to 08/26/26, Federal Home Loan Mortgage Corp., 0.800% to 4.550%, due 10/27/26 to 09/26/30, Federal National Mortgage Association, 0.875%, due 12/18/26, Government National Mortgage Association, 2.000% to 7.500%, due 08/15/28 to 11/20/55 and Tennessee Valley Authority, 2.875%, due 02/01/27. The aggregate market value of the collateral, including accrued interest, was $2,026,743,353. |
|  | 246000000 | 4.160 <sup>(d)</sup> | 07/30/26 | $246000000 |
|  Maturity Value: $256,375,737 | Maturity Value: $256,375,737 | Maturity Value: $256,375,737 | Maturity Value: $256,375,737 | Maturity Value: $256,375,737 |
|  Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 |
|  Collateralized by Federal Home Loan Bank, 0.000% to 3.000%, due 03/25/26 to 09/11/26, Federal Home Loan Mortgage Corp., 2.150% to 6.750%, due 03/15/31 to 07/13/40, Government National Mortgage Association, 2.500% to 7.500%, due 02/15/29 to 11/20/55, Tennessee Valley Authority, 4.650%, due 06/15/35, a U.S. Treasury Bond, 3.125%, due 08/15/44, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/42. The aggregate market value of the collateral, including accrued interest, was $253,144,706. | Collateralized by Federal Home Loan Bank, 0.000% to 3.000%, due 03/25/26 to 09/11/26, Federal Home Loan Mortgage Corp., 2.150% to 6.750%, due 03/15/31 to 07/13/40, Government National Mortgage Association, 2.500% to 7.500%, due 02/15/29 to 11/20/55, Tennessee Valley Authority, 4.650%, due 06/15/35, a U.S. Treasury Bond, 3.125%, due 08/15/44, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/42. The aggregate market value of the collateral, including accrued interest, was $253,144,706. | Collateralized by Federal Home Loan Bank, 0.000% to 3.000%, due 03/25/26 to 09/11/26, Federal Home Loan Mortgage Corp., 2.150% to 6.750%, due 03/15/31 to 07/13/40, Government National Mortgage Association, 2.500% to 7.500%, due 02/15/29 to 11/20/55, Tennessee Valley Authority, 4.650%, due 06/15/35, a U.S. Treasury Bond, 3.125%, due 08/15/44, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/42. The aggregate market value of the collateral, including accrued interest, was $253,144,706. | Collateralized by Federal Home Loan Bank, 0.000% to 3.000%, due 03/25/26 to 09/11/26, Federal Home Loan Mortgage Corp., 2.150% to 6.750%, due 03/15/31 to 07/13/40, Government National Mortgage Association, 2.500% to 7.500%, due 02/15/29 to 11/20/55, Tennessee Valley Authority, 4.650%, due 06/15/35, a U.S. Treasury Bond, 3.125%, due 08/15/44, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/42. The aggregate market value of the collateral, including accrued interest, was $253,144,706. | Collateralized by Federal Home Loan Bank, 0.000% to 3.000%, due 03/25/26 to 09/11/26, Federal Home Loan Mortgage Corp., 2.150% to 6.750%, due 03/15/31 to 07/13/40, Government National Mortgage Association, 2.500% to 7.500%, due 02/15/29 to 11/20/55, Tennessee Valley Authority, 4.650%, due 06/15/35, a U.S. Treasury Bond, 3.125%, due 08/15/44, a U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/42. The aggregate market value of the collateral, including accrued interest, was $253,144,706. |
|  Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |
|  | 988000000 | 4.060 | 12/10/25 | $988000000 |
|  Maturity Value: $1,033,349,758 | Maturity Value: $1,033,349,758 | Maturity Value: $1,033,349,758 | Maturity Value: $1,033,349,758 | Maturity Value: $1,033,349,758 |
|  Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/26 to 12/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/26 to 12/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 07/20/28 to 11/20/55 and Tennessee Valley Authority, 4.625%, due 09/15/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/26 to 12/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/26 to 12/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 07/20/28 to 11/20/55 and Tennessee Valley Authority, 4.625%, due 09/15/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/26 to 12/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/26 to 12/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 07/20/28 to 11/20/55 and Tennessee Valley Authority, 4.625%, due 09/15/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/26 to 12/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/26 to 12/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 07/20/28 to 11/20/55 and Tennessee Valley Authority, 4.625%, due 09/15/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/26 to 12/01/55, Federal National Mortgage Association, 2.000% to 7.000%, due 01/01/26 to 12/01/55, Government National Mortgage Association, 1.500% to 8.500%, due 07/20/28 to 11/20/55 and Tennessee Valley Authority, 4.625%, due 09/15/60. The aggregate market value of the collateral, including accrued interest, was $1,007,760,008. |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| $| 500000000 | 4.080% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
|  Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $510,000,087. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $510,000,087. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $510,000,087. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $510,000,087. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $510,000,087. |
|  | 492000000 | 4.270 | 12/08/25 | $492000000 |
|  Maturity Value: $499,177,870 | Maturity Value: $499,177,870 | Maturity Value: $499,177,870 | Maturity Value: $499,177,870 | Maturity Value: $499,177,870 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by Government National Mortgage Association, 4.500% to 7.500%, due 05/20/54 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $501,840,604. | Collateralized by Government National Mortgage Association, 4.500% to 7.500%, due 05/20/54 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $501,840,604. | Collateralized by Government National Mortgage Association, 4.500% to 7.500%, due 05/20/54 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $501,840,604. | Collateralized by Government National Mortgage Association, 4.500% to 7.500%, due 05/20/54 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $501,840,604. | Collateralized by Government National Mortgage Association, 4.500% to 7.500%, due 05/20/54 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $501,840,604. |
|  | 985000000 | 4.050 <sup>(d)</sup> | 01/05/26 | $985000000 |
|  Maturity Value: $1,015,584,250 | Maturity Value: $1,015,584,250 | Maturity Value: $1,015,584,250 | Maturity Value: $1,015,584,250 | Maturity Value: $1,015,584,250 |
|  Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 |
|  Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 01/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,004,700,540. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 01/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,004,700,540. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 01/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,004,700,540. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 01/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,004,700,540. | Collateralized by Government National Mortgage Association, 2.500% to 8.000%, due 01/20/54 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $1,004,700,540. |
|  | 492000000 | 4.220 | 01/07/26 | $492000000 |
|  Maturity Value: $500,824,020 | Maturity Value: $500,824,020 | Maturity Value: $500,824,020 | Maturity Value: $500,824,020 | Maturity Value: $500,824,020 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55, Federal National Mortgage Association, 5.500%, due 12/01/55 and U.S. Treasury Notes, 1.375% to 3.750%, due 08/31/31 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $501,840,069. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55, Federal National Mortgage Association, 5.500%, due 12/01/55 and U.S. Treasury Notes, 1.375% to 3.750%, due 08/31/31 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $501,840,069. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55, Federal National Mortgage Association, 5.500%, due 12/01/55 and U.S. Treasury Notes, 1.375% to 3.750%, due 08/31/31 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $501,840,069. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55, Federal National Mortgage Association, 5.500%, due 12/01/55 and U.S. Treasury Notes, 1.375% to 3.750%, due 08/31/31 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $501,840,069. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55, Federal National Mortgage Association, 5.500%, due 12/01/55 and U.S. Treasury Notes, 1.375% to 3.750%, due 08/31/31 to 11/15/31. The aggregate market value of the collateral, including accrued interest, was $501,840,069. |
|  | 368000000 | 4.310 | 01/16/26 | $368000000 |
|  Maturity Value: $377,428,364 | Maturity Value: $377,428,364 | Maturity Value: $377,428,364 | Maturity Value: $377,428,364 | Maturity Value: $377,428,364 |
|  Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 10/01/55. The aggregate market value of the collateral, including accrued interest, was $375,360,959. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 10/01/55. The aggregate market value of the collateral, including accrued interest, was $375,360,959. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 10/01/55. The aggregate market value of the collateral, including accrued interest, was $375,360,959. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 10/01/55. The aggregate market value of the collateral, including accrued interest, was $375,360,959. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 10/01/55. The aggregate market value of the collateral, including accrued interest, was $375,360,959. |
|  | 691000000 | 4.050 <sup>(d)</sup> | 02/09/26 | $691000000 |
|  Maturity Value: $707,791,300 | Maturity Value: $707,791,300 | Maturity Value: $707,791,300 | Maturity Value: $707,791,300 | Maturity Value: $707,791,300 |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |
|  Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $704,820,100. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $704,820,100. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $704,820,100. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $704,820,100. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $704,820,100. |
|  | 984000000 | 4.060 <sup>(d)</sup> | 02/09/26 | $984000000 |
|  Maturity Value: $1,007,970,245 | Maturity Value: $1,007,970,245 | Maturity Value: $1,007,970,245 | Maturity Value: $1,007,970,245 | Maturity Value: $1,007,970,245 |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 05/20/50 to 03/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,473. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 05/20/50 to 03/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,473. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 05/20/50 to 03/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,473. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 05/20/50 to 03/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,473. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 05/20/50 to 03/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,473. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 420000000 | 4.170% | 02/09/26 | $420000000 |
|  Maturity Value: $429,000,250 | Maturity Value: $429,000,250 | Maturity Value: $429,000,250 | Maturity Value: $429,000,250 | Maturity Value: $429,000,250 |
|  Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 09/01/55 to 12/01/55, Federal National Mortgage Association, 4.000% to 6.500%, due 09/01/55 to 12/01/55 and a U.S. Treasury Note, 0.500%, due 08/31/27. The aggregate market value of the collateral, including accrued interest, was $428,400,026. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 09/01/55 to 12/01/55, Federal National Mortgage Association, 4.000% to 6.500%, due 09/01/55 to 12/01/55 and a U.S. Treasury Note, 0.500%, due 08/31/27. The aggregate market value of the collateral, including accrued interest, was $428,400,026. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 09/01/55 to 12/01/55, Federal National Mortgage Association, 4.000% to 6.500%, due 09/01/55 to 12/01/55 and a U.S. Treasury Note, 0.500%, due 08/31/27. The aggregate market value of the collateral, including accrued interest, was $428,400,026. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 09/01/55 to 12/01/55, Federal National Mortgage Association, 4.000% to 6.500%, due 09/01/55 to 12/01/55 and a U.S. Treasury Note, 0.500%, due 08/31/27. The aggregate market value of the collateral, including accrued interest, was $428,400,026. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 09/01/55 to 12/01/55, Federal National Mortgage Association, 4.000% to 6.500%, due 09/01/55 to 12/01/55 and a U.S. Treasury Note, 0.500%, due 08/31/27. The aggregate market value of the collateral, including accrued interest, was $428,400,026. |
|  | 492000000 | 4.180 | 02/09/26 | $492000000 |
|  Maturity Value: $502,625,560 | Maturity Value: $502,625,560 | Maturity Value: $502,625,560 | Maturity Value: $502,625,560 | Maturity Value: $502,625,560 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/35 to 12/01/55, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/35 to 06/01/62 and a U.S. Treasury Note, 1.875%, due 06/30/26. The aggregate market value of the collateral, including accrued interest, was $501,840,017. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/35 to 12/01/55, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/35 to 06/01/62 and a U.S. Treasury Note, 1.875%, due 06/30/26. The aggregate market value of the collateral, including accrued interest, was $501,840,017. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/35 to 12/01/55, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/35 to 06/01/62 and a U.S. Treasury Note, 1.875%, due 06/30/26. The aggregate market value of the collateral, including accrued interest, was $501,840,017. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/35 to 12/01/55, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/35 to 06/01/62 and a U.S. Treasury Note, 1.875%, due 06/30/26. The aggregate market value of the collateral, including accrued interest, was $501,840,017. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 11/01/35 to 12/01/55, Federal National Mortgage Association, 2.500% to 7.000%, due 11/01/35 to 06/01/62 and a U.S. Treasury Note, 1.875%, due 06/30/26. The aggregate market value of the collateral, including accrued interest, was $501,840,017. |
|  | 1965000000 | 4.060 <sup>(d)</sup> | 02/17/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965000000 |
|  Maturity Value: $2,013,089,018 | Maturity Value: $2,013,089,018 | Maturity Value: $2,013,089,018 | Maturity Value: $2,013,089,018 | Maturity Value: $2,013,089,018 |
|  Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,589. | Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,589. | Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,589. | Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,589. | Collateralized by Government National Mortgage Association, 2.000% to 6.500%, due 02/20/52 to 04/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,589. |
|  | 2075000000 | 4.050 <sup>(d)</sup> | 02/18/26 | $2075000000 |
|  Maturity Value: $2,125,189,062 | Maturity Value: $2,125,189,062 | Maturity Value: $2,125,189,062 | Maturity Value: $2,125,189,062 | Maturity Value: $2,125,189,062 |
|  Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 |
|  Collateralized by a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 04/15/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 09/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $2,116,500,022. | Collateralized by a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 04/15/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 09/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $2,116,500,022. | Collateralized by a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 04/15/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 09/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $2,116,500,022. | Collateralized by a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 04/15/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 09/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $2,116,500,022. | Collateralized by a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/26 to 04/15/27 and U.S. Treasury Notes, 0.625% to 4.500%, due 09/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $2,116,500,022. |
|  | 2950000000 | 4.060 <sup>(d)</sup> | 02/18/26 | $2950000000 |
|  Maturity Value: $3,021,529,320 | Maturity Value: $3,021,529,320 | Maturity Value: $3,021,529,320 | Maturity Value: $3,021,529,320 | Maturity Value: $3,021,529,320 |
|  Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 |
|  Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/20/27 to 09/20/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $3,009,000,066. | Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/20/27 to 09/20/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $3,009,000,066. | Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/20/27 to 09/20/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $3,009,000,066. | Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/20/27 to 09/20/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $3,009,000,066. | Collateralized by Government National Mortgage Association, 1.500% to 8.000%, due 12/20/27 to 09/20/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $3,009,000,066. |
|  | 1965000000 | 4.060 <sup>(d)</sup> | 02/23/26 | $1965000000 |
|  Maturity Value: $2,012,867,409 | Maturity Value: $2,012,867,409 | Maturity Value: $2,012,867,409 | Maturity Value: $2,012,867,409 | Maturity Value: $2,012,867,409 |
|  Settlement Date: 07/22/25 | Settlement Date: 07/22/25 | Settlement Date: 07/22/25 | Settlement Date: 07/22/25 | Settlement Date: 07/22/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 08/20/52 to 08/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,366. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 08/20/52 to 08/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,366. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 08/20/52 to 08/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,366. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 08/20/52 to 08/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,366. | Collateralized by Government National Mortgage Association, 2.000% to 7.500%, due 08/20/52 to 08/20/55. The aggregate market value of the collateral, including accrued interest, was $2,004,300,366. |
|  | 490000000 | 4.060 <sup>(d)</sup> | 02/27/26 | $490000000 |
|  Maturity Value: $501,825,880 | Maturity Value: $501,825,880 | Maturity Value: $501,825,880 | Maturity Value: $501,825,880 | Maturity Value: $501,825,880 |
|  Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 07/20/52 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $499,800,449. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 07/20/52 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $499,800,449. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 07/20/52 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $499,800,449. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 07/20/52 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $499,800,449. | Collateralized by Government National Mortgage Association, 2.000% to 5.500%, due 07/20/52 to 07/20/54. The aggregate market value of the collateral, including accrued interest, was $499,800,449. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 418000000 | 3.920% | 03/19/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418000000 |
|  Maturity Value: $426,283,831 | Maturity Value: $426,283,831 | Maturity Value: $426,283,831 | Maturity Value: $426,283,831 | Maturity Value: $426,283,831 |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/55 to 11/01/55 and Federal National Mortgage Association, 4.500% to 6.500%, due 10/01/55 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $426,360,825. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/55 to 11/01/55 and Federal National Mortgage Association, 4.500% to 6.500%, due 10/01/55 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $426,360,825. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/55 to 11/01/55 and Federal National Mortgage Association, 4.500% to 6.500%, due 10/01/55 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $426,360,825. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/55 to 11/01/55 and Federal National Mortgage Association, 4.500% to 6.500%, due 10/01/55 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $426,360,825. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 10/01/55 to 11/01/55 and Federal National Mortgage Association, 4.500% to 6.500%, due 10/01/55 to 11/01/55. The aggregate market value of the collateral, including accrued interest, was $426,360,825. |
|  | 828000000 | 4.050 <sup>(d)</sup> | 03/23/26 | $828000000 |
|  Maturity Value: $844,953,300 | Maturity Value: $844,953,300 | Maturity Value: $844,953,300 | Maturity Value: $844,953,300 | Maturity Value: $844,953,300 |
|  Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 |
|  Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $844,560,048. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $844,560,048. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $844,560,048. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $844,560,048. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.250%, due 08/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $844,560,048. |
|  | 984000000 | 4.060 <sup>(d)</sup> | 03/23/26 | $984000000 |
|  Maturity Value: $1,004,197,151 | Maturity Value: $1,004,197,151 | Maturity Value: $1,004,197,151 | Maturity Value: $1,004,197,151 | Maturity Value: $1,004,197,151 |
|  Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 |
|  Collateralized by Government National Mortgage Association, 1.500% to 4.500%, due 02/20/50 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,220. | Collateralized by Government National Mortgage Association, 1.500% to 4.500%, due 02/20/50 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,220. | Collateralized by Government National Mortgage Association, 1.500% to 4.500%, due 02/20/50 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,220. | Collateralized by Government National Mortgage Association, 1.500% to 4.500%, due 02/20/50 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,220. | Collateralized by Government National Mortgage Association, 1.500% to 4.500%, due 02/20/50 to 09/20/55. The aggregate market value of the collateral, including accrued interest, was $1,003,680,220. |
|  | 1970000000 | 4.050 <sup>(d)</sup> | 04/08/26 | $1970000000 |
|  Maturity Value: $2,010,335,750 | Maturity Value: $2,010,335,750 | Maturity Value: $2,010,335,750 | Maturity Value: $2,010,335,750 | Maturity Value: $2,010,335,750 |
|  Settlement Date: 10/08/25 | Settlement Date: 10/08/25 | Settlement Date: 10/08/25 | Settlement Date: 10/08/25 | Settlement Date: 10/08/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 8.500%, due 04/20/53 to 05/20/55 and U.S. Treasury Notes, 3.875% to 4.125%, due 10/15/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $2,009,400,012. | Collateralized by Government National Mortgage Association, 2.000% to 8.500%, due 04/20/53 to 05/20/55 and U.S. Treasury Notes, 3.875% to 4.125%, due 10/15/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $2,009,400,012. | Collateralized by Government National Mortgage Association, 2.000% to 8.500%, due 04/20/53 to 05/20/55 and U.S. Treasury Notes, 3.875% to 4.125%, due 10/15/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $2,009,400,012. | Collateralized by Government National Mortgage Association, 2.000% to 8.500%, due 04/20/53 to 05/20/55 and U.S. Treasury Notes, 3.875% to 4.125%, due 10/15/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $2,009,400,012. | Collateralized by Government National Mortgage Association, 2.000% to 8.500%, due 04/20/53 to 05/20/55 and U.S. Treasury Notes, 3.875% to 4.125%, due 10/15/27 to 03/31/29. The aggregate market value of the collateral, including accrued interest, was $2,009,400,012. |
|  | 2956000000 | 4.050 <sup>(d)</sup> | 04/10/26 | $2956000000 |
|  Maturity Value: $3,016,524,100 | Maturity Value: $3,016,524,100 | Maturity Value: $3,016,524,100 | Maturity Value: $3,016,524,100 | Maturity Value: $3,016,524,100 |
|  Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 |
|  Collateralized by Government National Mortgage Association, 2.000% to 9.000%, due 12/15/25 to 11/20/55, a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.375% to 4.250%, due 09/15/27 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $3,015,119,943. | Collateralized by Government National Mortgage Association, 2.000% to 9.000%, due 12/15/25 to 11/20/55, a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.375% to 4.250%, due 09/15/27 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $3,015,119,943. | Collateralized by Government National Mortgage Association, 2.000% to 9.000%, due 12/15/25 to 11/20/55, a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.375% to 4.250%, due 09/15/27 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $3,015,119,943. | Collateralized by Government National Mortgage Association, 2.000% to 9.000%, due 12/15/25 to 11/20/55, a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.375% to 4.250%, due 09/15/27 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $3,015,119,943. | Collateralized by Government National Mortgage Association, 2.000% to 9.000%, due 12/15/25 to 11/20/55, a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.375% to 4.250%, due 09/15/27 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $3,015,119,943. |
|  | 2470000000 | 4.050 <sup>(d)</sup> | 05/07/26 | $2470000000 |
|  Maturity Value: $2,520,295,375 | Maturity Value: $2,520,295,375 | Maturity Value: $2,520,295,375 | Maturity Value: $2,520,295,375 | Maturity Value: $2,520,295,375 |
|  Settlement Date: 11/07/25 | Settlement Date: 11/07/25 | Settlement Date: 11/07/25 | Settlement Date: 11/07/25 | Settlement Date: 11/07/25 |
|  Collateralized by Government National Mortgage Association, 1.500% to 5.500%, due 07/20/51 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,519,400,080. | Collateralized by Government National Mortgage Association, 1.500% to 5.500%, due 07/20/51 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,519,400,080. | Collateralized by Government National Mortgage Association, 1.500% to 5.500%, due 07/20/51 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,519,400,080. | Collateralized by Government National Mortgage Association, 1.500% to 5.500%, due 07/20/51 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,519,400,080. | Collateralized by Government National Mortgage Association, 1.500% to 5.500%, due 07/20/51 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $2,519,400,080. |
|  | 997000000 | 3.820 | 05/13/26 | $997000000 |
|  Maturity Value: $1,016,148,493 | Maturity Value: $1,016,148,493 | Maturity Value: $1,016,148,493 | Maturity Value: $1,016,148,493 | Maturity Value: $1,016,148,493 |
|  Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 4.000% to 7.000%, due 11/01/55 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,016,940,925. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 4.000% to 7.000%, due 11/01/55 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,016,940,925. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 4.000% to 7.000%, due 11/01/55 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,016,940,925. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 4.000% to 7.000%, due 11/01/55 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,016,940,925. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 4.000% to 7.000%, due 11/01/55 to 12/01/55. The aggregate market value of the collateral, including accrued interest, was $1,016,940,925. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 570000000 | 3.840% | 05/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000000 |
|  Maturity Value: $581,004,800 | Maturity Value: $581,004,800 | Maturity Value: $581,004,800 | Maturity Value: $581,004,800 | Maturity Value: $581,004,800 |
|  Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 10/01/55 to 11/01/55, Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/55 and a U.S. Treasury Note, 3.875%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $581,400,054. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 10/01/55 to 11/01/55, Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/55 and a U.S. Treasury Note, 3.875%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $581,400,054. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 10/01/55 to 11/01/55, Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/55 and a U.S. Treasury Note, 3.875%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $581,400,054. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 10/01/55 to 11/01/55, Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/55 and a U.S. Treasury Note, 3.875%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $581,400,054. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 10/01/55 to 11/01/55, Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/55 and a U.S. Treasury Note, 3.875%, due 06/30/30. The aggregate market value of the collateral, including accrued interest, was $581,400,054. |
|  | 400000000 | 3.840 | 05/21/26 | $400000000 |
|  Maturity Value: $407,722,667 | Maturity Value: $407,722,667 | Maturity Value: $407,722,667 | Maturity Value: $407,722,667 | Maturity Value: $407,722,667 |
|  Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 5.000% to 7.000%, due 11/01/55. The aggregate market value of the collateral, including accrued interest, was $408,000,588. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 5.000% to 7.000%, due 11/01/55. The aggregate market value of the collateral, including accrued interest, was $408,000,588. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 5.000% to 7.000%, due 11/01/55. The aggregate market value of the collateral, including accrued interest, was $408,000,588. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 5.000% to 7.000%, due 11/01/55. The aggregate market value of the collateral, including accrued interest, was $408,000,588. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 11/01/55 to 12/01/55 and Federal National Mortgage Association, 5.000% to 7.000%, due 11/01/55. The aggregate market value of the collateral, including accrued interest, was $408,000,588. |
| Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
|  | 150000000 | 4.030 | 12/01/25 | $150000000 |
|  Maturity Value: $150,050,375 | Maturity Value: $150,050,375 | Maturity Value: $150,050,375 | Maturity Value: $150,050,375 | Maturity Value: $150,050,375 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/38, U.S. Treasury Notes, 0.625% to 4.625%, due 12/31/25 to 02/15/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/54. The aggregate market value of the collateral, including accrued interest, was $153,000,000. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/38, U.S. Treasury Notes, 0.625% to 4.625%, due 12/31/25 to 02/15/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/54. The aggregate market value of the collateral, including accrued interest, was $153,000,000. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/38, U.S. Treasury Notes, 0.625% to 4.625%, due 12/31/25 to 02/15/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/54. The aggregate market value of the collateral, including accrued interest, was $153,000,000. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/38, U.S. Treasury Notes, 0.625% to 4.625%, due 12/31/25 to 02/15/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/54. The aggregate market value of the collateral, including accrued interest, was $153,000,000. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/38, U.S. Treasury Notes, 0.625% to 4.625%, due 12/31/25 to 02/15/31 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/54. The aggregate market value of the collateral, including accrued interest, was $153,000,000. |
|  | 1265000000 | 4.050 <sup>(d)</sup> | 01/12/26 | $1265000000 |
|  Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/02/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/26 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,300,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/02/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/26 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,300,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/02/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/26 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,300,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/02/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/26 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,300,002. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/02/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 05/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.375%, due 02/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/26 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/52, U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,300,002. |
|  | 1265000000 | 4.050 <sup>(d)</sup> | 01/12/26 | $1265000000 |
|  Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 | Maturity Value: $1,295,454,875 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 02/15/55, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/36 to 11/15/44, U.S. Treasury Notes, 1.000% to 4.875%, due 05/31/26 to 01/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,299,999. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 02/15/55, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/36 to 11/15/44, U.S. Treasury Notes, 1.000% to 4.875%, due 05/31/26 to 01/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,299,999. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 02/15/55, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/36 to 11/15/44, U.S. Treasury Notes, 1.000% to 4.875%, due 05/31/26 to 01/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,299,999. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 02/15/55, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/36 to 11/15/44, U.S. Treasury Notes, 1.000% to 4.875%, due 05/31/26 to 01/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,299,999. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 02/15/55, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/36 to 11/15/44, U.S. Treasury Notes, 1.000% to 4.875%, due 05/31/26 to 01/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $1,290,299,999. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) |
| $| 1681000000 | 4.050 %<sup>(d)</sup> | 02/03/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681000000 |
|  Maturity Value: $1,721,659,188 | Maturity Value: $1,721,659,188 | Maturity Value: $1,721,659,188 | Maturity Value: $1,721,659,188 | Maturity Value: $1,721,659,188 |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 11/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/35, U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,714,620,003. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 11/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/35, U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,714,620,003. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 11/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/35, U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,714,620,003. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 11/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/35, U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,714,620,003. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/40 to 11/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/35, U.S. Treasury Notes, 0.625% to 4.625%, due 03/31/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $1,714,620,003. |
|  | 3364000000 | 4.050 <sup>(d)</sup> | 02/03/26 | $3364000000 |
|  Maturity Value: $3,445,366,750 | Maturity Value: $3,445,366,750 | Maturity Value: $3,445,366,750 | Maturity Value: $3,445,366,750 | Maturity Value: $3,445,366,750 |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 10/29/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/41 to 05/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/52, U.S. Treasury Notes, 0.750% to 4.875%, due 01/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $3,431,279,999. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 10/29/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/41 to 05/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/52, U.S. Treasury Notes, 0.750% to 4.875%, due 01/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $3,431,279,999. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 10/29/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/41 to 05/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/52, U.S. Treasury Notes, 0.750% to 4.875%, due 01/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $3,431,279,999. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 10/29/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/41 to 05/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/52, U.S. Treasury Notes, 0.750% to 4.875%, due 01/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $3,431,279,999. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 10/29/26, U.S. Treasury Bonds, 1.875% to 5.000%, due 02/15/41 to 05/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/27 to 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/27 to 05/15/52, U.S. Treasury Notes, 0.750% to 4.875%, due 01/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $3,431,279,999. |
|  | 624000000 | 4.050 <sup>(d)</sup> | 03/12/26 | $624000000 |
|  Maturity Value: $636,706,200 | Maturity Value: $636,706,200 | Maturity Value: $636,706,200 | Maturity Value: $636,706,200 | Maturity Value: $636,706,200 |
|  Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/31 to 11/15/35, U.S. Treasury Notes, 0.500% to 4.375%, due 12/31/25 to 02/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $636,480,001. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/31 to 11/15/35, U.S. Treasury Notes, 0.500% to 4.375%, due 12/31/25 to 02/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $636,480,001. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/31 to 11/15/35, U.S. Treasury Notes, 0.500% to 4.375%, due 12/31/25 to 02/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $636,480,001. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/31 to 11/15/35, U.S. Treasury Notes, 0.500% to 4.375%, due 12/31/25 to 02/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $636,480,001. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/31 to 11/15/35, U.S. Treasury Notes, 0.500% to 4.375%, due 12/31/25 to 02/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $636,480,001. |
|  | 1444000000 | 4.050 <sup>(d)</sup> | 03/19/26 | $1444000000 |
|  Maturity Value: $1,473,403,450 | Maturity Value: $1,473,403,450 | Maturity Value: $1,473,403,450 | Maturity Value: $1,473,403,450 | Maturity Value: $1,473,403,450 |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/43, U.S. Treasury Notes, 0.750% to 4.875%, due 02/28/26 to 08/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,472,879,998. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/43, U.S. Treasury Notes, 0.750% to 4.875%, due 02/28/26 to 08/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,472,879,998. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/43, U.S. Treasury Notes, 0.750% to 4.875%, due 02/28/26 to 08/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,472,879,998. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/43, U.S. Treasury Notes, 0.750% to 4.875%, due 02/28/26 to 08/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,472,879,998. | Collateralized by U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/40 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.750%, due 01/15/28, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/43, U.S. Treasury Notes, 0.750% to 4.875%, due 02/28/26 to 08/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/42. The aggregate market value of the collateral, including accrued interest, was $1,472,879,998. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued)  | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) |
| $| 413000000 | 4.050 %<sup>(d)</sup> | 04/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000000 |
|  Maturity Value: $421,456,175 | Maturity Value: $421,456,175 | Maturity Value: $421,456,175 | Maturity Value: $421,456,175 | Maturity Value: $421,456,175 |
|  Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/43 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.250% to 2.375%, due 01/15/28 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/38, U.S. Treasury Notes, 0.500% to 4.125%, due 03/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $421,260,000. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/43 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.250% to 2.375%, due 01/15/28 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/38, U.S. Treasury Notes, 0.500% to 4.125%, due 03/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $421,260,000. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/43 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.250% to 2.375%, due 01/15/28 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/38, U.S. Treasury Notes, 0.500% to 4.125%, due 03/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $421,260,000. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/43 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.250% to 2.375%, due 01/15/28 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/38, U.S. Treasury Notes, 0.500% to 4.125%, due 03/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $421,260,000. | Collateralized by U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/43 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.250% to 2.375%, due 01/15/28 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 11/15/38, U.S. Treasury Notes, 0.500% to 4.125%, due 03/31/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $421,260,000. |
|  | 290000000 | 4.050 <sup>(d)</sup> | 04/30/26 | $290000000 |
|  Maturity Value: $295,905,125 | Maturity Value: $295,905,125 | Maturity Value: $295,905,125 | Maturity Value: $295,905,125 | Maturity Value: $295,905,125 |
|  Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 |
|  Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 11/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/52 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/38, U.S. Treasury Notes, 0.375% to 4.250%, due 12/31/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $295,800,005. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 11/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/52 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/38, U.S. Treasury Notes, 0.375% to 4.250%, due 12/31/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $295,800,005. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 11/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/52 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/38, U.S. Treasury Notes, 0.375% to 4.250%, due 12/31/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $295,800,005. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 11/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/52 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/38, U.S. Treasury Notes, 0.375% to 4.250%, due 12/31/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $295,800,005. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 11/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/52 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/26 to 08/15/38, U.S. Treasury Notes, 0.375% to 4.250%, due 12/31/25 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $295,800,005. |
|  Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. |
|  | 126617647 | 4.100 | 12/01/25 | $126617647 |
|  Maturity Value: $126,660,908 | Maturity Value: $126,660,908 | Maturity Value: $126,660,908 | Maturity Value: $126,660,908 | Maturity Value: $126,660,908 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $129,150,000. | Collateralized by a U.S. Treasury Note, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $129,150,000. | Collateralized by a U.S. Treasury Note, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $129,150,000. | Collateralized by a U.S. Treasury Note, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $129,150,000. | Collateralized by a U.S. Treasury Note, 4.375%, due 01/31/32. The market value of the collateral, including accrued interest, was $129,150,000. |
|  | 128712010 | 4.100 | 12/01/25 | $128712010 |
|  Maturity Value: $128,755,986 | Maturity Value: $128,755,986 | Maturity Value: $128,755,986 | Maturity Value: $128,755,986 | Maturity Value: $128,755,986 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $131,286,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $131,286,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $131,286,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $131,286,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $131,286,250. |
|  | 270563726 | 4.100 | 12/01/25 | $270563726 |
|  Maturity Value: $270,656,168 | Maturity Value: $270,656,168 | Maturity Value: $270,656,168 | Maturity Value: $270,656,168 | Maturity Value: $270,656,168 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.125%, due 07/31/31. The market value of the collateral, including accrued interest, was $275,975,000. | Collateralized by a U.S. Treasury Note, 4.125%, due 07/31/31. The market value of the collateral, including accrued interest, was $275,975,000. | Collateralized by a U.S. Treasury Note, 4.125%, due 07/31/31. The market value of the collateral, including accrued interest, was $275,975,000. | Collateralized by a U.S. Treasury Note, 4.125%, due 07/31/31. The market value of the collateral, including accrued interest, was $275,975,000. | Collateralized by a U.S. Treasury Note, 4.125%, due 07/31/31. The market value of the collateral, including accrued interest, was $275,975,000. |
|  | 297530637 | 4.100 | 12/01/25 | $297530637 |
|  Maturity Value: $297,632,294 | Maturity Value: $297,632,294 | Maturity Value: $297,632,294 | Maturity Value: $297,632,294 | Maturity Value: $297,632,294 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.125%, due 03/31/32. The market value of the collateral, including accrued interest, was $303,481,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 03/31/32. The market value of the collateral, including accrued interest, was $303,481,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 03/31/32. The market value of the collateral, including accrued interest, was $303,481,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 03/31/32. The market value of the collateral, including accrued interest, was $303,481,250. | Collateralized by a U.S. Treasury Note, 4.125%, due 03/31/32. The market value of the collateral, including accrued interest, was $303,481,250. |
|  | 333941176 | 4.100 | 12/01/25 | $333941176 |
|  Maturity Value: $334,055,273 | Maturity Value: $334,055,273 | Maturity Value: $334,055,273 | Maturity Value: $334,055,273 | Maturity Value: $334,055,273 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/33. The market value of the collateral, including accrued interest, was $340,620,000. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/33. The market value of the collateral, including accrued interest, was $340,620,000. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/33. The market value of the collateral, including accrued interest, was $340,620,000. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/33. The market value of the collateral, including accrued interest, was $340,620,000. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/33. The market value of the collateral, including accrued interest, was $340,620,000. |

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&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. | **17** |

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------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Daiwa Capital Markets America, Inc. – (continued) | Daiwa Capital Markets America, Inc. – (continued) | Daiwa Capital Markets America, Inc. – (continued) | Daiwa Capital Markets America, Inc. – (continued) | Daiwa Capital Markets America, Inc. – (continued) |
| $| 407843137 | 4.100% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407843137 |
|  Maturity Value: $407,982,484 | Maturity Value: $407,982,484 | Maturity Value: $407,982,484 | Maturity Value: $407,982,484 | Maturity Value: $407,982,484 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $416,000,000. | Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $416,000,000. | Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $416,000,000. | Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $416,000,000. | Collateralized by a U.S. Treasury Note, 4.250%, due 02/28/31. The market value of the collateral, including accrued interest, was $416,000,000. |
|  Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. | Deutsche Bank Securities, Inc. |
|  | 500000000 | 3.800 | 12/01/25 | $500000000 |
|  Maturity Value: $500,158,333 | Maturity Value: $500,158,333 | Maturity Value: $500,158,333 | Maturity Value: $500,158,333 | Maturity Value: $500,158,333 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $510,000,039. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $510,000,039. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $510,000,039. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $510,000,039. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $510,000,039. |
|  | 220000000 | 3.850 | 12/01/25 | $220000000 |
|  Maturity Value: $220,070,583 | Maturity Value: $220,070,583 | Maturity Value: $220,070,583 | Maturity Value: $220,070,583 | Maturity Value: $220,070,583 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 2.250% to 3.875%, due 02/15/43 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $224,400,034. | Collateralized by U.S. Treasury Bonds, 2.250% to 3.875%, due 02/15/43 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $224,400,034. | Collateralized by U.S. Treasury Bonds, 2.250% to 3.875%, due 02/15/43 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $224,400,034. | Collateralized by U.S. Treasury Bonds, 2.250% to 3.875%, due 02/15/43 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $224,400,034. | Collateralized by U.S. Treasury Bonds, 2.250% to 3.875%, due 02/15/43 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $224,400,034. |
|  | 250000000 | 3.850 | 12/01/25 | $250000000 |
|  Maturity Value: $250,080,208 | Maturity Value: $250,080,208 | Maturity Value: $250,080,208 | Maturity Value: $250,080,208 | Maturity Value: $250,080,208 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 5.375%, due 02/15/31 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $255,000,007. | Collateralized by U.S. Treasury Bonds, 1.625% to 5.375%, due 02/15/31 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $255,000,007. | Collateralized by U.S. Treasury Bonds, 1.625% to 5.375%, due 02/15/31 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $255,000,007. | Collateralized by U.S. Treasury Bonds, 1.625% to 5.375%, due 02/15/31 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $255,000,007. | Collateralized by U.S. Treasury Bonds, 1.625% to 5.375%, due 02/15/31 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $255,000,007. |
|  | 500000000 | 3.850 | 12/01/25 | $500000000 |
|  Maturity Value: $500,160,417 | Maturity Value: $500,160,417 | Maturity Value: $500,160,417 | Maturity Value: $500,160,417 | Maturity Value: $500,160,417 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 05/15/46 and U.S. Treasury Notes, 3.625% to 4.125%, due 01/31/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $510,000,046. | Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 05/15/46 and U.S. Treasury Notes, 3.625% to 4.125%, due 01/31/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $510,000,046. | Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 05/15/46 and U.S. Treasury Notes, 3.625% to 4.125%, due 01/31/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $510,000,046. | Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 05/15/46 and U.S. Treasury Notes, 3.625% to 4.125%, due 01/31/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $510,000,046. | Collateralized by U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 05/15/46 and U.S. Treasury Notes, 3.625% to 4.125%, due 01/31/27 to 08/31/29. The aggregate market value of the collateral, including accrued interest, was $510,000,046. |
|  | 500000000 | 4.090 | 12/01/25 | $500000000 |
|  Maturity Value: $500,170,417 | Maturity Value: $500,170,417 | Maturity Value: $500,170,417 | Maturity Value: $500,170,417 | Maturity Value: $500,170,417 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 04/01/48 to 05/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 06/01/50 to 12/01/54 and Government National Mortgage Association, 4.500%, due 11/20/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 04/01/48 to 05/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 06/01/50 to 12/01/54 and Government National Mortgage Association, 4.500%, due 11/20/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 04/01/48 to 05/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 06/01/50 to 12/01/54 and Government National Mortgage Association, 4.500%, due 11/20/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 04/01/48 to 05/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 06/01/50 to 12/01/54 and Government National Mortgage Association, 4.500%, due 11/20/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 04/01/48 to 05/01/55, Federal National Mortgage Association, 2.500% to 6.000%, due 06/01/50 to 12/01/54 and Government National Mortgage Association, 4.500%, due 11/20/54. The aggregate market value of the collateral, including accrued interest, was $510,000,000. |
|  Fixed Income Clearing Corporation / Bank of New York Mellon (The) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) |
|  | 1750000000 | 4.090 | 12/01/25 | $1750000000 |
|  Maturity Value: $1,750,596,458 | Maturity Value: $1,750,596,458 | Maturity Value: $1,750,596,458 | Maturity Value: $1,750,596,458 | Maturity Value: $1,750,596,458 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Agricultural Mortgage Corp., 4.150% to 5.150%, due 12/15/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 4.625%, due 04/10/26 to 12/14/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 12/15/25 to 06/15/26, Federal Home Loan Bank, 1.000% to 5.000%, due 12/12/25 to 08/14/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 12/01/25 to 05/14/30, Federal National Mortgage Association, 4.000% to 4.250%, due 08/07/28 to 08/12/30 and a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29. The aggregate market value of the collateral, including accrued interest, was $1,785,000,113. | Collateralized by Federal Agricultural Mortgage Corp., 4.150% to 5.150%, due 12/15/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 4.625%, due 04/10/26 to 12/14/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 12/15/25 to 06/15/26, Federal Home Loan Bank, 1.000% to 5.000%, due 12/12/25 to 08/14/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 12/01/25 to 05/14/30, Federal National Mortgage Association, 4.000% to 4.250%, due 08/07/28 to 08/12/30 and a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29. The aggregate market value of the collateral, including accrued interest, was $1,785,000,113. | Collateralized by Federal Agricultural Mortgage Corp., 4.150% to 5.150%, due 12/15/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 4.625%, due 04/10/26 to 12/14/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 12/15/25 to 06/15/26, Federal Home Loan Bank, 1.000% to 5.000%, due 12/12/25 to 08/14/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 12/01/25 to 05/14/30, Federal National Mortgage Association, 4.000% to 4.250%, due 08/07/28 to 08/12/30 and a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29. The aggregate market value of the collateral, including accrued interest, was $1,785,000,113. | Collateralized by Federal Agricultural Mortgage Corp., 4.150% to 5.150%, due 12/15/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 4.625%, due 04/10/26 to 12/14/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 12/15/25 to 06/15/26, Federal Home Loan Bank, 1.000% to 5.000%, due 12/12/25 to 08/14/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 12/01/25 to 05/14/30, Federal National Mortgage Association, 4.000% to 4.250%, due 08/07/28 to 08/12/30 and a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29. The aggregate market value of the collateral, including accrued interest, was $1,785,000,113. | Collateralized by Federal Agricultural Mortgage Corp., 4.150% to 5.150%, due 12/15/25 to 05/25/29, Federal Farm Credit Bank, 0.900% to 4.625%, due 04/10/26 to 12/14/26, Federal Farm Credit Bank Funding Corp., 0.000%, due 12/15/25 to 06/15/26, Federal Home Loan Bank, 1.000% to 5.000%, due 12/12/25 to 08/14/30, Federal Home Loan Mortgage Corp., 0.000% to 4.250%, due 12/01/25 to 05/14/30, Federal National Mortgage Association, 4.000% to 4.250%, due 08/07/28 to 08/12/30 and a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29. The aggregate market value of the collateral, including accrued interest, was $1,785,000,113. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) | Fixed Income Clearing Corporation / Bank of New York Mellon (The) – (continued) |
| $| 9000000000 | 4.090% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000000 |
|  Maturity Value: $9,003,067,500 | Maturity Value: $9,003,067,500 | Maturity Value: $9,003,067,500 | Maturity Value: $9,003,067,500 | Maturity Value: $9,003,067,500 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 01/01/27 to 07/01/55 and Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/27 to 06/01/64. The aggregate market value of the collateral, including accrued interest, was $9,180,000,003. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 01/01/27 to 07/01/55 and Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/27 to 06/01/64. The aggregate market value of the collateral, including accrued interest, was $9,180,000,003. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 01/01/27 to 07/01/55 and Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/27 to 06/01/64. The aggregate market value of the collateral, including accrued interest, was $9,180,000,003. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 01/01/27 to 07/01/55 and Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/27 to 06/01/64. The aggregate market value of the collateral, including accrued interest, was $9,180,000,003. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.500%, due 01/01/27 to 07/01/55 and Federal National Mortgage Association, 2.000% to 7.500%, due 06/01/27 to 06/01/64. The aggregate market value of the collateral, including accrued interest, was $9,180,000,003. |
|  Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. |
|  | 7350000000 | 4.090 | 12/01/25 | $7350000000 |
|  Maturity Value: $7,352,505,125 | Maturity Value: $7,352,505,125 | Maturity Value: $7,352,505,125 | Maturity Value: $7,352,505,125 | Maturity Value: $7,352,505,125 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 11/27/26, U.S. Treasury Bonds, 1.625% to 5.250%, due 11/15/28 to 11/15/53, a U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/31/25 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $7,497,000,023. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 11/27/26, U.S. Treasury Bonds, 1.625% to 5.250%, due 11/15/28 to 11/15/53, a U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/31/25 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $7,497,000,023. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 11/27/26, U.S. Treasury Bonds, 1.625% to 5.250%, due 11/15/28 to 11/15/53, a U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/31/25 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $7,497,000,023. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 11/27/26, U.S. Treasury Bonds, 1.625% to 5.250%, due 11/15/28 to 11/15/53, a U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/31/25 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $7,497,000,023. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 11/27/26, U.S. Treasury Bonds, 1.625% to 5.250%, due 11/15/28 to 11/15/53, a U.S. Treasury Floating Rate Note, 3.930%, due 04/30/26 and U.S. Treasury Notes, 0.375% to 4.500%, due 12/31/25 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $7,497,000,023. |
|  Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC |
|  | 949000000 | 3.700 | 12/01/25 | $949000000 |
|  Maturity Value: $949,292,608 | Maturity Value: $949,292,608 | Maturity Value: $949,292,608 | Maturity Value: $949,292,608 | Maturity Value: $949,292,608 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 06/11/26 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $967,980,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 06/11/26 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $967,980,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 06/11/26 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $967,980,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 06/11/26 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $967,980,004. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 06/11/26 and U.S. Treasury Notes, 0.500% to 4.625%, due 05/31/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $967,980,004. |
|  | 9500000000 | 4.090 | 12/01/25 | $9500000000 |
|  Maturity Value: $9,503,237,917 | Maturity Value: $9,503,237,917 | Maturity Value: $9,503,237,917 | Maturity Value: $9,503,237,917 | Maturity Value: $9,503,237,917 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 08/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 09/01/63, U.S. Treasury Bonds, 3.000% to 4.375%, due 02/15/38 to 02/15/48 and a U.S. Treasury Note, 2.875%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $9,689,999,990. | Collateralized by Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 08/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 09/01/63, U.S. Treasury Bonds, 3.000% to 4.375%, due 02/15/38 to 02/15/48 and a U.S. Treasury Note, 2.875%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $9,689,999,990. | Collateralized by Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 08/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 09/01/63, U.S. Treasury Bonds, 3.000% to 4.375%, due 02/15/38 to 02/15/48 and a U.S. Treasury Note, 2.875%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $9,689,999,990. | Collateralized by Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 08/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 09/01/63, U.S. Treasury Bonds, 3.000% to 4.375%, due 02/15/38 to 02/15/48 and a U.S. Treasury Note, 2.875%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $9,689,999,990. | Collateralized by Federal Home Loan Mortgage Corp., 1.000% to 7.500%, due 08/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 09/01/63, U.S. Treasury Bonds, 3.000% to 4.375%, due 02/15/38 to 02/15/48 and a U.S. Treasury Note, 2.875%, due 04/30/29. The aggregate market value of the collateral, including accrued interest, was $9,689,999,990. |
|  Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) |
|  | 125000000 | 3.800 | 12/01/25 | $125000000 |
|  Maturity Value: $125,039,583 | Maturity Value: $125,039,583 | Maturity Value: $125,039,583 | Maturity Value: $125,039,583 | Maturity Value: $125,039,583 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bonds, 0.000% to 4.375%, due 02/26/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $127,500,000. | Collateralized by U.S. Treasury Bonds, 0.000% to 4.375%, due 02/26/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $127,500,000. | Collateralized by U.S. Treasury Bonds, 0.000% to 4.375%, due 02/26/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $127,500,000. | Collateralized by U.S. Treasury Bonds, 0.000% to 4.375%, due 02/26/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $127,500,000. | Collateralized by U.S. Treasury Bonds, 0.000% to 4.375%, due 02/26/26 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $127,500,000. |
|  | 1250000000 | 4.080 | 12/01/25 | $1250000000 |
|  Maturity Value: $1,250,425,000 | Maturity Value: $1,250,425,000 | Maturity Value: $1,250,425,000 | Maturity Value: $1,250,425,000 | Maturity Value: $1,250,425,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.750%, due 01/31/28 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000. | Collateralized by a U.S. Treasury Bond, 0.750%, due 01/31/28 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000. | Collateralized by a U.S. Treasury Bond, 0.750%, due 01/31/28 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000. | Collateralized by a U.S. Treasury Bond, 0.750%, due 01/31/28 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000. | Collateralized by a U.S. Treasury Bond, 0.750%, due 01/31/28 and U.S. Treasury Notes, 1.250% to 4.125%, due 11/15/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company |
| $| 800000000 | 4.080% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000000 |
|  Maturity Value: $800,272,000 | Maturity Value: $800,272,000 | Maturity Value: $800,272,000 | Maturity Value: $800,272,000 | Maturity Value: $800,272,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 03/31/32 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 03/31/32 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 03/31/32 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 03/31/32 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $816,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 03/31/32 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $816,000,000. |
|  | 1000000000 | 4.090 | 12/01/25 | $1000000000 |
|  Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 08/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 01/01/27 to 10/01/62, a U.S. Treasury Bond, 4.750%, due 02/15/45 and U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $1,023,407,180. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 08/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 01/01/27 to 10/01/62, a U.S. Treasury Bond, 4.750%, due 02/15/45 and U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $1,023,407,180. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 08/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 01/01/27 to 10/01/62, a U.S. Treasury Bond, 4.750%, due 02/15/45 and U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $1,023,407,180. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 08/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 01/01/27 to 10/01/62, a U.S. Treasury Bond, 4.750%, due 02/15/45 and U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $1,023,407,180. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 08/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 01/01/27 to 10/01/62, a U.S. Treasury Bond, 4.750%, due 02/15/45 and U.S. Treasury Notes, 0.750% to 1.500%, due 01/31/28 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $1,023,407,180. |
|  <br> Goldman Sachs & Co. | <br> Goldman Sachs & Co. | <br> Goldman Sachs & Co. | <br> Goldman Sachs & Co. | <br> Goldman Sachs & Co. |
|  | 250000000 | 3.800 | 12/01/25 | $250000000 |
|  Maturity Value: $250,079,167 | Maturity Value: $250,079,167 | Maturity Value: $250,079,167 | Maturity Value: $250,079,167 | Maturity Value: $250,079,167 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 03/12/26 to 09/03/26, U.S. Treasury Bonds, 2.000% to 6.750%, due 08/15/26 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/51, U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 01/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $255,000,000. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/12/26 to 09/03/26, U.S. Treasury Bonds, 2.000% to 6.750%, due 08/15/26 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/51, U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 01/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $255,000,000. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/12/26 to 09/03/26, U.S. Treasury Bonds, 2.000% to 6.750%, due 08/15/26 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/51, U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 01/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $255,000,000. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/12/26 to 09/03/26, U.S. Treasury Bonds, 2.000% to 6.750%, due 08/15/26 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/51, U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 01/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $255,000,000. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/12/26 to 09/03/26, U.S. Treasury Bonds, 2.000% to 6.750%, due 08/15/26 to 02/15/53, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/28 to 05/15/51, U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 01/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 02/15/47. The aggregate market value of the collateral, including accrued interest, was $255,000,000. |
|  <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC | <br> HSBC Bank PLC |
|  | 1424000000 | 4.060 | 12/10/25 | $1424000000 |
|  Maturity Value: $1,490,004,786 | Maturity Value: $1,490,004,786 | Maturity Value: $1,490,004,786 | Maturity Value: $1,490,004,786 | Maturity Value: $1,490,004,786 |
|  Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 12/31/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,452,971,458. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 12/31/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,452,971,458. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 12/31/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,452,971,458. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 12/31/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,452,971,458. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 3.875%, due 04/15/29 to 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.750%, due 07/15/27 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 12/31/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $1,452,971,458. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. |
| $| 1000000000 | 4.090% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
|  Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Farm Credit Bank, 1.940% to 5.250%, due 04/21/28 to 02/24/42, Federal Home Loan Bank, 1.800% to 5.000%, due 06/30/28 to 05/26/37, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 11/15/28 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/29, Federal National Mortgage Association, 1.500% to 7.000%, due 09/24/26 to 12/01/55, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/26 to 01/15/37, Tennessee Valley Authority, 0.000%, due 01/15/38, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Notes, 3.500% to 4.125%, due 10/31/27 to 07/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $1,028,509,810. | Collateralized by Federal Farm Credit Bank, 1.940% to 5.250%, due 04/21/28 to 02/24/42, Federal Home Loan Bank, 1.800% to 5.000%, due 06/30/28 to 05/26/37, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 11/15/28 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/29, Federal National Mortgage Association, 1.500% to 7.000%, due 09/24/26 to 12/01/55, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/26 to 01/15/37, Tennessee Valley Authority, 0.000%, due 01/15/38, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Notes, 3.500% to 4.125%, due 10/31/27 to 07/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $1,028,509,810. | Collateralized by Federal Farm Credit Bank, 1.940% to 5.250%, due 04/21/28 to 02/24/42, Federal Home Loan Bank, 1.800% to 5.000%, due 06/30/28 to 05/26/37, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 11/15/28 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/29, Federal National Mortgage Association, 1.500% to 7.000%, due 09/24/26 to 12/01/55, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/26 to 01/15/37, Tennessee Valley Authority, 0.000%, due 01/15/38, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Notes, 3.500% to 4.125%, due 10/31/27 to 07/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $1,028,509,810. | Collateralized by Federal Farm Credit Bank, 1.940% to 5.250%, due 04/21/28 to 02/24/42, Federal Home Loan Bank, 1.800% to 5.000%, due 06/30/28 to 05/26/37, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 11/15/28 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/29, Federal National Mortgage Association, 1.500% to 7.000%, due 09/24/26 to 12/01/55, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/26 to 01/15/37, Tennessee Valley Authority, 0.000%, due 01/15/38, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Notes, 3.500% to 4.125%, due 10/31/27 to 07/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $1,028,509,810. | Collateralized by Federal Farm Credit Bank, 1.940% to 5.250%, due 04/21/28 to 02/24/42, Federal Home Loan Bank, 1.800% to 5.000%, due 06/30/28 to 05/26/37, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 11/15/28 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/29, Federal National Mortgage Association, 1.500% to 7.000%, due 09/24/26 to 12/01/55, Federal National Mortgage Association Stripped Securities, 0.000%, due 05/15/26 to 01/15/37, Tennessee Valley Authority, 0.000%, due 01/15/38, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Notes, 3.500% to 4.125%, due 10/31/27 to 07/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/27 to 11/15/46. The aggregate market value of the collateral, including accrued interest, was $1,028,509,810. |
|  | 961000000 | 4.050 | 12/10/25 | $961000000 |
|  Maturity Value: $1,005,542,350 | Maturity Value: $1,005,542,350 | Maturity Value: $1,005,542,350 | Maturity Value: $1,005,542,350 | Maturity Value: $1,005,542,350 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by U.S. Treasury Bonds, 1.875% to 4.250%, due 05/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/31 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/31, U.S. Treasury Notes, 3.625% to 4.250%, due 11/30/26 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $980,550,826. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.250%, due 05/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/31 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/31, U.S. Treasury Notes, 3.625% to 4.250%, due 11/30/26 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $980,550,826. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.250%, due 05/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/31 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/31, U.S. Treasury Notes, 3.625% to 4.250%, due 11/30/26 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $980,550,826. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.250%, due 05/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/31 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/31, U.S. Treasury Notes, 3.625% to 4.250%, due 11/30/26 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $980,550,826. | Collateralized by U.S. Treasury Bonds, 1.875% to 4.250%, due 05/15/43 to 08/15/54, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 07/15/31 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/28 to 08/15/31, U.S. Treasury Notes, 3.625% to 4.250%, due 11/30/26 to 08/31/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/29 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $980,550,826. |
|  | 3210000000 | 4.060 | 12/10/25 | $3210000000 |
|  Maturity Value: $3,359,150,896 | Maturity Value: $3,359,150,896 | Maturity Value: $3,359,150,896 | Maturity Value: $3,359,150,896 | Maturity Value: $3,359,150,896 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by Federal Farm Credit Bank, 1.950% to 4.375%, due 11/21/29 to 04/06/45, Federal Home Loan Bank, 1.700% to 5.450%, due 06/11/32 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 10/08/27 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 02/07/26 to 07/15/37, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/30 to 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/48, U.S. Treasury Notes, 1.375% to 4.500%, due 03/31/26 to 04/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $3,298,346,894. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.375%, due 11/21/29 to 04/06/45, Federal Home Loan Bank, 1.700% to 5.450%, due 06/11/32 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 10/08/27 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 02/07/26 to 07/15/37, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/30 to 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/48, U.S. Treasury Notes, 1.375% to 4.500%, due 03/31/26 to 04/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $3,298,346,894. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.375%, due 11/21/29 to 04/06/45, Federal Home Loan Bank, 1.700% to 5.450%, due 06/11/32 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 10/08/27 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 02/07/26 to 07/15/37, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/30 to 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/48, U.S. Treasury Notes, 1.375% to 4.500%, due 03/31/26 to 04/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $3,298,346,894. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.375%, due 11/21/29 to 04/06/45, Federal Home Loan Bank, 1.700% to 5.450%, due 06/11/32 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 10/08/27 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 02/07/26 to 07/15/37, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/30 to 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/48, U.S. Treasury Notes, 1.375% to 4.500%, due 03/31/26 to 04/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $3,298,346,894. | Collateralized by Federal Farm Credit Bank, 1.950% to 4.375%, due 11/21/29 to 04/06/45, Federal Home Loan Bank, 1.700% to 5.450%, due 06/11/32 to 06/30/42, Federal Home Loan Mortgage Corp., 0.000% to 7.500%, due 12/11/25 to 11/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 03/15/26 to 07/15/32, Federal National Mortgage Association, 0.000% to 7.500%, due 10/08/27 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 02/07/26 to 07/15/37, Tennessee Valley Authority, 0.000%, due 06/15/35 to 01/15/37, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/30 to 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/26 to 05/15/48, U.S. Treasury Notes, 1.375% to 4.500%, due 03/31/26 to 04/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/26 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $3,298,346,894. |

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&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. | **19** |

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------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC |
| $| 300000000 | 4.090% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
|  Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/52 to 09/01/54 and Federal National Mortgage Association, 2.000% to 6.500%, due 09/01/50 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $306,000,002. |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
|  | 28300000 | 4.070 | 12/01/25 | $28300000 |
|  Maturity Value: $28,309,598 | Maturity Value: $28,309,598 | Maturity Value: $28,309,598 | Maturity Value: $28,309,598 | Maturity Value: $28,309,598 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $28,875,854. | Collateralized by U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $28,875,854. | Collateralized by U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $28,875,854. | Collateralized by U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $28,875,854. | Collateralized by U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/26 to 08/15/31. The aggregate market value of the collateral, including accrued interest, was $28,875,854. |
|  | 1300000000 | 4.080 | 12/01/25 | $1300000000 |
|  Maturity Value: $1,300,442,000 | Maturity Value: $1,300,442,000 | Maturity Value: $1,300,442,000 | Maturity Value: $1,300,442,000 | Maturity Value: $1,300,442,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Notes, 3.375% to 4.250%, due 02/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $1,326,450,872. | Collateralized by U.S. Treasury Notes, 3.375% to 4.250%, due 02/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $1,326,450,872. | Collateralized by U.S. Treasury Notes, 3.375% to 4.250%, due 02/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $1,326,450,872. | Collateralized by U.S. Treasury Notes, 3.375% to 4.250%, due 02/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $1,326,450,872. | Collateralized by U.S. Treasury Notes, 3.375% to 4.250%, due 02/15/28 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $1,326,450,872. |
|  | 1652000000 | 4.050 <sup>(d)</sup> | 12/23/25 | $1652000000 |
|  Maturity Value: $1,668,726,500 | Maturity Value: $1,668,726,500 | Maturity Value: $1,668,726,500 | Maturity Value: $1,668,726,500 | Maturity Value: $1,668,726,500 |
|  Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.625% to 4.250%, due 07/31/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,690,254,269. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.625% to 4.250%, due 07/31/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,690,254,269. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.625% to 4.250%, due 07/31/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,690,254,269. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.625% to 4.250%, due 07/31/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,690,254,269. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 2.125%, due 04/15/29 and U.S. Treasury Notes, 2.625% to 4.250%, due 07/31/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,690,254,269. |
|  | 4932000000 | 4.060 <sup>(d)</sup> | 12/23/25 | $4932000000 |
|  Maturity Value: $4,966,485,647 | Maturity Value: $4,966,485,647 | Maturity Value: $4,966,485,647 | Maturity Value: $4,966,485,647 | Maturity Value: $4,966,485,647 |
|  Settlement Date: 10/22/25 | Settlement Date: 10/22/25 | Settlement Date: 10/22/25 | Settlement Date: 10/22/25 | Settlement Date: 10/22/25 |
|  Collateralized by Federal Farm Credit Bank, 1.650% to 3.990%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 2.470% to 5.870%, due 04/30/40 to 04/10/45, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/15/36 to 12/01/55, Federal National Mortgage Association, 2.500% to 5.500%, due 04/01/30 to 11/01/55, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/30 to 11/20/55 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $5,094,627,873. | Collateralized by Federal Farm Credit Bank, 1.650% to 3.990%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 2.470% to 5.870%, due 04/30/40 to 04/10/45, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/15/36 to 12/01/55, Federal National Mortgage Association, 2.500% to 5.500%, due 04/01/30 to 11/01/55, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/30 to 11/20/55 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $5,094,627,873. | Collateralized by Federal Farm Credit Bank, 1.650% to 3.990%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 2.470% to 5.870%, due 04/30/40 to 04/10/45, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/15/36 to 12/01/55, Federal National Mortgage Association, 2.500% to 5.500%, due 04/01/30 to 11/01/55, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/30 to 11/20/55 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $5,094,627,873. | Collateralized by Federal Farm Credit Bank, 1.650% to 3.990%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 2.470% to 5.870%, due 04/30/40 to 04/10/45, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/15/36 to 12/01/55, Federal National Mortgage Association, 2.500% to 5.500%, due 04/01/30 to 11/01/55, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/30 to 11/20/55 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $5,094,627,873. | Collateralized by Federal Farm Credit Bank, 1.650% to 3.990%, due 06/20/33 to 02/24/42, Federal Home Loan Bank, 2.470% to 5.870%, due 04/30/40 to 04/10/45, Federal Home Loan Mortgage Corp., 0.000% to 7.000%, due 12/15/36 to 12/01/55, Federal National Mortgage Association, 2.500% to 5.500%, due 04/01/30 to 11/01/55, Federal National Mortgage Association Stripped Security, 0.000%, due 07/15/37, Government National Mortgage Association, 1.500% to 8.000%, due 01/20/30 to 11/20/55 and Tennessee Valley Authority, 5.250%, due 02/01/55. The aggregate market value of the collateral, including accrued interest, was $5,094,627,873. |
|  | 835000000 | 4.070 <sup>(d)</sup> | 01/05/26 | $835000000 |
|  Maturity Value: $852,181,060 | Maturity Value: $852,181,060 | Maturity Value: $852,181,060 | Maturity Value: $852,181,060 | Maturity Value: $852,181,060 |
|  Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 |
|  Collateralized by Federal Home Loan Bank, 0.750% to 4.080%, due 02/24/26 to 05/25/33, Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 09/01/40 to 11/01/55, Federal National Mortgage Association, 3.500%, due 10/01/47, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 06/20/30 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $862,698,088. | Collateralized by Federal Home Loan Bank, 0.750% to 4.080%, due 02/24/26 to 05/25/33, Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 09/01/40 to 11/01/55, Federal National Mortgage Association, 3.500%, due 10/01/47, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 06/20/30 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $862,698,088. | Collateralized by Federal Home Loan Bank, 0.750% to 4.080%, due 02/24/26 to 05/25/33, Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 09/01/40 to 11/01/55, Federal National Mortgage Association, 3.500%, due 10/01/47, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 06/20/30 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $862,698,088. | Collateralized by Federal Home Loan Bank, 0.750% to 4.080%, due 02/24/26 to 05/25/33, Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 09/01/40 to 11/01/55, Federal National Mortgage Association, 3.500%, due 10/01/47, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 06/20/30 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $862,698,088. | Collateralized by Federal Home Loan Bank, 0.750% to 4.080%, due 02/24/26 to 05/25/33, Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 09/01/40 to 11/01/55, Federal National Mortgage Association, 3.500%, due 10/01/47, Federal National Mortgage Association Stripped Security, 0.000%, due 02/06/37 and Government National Mortgage Association, 2.000% to 7.500%, due 06/20/30 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $862,698,088. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Joint Account I | Joint Account I | Joint Account I | Joint Account I | Joint Account I |
| $| 1253000000 | 4.080% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253000000 |
|  Maturity Value: $1,253,426,020 | Maturity Value: $1,253,426,020 | Maturity Value: $1,253,426,020 | Maturity Value: $1,253,426,020 | Maturity Value: $1,253,426,020 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Joint Account III | Joint Account III | Joint Account III | Joint Account III | Joint Account III |
|  | 189600000 | 4.090 | 12/01/25 | $189600000 |
|  Maturity Value: $189,664,622 | Maturity Value: $189,664,622 | Maturity Value: $189,664,622 | Maturity Value: $189,664,622 | Maturity Value: $189,664,622 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC |
|  | 2000000000 | 4.090 | 12/01/25 | $2000000000 |
|  Maturity Value: $2,000,681,667 | Maturity Value: $2,000,681,667 | Maturity Value: $2,000,681,667 | Maturity Value: $2,000,681,667 | Maturity Value: $2,000,681,667 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Farm Credit Bank, 0.860% to 5.360%, due 04/13/26 to 01/23/45, Federal Home Loan Bank, 0.520% to 5.250%, due 12/24/25 to 08/16/41, Federal Home Loan Mortgage Corp., 1.000% to 8.000%, due 03/25/27 to 11/01/55, Federal National Mortgage Association, 0.625% to 8.500%, due 01/01/26 to 06/01/57, Government National Mortgage Association, 1.500% to 8.000%, due 07/20/27 to 11/20/55, Tennessee Valley Authority, 2.875%, due 02/01/27 and U.S. Treasury Bonds, 2.375% to 4.500%, due 08/15/41 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,056,378,548. | Collateralized by Federal Farm Credit Bank, 0.860% to 5.360%, due 04/13/26 to 01/23/45, Federal Home Loan Bank, 0.520% to 5.250%, due 12/24/25 to 08/16/41, Federal Home Loan Mortgage Corp., 1.000% to 8.000%, due 03/25/27 to 11/01/55, Federal National Mortgage Association, 0.625% to 8.500%, due 01/01/26 to 06/01/57, Government National Mortgage Association, 1.500% to 8.000%, due 07/20/27 to 11/20/55, Tennessee Valley Authority, 2.875%, due 02/01/27 and U.S. Treasury Bonds, 2.375% to 4.500%, due 08/15/41 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,056,378,548. | Collateralized by Federal Farm Credit Bank, 0.860% to 5.360%, due 04/13/26 to 01/23/45, Federal Home Loan Bank, 0.520% to 5.250%, due 12/24/25 to 08/16/41, Federal Home Loan Mortgage Corp., 1.000% to 8.000%, due 03/25/27 to 11/01/55, Federal National Mortgage Association, 0.625% to 8.500%, due 01/01/26 to 06/01/57, Government National Mortgage Association, 1.500% to 8.000%, due 07/20/27 to 11/20/55, Tennessee Valley Authority, 2.875%, due 02/01/27 and U.S. Treasury Bonds, 2.375% to 4.500%, due 08/15/41 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,056,378,548. | Collateralized by Federal Farm Credit Bank, 0.860% to 5.360%, due 04/13/26 to 01/23/45, Federal Home Loan Bank, 0.520% to 5.250%, due 12/24/25 to 08/16/41, Federal Home Loan Mortgage Corp., 1.000% to 8.000%, due 03/25/27 to 11/01/55, Federal National Mortgage Association, 0.625% to 8.500%, due 01/01/26 to 06/01/57, Government National Mortgage Association, 1.500% to 8.000%, due 07/20/27 to 11/20/55, Tennessee Valley Authority, 2.875%, due 02/01/27 and U.S. Treasury Bonds, 2.375% to 4.500%, due 08/15/41 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,056,378,548. | Collateralized by Federal Farm Credit Bank, 0.860% to 5.360%, due 04/13/26 to 01/23/45, Federal Home Loan Bank, 0.520% to 5.250%, due 12/24/25 to 08/16/41, Federal Home Loan Mortgage Corp., 1.000% to 8.000%, due 03/25/27 to 11/01/55, Federal National Mortgage Association, 0.625% to 8.500%, due 01/01/26 to 06/01/57, Government National Mortgage Association, 1.500% to 8.000%, due 07/20/27 to 11/20/55, Tennessee Valley Authority, 2.875%, due 02/01/27 and U.S. Treasury Bonds, 2.375% to 4.500%, due 08/15/41 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,056,378,548. |
|  | 250000000 | 4.070 <sup>(d)</sup> | 01/07/26 | $250000000 |
|  Maturity Value: $254,946,182 | Maturity Value: $254,946,182 | Maturity Value: $254,946,182 | Maturity Value: $254,946,182 | Maturity Value: $254,946,182 |
|  Settlement Date: 07/16/25 | Settlement Date: 07/16/25 | Settlement Date: 07/16/25 | Settlement Date: 07/16/25 | Settlement Date: 07/16/25 |
|  Collateralized by U.S. Treasury Notes, 3.625% to 4.125%, due 08/31/27 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $255,000,040. | Collateralized by U.S. Treasury Notes, 3.625% to 4.125%, due 08/31/27 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $255,000,040. | Collateralized by U.S. Treasury Notes, 3.625% to 4.125%, due 08/31/27 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $255,000,040. | Collateralized by U.S. Treasury Notes, 3.625% to 4.125%, due 08/31/27 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $255,000,040. | Collateralized by U.S. Treasury Notes, 3.625% to 4.125%, due 08/31/27 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $255,000,040. |
|  Natixis-New York Branch | Natixis-New York Branch | Natixis-New York Branch | Natixis-New York Branch | Natixis-New York Branch |
|  | 1000000000 | 4.090 | 12/01/25 | $1000000000 |
|  Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 | Maturity Value: $1,000,340,833 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 05/01/49 to 08/01/53, Federal National Mortgage Association, 3.500% to 6.500%, due 09/01/46 to 05/01/55, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/39, a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.250% to 4.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.125%, due 04/15/29 to 10/15/30 and U.S. Treasury Notes, 0.375% to 4.625%, due 12/31/25 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,022,276,803. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 05/01/49 to 08/01/53, Federal National Mortgage Association, 3.500% to 6.500%, due 09/01/46 to 05/01/55, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/39, a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.250% to 4.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.125%, due 04/15/29 to 10/15/30 and U.S. Treasury Notes, 0.375% to 4.625%, due 12/31/25 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,022,276,803. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 05/01/49 to 08/01/53, Federal National Mortgage Association, 3.500% to 6.500%, due 09/01/46 to 05/01/55, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/39, a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.250% to 4.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.125%, due 04/15/29 to 10/15/30 and U.S. Treasury Notes, 0.375% to 4.625%, due 12/31/25 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,022,276,803. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 05/01/49 to 08/01/53, Federal National Mortgage Association, 3.500% to 6.500%, due 09/01/46 to 05/01/55, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/39, a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.250% to 4.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.125%, due 04/15/29 to 10/15/30 and U.S. Treasury Notes, 0.375% to 4.625%, due 12/31/25 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,022,276,803. | Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 05/01/49 to 08/01/53, Federal National Mortgage Association, 3.500% to 6.500%, due 09/01/46 to 05/01/55, Tennessee Valley Authority, 0.000%, due 01/15/38 to 09/15/39, a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 1.250% to 4.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 0.250%, due 02/15/50, U.S. Treasury Inflation-Indexed Notes, 1.125% to 2.125%, due 04/15/29 to 10/15/30 and U.S. Treasury Notes, 0.375% to 4.625%, due 12/31/25 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $1,022,276,803. |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. | Nomura Securities International, Inc. |
| $| 2750000000 | 4.090% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000000 |
|  Maturity Value: $2,750,937,292 | Maturity Value: $2,750,937,292 | Maturity Value: $2,750,937,292 | Maturity Value: $2,750,937,292 | Maturity Value: $2,750,937,292 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Farm Credit Bank, 3.375%, due 10/27/27, Federal Home Loan Bank, 0.000% to 4.800%, due 02/20/26 to 09/10/32, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/27 to 09/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 2.000% to 6.500%, due 04/01/36 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 7.000%, due 03/20/27 to 01/20/55, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/54, U.S. Treasury Notes, 0.750% to 4.625%, due 02/28/26 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $2,815,054,230. | Collateralized by Federal Farm Credit Bank, 3.375%, due 10/27/27, Federal Home Loan Bank, 0.000% to 4.800%, due 02/20/26 to 09/10/32, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/27 to 09/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 2.000% to 6.500%, due 04/01/36 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 7.000%, due 03/20/27 to 01/20/55, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/54, U.S. Treasury Notes, 0.750% to 4.625%, due 02/28/26 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $2,815,054,230. | Collateralized by Federal Farm Credit Bank, 3.375%, due 10/27/27, Federal Home Loan Bank, 0.000% to 4.800%, due 02/20/26 to 09/10/32, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/27 to 09/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 2.000% to 6.500%, due 04/01/36 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 7.000%, due 03/20/27 to 01/20/55, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/54, U.S. Treasury Notes, 0.750% to 4.625%, due 02/28/26 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $2,815,054,230. | Collateralized by Federal Farm Credit Bank, 3.375%, due 10/27/27, Federal Home Loan Bank, 0.000% to 4.800%, due 02/20/26 to 09/10/32, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/27 to 09/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 2.000% to 6.500%, due 04/01/36 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 7.000%, due 03/20/27 to 01/20/55, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/54, U.S. Treasury Notes, 0.750% to 4.625%, due 02/28/26 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $2,815,054,230. | Collateralized by Federal Farm Credit Bank, 3.375%, due 10/27/27, Federal Home Loan Bank, 0.000% to 4.800%, due 02/20/26 to 09/10/32, Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 01/01/27 to 09/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 09/15/30 to 07/15/32, Federal National Mortgage Association, 2.000% to 6.500%, due 04/01/36 to 06/01/63, Federal National Mortgage Association Stripped Securities, 0.000%, due 01/15/30 to 07/15/37, Government National Mortgage Association, 1.500% to 7.000%, due 03/20/27 to 01/20/55, Tennessee Valley Authority, 3.500%, due 12/15/42, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/54, U.S. Treasury Notes, 0.750% to 4.625%, due 02/28/26 to 08/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/45 to 05/15/53. The aggregate market value of the collateral, including accrued interest, was $2,815,054,230. |
|  Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) |
|  | 4194000 | 4.100 | 12/01/25 | $4194000 |
|  Maturity Value: $4,195,433 | Maturity Value: $4,195,433 | Maturity Value: $4,195,433 | Maturity Value: $4,195,433 | Maturity Value: $4,195,433 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $4,277,880. | Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $4,277,880. | Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $4,277,880. | Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $4,277,880. | Collateralized by a U.S. Treasury Note, 3.625%, due 02/15/44. The market value of the collateral, including accrued interest, was $4,277,880. |
|  | 4241500 | 4.100 | 12/01/25 | $4241500 |
|  Maturity Value: $4,242,949 | Maturity Value: $4,242,949 | Maturity Value: $4,242,949 | Maturity Value: $4,242,949 | Maturity Value: $4,242,949 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $4,326,330. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $4,326,330. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $4,326,330. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $4,326,330. | Collateralized by a U.S. Treasury Bond, 2.250%, due 02/15/52. The market value of the collateral, including accrued interest, was $4,326,330. |
|  | 4331250 | 4.100 | 12/01/25 | $4331250 |
|  Maturity Value: $4,332,730 | Maturity Value: $4,332,730 | Maturity Value: $4,332,730 | Maturity Value: $4,332,730 | Maturity Value: $4,332,730 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,417,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,417,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,417,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,417,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/51. The market value of the collateral, including accrued interest, was $4,417,875. |
|  | 4567500 | 4.100 | 12/01/25 | $4567500 |
|  Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Note, 3.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $4,658,850. |
|  | 4567500 | 4.100 | 12/01/25 | $4567500 |
|  Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 | Maturity Value: $4,569,060 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,658,850. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49. The market value of the collateral, including accrued interest, was $4,658,850. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 4623750 | 4.100% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623750 |
|  Maturity Value: $4,625,330 | Maturity Value: $4,625,330 | Maturity Value: $4,625,330 | Maturity Value: $4,625,330 | Maturity Value: $4,625,330 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,716,225. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,716,225. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,716,225. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,716,225. | Collateralized by a U.S. Treasury Note, 4.500%, due 11/15/33. The market value of the collateral, including accrued interest, was $4,716,225. |
|  | 4650000 | 4.100 | 12/01/25 | $4650000 |
|  Maturity Value: $4,651,589 | Maturity Value: $4,651,589 | Maturity Value: $4,651,589 | Maturity Value: $4,651,589 | Maturity Value: $4,651,589 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,743,000. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,743,000. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,743,000. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,743,000. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $4,743,000. |
|  | 4802500 | 4.100 | 12/01/25 | $4802500 |
|  Maturity Value: $4,804,141 | Maturity Value: $4,804,141 | Maturity Value: $4,804,141 | Maturity Value: $4,804,141 | Maturity Value: $4,804,141 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $4,898,550. | Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $4,898,550. | Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $4,898,550. | Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $4,898,550. | Collateralized by a U.S. Treasury Bond, 1.875%, due 11/15/51. The market value of the collateral, including accrued interest, was $4,898,550. |
|  | 4935000 | 4.100 | 12/01/25 | $4935000 |
|  Maturity Value: $4,936,686 | Maturity Value: $4,936,686 | Maturity Value: $4,936,686 | Maturity Value: $4,936,686 | Maturity Value: $4,936,686 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $5,033,700. | Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $5,033,700. | Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $5,033,700. | Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $5,033,700. | Collateralized by a U.S. Treasury Bond, 3.625%, due 05/15/53. The market value of the collateral, including accrued interest, was $5,033,700. |
|  | 5086250 | 4.100 | 12/01/25 | $5086250 |
|  Maturity Value: $5,087,988 | Maturity Value: $5,087,988 | Maturity Value: $5,087,988 | Maturity Value: $5,087,988 | Maturity Value: $5,087,988 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $5,187,975. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $5,187,975. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $5,187,975. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $5,187,975. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/42. The market value of the collateral, including accrued interest, was $5,187,975. |
|  | 5461250 | 4.100 | 12/01/25 | $5461250 |
|  Maturity Value: $5,463,116 | Maturity Value: $5,463,116 | Maturity Value: $5,463,116 | Maturity Value: $5,463,116 | Maturity Value: $5,463,116 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,570,475. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,570,475. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,570,475. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,570,475. | Collateralized by a U.S. Treasury Bond, 2.375%, due 05/15/51. The market value of the collateral, including accrued interest, was $5,570,475. |
|  | 5837500 | 4.100 | 12/01/25 | $5837500 |
|  Maturity Value: $5,839,494 | Maturity Value: $5,839,494 | Maturity Value: $5,839,494 | Maturity Value: $5,839,494 | Maturity Value: $5,839,494 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,954,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,954,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,954,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,954,250. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/37. The market value of the collateral, including accrued interest, was $5,954,250. |
|  | 7300000 | 4.100 | 12/01/25 | $7300000 |
|  Maturity Value: $7,302,494 | Maturity Value: $7,302,494 | Maturity Value: $7,302,494 | Maturity Value: $7,302,494 | Maturity Value: $7,302,494 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $7,446,000. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $7,446,000. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $7,446,000. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $7,446,000. | Collateralized by a U.S. Treasury Bond, 2.750%, due 08/15/47. The market value of the collateral, including accrued interest, was $7,446,000. |
|  | 13537500 | 4.100 | 12/01/25 | $13537500 |
|  Maturity Value: $13,542,125 | Maturity Value: $13,542,125 | Maturity Value: $13,542,125 | Maturity Value: $13,542,125 | Maturity Value: $13,542,125 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $13,808,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $13,808,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $13,808,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $13,808,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $13,808,250. |

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&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. | **21** |

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------

GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 14750000 | 4.100% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 |
|  Maturity Value: $14,755,039 | Maturity Value: $14,755,039 | Maturity Value: $14,755,039 | Maturity Value: $14,755,039 | Maturity Value: $14,755,039 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $15,045,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $15,045,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $15,045,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $15,045,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $15,045,000. |
|  | 15875000 | 4.100 | 12/01/25 | $15875000 |
|  Maturity Value: $15,880,424 | Maturity Value: $15,880,424 | Maturity Value: $15,880,424 | Maturity Value: $15,880,424 | Maturity Value: $15,880,424 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $16,192,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $16,192,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $16,192,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $16,192,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/49. The market value of the collateral, including accrued interest, was $16,192,500. |
|  | 15912500 | 4.100 | 12/01/25 | $15912500 |
|  Maturity Value: $15,917,937 | Maturity Value: $15,917,937 | Maturity Value: $15,917,937 | Maturity Value: $15,917,937 | Maturity Value: $15,917,937 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,230,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,230,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,230,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,230,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/44. The market value of the collateral, including accrued interest, was $16,230,750. |
|  | 18438750 | 4.100 | 12/01/25 | $18438750 |
|  Maturity Value: $18,445,050 | Maturity Value: $18,445,050 | Maturity Value: $18,445,050 | Maturity Value: $18,445,050 | Maturity Value: $18,445,050 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,807,525. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,807,525. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,807,525. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,807,525. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/38. The market value of the collateral, including accrued interest, was $18,807,525. |
|  | 19485000 | 4.100 | 12/01/25 | $19485000 |
|  Maturity Value: $19,491,657 | Maturity Value: $19,491,657 | Maturity Value: $19,491,657 | Maturity Value: $19,491,657 | Maturity Value: $19,491,657 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,874,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,874,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,874,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,874,700. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/39. The market value of the collateral, including accrued interest, was $19,874,700. |
|  | 21962500 | 4.100 | 12/01/25 | $21962500 |
|  Maturity Value: $21,970,004 | Maturity Value: $21,970,004 | Maturity Value: $21,970,004 | Maturity Value: $21,970,004 | Maturity Value: $21,970,004 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $22,401,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $22,401,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $22,401,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $22,401,750. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/49. The market value of the collateral, including accrued interest, was $22,401,750. |
|  | 24125000 | 4.100 | 12/01/25 | $24125000 |
|  Maturity Value: $24,133,243 | Maturity Value: $24,133,243 | Maturity Value: $24,133,243 | Maturity Value: $24,133,243 | Maturity Value: $24,133,243 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $24,607,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $24,607,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $24,607,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $24,607,500. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/41. The market value of the collateral, including accrued interest, was $24,607,500. |
|  | 26400000 | 4.100 | 12/01/25 | $26400000 |
|  Maturity Value: $26,409,020 | Maturity Value: $26,409,020 | Maturity Value: $26,409,020 | Maturity Value: $26,409,020 | Maturity Value: $26,409,020 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $26,928,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $26,928,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $26,928,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $26,928,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $26,928,000. |
|  | 28762500 | 4.100 | 12/01/25 | $28762500 |
|  Maturity Value: $28,772,327 | Maturity Value: $28,772,327 | Maturity Value: $28,772,327 | Maturity Value: $28,772,327 | Maturity Value: $28,772,327 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $29,337,750. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $29,337,750. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $29,337,750. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $29,337,750. | Collateralized by a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The market value of the collateral, including accrued interest, was $29,337,750. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| $| 30250000 | 4.100% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30250000 |
|  Maturity Value: $30,260,335 | Maturity Value: $30,260,335 | Maturity Value: $30,260,335 | Maturity Value: $30,260,335 | Maturity Value: $30,260,335 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $30,855,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $30,855,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $30,855,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $30,855,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/50. The market value of the collateral, including accrued interest, was $30,855,000. |
|  | 32750000 | 4.100 | 12/01/25 | $32750000 |
|  Maturity Value: $32,761,190 | Maturity Value: $32,761,190 | Maturity Value: $32,761,190 | Maturity Value: $32,761,190 | Maturity Value: $32,761,190 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $33,405,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $33,405,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $33,405,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $33,405,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $33,405,000. |
|  | 33350000 | 4.100 | 12/01/25 | $33350000 |
|  Maturity Value: $33,361,395 | Maturity Value: $33,361,395 | Maturity Value: $33,361,395 | Maturity Value: $33,361,395 | Maturity Value: $33,361,395 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $34,017,000. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $34,017,000. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $34,017,000. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $34,017,000. | Collateralized by a U.S. Treasury Bond, 1.875%, due 02/15/51. The market value of the collateral, including accrued interest, was $34,017,000. |
|  | 42031250 | 4.100 | 12/01/25 | $42031250 |
|  Maturity Value: $42,045,611 | Maturity Value: $42,045,611 | Maturity Value: $42,045,611 | Maturity Value: $42,045,611 | Maturity Value: $42,045,611 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $42,871,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $42,871,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $42,871,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $42,871,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $42,871,875. |
|  | 42500000 | 4.100 | 12/01/25 | $42500000 |
|  Maturity Value: $42,514,521 | Maturity Value: $42,514,521 | Maturity Value: $42,514,521 | Maturity Value: $42,514,521 | Maturity Value: $42,514,521 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $43,350,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $43,350,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $43,350,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $43,350,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/43. The market value of the collateral, including accrued interest, was $43,350,000. |
|  | 44062500 | 4.100 | 12/01/25 | $44062500 |
|  Maturity Value: $44,077,555 | Maturity Value: $44,077,555 | Maturity Value: $44,077,555 | Maturity Value: $44,077,555 | Maturity Value: $44,077,555 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $44,943,750. | Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $44,943,750. | Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $44,943,750. | Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $44,943,750. | Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52. The market value of the collateral, including accrued interest, was $44,943,750. |
|  | 49562500 | 4.100 | 12/01/25 | $49562500 |
|  Maturity Value: $49,579,434 | Maturity Value: $49,579,434 | Maturity Value: $49,579,434 | Maturity Value: $49,579,434 | Maturity Value: $49,579,434 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $50,553,750. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $50,553,750. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $50,553,750. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $50,553,750. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/30. The market value of the collateral, including accrued interest, was $50,553,750. |
|  | 85000000 | 4.100 | 12/01/25 | $85000000 |
|  Maturity Value: $85,029,042 | Maturity Value: $85,029,042 | Maturity Value: $85,029,042 | Maturity Value: $85,029,042 | Maturity Value: $85,029,042 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $86,700,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $86,700,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $86,700,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $86,700,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 02/15/48. The market value of the collateral, including accrued interest, was $86,700,000. |
|  | 172125000 | 4.100 | 12/01/25 | $172125000 |
|  Maturity Value: $172,183,809 | Maturity Value: $172,183,809 | Maturity Value: $172,183,809 | Maturity Value: $172,183,809 | Maturity Value: $172,183,809 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,567,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,567,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,567,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,567,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 08/15/45. The market value of the collateral, including accrued interest, was $175,567,500. |

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|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |
| $| 835000000 | 3.890 %<sup>(d)</sup> | 03/11/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000000 |
|  Maturity Value: $851,330,983 | Maturity Value: $851,330,983 | Maturity Value: $851,330,983 | Maturity Value: $851,330,983 | Maturity Value: $851,330,983 |
|  Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/28 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 12/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/38 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/38 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 1.125% to 1.625%, due 04/15/30 to 01/15/33, U.S. Treasury Notes, 0.625% to 4.500%, due 04/30/26 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $851,700,068. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/28 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 12/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/38 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/38 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 1.125% to 1.625%, due 04/15/30 to 01/15/33, U.S. Treasury Notes, 0.625% to 4.500%, due 04/30/26 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $851,700,068. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/28 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 12/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/38 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/38 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 1.125% to 1.625%, due 04/15/30 to 01/15/33, U.S. Treasury Notes, 0.625% to 4.500%, due 04/30/26 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $851,700,068. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/28 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 12/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/38 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/38 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 1.125% to 1.625%, due 04/15/30 to 01/15/33, U.S. Treasury Notes, 0.625% to 4.500%, due 04/30/26 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $851,700,068. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 10/01/28 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 01/01/28 to 12/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/38 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/38 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 3.875%, due 04/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 1.125% to 1.625%, due 04/15/30 to 01/15/33, U.S. Treasury Notes, 0.625% to 4.500%, due 04/30/26 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/46 to 11/15/47. The aggregate market value of the collateral, including accrued interest, was $851,700,068. |
|  | 175000000 | 3.845 <sup>(d)</sup> | 03/19/26 | $175000000 |
|  Maturity Value: $178,383,067 | Maturity Value: $178,383,067 | Maturity Value: $178,383,067 | Maturity Value: $178,383,067 | Maturity Value: $178,383,067 |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 2.250% to 3.000%, due 02/15/46 to 05/15/49, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, U.S. Treasury Notes, 0.375% to 4.625%, due 01/31/26 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/47. The aggregate market value of the collateral, including accrued interest, was $178,500,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 2.250% to 3.000%, due 02/15/46 to 05/15/49, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, U.S. Treasury Notes, 0.375% to 4.625%, due 01/31/26 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/47. The aggregate market value of the collateral, including accrued interest, was $178,500,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 2.250% to 3.000%, due 02/15/46 to 05/15/49, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, U.S. Treasury Notes, 0.375% to 4.625%, due 01/31/26 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/47. The aggregate market value of the collateral, including accrued interest, was $178,500,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 2.250% to 3.000%, due 02/15/46 to 05/15/49, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, U.S. Treasury Notes, 0.375% to 4.625%, due 01/31/26 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/47. The aggregate market value of the collateral, including accrued interest, was $178,500,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 2.250% to 3.000%, due 02/15/46 to 05/15/49, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, U.S. Treasury Notes, 0.375% to 4.625%, due 01/31/26 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/47. The aggregate market value of the collateral, including accrued interest, was $178,500,001. |
|  | 1473000000 | 3.845 <sup>(d)</sup> | 03/19/26 | $1473000000 |
|  Maturity Value: $1,501,475,761 | Maturity Value: $1,501,475,761 | Maturity Value: $1,501,475,761 | Maturity Value: $1,501,475,761 | Maturity Value: $1,501,475,761 |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 11/01/46 to 11/01/54, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/37 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/39 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Notes, 0.500% to 4.625%, due 04/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $1,502,459,996. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 11/01/46 to 11/01/54, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/37 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/39 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Notes, 0.500% to 4.625%, due 04/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $1,502,459,996. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 11/01/46 to 11/01/54, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/37 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/39 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Notes, 0.500% to 4.625%, due 04/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $1,502,459,996. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 11/01/46 to 11/01/54, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/37 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/39 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Notes, 0.500% to 4.625%, due 04/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $1,502,459,996. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 11/01/46 to 11/01/54, Government National Mortgage Association, 2.000% to 6.500%, due 05/15/37 to 11/20/55, U.S. Treasury Bills, 0.000%, due 12/04/25 to 10/29/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/39 to 05/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 2.500%, due 01/15/29 to 02/15/55, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/27 to 07/15/34, U.S. Treasury Notes, 0.500% to 4.625%, due 04/30/26 to 08/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $1,502,459,996. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) |
| $| 1247000000 | 3.845 %<sup>(d)</sup> | 03/23/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247000000 |
|  Maturity Value: $1,271,106,772 | Maturity Value: $1,271,106,772 | Maturity Value: $1,271,106,772 | Maturity Value: $1,271,106,772 | Maturity Value: $1,271,106,772 |
|  Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/11/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/39 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/42 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $1,271,939,995. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/11/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/39 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/42 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $1,271,939,995. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/11/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/39 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/42 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $1,271,939,995. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/11/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/39 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/42 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $1,271,939,995. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/11/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/39 to 11/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.500%, due 02/15/42 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.375% to 4.625%, due 09/30/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $1,271,939,995. |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  | 735000000 | 4.230 <sup>(d)</sup> | 01/07/26 | $735000000 |
|  Maturity Value: $752,531,587 | Maturity Value: $752,531,587 | Maturity Value: $752,531,587 | Maturity Value: $752,531,587 | Maturity Value: $752,531,587 |
|  Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 01/01/35 to 01/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 01/01/38 to 11/01/55 and a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28. The aggregate market value of the collateral, including accrued interest, was $749,700,009. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 01/01/35 to 01/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 01/01/38 to 11/01/55 and a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28. The aggregate market value of the collateral, including accrued interest, was $749,700,009. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 01/01/35 to 01/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 01/01/38 to 11/01/55 and a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28. The aggregate market value of the collateral, including accrued interest, was $749,700,009. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 01/01/35 to 01/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 01/01/38 to 11/01/55 and a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28. The aggregate market value of the collateral, including accrued interest, was $749,700,009. | Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 01/01/35 to 01/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 01/01/38 to 11/01/55 and a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28. The aggregate market value of the collateral, including accrued interest, was $749,700,009. |
|  | 490000000 | 4.240 <sup>(d)</sup> | 01/07/26 | $490000000 |
|  Maturity Value: $501,773,069 | Maturity Value: $501,773,069 | Maturity Value: $501,773,069 | Maturity Value: $501,773,069 | Maturity Value: $501,773,069 |
|  Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 08/01/49 to 10/01/55 and Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/42 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $499,799,996. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 08/01/49 to 10/01/55 and Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/42 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $499,799,996. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 08/01/49 to 10/01/55 and Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/42 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $499,799,996. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 08/01/49 to 10/01/55 and Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/42 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $499,799,996. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 08/01/49 to 10/01/55 and Federal National Mortgage Association, 2.500% to 7.000%, due 09/01/42 to 10/01/55. The aggregate market value of the collateral, including accrued interest, was $499,799,996. |
|  | 735000000 | 4.240 <sup>(d)</sup> | 01/07/26 | $735000000 |
|  Maturity Value: $752,659,603 | Maturity Value: $752,659,603 | Maturity Value: $752,659,603 | Maturity Value: $752,659,603 | Maturity Value: $752,659,603 |
|  Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 11/01/52 to 09/01/53 and Federal National Mortgage Association, 1.690% to 6.000%, due 05/01/35 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $749,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 11/01/52 to 09/01/53 and Federal National Mortgage Association, 1.690% to 6.000%, due 05/01/35 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $749,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 11/01/52 to 09/01/53 and Federal National Mortgage Association, 1.690% to 6.000%, due 05/01/35 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $749,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 11/01/52 to 09/01/53 and Federal National Mortgage Association, 1.690% to 6.000%, due 05/01/35 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $749,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.000%, due 11/01/52 to 09/01/53 and Federal National Mortgage Association, 1.690% to 6.000%, due 05/01/35 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $749,700,001. |
|  | 490000000 | 4.240 <sup>(d)</sup> | 01/09/26 | $490000000 |
|  Maturity Value: $501,715,358 | Maturity Value: $501,715,358 | Maturity Value: $501,715,358 | Maturity Value: $501,715,358 | Maturity Value: $501,715,358 |
|  Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/45 to 12/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/46 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $499,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/45 to 12/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/46 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $499,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/45 to 12/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/46 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $499,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/45 to 12/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/46 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $499,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/45 to 12/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/46 to 05/01/55. The aggregate market value of the collateral, including accrued interest, was $499,800,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) |
| $| 685000000 | 4.110 %<sup>(d)</sup> | 02/27/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000000 |
|  Maturity Value: $704,316,435 | Maturity Value: $704,316,435 | Maturity Value: $704,316,435 | Maturity Value: $704,316,435 | Maturity Value: $704,316,435 |
|  Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 06/01/63, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 04/15/28 to 02/15/42 and a U.S. Treasury Note, 1.625%, due 05/15/31. The aggregate market value of the collateral, including accrued interest, was $698,699,983. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 06/01/63, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 04/15/28 to 02/15/42 and a U.S. Treasury Note, 1.625%, due 05/15/31. The aggregate market value of the collateral, including accrued interest, was $698,699,983. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 06/01/63, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 04/15/28 to 02/15/42 and a U.S. Treasury Note, 1.625%, due 05/15/31. The aggregate market value of the collateral, including accrued interest, was $698,699,983. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 06/01/63, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 04/15/28 to 02/15/42 and a U.S. Treasury Note, 1.625%, due 05/15/31. The aggregate market value of the collateral, including accrued interest, was $698,699,983. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 01/01/29 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 11/01/26 to 06/01/63, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.625%, due 04/15/28 to 02/15/42 and a U.S. Treasury Note, 1.625%, due 05/15/31. The aggregate market value of the collateral, including accrued interest, was $698,699,983. |
|  | 990000000 | 3.770 <sup>(d)</sup> | 06/02/26 | $990000000 |
|  Maturity Value: $1,010,009,271 | Maturity Value: $1,010,009,271 | Maturity Value: $1,010,009,271 | Maturity Value: $1,010,009,271 | Maturity Value: $1,010,009,271 |
|  Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/52 to 11/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/39 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $1,009,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/52 to 11/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/39 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $1,009,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/52 to 11/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/39 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $1,009,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/52 to 11/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/39 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $1,009,800,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 02/01/52 to 11/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/39 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $1,009,800,000. |
|  | 990000000 | 3.770 <sup>(d)</sup> | 06/02/26 | $990000000 |
|  Maturity Value: $1,010,112,946 | Maturity Value: $1,010,112,946 | Maturity Value: $1,010,112,946 | Maturity Value: $1,010,112,946 | Maturity Value: $1,010,112,946 |
|  Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 08/01/52 to 08/01/55, Federal National Mortgage Association, 6.000% to 7.000%, due 05/01/53 to 12/01/53 and U.S. Treasury Notes, 3.875% to 4.625%, due 06/15/28 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $1,009,800,017. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 08/01/52 to 08/01/55, Federal National Mortgage Association, 6.000% to 7.000%, due 05/01/53 to 12/01/53 and U.S. Treasury Notes, 3.875% to 4.625%, due 06/15/28 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $1,009,800,017. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 08/01/52 to 08/01/55, Federal National Mortgage Association, 6.000% to 7.000%, due 05/01/53 to 12/01/53 and U.S. Treasury Notes, 3.875% to 4.625%, due 06/15/28 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $1,009,800,017. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 08/01/52 to 08/01/55, Federal National Mortgage Association, 6.000% to 7.000%, due 05/01/53 to 12/01/53 and U.S. Treasury Notes, 3.875% to 4.625%, due 06/15/28 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $1,009,800,017. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 08/01/52 to 08/01/55, Federal National Mortgage Association, 6.000% to 7.000%, due 05/01/53 to 12/01/53 and U.S. Treasury Notes, 3.875% to 4.625%, due 06/15/28 to 02/15/35. The aggregate market value of the collateral, including accrued interest, was $1,009,800,017. |
|  Royal Bank of Canada - New York Branch | Royal Bank of Canada - New York Branch | Royal Bank of Canada - New York Branch | Royal Bank of Canada - New York Branch | Royal Bank of Canada - New York Branch |
|  | 550000000 | 4.090 | 12/01/25 | $550000000 |
|  Maturity Value: $550,187,458 | Maturity Value: $550,187,458 | Maturity Value: $550,187,458 | Maturity Value: $550,187,458 | Maturity Value: $550,187,458 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/34 to 05/01/54. The aggregate market value of the collateral, including accrued interest, was $561,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/34 to 05/01/54. The aggregate market value of the collateral, including accrued interest, was $561,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/34 to 05/01/54. The aggregate market value of the collateral, including accrued interest, was $561,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/34 to 05/01/54. The aggregate market value of the collateral, including accrued interest, was $561,000,000. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/34 to 05/01/54. The aggregate market value of the collateral, including accrued interest, was $561,000,000. |
|  | 5000000000 | 4.090 | 12/01/25 | $5000000000 |
|  Maturity Value: $5,001,704,167 | Maturity Value: $5,001,704,167 | Maturity Value: $5,001,704,167 | Maturity Value: $5,001,704,167 | Maturity Value: $5,001,704,167 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 12/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/27 to 12/01/60, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.625% to 3.875%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $5,100,000,043. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 12/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/27 to 12/01/60, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.625% to 3.875%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $5,100,000,043. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 12/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/27 to 12/01/60, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.625% to 3.875%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $5,100,000,043. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 12/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/27 to 12/01/60, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.625% to 3.875%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $5,100,000,043. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 8.000%, due 12/01/26 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 10/01/27 to 12/01/60, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due 04/15/28 and U.S. Treasury Notes, 1.625% to 3.875%, due 08/15/27 to 05/15/31. The aggregate market value of the collateral, including accrued interest, was $5,100,000,043. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 425000000 | 4.050 <sup>(d)</sup> | 12/10/25 | $425000000 |
|  Maturity Value: $434,801,562 | Maturity Value: $434,801,562 | Maturity Value: $434,801,562 | Maturity Value: $434,801,562 | Maturity Value: $434,801,562 |
|  Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 |
|  Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. |
|  | 425000000 | 4.050 | 12/10/25 | $425000000 |
|  Maturity Value: $436,092,500 | Maturity Value: $436,092,500 | Maturity Value: $436,092,500 | Maturity Value: $436,092,500 | Maturity Value: $436,092,500 |
|  Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 |
|  Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. | Collateralized by a U.S. Treasury Note, 3.875%, due 08/15/34. The market value of the collateral, including accrued interest, was $433,500,061. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Societe Generale – (continued) | Societe Generale – (continued) | Societe Generale – (continued) | Societe Generale – (continued) | Societe Generale – (continued) |
| $| 425000000 | 4.050% | 12/10/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000000 |
|  Maturity Value: $442,355,938 | Maturity Value: $442,355,938 | Maturity Value: $442,355,938 | Maturity Value: $442,355,938 | Maturity Value: $442,355,938 |
|  Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 |
|  Collateralized by U.S. Treasury Bonds, 1.250% to 6.750%, due 02/15/26 to 11/15/55 and a U.S. Treasury Note, 3.875%, due 08/15/34. The aggregate market value of the collateral, including accrued interest, was $433,500,097. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.750%, due 02/15/26 to 11/15/55 and a U.S. Treasury Note, 3.875%, due 08/15/34. The aggregate market value of the collateral, including accrued interest, was $433,500,097. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.750%, due 02/15/26 to 11/15/55 and a U.S. Treasury Note, 3.875%, due 08/15/34. The aggregate market value of the collateral, including accrued interest, was $433,500,097. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.750%, due 02/15/26 to 11/15/55 and a U.S. Treasury Note, 3.875%, due 08/15/34. The aggregate market value of the collateral, including accrued interest, was $433,500,097. | Collateralized by U.S. Treasury Bonds, 1.250% to 6.750%, due 02/15/26 to 11/15/55 and a U.S. Treasury Note, 3.875%, due 08/15/34. The aggregate market value of the collateral, including accrued interest, was $433,500,097. |
|  The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company | The Northwestern Mutual Life Insurance Company |
|  | 279930000 | 4.100 | 12/01/25 | $279930000 |
|  Maturity Value: $280,025,643 | Maturity Value: $280,025,643 | Maturity Value: $280,025,643 | Maturity Value: $280,025,643 | Maturity Value: $280,025,643 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $285,528,600. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $285,528,600. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $285,528,600. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $285,528,600. | Collateralized by a U.S. Treasury Note, 1.250%, due 03/31/28. The market value of the collateral, including accrued interest, was $285,528,600. |
|  | 417195000 | 4.100 | 12/01/25 | $417195000 |
|  Maturity Value: $417,337,541 | Maturity Value: $417,337,541 | Maturity Value: $417,337,541 | Maturity Value: $417,337,541 | Maturity Value: $417,337,541 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $425,538,900. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $425,538,900. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $425,538,900. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $425,538,900. | Collateralized by a U.S. Treasury Bond, 4.250%, due 02/15/54. The market value of the collateral, including accrued interest, was $425,538,900. |
|  Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
|  | 1965000000 | 4.050 <sup>(d)</sup> | 12/10/25 | $1965000000 |
|  Maturity Value: $2,001,696,375 | Maturity Value: $2,001,696,375 | Maturity Value: $2,001,696,375 | Maturity Value: $2,001,696,375 | Maturity Value: $2,001,696,375 |
|  Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 |
|  Collateralized by U.S. Treasury Notes, 0.625% to 4.625%, due 01/31/26 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $2,004,300,090. | Collateralized by U.S. Treasury Notes, 0.625% to 4.625%, due 01/31/26 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $2,004,300,090. | Collateralized by U.S. Treasury Notes, 0.625% to 4.625%, due 01/31/26 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $2,004,300,090. | Collateralized by U.S. Treasury Notes, 0.625% to 4.625%, due 01/31/26 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $2,004,300,090. | Collateralized by U.S. Treasury Notes, 0.625% to 4.625%, due 01/31/26 to 06/30/32. The aggregate market value of the collateral, including accrued interest, was $2,004,300,090. |
|  | 1965000000 | 4.050 <sup>(d)</sup> | 12/10/25 | $1965000000 |
|  Maturity Value: $2,000,591,063 | Maturity Value: $2,000,591,063 | Maturity Value: $2,000,591,063 | Maturity Value: $2,000,591,063 | Maturity Value: $2,000,591,063 |
|  Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 |
|  Collateralized by U.S. Treasury Notes, 4.000% to 4.125%, due 02/28/30 to 11/30/31. The aggregate market value of the collateral, including accrued interest, was $2,004,300,051. | Collateralized by U.S. Treasury Notes, 4.000% to 4.125%, due 02/28/30 to 11/30/31. The aggregate market value of the collateral, including accrued interest, was $2,004,300,051. | Collateralized by U.S. Treasury Notes, 4.000% to 4.125%, due 02/28/30 to 11/30/31. The aggregate market value of the collateral, including accrued interest, was $2,004,300,051. | Collateralized by U.S. Treasury Notes, 4.000% to 4.125%, due 02/28/30 to 11/30/31. The aggregate market value of the collateral, including accrued interest, was $2,004,300,051. | Collateralized by U.S. Treasury Notes, 4.000% to 4.125%, due 02/28/30 to 11/30/31. The aggregate market value of the collateral, including accrued interest, was $2,004,300,051. |
|  | 5000000000 | 4.050 | 12/10/25 | $5000000000 |
|  Maturity Value: $5,101,812,500 | Maturity Value: $5,101,812,500 | Maturity Value: $5,101,812,500 | Maturity Value: $5,101,812,500 | Maturity Value: $5,101,812,500 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 02/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $5,100,000,072. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 02/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $5,100,000,072. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 02/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $5,100,000,072. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 02/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $5,100,000,072. | Collateralized by U.S. Treasury Notes, 0.500% to 4.500%, due 02/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $5,100,000,072. |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
|  $ | 2955000000 | 4.050% | 12/10/25 | $2955000000 |
|  Maturity Value: $2,976,276,000 | Maturity Value: $2,976,276,000 | Maturity Value: $2,976,276,000 | Maturity Value: $2,976,276,000 | Maturity Value: $2,976,276,000 |
|  Settlement Date: 10/07/25 | Settlement Date: 10/07/25 | Settlement Date: 10/07/25 | Settlement Date: 10/07/25 | Settlement Date: 10/07/25 |
|  Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 06/01/26 to 04/01/59, Government National Mortgage Association, 1.500% to 8.500%, due 12/20/26 to 11/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $3,043,276,590. | Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 06/01/26 to 04/01/59, Government National Mortgage Association, 1.500% to 8.500%, due 12/20/26 to 11/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $3,043,276,590. | Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 06/01/26 to 04/01/59, Government National Mortgage Association, 1.500% to 8.500%, due 12/20/26 to 11/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $3,043,276,590. | Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 06/01/26 to 04/01/59, Government National Mortgage Association, 1.500% to 8.500%, due 12/20/26 to 11/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $3,043,276,590. | Collateralized by Federal National Mortgage Association, 1.500% to 8.000%, due 06/01/26 to 04/01/59, Government National Mortgage Association, 1.500% to 8.500%, due 12/20/26 to 11/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $3,043,276,590. |
|  **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | $157854491333 |
|  **TOTAL INVESTMENTS - 99.5%** | **TOTAL INVESTMENTS - 99.5%** | **TOTAL INVESTMENTS - 99.5%** | **TOTAL INVESTMENTS - 99.5%** | $277181956808 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES<br> -0.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br> -0.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br> -0.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br> -0.5%** | 1353701117 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278535657925 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless noted, all repurchase agreements were entered into on November 30, 2025. Additional information on Joint Repurchase Agreement Account I and III appears in the Additional Investment Information section.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| MMY | —Money Market Yield |
| PLC | —Public Limited Company |
| Prime | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | —Secured Overnight Financing Rate |
| T-Bill | —Treasury Bill |

---

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

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 102.7% | U.S. Treasury Obligations - 102.7% | U.S. Treasury Obligations - 102.7% | U.S. Treasury Obligations - 102.7% | U.S. Treasury Obligations - 102.7% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $— | 3243092000 | 3.987% | 12/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242739764 |
|  | 225000000 | 3.917 | 12/04/25 | 224927230 |
|  | 250000000 | 3.958 | 12/04/25 | 249919145 |
|  | 1145702700 | 3.925 | 12/09/25 | 1144716748 |
|  | 446291400 | 3.930 | 12/09/25 | 445907337 |
|  | 3000692500 | 3.935 | 12/09/25 | 2998110208 |
|  | 9411429000 | 3.940 | 12/09/25 | 9403329849 |
|  | 304010500 | 3.945 | 12/09/25 | 303748879 |
|  | 7184295900 | 3.966 | 12/16/25 | 7172621432 |
|  | 3379682200 | 3.952 | 12/18/25 | 3373481017 |
|  | 79208000 | 3.964 | 12/18/25 | 79062666 |
|  | 396040000 | 3.993 | 12/18/25 | 395313329 |
|  | 340594300 | 3.951 | 12/23/25 | 339782214 |
|  | 5000000000 | 3.956 | 12/23/25 | 4988078397 |
|  | 725115000 | 3.958 | 12/23/25 | 723386093 |
|  | 100567500 | 3.960 | 12/23/25 | 100327715 |
|  | 124922600 | 3.963 | 12/23/25 | 124624744 |
|  | 202908300 | 3.968 | 12/23/25 | 202424502 |
|  | 220751200 | 3.973 | 12/23/25 | 220224858 |
|  | 313430700 | 4.162 | 12/23/25 | 312683381 |
|  | 124005100 | 4.167 | 12/23/25 | 123709432 |
|  | 31737600 | 4.172 | 12/23/25 | 31661927 |
|  | 93283100 | 4.193 | 12/23/25 | 93060683 |
|  | 225610800 | 3.935 | 12/26/25 | 224982197 |
|  | 126154100 | 3.952 | 12/26/25 | 125802606 |
|  | 249845200 | 3.972 | 12/26/25 | 249149074 |
|  | 486548600 | 3.977 | 12/26/25 | 485192964 |
|  | 17835700 | 3.985 | 12/26/25 | 17786006 |
|  | 102385500 | 4.240 | 12/26/25 | 102100231 |
|  | 7151700 | 4.242 | 12/26/25 | 7131774 |
|  | 30599900 | 4.250 | 12/26/25 | 30514642 |
|  | 43714200 | 4.254 | 12/26/25 | 43592402 |
|  | 98357000 | 4.256 | 12/26/25 | 98082955 |
|  | 483802600 | 4.267 | 12/26/25 | 482454615 |
|  | 997910000 | 4.304 | 12/26/25 | 995129595 |
|  | 680701800 | 3.963 | 12/30/25 | 678605007 |
|  | 175901800 | 3.968 | 12/30/25 | 175359963 |
|  | 2500000000 | 3.971 <sup>(a)</sup> | 12/30/25 | 2492299149 |
|  | 1058452600 | 3.978 | 12/30/25 | 1055192206 |
|  | 34094300 | 3.904 | 01/02/26 | 33977491 |
|  | 187518500 | 3.911 | 01/02/26 | 186876048 |
|  | 527998200 | 3.921 | 01/02/26 | 526189241 |
|  | 4933549900 | 3.922 | 01/02/26 | 4916647212 |
|  | 519771200 | 3.926 | 01/02/26 | 517990427 |
|  | 621604500 | 3.927 | 01/02/26 | 619474839 |
|  | 338489300 | 3.931 | 01/02/26 | 337329612 |
|  | 120810200 | 3.932 | 01/02/26 | 120396296 |
|  | 55835900 | 3.937 | 01/02/26 | 55644602 |
|  | 134332700 | 3.947 | 01/02/26 | 133872467 |
|  | 308126000 | 3.953 | 01/02/26 | 307070339 |
|  | 87248700 | 4.256 | 01/02/26 | 86949780 |
|  | 204565600 | 3.905 | 01/08/26 | 203734799 |
|  | 1220906500 | 3.910 | 01/08/26 | 1215948042 |
|  | 204565700 | 3.916 | 01/08/26 | 203734899 |
|  | 5000000000 | 3.921 | 01/08/26 | 4979693539 |
|  | 135776200 | 3.901 | 01/20/26 | 135053377 |
|  | 297429600 | 3.906 | 01/20/26 | 295846194 |
|  | 718535800 | 3.912 | 01/20/26 | 714710580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 46613400 | 3.922% | 01/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46365247 |
|  | 261321100 | 3.906 <sup>(a)</sup> | 01/27/26 | 259745436 |
|  | 272670500 | 3.911 | 01/27/26 | 271026403 |
|  | 214274800 | 3.917 | 01/27/26 | 212982807 |
|  | 113402000 | 3.922 | 01/27/26 | 112718230 |
|  | 90000000 | 3.923 | 01/27/26 | 89457335 |
|  | 107164700 | 3.928 | 01/27/26 | 106518539 |
|  | 245374500 | 3.933 | 01/27/26 | 243894987 |
|  | 12364800 | 3.938 | 01/27/26 | 12290245 |
|  | 1046699700 | 3.885 | 02/05/26 | 1039417287 |
|  | 492660600 | 3.833 | 02/26/26 | 488201816 |
|  | 490553300 | 3.803 | 03/03/26 | 485859592 |
|  | 434611700 | 3.865 | 03/03/26 | 430453252 |
|  | 388614000 | 3.870 | 03/03/26 | 384895667 |
|  | 33405000 | 3.827 | 03/05/26 | 33071338 |
|  | 43786900 | 3.863 | 03/05/26 | 43349540 |
|  | 8028600 | 3.869 | 03/05/26 | 7948407 |
|  | 111744400 | 3.970 | 03/05/26 | 110628254 |
|  | 8781300 | 3.975 | 03/05/26 | 8693589 |
|  | 34215300 | 3.981 | 03/05/26 | 33873545 |
|  | 95587800 | 3.984 | 03/05/26 | 94633033 |
|  | 81249700 | 3.992 | 03/05/26 | 80438147 |
|  | 2039300 | 3.823 | 03/10/26 | 2018341 |
|  | 94994000 | 3.829 | 03/10/26 | 94017680 |
|  | 64519900 | 3.834 | 03/10/26 | 63856784 |
|  | 329262100 | 3.839 | 03/10/26 | 325878043 |
|  | 1330081700 | 3.850 | 03/17/26 | 1315390281 |
|  | 92661700 | 3.871 | 03/17/26 | 91638205 |
|  | 64659700 | 3.824 | 03/24/26 | 63900650 |
|  | 102831500 | 3.829 | 03/24/26 | 101624346 |
|  | 83648800 | 3.833 | 03/24/26 | 82666835 |
|  | 332460900 | 3.834 | 03/24/26 | 328558093 |
|  | 159234000 | 3.838 | 03/24/26 | 157364729 |
|  | 70317400 | 3.839 | 03/24/26 | 69491934 |
|  | 396394100 | 3.850 | 03/24/26 | 391740772 |
|  | 97472300 | 3.833 | 03/26/26 | 96316366 |
|  | 17773700 | 3.839 | 03/26/26 | 17562920 |
|  | 8383400 | 3.859 | 03/26/26 | 8283980 |
|  | 10013400 | 3.808 <sup>(a)</sup> | 03/31/26 | 9889904 |
|  | 30040200 | 3.834 <sup>(a)</sup> | 03/31/26 | 29669713 |
|  | 10013400 | 3.839 <sup>(a)</sup> | 03/31/26 | 9889904 |
|  | 19631100 | 3.812 | 04/02/26 | 19385192 |
|  | 15527300 | 3.813 | 04/02/26 | 15332798 |
|  | 23999400 | 3.817 | 04/02/26 | 23698773 |
|  | 12815500 | 3.821 | 04/02/26 | 12654967 |
|  | 26922300 | 3.752 | 04/09/26 | 26565556 |
|  | 23860700 | 3.816 | 04/09/26 | 23544525 |
|  | 35791100 | 3.823 | 04/09/26 | 35316837 |
|  | 18335800 | 3.828 | 04/09/26 | 18092835 |
|  | 71923600 | 3.833 | 04/09/26 | 70970550 |
|  | 29825900 | 3.838 | 04/09/26 | 29430681 |
|  | 3846100 | 3.755 | 04/16/26 | 3792623 |
|  | 72798200 | 3.766 | 04/16/26 | 71786000 |
|  | 136437300 | 3.788 | 04/16/26 | 134540250 |
|  | 57712900 | 3.789 | 04/16/26 | 56910449 |
|  | 987163300 | 3.807 | 04/16/26 | 973437591 |
|  | 4295100 | 3.753 | 04/23/26 | 4232659 |
|  | 23076300 | 3.780 | 04/23/26 | 22740824 |
|  | 623474800 | 3.781 | 04/23/26 | 614410925 |

---

&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 FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 129094500 | 3.739% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127138849 |
|  | 353956600 | 3.744 | 04/30/26 | 348594516 |
|  | 68613000 | 3.749 | 04/30/26 | 67573583 |
|  | 1470030600 | 3.760 | 04/30/26 | 1447761125 |
|  | 22339700 | 3.777 | 05/07/26 | 21983365 |
|  | 307773900 | 3.812 | 05/14/26 | 302598762 |
|  | 35753800 | 3.821 | 05/14/26 | 35152609 |
|  | 35026700 | 3.812 | 05/21/26 | 34409624 |
|  | 604866400 | 3.833 | 05/21/26 | 594210288 |
|  | 11087100 | 3.753 <sup>(a)</sup> | 05/28/26 | 10885983 |
|  | 46196400 | 3.775 | 05/28/26 | 45358408 |
|  | 50997600 | 3.780 | 05/28/26 | 50072515 |
|  | 1132900200 | 3.791 | 05/28/26 | 1112349651 |
|  | 368679700 | 3.963 | 08/06/26 | 359130076 |
|  | 589226700 | 3.619 | 10/29/26 | 570506639 |
|  | 17430600 | 3.633 | 11/27/26 | 16825849 |
|  | 314822400 | 3.635 | 11/27/26 | 303899702 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 22339800 | 3.787 | 03/31/26 | 22377406 |
|  | 51381500 | 3.805 | 03/31/26 | 51467993 |
|  | 55849400 | 3.817 | 03/31/26 | 55943414 |
|  | 36782100 | 4.025 | 03/31/26 | 36844017 |
|  | 44679600 | 4.039 | 03/31/26 | 44754811 |
|  | 22586000 | 4.122 | 03/31/26 | 22624020 |
|  | 19155100 | 4.132 | 03/31/26 | 19187345 |
|  | 52387100 | 4.198 | 03/31/26 | 52475286 |
|  | 46538700 | 3.860 | 04/30/26 | 45929121 |
|  | 178900400 | 3.865 | 04/30/26 | 176557104 |
|  | 89612400 | 3.875 | 04/30/26 | 88438627 |
|  | 50795900 | 3.894 | 04/30/26 | 50973249 |
|  | 89612400 | 3.955 | 04/30/26 | 88438627 |
|  | 303783900 | 3.960 | 04/30/26 | 304844532 |
|  | 87908600 | 3.966 | 04/30/26 | 88215524 |
|  | 24536800 | 3.976 | 04/30/26 | 24622468 |
|  | 27227600 | 4.000 | 04/30/26 | 26870964 |
|  | 54822100 | 4.009 | 04/30/26 | 54104022 |
|  | 98147100 | 4.014 | 04/30/26 | 98489771 |
|  | 59927400 | 4.022 | 04/30/26 | 59142451 |
|  | 29940800 | 4.034 | 04/30/26 | 30045335 |
|  | 14935900 | 4.036 | 04/30/26 | 14740265 |
|  | 28200600 | 4.038 | 04/30/26 | 27831219 |
|  | 17427900 | 4.040 | 04/30/26 | 17199624 |
|  | 25137100 | 4.060 | 04/30/26 | 24807846 |
|  | 61195300 | 4.061 | 04/30/26 | 60393744 |
|  | 17484400 | 4.066 | 04/30/26 | 17255384 |
|  | 25137100 | 4.068 | 04/30/26 | 25224864 |
|  | 26226500 | 4.070 | 04/30/26 | 25882977 |
|  | 16723900 | 4.071 | 04/30/26 | 16504845 |
|  | 34968700 | 4.077 | 04/30/26 | 35090790 |
|  | 16723900 | 4.081 | 04/30/26 | 16504845 |
|  | 34968700 | 4.101 | 04/30/26 | 35090790 |
|  | 123489400 | 4.107 | 04/30/26 | 121871895 |
|  | 83986300 | 4.108 | 04/30/26 | 84279530 |
|  | 82326200 | 4.112 | 04/30/26 | 81247864 |
|  | 62224000 | 4.146 | 04/30/26 | 61408970 |
|  | 56153900 | 4.150 | 04/30/26 | 55418378 |
|  | 57819200 | 4.156 | 04/30/26 | 57061865 |
|  | 15527600 | 4.163 | 04/30/26 | 15581813 |
|  | 32878700 | 4.190 | 04/30/26 | 32448044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 8398600 | 4.204% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288592 |
|  | 36303500 | 3.982 | 05/31/26 | 36454377 |
|  | 36313900 | 3.996 | 05/31/26 | 36464820 |
|  | 4887200 | 4.003 | 05/31/26 | 4907511 |
|  | 9992000 | 4.012 | 05/31/26 | 10033527 |
|  | 19984000 | 4.014 | 05/31/26 | 20067053 |
|  | 55249200 | 4.054 | 05/31/26 | 55478815 |
|  | 17816600 | 3.726 | 06/30/26 | 17885357 |
|  | 19293800 | 3.729 | 06/30/26 | 18952981 |
|  | 18410700 | 3.734 | 06/30/26 | 18481750 |
|  | 19874200 | 3.743 | 06/30/26 | 19950898 |
|  | 13644500 | 3.748 | 06/30/26 | 13403474 |
|  | 31647000 | 3.752 | 06/30/26 | 31769131 |
|  | 23735300 | 3.754 | 06/30/26 | 23316024 |
|  | 66327600 | 3.755 | 06/30/26 | 66583569 |
|  | 15823500 | 3.756 | 06/30/26 | 15884565 |
|  | 17039200 | 3.807 | 06/30/26 | 17104957 |
|  | 27882300 | 3.889 | 06/30/26 | 27389768 |
|  | 15823600 | 3.914 | 06/30/26 | 15544081 |
|  | 168762100 | 3.994 | 06/30/26 | 165780972 |
|  | 25195900 | 4.004 | 06/30/26 | 24750823 |
|  | 16797300 | 4.006 | 06/30/26 | 16500581 |
|  | 109085900 | 4.010 | 06/30/26 | 107158933 |
|  | 32725800 | 4.015 | 06/30/26 | 32147709 |
|  | 16797300 | 4.034 | 06/30/26 | 16500581 |
|  | 16797300 | 4.045 | 06/30/26 | 16500581 |
|  | 57622400 | 4.099 | 06/30/26 | 56604519 |
|  | 29509900 | 4.135 | 06/30/26 | 29623784 |
|  | 50899000 | 4.136 | 06/30/26 | 51095428 |
|  | 109086000 | 4.155 | 06/30/26 | 107159031 |
|  | 89695800 | 4.159 | 06/30/26 | 90041951 |
|  | 44577700 | 4.197 | 06/30/26 | 43790249 |
|  | 30304100 | 4.087 | 07/15/26 | 30377054 |
|  | 40836400 | 4.092 | 07/15/26 | 40934710 |
|  | 71355000 | 4.107 | 07/15/26 | 71526780 |
|  | 38660900 | 3.660 | 07/31/26 | 38776319 |
|  | 15823600 | 3.714 | 07/31/26 | 15870840 |
|  | 20359400 | 3.719 | 07/31/26 | 19911643 |
|  | 60433600 | 3.728 | 07/31/26 | 60614020 |
|  | 23242700 | 3.789 | 07/31/26 | 23312089 |
|  | 38660900 | 3.846 | 07/31/26 | 38776319 |
|  | 23735300 | 3.912 | 07/31/26 | 23806160 |
|  | 27722500 | 3.943 | 07/31/26 | 27112808 |
|  | 27482400 | 3.953 | 07/31/26 | 27564446 |
|  | 5962800 | 3.958 | 07/31/26 | 5831662 |
|  | 36963300 | 3.959 | 07/31/26 | 37073651 |
|  | 6234900 | 3.965 | 07/31/26 | 6253514 |
|  | 23735400 | 3.968 | 07/31/26 | 23213395 |
|  | 47470700 | 3.973 | 07/31/26 | 47612420 |
|  | 39558900 | 3.985 | 07/31/26 | 38688894 |
|  | 2605400 | 3.990 | 07/31/26 | 2548100 |
|  | 78743500 | 4.006 | 07/31/26 | 77011721 |
|  | 52347200 | 4.088 | 07/31/26 | 51195946 |
|  | 31408300 | 4.098 | 07/31/26 | 30717548 |
|  | 52142600 | 4.099 | 07/31/26 | 50995845 |
|  | 31285600 | 4.104 | 07/31/26 | 31379001 |
|  | 62571100 | 4.109 | 07/31/26 | 62757901 |
|  | 94117900 | 4.111 | 07/31/26 | 92047997 |
|  | 58663500 | 4.114 | 07/31/26 | 57818913 |

---

&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 FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 78213900 | 4.119% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77144979 |
|  | 52347200 | 4.084 | 08/15/26 | 51419054 |
|  | 62816600 | 4.095 | 08/15/26 | 61702826 |
|  | 66238600 | 4.111 | 08/15/26 | 65064152 |
|  | 8642100 | 3.685 | 08/31/26 | 8633977 |
|  | 17148400 | 3.716 | 08/31/26 | 16758314 |
|  | 11655200 | 3.731 | 08/31/26 | 11390071 |
|  | 7911800 | 3.733 | 08/31/26 | 7904364 |
|  | 44846200 | 3.744 | 08/31/26 | 44804048 |
|  | 26093700 | 3.764 | 08/31/26 | 25500129 |
|  | 23735300 | 3.805 | 08/31/26 | 23712991 |
|  | 31647100 | 3.817 | 08/31/26 | 31617354 |
|  | 31440000 | 3.844 | 08/31/26 | 30724813 |
|  | 63940300 | 3.867 | 08/31/26 | 62485807 |
|  | 34429500 | 3.868 | 08/31/26 | 34397139 |
|  | 49899000 | 3.881 | 08/31/26 | 48763914 |
|  | 139718600 | 3.886 | 08/31/26 | 136540327 |
|  | 21711500 | 3.895 | 08/31/26 | 21217614 |
|  | 3018000 | 3.904 | 08/31/26 | 3015163 |
|  | 37497900 | 3.910 | 08/31/26 | 36644910 |
|  | 159249400 | 3.922 | 08/31/26 | 158229171 |
|  | 23600700 | 3.924 | 08/31/26 | 23578517 |
|  | 31094000 | 3.926 | 08/31/26 | 30386684 |
|  | 42210800 | 3.931 | 08/31/26 | 42171125 |
|  | 63316200 | 3.933 | 08/31/26 | 62796427 |
|  | 26053800 | 3.934 | 08/31/26 | 25461137 |
|  | 19730900 | 3.935 | 08/31/26 | 19282068 |
|  | 17482900 | 3.955 | 08/31/26 | 17085205 |
|  | 24727800 | 3.977 | 08/31/26 | 24704558 |
|  | 12197000 | 3.568 | 09/30/26 | 11914468 |
|  | 32552300 | 3.655 | 09/30/26 | 31798258 |
|  | 73242700 | 3.663 | 09/30/26 | 71546104 |
|  | 16853900 | 3.673 | 09/30/26 | 16463496 |
|  | 50351100 | 3.677 | 09/30/26 | 49184766 |
|  | 38220000 | 3.687 | 09/30/26 | 37334671 |
|  | 24817500 | 3.689 | 09/30/26 | 24242627 |
|  | 4020300 | 3.690 | 09/30/26 | 4013233 |
|  | 37334000 | 3.691 | 09/30/26 | 36706842 |
|  | 91817500 | 3.692 | 09/30/26 | 90790732 |
|  | 41465700 | 3.694 | 09/30/26 | 41392809 |
|  | 83377300 | 3.695 | 09/30/26 | 83230735 |
|  | 6329400 | 3.697 | 09/30/26 | 6318274 |
|  | 19148000 | 3.699 | 09/30/26 | 19114341 |
|  | 153192000 | 3.705 | 09/30/26 | 150715627 |
|  | 62198500 | 3.709 | 09/30/26 | 61867259 |
|  | 15823600 | 3.710 | 09/30/26 | 15795784 |
|  | 76440200 | 3.714 | 09/30/26 | 74669537 |
|  | 17485100 | 3.719 | 09/30/26 | 17454364 |
|  | 24333400 | 3.733 | 09/30/26 | 23769740 |
|  | 26227700 | 3.790 | 09/30/26 | 25620161 |
|  | 10389400 | 3.803 | 09/30/26 | 10148740 |
|  | 40702800 | 3.846 | 09/30/26 | 39759959 |
|  | 57404900 | 3.847 | 09/30/26 | 56075171 |
|  | 10935300 | 3.848 | 09/30/26 | 10916077 |
|  | 19192200 | 3.849 | 09/30/26 | 19158463 |
|  | 55517800 | 3.862 | 09/30/26 | 54528889 |
|  | 106624000 | 3.867 | 09/30/26 | 104154158 |
|  | 9376700 | 3.670 | 10/15/26 | 9451996 |
|  | 36469300 | 3.673 | 10/15/26 | 36762153 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $| 72613300 | 3.677% | 10/15/26 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73196394 |
|  | 72302800 | 3.679 | 10/15/26 |  | 72883400 |
|  | 28776200 | 3.632 | 11/30/26 |  | 28938956 |
|  | 28062700 | 3.633 | 11/30/26 |  | 27406716 |
|  | 47110900 | 3.661 | 11/30/26 |  | 47377356 |
|  | 94221700 | 3.666 | 11/30/26 |  | 94754611 |
|  | 28014100 | 3.668 | 11/30/26 |  | 27953296 |
|  | 85745700 | 3.671 | 11/30/26 |  | 86230672 |
|  | 27715800 | 3.676 | 11/30/26 |  | 27872559 |
|  | 75657400 | 3.678 | 11/30/26 |  | 74989062 |
|  | 18946300 | 3.680 | 11/30/26 |  | 19053459 |
|  | 9474200 | 3.681 | 11/30/26 |  | 9527785 |
|  | 18950300 | 3.684 | 12/15/26 |  | 19082407 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.098%) |
|  | 405780400 | 3.881 <sup>(b)</sup> | 01/31/27 |  | 405413897 |
|  | 387189600 | 3.882 <sup>(b)</sup> | 01/31/27 |  | 386839888 |
|  | 865426000 | 3.883 <sup>(b)</sup> | 01/31/27 |  | 864644343 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.150%) |
|  | 167847000 | 3.927 <sup>(b)</sup> | 04/30/26 |  | 167858728 |
|  | 199589800 | 3.928 <sup>(b)</sup> | 04/30/26 |  | 199603745 |
|  | 768625900 | 3.930 <sup>(b)</sup> | 04/30/26 |  | 768679605 |
|  | 421026200 | 3.931 <sup>(b)</sup> | 04/30/26 |  | 421055618 |
|  | 1499500 | 3.932 <sup>(b)</sup> | 04/30/26 |  | 1499605 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.159%) |
|  | 99172300 | 3.939 <sup>(b)</sup> | 07/31/27 |  | 99112195 |
|  | 1240012400 | 3.942 <sup>(b)</sup> | 07/31/27 |  | 1239260870 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.160%) |
|  | 118884300 | 3.938 <sup>(b)</sup> | 04/30/27 |  | 118908548 |
|  | 3212244300 | 3.939 <sup>(b)</sup> | 04/30/27 |  | 3212899491 |
|  | 215803800 | 3.940 <sup>(b)</sup> | 04/30/27 |  | 215847817 |
|  | 92019800 | 3.941 <sup>(b)</sup> | 04/30/27 |  | 92038569 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.182%) |
|  | 1603516000 | 3.958 <sup>(b)</sup> | 07/31/26 |  | 1604082455 |
|  | 105000000 | 3.959 <sup>(b)</sup> | 07/31/26 |  | 105037092 |
|  | 88635400 | 3.961 <sup>(b)</sup> | 07/31/26 |  | 88666711 |
|  | 748038300 | 3.962 <sup>(b)</sup> | 07/31/26 |  | 748302550 |
|  | 484880300 | 3.963 <sup>(b)</sup> | 07/31/26 |  | 485051588 |
|  | 138440200 | 3.964 <sup>(b)</sup> | 07/31/26 |  | 138489105 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.190%) |
|  | 33132300 | 4.020 <sup>(b)</sup> | 10/31/27 |  | 33132986 |
|  | 540857000 | 4.022 <sup>(b)</sup> | 10/31/27 |  | 540868193 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.205%) |
|  | 1837120200 | 3.980 <sup>(b)</sup> | 10/31/26 |  | 1838318589 |
|  | 129546900 | 3.982 <sup>(b)</sup> | 10/31/26 |  | 129631406 |
|  | 427375400 | 3.983 <sup>(b)</sup> | 10/31/26 |  | 427654185 |
|  | 429624600 | 3.984 <sup>(b)</sup> | 10/31/26 |  | 429904853 |
|  | 294052900 | 3.985 <sup>(b)</sup> | 10/31/26 |  | 294244717 |
|  United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY<br>+ 0.245%) |
|  | 123000000 | 4.020 <sup>(b)</sup> | 01/31/26 |  | 123012150 |
|  | 471758000 | 4.021 <sup>(b)</sup> | 01/31/26 |  | 471804602 |
|  | 3308555700 | 4.022 <sup>(b)</sup> | 01/31/26 |  | 3308882531 |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $| 1976489700 | 4.025 %<sup>(b)</sup> | 01/31/26 | $1976684945 |
|  **TOTAL INVESTMENTS - 102.7%** | **TOTAL INVESTMENTS - 102.7%** | **TOTAL INVESTMENTS - 102.7%** | **TOTAL INVESTMENTS - 102.7%** | $103112146724 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%** | (2688728692) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100423418032 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| MMY | —Money Market Yield |
| T-Bill | —Treasury Bill |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 38.9% | U.S. Treasury Obligations - 38.9% | U.S. Treasury Obligations - 38.9% | U.S. Treasury Obligations - 38.9% | U.S. Treasury Obligations - 38.9% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $— | 15584400 | 3.931% | 12/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582723 |
|  | 111652500 | 3.833 | 02/26/26 | 110641998 |
|  | 19517600 | 3.793 | 03/03/26 | 19330789 |
|  | 270964800 | 3.803 | 03/03/26 | 268371283 |
|  | 39024900 | 3.860 | 03/03/26 | 38651377 |
|  | 366036000 | 3.865 | 03/03/26 | 362532517 |
|  | 167965700 | 3.870 | 03/03/26 | 166358031 |
|  | 58022200 | 3.981 | 03/05/26 | 57435884 |
|  | 50056800 | 3.984 | 03/05/26 | 49550975 |
|  | 42548300 | 3.992 | 03/05/26 | 42118348 |
|  | 134320100 | 4.007 | 03/05/26 | 132962792 |
|  | 179476500 | 4.013 | 03/05/26 | 177662885 |
|  | 44884600 | 3.823 | 03/10/26 | 44424007 |
|  | 129406500 | 3.829 | 03/10/26 | 128078567 |
|  | 16484600 | 3.834 | 03/10/26 | 16315440 |
|  | 51328200 | 3.839 | 03/10/26 | 50801485 |
|  | 103002000 | 3.850 | 03/17/26 | 101862232 |
|  | 70011200 | 3.871 | 03/17/26 | 69236491 |
|  | 36792100 | 3.824 | 03/24/26 | 36360363 |
|  | 44669600 | 3.829 | 03/24/26 | 44145424 |
|  | 14392000 | 3.833 | 03/24/26 | 14223117 |
|  | 98143700 | 3.834 | 03/24/26 | 96992032 |
|  | 29565300 | 3.838 | 03/24/26 | 29218366 |
|  | 40011400 | 3.839 | 03/24/26 | 39541886 |
|  | 99062500 | 3.850 | 03/24/26 | 97900051 |
|  | 23910000 | 3.839 | 03/26/26 | 23625846 |
|  | 8629300 | 3.859 | 03/26/26 | 8526747 |
|  | 7586800 | 3.808 <sup>(a)</sup> | 03/31/26 | 7493243 |
|  | 8467600 | 3.819 <sup>(a)</sup> | 03/31/26 | 8363181 |
|  | 33257100 | 3.829 <sup>(a)</sup> | 03/31/26 | 32846986 |
|  | 43594500 | 3.834 <sup>(a)</sup> | 03/31/26 | 43056910 |
|  | 7586800 | 3.839 <sup>(a)</sup> | 03/31/26 | 7493243 |
|  | 14612200 | 3.812 | 04/02/26 | 14429238 |
|  | 15467500 | 3.817 | 04/02/26 | 15273829 |
|  | 12611500 | 3.821 | 04/02/26 | 12453590 |
|  | 17351300 | 3.752 | 04/09/26 | 17121411 |
|  | 9334000 | 3.816 | 04/09/26 | 9210333 |
|  | 14001000 | 3.823 | 04/09/26 | 13815500 |
|  | 35702800 | 3.828 | 04/09/26 | 35229771 |
|  | 33177000 | 3.833 | 04/09/26 | 32737435 |
|  | 11667500 | 3.838 | 04/09/26 | 11512916 |
|  | 2478800 | 3.755 | 04/16/26 | 2444345 |
|  | 50597700 | 3.766 | 04/16/26 | 49894401 |
|  | 97943300 | 3.788 | 04/16/26 | 96581906 |
|  | 48112500 | 3.789 | 04/16/26 | 47443745 |
|  | 523468000 | 3.807 | 04/16/26 | 516191892 |
|  | 3444700 | 3.753 | 04/23/26 | 3394622 |
|  | 14872600 | 3.780 | 04/23/26 | 14656385 |
|  | 650122800 | 3.781 | 04/23/26 | 640671432 |
|  | 84271100 | 3.739 | 04/30/26 | 82994191 |
|  | 231057900 | 3.744 | 04/30/26 | 227556820 |
|  | 44789600 | 3.749 | 04/30/26 | 44110930 |
|  | 1274488100 | 3.760 | 04/30/26 | 1255176556 |
|  | 182175300 | 3.812 | 05/14/26 | 179112075 |
|  | 21000000 | 3.821 | 05/14/26 | 20646891 |
|  | 16006200 | 3.812 | 05/21/26 | 15724308 |
|  | 121486200 | 3.833 | 05/21/26 | 119346653 |
|  | 7778100 | 3.753 <sup>(a)</sup> | 05/28/26 | 7637038 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 32408800 | 3.775% | 05/28/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31821040 |
|  | 25154100 | 3.780 | 05/28/26 | 24697910 |
|  | 419275900 | 3.791 | 05/28/26 | 411671995 |
|  | 179171600 | 3.963 | 08/06/26 | 174530657 |
|  | 338289600 | 3.619 | 10/29/26 | 327541951 |
|  | 16426300 | 3.633 | 11/27/26 | 15856410 |
|  | 160620000 | 3.635 | 11/27/26 | 155047485 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 23070400 | 3.787 | 03/31/26 | 23113314 |
|  | 53062100 | 3.805 | 03/31/26 | 53160803 |
|  | 57676100 | 3.817 | 03/31/26 | 57783386 |
|  | 19355200 | 4.025 | 03/31/26 | 19391203 |
|  | 46140800 | 4.039 | 03/31/26 | 46226628 |
|  | 4337000 | 4.132 | 03/31/26 | 4345067 |
|  | 27567200 | 4.198 | 03/31/26 | 27618479 |
|  | 21615100 | 3.860 | 04/30/26 | 21332738 |
|  | 82880400 | 3.865 | 04/30/26 | 81797720 |
|  | 40871400 | 3.875 | 04/30/26 | 40337490 |
|  | 165642200 | 3.891 | 04/30/26 | 166240396 |
|  | 25527200 | 3.894 | 04/30/26 | 25619388 |
|  | 40871400 | 3.955 | 04/30/26 | 40337490 |
|  | 141592200 | 3.960 | 04/30/26 | 142103543 |
|  | 40171600 | 3.966 | 04/30/26 | 40316675 |
|  | 11748100 | 3.976 | 04/30/26 | 11790527 |
|  | 19479600 | 4.000 | 04/30/26 | 19225135 |
|  | 53405500 | 4.009 | 04/30/26 | 52707855 |
|  | 46992300 | 4.014 | 04/30/26 | 47162007 |
|  | 28196300 | 4.022 | 04/30/26 | 27827967 |
|  | 15755500 | 4.034 | 04/30/26 | 15812399 |
|  | 8467000 | 4.036 | 04/30/26 | 8356394 |
|  | 15986500 | 4.038 | 04/30/26 | 15777666 |
|  | 9170900 | 4.040 | 04/30/26 | 9051099 |
|  | 13227700 | 4.060 | 04/30/26 | 13054904 |
|  | 32202200 | 4.061 | 04/30/26 | 31781537 |
|  | 9200600 | 4.066 | 04/30/26 | 9080411 |
|  | 13227700 | 4.068 | 04/30/26 | 13275470 |
|  | 13800900 | 4.070 | 04/30/26 | 13620617 |
|  | 8800500 | 4.071 | 04/30/26 | 8685538 |
|  | 18401200 | 4.077 | 04/30/26 | 18467654 |
|  | 8800500 | 4.081 | 04/30/26 | 8685538 |
|  | 18401200 | 4.101 | 04/30/26 | 18467654 |
|  | 47610600 | 4.108 | 04/30/26 | 47782540 |
|  | 35273900 | 4.146 | 04/30/26 | 34813111 |
|  | 31130800 | 4.150 | 04/30/26 | 30724133 |
|  | 30425500 | 4.156 | 04/30/26 | 30028047 |
|  | 8171000 | 4.163 | 04/30/26 | 8200509 |
|  | 18638400 | 4.190 | 04/30/26 | 18394923 |
|  | 4761100 | 4.204 | 04/30/26 | 4698905 |
|  | 25972800 | 3.982 | 05/31/26 | 26079661 |
|  | 11369700 | 3.996 | 05/31/26 | 11416479 |
|  | 2770300 | 4.003 | 05/31/26 | 2781698 |
|  | 5664400 | 4.012 | 05/31/26 | 5687705 |
|  | 11328700 | 4.014 | 05/31/26 | 11375310 |
|  | 57056200 | 4.054 | 05/31/26 | 57290948 |
|  | 14349100 | 3.726 | 06/30/26 | 14408034 |
|  | 15538800 | 3.729 | 06/30/26 | 15266287 |
|  | 18825600 | 3.734 | 06/30/26 | 18902920 |
|  | 1540700 | 3.739 | 06/30/26 | 1513680 |
|  | 8712500 | 3.743 | 06/30/26 | 8748284 |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 12744000 | 3.748% | 06/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520501 |
|  | 25487800 | 3.752 | 06/30/26 | 25592483 |
|  | 19115900 | 3.754 | 06/30/26 | 18780654 |
|  | 37600200 | 3.755 | 06/30/26 | 37754631 |
|  | 12743900 | 3.756 | 06/30/26 | 12796242 |
|  | 13723000 | 3.807 | 06/30/26 | 13779363 |
|  | 12511100 | 3.889 | 06/30/26 | 12291686 |
|  | 12744000 | 3.914 | 06/30/26 | 12520501 |
|  | 60361900 | 3.994 | 06/30/26 | 59303299 |
|  | 14283200 | 4.004 | 06/30/26 | 14032707 |
|  | 9522100 | 4.006 | 06/30/26 | 9355106 |
|  | 39017300 | 4.010 | 06/30/26 | 38333032 |
|  | 11705200 | 4.015 | 06/30/26 | 11499919 |
|  | 9522100 | 4.034 | 06/30/26 | 9355106 |
|  | 9522100 | 4.045 | 06/30/26 | 9355106 |
|  | 25856000 | 4.099 | 06/30/26 | 25402549 |
|  | 14643000 | 4.135 | 06/30/26 | 14703142 |
|  | 22315800 | 4.136 | 06/30/26 | 22407455 |
|  | 39017300 | 4.155 | 06/30/26 | 38333031 |
|  | 39369600 | 4.159 | 06/30/26 | 39531298 |
|  | 19993900 | 4.197 | 06/30/26 | 19643256 |
|  | 13286200 | 4.087 | 07/15/26 | 13318185 |
|  | 17903900 | 4.092 | 07/15/26 | 17947002 |
|  | 31284400 | 4.107 | 07/15/26 | 31359714 |
|  | 20117000 | 3.660 | 07/31/26 | 20178474 |
|  | 12744000 | 3.714 | 07/31/26 | 12782943 |
|  | 16396900 | 3.719 | 07/31/26 | 16038720 |
|  | 35504900 | 3.728 | 07/31/26 | 35613397 |
|  | 10190300 | 3.789 | 07/31/26 | 10221440 |
|  | 20117100 | 3.846 | 07/31/26 | 20178574 |
|  | 1271700 | 3.898 | 07/31/26 | 1243921 |
|  | 2808100 | 3.909 | 07/31/26 | 2746759 |
|  | 19115900 | 3.912 | 07/31/26 | 19174315 |
|  | 8327800 | 3.942 | 07/31/26 | 8145885 |
|  | 14588100 | 3.943 | 07/31/26 | 14269432 |
|  | 15361200 | 3.953 | 07/31/26 | 15408141 |
|  | 3379300 | 3.958 | 07/31/26 | 3305481 |
|  | 19450900 | 3.959 | 07/31/26 | 19510338 |
|  | 3280900 | 3.965 | 07/31/26 | 3290926 |
|  | 19115900 | 3.968 | 07/31/26 | 18698326 |
|  | 38231900 | 3.973 | 07/31/26 | 38348730 |
|  | 31859900 | 3.985 | 07/31/26 | 31163941 |
|  | 2673600 | 3.990 | 07/31/26 | 2615197 |
|  | 63418300 | 4.006 | 07/31/26 | 62032969 |
|  | 22510700 | 4.088 | 07/31/26 | 22018968 |
|  | 13506400 | 4.098 | 07/31/26 | 13211362 |
|  | 22422600 | 4.099 | 07/31/26 | 21932793 |
|  | 13453600 | 4.104 | 07/31/26 | 13494712 |
|  | 26907100 | 4.109 | 07/31/26 | 26989323 |
|  | 42232100 | 4.111 | 07/31/26 | 41309567 |
|  | 30525300 | 4.114 | 07/31/26 | 30085823 |
|  | 33633900 | 4.119 | 07/31/26 | 33178353 |
|  | 22510700 | 4.084 | 08/15/26 | 22111572 |
|  | 27012800 | 4.095 | 08/15/26 | 26533848 |
|  | 28484500 | 4.111 | 08/15/26 | 27979454 |
|  | 4783100 | 3.685 | 08/31/26 | 4778196 |
|  | 8333800 | 3.716 | 08/31/26 | 8143727 |
|  | 5664200 | 3.731 | 08/31/26 | 5535014 |
|  | 6372000 | 3.733 | 08/31/26 | 6365467 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | 24821000 | 3.744% | 08/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24795551 |
|  | 12681100 | 3.764 | 08/31/26 | 12391876 |
|  | 19115900 | 3.805 | 08/31/26 | 19096300 |
|  | 25487900 | 3.817 | 08/31/26 | 25461767 |
|  | 25321100 | 3.844 | 08/31/26 | 24743589 |
|  | 23861200 | 3.867 | 08/31/26 | 23316986 |
|  | 12848200 | 3.868 | 08/31/26 | 12835027 |
|  | 23528600 | 3.881 | 08/31/26 | 22991971 |
|  | 65880800 | 3.886 | 08/31/26 | 64378223 |
|  | 22280100 | 3.895 | 08/31/26 | 21771947 |
|  | 17283400 | 3.910 | 08/31/26 | 16889209 |
|  | 68615100 | 3.922 | 08/31/26 | 68134745 |
|  | 19007600 | 3.924 | 08/31/26 | 18988112 |
|  | 13371300 | 3.926 | 08/31/26 | 13066334 |
|  | 18151800 | 3.931 | 08/31/26 | 18133189 |
|  | 27227700 | 3.933 | 08/31/26 | 27002090 |
|  | 26736100 | 3.934 | 08/31/26 | 26126316 |
|  | 20247700 | 3.935 | 08/31/26 | 19785900 |
|  | 49892800 | 3.938 | 08/31/26 | 48754870 |
|  | 66523700 | 3.939 | 08/31/26 | 66455493 |
|  | 31068300 | 3.977 | 08/31/26 | 31036446 |
|  | 8859500 | 3.568 | 09/30/26 | 8654925 |
|  | 23610100 | 3.655 | 09/30/26 | 23064917 |
|  | 53122700 | 3.663 | 09/30/26 | 51896039 |
|  | 8190700 | 3.673 | 09/30/26 | 8001568 |
|  | 29762600 | 3.677 | 09/30/26 | 29075349 |
|  | 18574300 | 3.687 | 09/30/26 | 18145399 |
|  | 11816200 | 3.689 | 09/30/26 | 11543351 |
|  | 2156000 | 3.691 | 09/30/26 | 2119807 |
|  | 120576000 | 3.692 | 09/30/26 | 119852649 |
|  | 19043600 | 3.694 | 09/30/26 | 19011620 |
|  | 38440800 | 3.695 | 09/30/26 | 38376247 |
|  | 5097600 | 3.697 | 09/30/26 | 5089040 |
|  | 9060500 | 3.699 | 09/30/26 | 9045285 |
|  | 23319100 | 3.701 | 09/30/26 | 22780637 |
|  | 94262900 | 3.705 | 09/30/26 | 93075157 |
|  | 19912100 | 3.706 | 09/30/26 | 19577832 |
|  | 28565300 | 3.709 | 09/30/26 | 28415391 |
|  | 12744000 | 3.710 | 09/30/26 | 12722599 |
|  | 37148600 | 3.714 | 09/30/26 | 36290798 |
|  | 8497500 | 3.719 | 09/30/26 | 8483230 |
|  | 18096100 | 3.733 | 09/30/26 | 17678241 |
|  | 12746200 | 3.790 | 09/30/26 | 12451876 |
|  | 3877000 | 3.803 | 09/30/26 | 3787476 |
|  | 20596200 | 3.817 | 09/30/26 | 20120611 |
|  | 32341500 | 3.846 | 09/30/26 | 31594700 |
|  | 21422000 | 3.847 | 09/30/26 | 20927343 |
|  | 4080800 | 3.848 | 09/30/26 | 4073947 |
|  | 7162000 | 3.849 | 09/30/26 | 7149973 |
|  | 20717500 | 3.862 | 09/30/26 | 20350011 |
|  | 39788800 | 3.867 | 09/30/26 | 38870033 |
|  | 58524900 | 3.670 | 10/15/26 | 58996374 |
|  | 20602800 | 3.672 | 10/15/26 | 20768775 |
|  | 31788500 | 3.673 | 10/15/26 | 32044587 |
|  | 3475000 | 3.675 | 10/15/26 | 3502994 |
|  | 33568900 | 3.677 | 10/15/26 | 33839330 |
|  | 33914800 | 3.679 | 10/15/26 | 34188016 |
|  | 1449400 | 3.619 | 11/30/26 | 1457650 |
|  | 35709300 | 3.632 | 11/30/26 | 35912554 |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $| 16405300 | 3.633% | 11/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16021109 |
|  | 25140700 | 3.661 | 11/30/26 | 25283799 |
|  | 50281500 | 3.666 | 11/30/26 | 50567698 |
|  | 26455400 | 3.668 | 11/30/26 | 26397189 |
|  | 37160800 | 3.671 | 11/30/26 | 37372316 |
|  | 4296700 | 3.676 | 11/30/26 | 4321156 |
|  | 56124500 | 3.678 | 11/30/26 | 55399987 |
|  | 17854700 | 3.680 | 11/30/26 | 17956327 |
|  | 5065600 | 3.681 | 11/30/26 | 5094433 |
|  | 10132300 | 3.684 | 12/15/26 | 10202935 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) |
|  | 11046400 | 3.881 <sup>(b)</sup> | 01/31/27 | 11036960 |
|  | 120367300 | 3.882 <sup>(b)</sup> | 01/31/27 | 120264440 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) |
|  | 128563600 | 3.930 <sup>(b)</sup> | 04/30/26 | 128563546 |
|  | 379200 | 3.932 <sup>(b)</sup> | 04/30/26 | 379200 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) |
|  | 136002300 | 3.939 <sup>(b)</sup> | 07/31/27 | 135927551 |
|  | 734699400 | 3.942 <sup>(b)</sup> | 07/31/27 | 734295600 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 295939800 | 3.938 <sup>(b)</sup> | 04/30/27 | 295984537 |
|  | 1175747400 | 3.939 <sup>(b)</sup> | 04/30/27 | 1175925137 |
|  | 496987800 | 3.940 <sup>(b)</sup> | 04/30/27 | 497062929 |
|  | 243798700 | 3.941 <sup>(b)</sup> | 04/30/27 | 243835555 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) |
|  | 30875500 | 3.962 <sup>(b)</sup> | 07/31/26 | 30861288 |
|  | 282363400 | 3.968 <sup>(b)</sup> | 07/31/26 | 282233430 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) |
|  | 54722200 | 4.020 <sup>(b)</sup> | 10/31/27 | 54723077 |
|  | 1377202000 | 4.022 <sup>(b)</sup> | 10/31/27 | 1377224073 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
|  | 863105200 | 3.983 <sup>(b)</sup> | 10/31/26 | 863230511 |
|  | 1033950500 | 3.985 <sup>(b)</sup> | 10/31/26 | 1034100615 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
|  | 1059340300 | 4.022 <sup>(b)</sup> | 01/31/26 | 1059404221 |
|  | 360528100 | 4.025 <sup>(b)</sup> | 01/31/26 | 360549854 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $19850772547 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $19850772547 |
| Repurchase Agreements<sup>(c)</sup> - 60.4% | Repurchase Agreements<sup>(c)</sup> - 60.4% | Repurchase Agreements<sup>(c)</sup> - 60.4% | Repurchase Agreements<sup>(c)</sup> - 60.4% | Repurchase Agreements<sup>(c)</sup> - 60.4% |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  | 300000000 | 4.080 | 12/01/25 | $300000000 |
|  Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 11/15/46 and U.S. Treasury Notes, 3.875% to 4.500%, due 01/15/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 11/15/46 and U.S. Treasury Notes, 3.875% to 4.500%, due 01/15/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 11/15/46 and U.S. Treasury Notes, 3.875% to 4.500%, due 01/15/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 11/15/46 and U.S. Treasury Notes, 3.875% to 4.500%, due 01/15/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $306,000,002. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 11/15/46 and U.S. Treasury Notes, 3.875% to 4.500%, due 01/15/27 to 07/31/30. The aggregate market value of the collateral, including accrued interest, was $306,000,002. |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  | 1500000000 | 4.080 | 12/01/25 | $1500000000 |
|  Maturity Value: $1,500,510,000 | Maturity Value: $1,500,510,000 | Maturity Value: $1,500,510,000 | Maturity Value: $1,500,510,000 | Maturity Value: $1,500,510,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.875% to 2.375%, due 10/15/28 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $1,530,520,259. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.875% to 2.375%, due 10/15/28 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $1,530,520,259. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.875% to 2.375%, due 10/15/28 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $1,530,520,259. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.875% to 2.375%, due 10/15/28 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $1,530,520,259. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.875% to 2.375%, due 10/15/28 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $1,530,520,259. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) |
| $| 157500000 | 4.050 %<sup>(d)</sup> | 12/03/25 | $157500000 |
|  Maturity Value: $158,031,563 | Maturity Value: $158,031,563 | Maturity Value: $158,031,563 | Maturity Value: $158,031,563 | Maturity Value: $158,031,563 |
|  Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 | Settlement Date: 11/03/25 |
|  Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $160,775,235. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $160,775,235. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $160,775,235. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $160,775,235. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $160,775,235. |
|  | 755000000 | 4.030 <sup>(d)</sup> | 01/12/26 | $755000000 |
|  Maturity Value: $760,324,635 | Maturity Value: $760,324,635 | Maturity Value: $760,324,635 | Maturity Value: $760,324,635 | Maturity Value: $760,324,635 |
|  Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 |
|  Collateralized by U.S. Treasury Notes, 4.000% to 4.375%, due 01/31/32 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $770,697,321. | Collateralized by U.S. Treasury Notes, 4.000% to 4.375%, due 01/31/32 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $770,697,321. | Collateralized by U.S. Treasury Notes, 4.000% to 4.375%, due 01/31/32 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $770,697,321. | Collateralized by U.S. Treasury Notes, 4.000% to 4.375%, due 01/31/32 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $770,697,321. | Collateralized by U.S. Treasury Notes, 4.000% to 4.375%, due 01/31/32 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $770,697,321. |
|  | 150000000 | 4.030 <sup>(d)</sup> | 01/14/26 | $150000000 |
|  Maturity Value: $151,024,291 | Maturity Value: $151,024,291 | Maturity Value: $151,024,291 | Maturity Value: $151,024,291 | Maturity Value: $151,024,291 |
|  Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 |
|  Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $153,051,457. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $153,051,457. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $153,051,457. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $153,051,457. | Collateralized by a U.S. Treasury Note, 4.625%, due 02/15/35. The market value of the collateral, including accrued interest, was $153,051,457. |
|  BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
|  | 107000000 | 4.270 <sup>(d)</sup> | 12/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107000000 |
|  Maturity Value: $109,322,524 | Maturity Value: $109,322,524 | Maturity Value: $109,322,524 | Maturity Value: $109,322,524 | Maturity Value: $109,322,524 |
|  Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/41, a U.S. Treasury Inflation- Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 4.125% to 4.375%, due 12/31/29 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $109,140,000. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/41, a U.S. Treasury Inflation- Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 4.125% to 4.375%, due 12/31/29 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $109,140,000. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/41, a U.S. Treasury Inflation- Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 4.125% to 4.375%, due 12/31/29 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $109,140,000. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/41, a U.S. Treasury Inflation- Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 4.125% to 4.375%, due 12/31/29 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $109,140,000. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 2.125%, due 01/15/28 to 02/15/41, a U.S. Treasury Inflation- Indexed Note, 1.750%, due 01/15/34, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/48, U.S. Treasury Notes, 4.125% to 4.375%, due 12/31/29 to 07/31/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/43 to 11/15/44. The aggregate market value of the collateral, including accrued interest, was $109,140,000. |
|  | 500000000 | 4.280 <sup>(d)</sup> | 12/11/25 | $500000000 |
|  Maturity Value: $510,878,334 | Maturity Value: $510,878,334 | Maturity Value: $510,878,334 | Maturity Value: $510,878,334 | Maturity Value: $510,878,334 |
|  Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/18/25 to 03/03/26, U.S. Treasury Bonds, 2.000% to 5.250%, due 11/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/42, U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $510,000,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/18/25 to 03/03/26, U.S. Treasury Bonds, 2.000% to 5.250%, due 11/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/42, U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $510,000,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/18/25 to 03/03/26, U.S. Treasury Bonds, 2.000% to 5.250%, due 11/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/42, U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $510,000,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/18/25 to 03/03/26, U.S. Treasury Bonds, 2.000% to 5.250%, due 11/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/42, U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $510,000,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/18/25 to 03/03/26, U.S. Treasury Bonds, 2.000% to 5.250%, due 11/15/28 to 02/15/55, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/31, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/42, U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/26 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 08/15/53. The aggregate market value of the collateral, including accrued interest, was $510,000,001. |
|  | 250000000 | 4.182 <sup>(d)</sup> | 12/16/25 | $250000000 |
|  Maturity Value: $255,314,521 | Maturity Value: $255,314,521 | Maturity Value: $255,314,521 | Maturity Value: $255,314,521 | Maturity Value: $255,314,521 |
|  Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 03/03/26 to 11/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/46, a U.S. Treasury Note, 0.625%, due 11/30/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $254,999,990. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/03/26 to 11/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/46, a U.S. Treasury Note, 0.625%, due 11/30/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $254,999,990. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/03/26 to 11/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/46, a U.S. Treasury Note, 0.625%, due 11/30/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $254,999,990. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/03/26 to 11/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/46, a U.S. Treasury Note, 0.625%, due 11/30/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $254,999,990. | Collateralized by U.S. Treasury Bills, 0.000%, due 03/03/26 to 11/27/26, a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.878%, due 01/31/27, a U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/46, a U.S. Treasury Note, 0.625%, due 11/30/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $254,999,990. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 595000000 | 4.090 %<sup>(d)</sup> | 02/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000000 |
|  Maturity Value: $609,601,299 | Maturity Value: $609,601,299 | Maturity Value: $609,601,299 | Maturity Value: $609,601,299 | Maturity Value: $609,601,299 |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, a U.S. Treasury Bond, 2.000%, due 08/15/51, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/45 and U.S. Treasury Notes, 3.750% to 4.625%, due 01/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $606,899,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, a U.S. Treasury Bond, 2.000%, due 08/15/51, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/45 and U.S. Treasury Notes, 3.750% to 4.625%, due 01/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $606,899,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, a U.S. Treasury Bond, 2.000%, due 08/15/51, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/45 and U.S. Treasury Notes, 3.750% to 4.625%, due 01/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $606,899,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, a U.S. Treasury Bond, 2.000%, due 08/15/51, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/45 and U.S. Treasury Notes, 3.750% to 4.625%, due 01/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $606,899,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, a U.S. Treasury Bond, 2.000%, due 08/15/51, a U.S. Treasury Inflation-Indexed Bond, 2.500%, due 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.375%, due 01/15/26 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/45 and U.S. Treasury Notes, 3.750% to 4.625%, due 01/15/28 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $606,899,999. |
|  | 290000000 | 4.090 <sup>(d)</sup> | 02/10/26 | $290000000 |
|  Maturity Value: $297,083,652 | Maturity Value: $297,083,652 | Maturity Value: $297,083,652 | Maturity Value: $297,083,652 | Maturity Value: $297,083,652 |
|  Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 |
|  Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.375% to 3.375%, due 01/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $295,800,031. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.375% to 3.375%, due 01/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $295,800,031. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.375% to 3.375%, due 01/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $295,800,031. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.375% to 3.375%, due 01/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $295,800,031. | Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/55, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 1.375%, due 07/15/33 and U.S. Treasury Notes, 0.375% to 3.375%, due 01/31/26 to 05/15/33. The aggregate market value of the collateral, including accrued interest, was $295,800,031. |
|  | 435000000 | 4.090 <sup>(d)</sup> | 02/10/26 | $435000000 |
|  Maturity Value: $445,674,899 | Maturity Value: $445,674,899 | Maturity Value: $445,674,899 | Maturity Value: $445,674,899 | Maturity Value: $445,674,899 |
|  Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/26, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 08/15/50 and U.S. Treasury Notes, 1.625% to 3.875%, due 01/31/29 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $443,700,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/26, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 08/15/50 and U.S. Treasury Notes, 1.625% to 3.875%, due 01/31/29 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $443,700,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/26, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 08/15/50 and U.S. Treasury Notes, 1.625% to 3.875%, due 01/31/29 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $443,700,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/26, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 08/15/50 and U.S. Treasury Notes, 1.625% to 3.875%, due 01/31/29 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $443,700,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/11/26, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/43 to 08/15/50 and U.S. Treasury Notes, 1.625% to 3.875%, due 01/31/29 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $443,700,000. |
|  | 445000000 | 4.090 <sup>(d)</sup> | 02/17/26 | $445000000 |
|  Maturity Value: $456,021,413 | Maturity Value: $456,021,413 | Maturity Value: $456,021,413 | Maturity Value: $456,021,413 | Maturity Value: $456,021,413 |
|  Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 03/24/26, a U.S. Treasury Bond, 4.250%, due 02/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/51, U.S. Treasury Notes, 0.375% to 4.125%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $453,899,995. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/24/26, a U.S. Treasury Bond, 4.250%, due 02/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/51, U.S. Treasury Notes, 0.375% to 4.125%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $453,899,995. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/24/26, a U.S. Treasury Bond, 4.250%, due 02/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/51, U.S. Treasury Notes, 0.375% to 4.125%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $453,899,995. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/24/26, a U.S. Treasury Bond, 4.250%, due 02/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/51, U.S. Treasury Notes, 0.375% to 4.125%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $453,899,995. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/24/26, a U.S. Treasury Bond, 4.250%, due 02/15/54, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/30 to 08/15/51, U.S. Treasury Notes, 0.375% to 4.125%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 11/15/50. The aggregate market value of the collateral, including accrued interest, was $453,899,995. |
|  | 300000000 | 3.840 <sup>(d)</sup> | 03/18/26 | $300000000 |
|  Maturity Value: $305,792,002 | Maturity Value: $305,792,002 | Maturity Value: $305,792,002 | Maturity Value: $305,792,002 | Maturity Value: $305,792,002 |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 12/16/25 and U.S. Treasury Notes, 3.875%, due 04/30/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $306,000,019. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/16/25 and U.S. Treasury Notes, 3.875%, due 04/30/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $306,000,019. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/16/25 and U.S. Treasury Notes, 3.875%, due 04/30/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $306,000,019. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/16/25 and U.S. Treasury Notes, 3.875%, due 04/30/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $306,000,019. | Collateralized by a U.S. Treasury Bill, 0.000%, due 12/16/25 and U.S. Treasury Notes, 3.875%, due 04/30/30 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $306,000,019. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| $| 100000000 | 4.030% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
|  Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.750%, due 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000. | Collateralized by a U.S. Treasury Bond, 4.750%, due 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000. | Collateralized by a U.S. Treasury Bond, 4.750%, due 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000. | Collateralized by a U.S. Treasury Bond, 4.750%, due 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000. | Collateralized by a U.S. Treasury Bond, 4.750%, due 08/15/55, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/38 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000. |
|  | 350000000 | 4.090 <sup>(d)</sup> | 04/29/26 | $350000000 |
|  Maturity Value: $357,237,027 | Maturity Value: $357,237,027 | Maturity Value: $357,237,027 | Maturity Value: $357,237,027 | Maturity Value: $357,237,027 |
|  Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 |
|  Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, a U.S. Treasury Note, 4.000%, due 07/31/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $357,000,005. | Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, a U.S. Treasury Note, 4.000%, due 07/31/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $357,000,005. | Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, a U.S. Treasury Note, 4.000%, due 07/31/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $357,000,005. | Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, a U.S. Treasury Note, 4.000%, due 07/31/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $357,000,005. | Collateralized by a U.S. Treasury Bond, 4.250%, due 05/15/39, a U.S. Treasury Note, 4.000%, due 07/31/32 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/40. The aggregate market value of the collateral, including accrued interest, was $357,000,005. |
|  | 75000000 | 4.140 <sup>(d)</sup> | 07/30/26 | $75000000 |
|  Maturity Value: $78,148,125 | Maturity Value: $78,148,125 | Maturity Value: $78,148,125 | Maturity Value: $78,148,125 | Maturity Value: $78,148,125 |
|  Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 |
|  Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 05/15/37 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/35 to 05/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 05/15/37 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/35 to 05/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 05/15/37 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/35 to 05/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 05/15/37 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/35 to 05/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,000. | Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/29 to 05/15/37 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/35 to 05/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,000. |
|  Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch | Canadian Imperial Bank of Commerce - New York Branch |
|  | 500000000 | 4.110 | 12/01/25 | $500000000 |
|  Maturity Value: $500,171,250 | Maturity Value: $500,171,250 | Maturity Value: $500,171,250 | Maturity Value: $500,171,250 | Maturity Value: $500,171,250 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 03/12/26, U.S. Treasury Bonds, 1.375% to 3.625%, due 02/15/43 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.000%, due 01/15/26 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.625% to 2.375%, due 10/15/27 to 01/15/35 and U.S. Treasury Notes, 0.875% to 4.500%, due 05/31/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,004. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/12/26, U.S. Treasury Bonds, 1.375% to 3.625%, due 02/15/43 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.000%, due 01/15/26 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.625% to 2.375%, due 10/15/27 to 01/15/35 and U.S. Treasury Notes, 0.875% to 4.500%, due 05/31/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,004. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/12/26, U.S. Treasury Bonds, 1.375% to 3.625%, due 02/15/43 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.000%, due 01/15/26 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.625% to 2.375%, due 10/15/27 to 01/15/35 and U.S. Treasury Notes, 0.875% to 4.500%, due 05/31/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,004. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/12/26, U.S. Treasury Bonds, 1.375% to 3.625%, due 02/15/43 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.000%, due 01/15/26 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.625% to 2.375%, due 10/15/27 to 01/15/35 and U.S. Treasury Notes, 0.875% to 4.500%, due 05/31/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,004. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/12/26, U.S. Treasury Bonds, 1.375% to 3.625%, due 02/15/43 to 02/15/53, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.000%, due 01/15/26 to 02/15/51, U.S. Treasury Inflation-Indexed Notes, 0.625% to 2.375%, due 10/15/27 to 01/15/35 and U.S. Treasury Notes, 0.875% to 4.500%, due 05/31/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,004. |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
|  | 85000000 | 4.250 | 12/08/25 | $85000000 |
|  Maturity Value: $86,234,271 | Maturity Value: $86,234,271 | Maturity Value: $86,234,271 | Maturity Value: $86,234,271 | Maturity Value: $86,234,271 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $86,700,079. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $86,700,079. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $86,700,079. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $86,700,079. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 10/15/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 08/15/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $86,700,079. |
|  | 200000000 | 4.230 | 12/09/25 | $200000000 |
|  Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 | Maturity Value: $205,029,000 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $204,000,067. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $204,000,067. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $204,000,067. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $204,000,067. | Collateralized by a U.S. Treasury Bond, 6.750%, due 08/15/26, a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.750% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $204,000,067. |

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&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. | **33** |

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------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 85000000 | 4.200% | 01/07/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 |
|  Maturity Value: $86,517,250 | Maturity Value: $86,517,250 | Maturity Value: $86,517,250 | Maturity Value: $86,517,250 | Maturity Value: $86,517,250 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 05/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,973,392. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 05/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,973,392. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 05/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,973,392. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 05/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,973,392. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 08/15/40 to 05/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,973,392. |
|  | 65000000 | 4.290 | 01/16/26 | $65000000 |
|  Maturity Value: $66,657,608 | Maturity Value: $66,657,608 | Maturity Value: $66,657,608 | Maturity Value: $66,657,608 | Maturity Value: $66,657,608 |
|  Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $66,413,983. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $66,413,983. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $66,413,983. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $66,413,983. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $66,413,983. |
|  | 297000000 | 4.050 <sup>(d)</sup> | 02/09/26 | $297000000 |
|  Maturity Value: $304,217,100 | Maturity Value: $304,217,100 | Maturity Value: $304,217,100 | Maturity Value: $304,217,100 | Maturity Value: $304,217,100 |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |
|  Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.625% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $302,940,055. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.625% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $302,940,055. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.625% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $302,940,055. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.625% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $302,940,055. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26 and U.S. Treasury Notes, 0.625% to 4.375%, due 07/31/26 to 08/31/26. The aggregate market value of the collateral, including accrued interest, was $302,940,055. |
|  | 75000000 | 4.150 | 02/09/26 | $75000000 |
|  Maturity Value: $76,599,479 | Maturity Value: $76,599,479 | Maturity Value: $76,599,479 | Maturity Value: $76,599,479 | Maturity Value: $76,599,479 |
|  Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 |
|  Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,046. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,046. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,046. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,046. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 08/15/42. The aggregate market value of the collateral, including accrued interest, was $76,500,046. |
|  | 85000000 | 4.160 | 02/09/26 | $85000000 |
|  Maturity Value: $86,826,934 | Maturity Value: $86,826,934 | Maturity Value: $86,826,934 | Maturity Value: $86,826,934 | Maturity Value: $86,826,934 |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |
|  Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 11/15/40 to 08/15/42 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,864,471. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 11/15/40 to 08/15/42 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,864,471. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 11/15/40 to 08/15/42 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,864,471. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 11/15/40 to 08/15/42 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,864,471. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.750%, due 11/15/40 to 08/15/42 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $86,864,471. |
|  | 890000000 | 4.050 <sup>(d)</sup> | 02/18/26 | $890000000 |
|  Maturity Value: $911,526,875 | Maturity Value: $911,526,875 | Maturity Value: $911,526,875 | Maturity Value: $911,526,875 | Maturity Value: $911,526,875 |
|  Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.875%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $907,800,030. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.875%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $907,800,030. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.875%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $907,800,030. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.875%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $907,800,030. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.875% to 4.875%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $907,800,030. |
|  | 75000000 | 3.910 | 03/19/26 | $75000000 |
|  Maturity Value: $76,482,542 | Maturity Value: $76,482,542 | Maturity Value: $76,482,542 | Maturity Value: $76,482,542 | Maturity Value: $76,482,542 |
| Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/38 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $76,677,939. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/38 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $76,677,939. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/38 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $76,677,939. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/38 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $76,677,939. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.750%, due 02/15/38 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $76,677,939. |
|  | 100000000 | 3.910 | 03/19/26 | $100000000 |
|  Maturity Value: $101,976,722 | Maturity Value: $101,976,722 | Maturity Value: $101,976,722 | Maturity Value: $101,976,722 | Maturity Value: $101,976,722 |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |
|  Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $102,000,093. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $102,000,093. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $102,000,093. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $102,000,093. | Collateralized by U.S. Treasury Bonds, 1.750% to 4.375%, due 05/15/41 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $102,000,093. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 159000000 | 4.050 %<sup>(d)</sup> | 03/23/26 | $159000000 |
|  Maturity Value: $162,255,525 | Maturity Value: $162,255,525 | Maturity Value: $162,255,525 | Maturity Value: $162,255,525 | Maturity Value: $162,255,525 |
|  Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 |
|  Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $162,180,015. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $162,180,015. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $162,180,015. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $162,180,015. | Collateralized by a U.S. Treasury Floating Rate Note, 3.962%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/26 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $162,180,015. |
|  | 185000000 | 3.800 | 05/13/26 | $185000000 |
|  Maturity Value: $188,534,528 | Maturity Value: $188,534,528 | Maturity Value: $188,534,528 | Maturity Value: $188,534,528 | Maturity Value: $188,534,528 |
|  Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 |
|  Collateralized by U.S. Treasury Bonds, 4.250% to 4.750%, due 08/15/39 to 02/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $188,700,014. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.750%, due 08/15/39 to 02/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $188,700,014. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.750%, due 08/15/39 to 02/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $188,700,014. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.750%, due 08/15/39 to 02/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $188,700,014. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.750%, due 08/15/39 to 02/15/41 and a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/41. The aggregate market value of the collateral, including accrued interest, was $188,700,014. |
|  | 110000000 | 3.820 | 05/20/26 | $110000000 |
|  Maturity Value: $112,112,672 | Maturity Value: $112,112,672 | Maturity Value: $112,112,672 | Maturity Value: $112,112,672 | Maturity Value: $112,112,672 |
|  Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 02/15/38 to 11/15/40, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $112,314,291. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 02/15/38 to 11/15/40, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $112,314,291. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 02/15/38 to 11/15/40, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $112,314,291. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 02/15/38 to 11/15/40, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $112,314,291. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.500%, due 02/15/38 to 11/15/40, a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $112,314,291. |
|  | 100000000 | 3.820 | 05/21/26 | $100000000 |
|  Maturity Value: $101,920,611 | Maturity Value: $101,920,611 | Maturity Value: $101,920,611 | Maturity Value: $101,920,611 | Maturity Value: $101,920,611 |
|  Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,175,258. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,175,258. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,175,258. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,175,258. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.875%, due 07/15/35 and U.S. Treasury Notes, 4.000% to 4.250%, due 05/15/35 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,175,258. |
|  Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
|  | 100000000 | 4.030 | 12/01/25 | $100000000 |
|  Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 | Maturity Value: $100,033,583 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 03/03/26, U.S. Treasury Bonds, 1.625% to 1.875%, due 11/15/50 to 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/47 and U.S. Treasury Notes, 0.750% to 4.625%, due 04/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/03/26, U.S. Treasury Bonds, 1.625% to 1.875%, due 11/15/50 to 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/47 and U.S. Treasury Notes, 0.750% to 4.625%, due 04/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/03/26, U.S. Treasury Bonds, 1.625% to 1.875%, due 11/15/50 to 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/47 and U.S. Treasury Notes, 0.750% to 4.625%, due 04/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/03/26, U.S. Treasury Bonds, 1.625% to 1.875%, due 11/15/50 to 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/47 and U.S. Treasury Notes, 0.750% to 4.625%, due 04/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,000,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 03/03/26, U.S. Treasury Bonds, 1.625% to 1.875%, due 11/15/50 to 02/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/32 to 08/15/47 and U.S. Treasury Notes, 0.750% to 4.625%, due 04/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $102,000,001. |
|  | 215000000 | 4.050 <sup>(d)</sup> | 01/12/26 | $215000000 |
|  Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/40 to 02/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, U.S. Treasury Notes, 1.000% to 4.500%, due 03/31/26 to 07/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/40 to 02/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, U.S. Treasury Notes, 1.000% to 4.500%, due 03/31/26 to 07/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/40 to 02/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, U.S. Treasury Notes, 1.000% to 4.500%, due 03/31/26 to 07/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/40 to 02/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, U.S. Treasury Notes, 1.000% to 4.500%, due 03/31/26 to 07/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by U.S. Treasury Bonds, 2.375% to 4.750%, due 05/15/40 to 02/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30, U.S. Treasury Notes, 1.000% to 4.500%, due 03/31/26 to 07/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) |
| $| 215000000 | 4.050 %<sup>(d)</sup> | 01/12/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000000 |
|  Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 | Maturity Value: $220,176,125 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 1.375% to 4.375%, due 05/15/40 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 11/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 1.375% to 4.375%, due 05/15/40 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 11/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 1.375% to 4.375%, due 05/15/40 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 11/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 1.375% to 4.375%, due 05/15/40 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 11/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 1.375% to 4.375%, due 05/15/40 to 08/15/53, U.S. Treasury Notes, 0.375% to 4.875%, due 12/31/25 to 11/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $219,300,002. |
|  | 292000000 | 4.050 <sup>(d)</sup> | 02/03/26 | $292000000 |
|  Maturity Value: $299,062,750 | Maturity Value: $299,062,750 | Maturity Value: $299,062,750 | Maturity Value: $299,062,750 | Maturity Value: $299,062,750 |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |
|  Collateralized by U.S. Treasury Bonds, 2.500% to 3.250%, due 05/15/42 to 08/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/43, U.S. Treasury Notes, 1.000% to 4.375%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $297,839,997. | Collateralized by U.S. Treasury Bonds, 2.500% to 3.250%, due 05/15/42 to 08/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/43, U.S. Treasury Notes, 1.000% to 4.375%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $297,839,997. | Collateralized by U.S. Treasury Bonds, 2.500% to 3.250%, due 05/15/42 to 08/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/43, U.S. Treasury Notes, 1.000% to 4.375%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $297,839,997. | Collateralized by U.S. Treasury Bonds, 2.500% to 3.250%, due 05/15/42 to 08/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/43, U.S. Treasury Notes, 1.000% to 4.375%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $297,839,997. | Collateralized by U.S. Treasury Bonds, 2.500% to 3.250%, due 05/15/42 to 08/15/48, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 08/15/43, U.S. Treasury Notes, 1.000% to 4.375%, due 07/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/40 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $297,839,997. |
|  | 583000000 | 4.050 <sup>(d)</sup> | 02/03/26 | $583000000 |
|  Maturity Value: $597,101,312 | Maturity Value: $597,101,312 | Maturity Value: $597,101,312 | Maturity Value: $597,101,312 | Maturity Value: $597,101,312 |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/12/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/35, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $594,660,010. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/12/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/35, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $594,660,010. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/12/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/35, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $594,660,010. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/12/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/35, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $594,660,010. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/12/26, U.S. Treasury Bonds, 1.125% to 4.750%, due 05/15/40 to 05/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 1.000%, due 02/15/46 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.875%, due 01/15/27 to 07/15/35, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/26 to 02/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $594,660,010. |
|  | 116000000 | 4.050 <sup>(d)</sup> | 03/12/26 | $116000000 |
|  Maturity Value: $118,362,050 | Maturity Value: $118,362,050 | Maturity Value: $118,362,050 | Maturity Value: $118,362,050 | Maturity Value: $118,362,050 |
|  Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 |
|  Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 08/15/41 to 02/15/51 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $118,320,026. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 08/15/41 to 02/15/51 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $118,320,026. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 08/15/41 to 02/15/51 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $118,320,026. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 08/15/41 to 02/15/51 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $118,320,026. | Collateralized by U.S. Treasury Bonds, 1.375% to 5.000%, due 08/15/41 to 02/15/51 and U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $118,320,026. |
|  | 283000000 | 4.050 <sup>(d)</sup> | 03/19/26 | $283000000 |
|  Maturity Value: $288,762,588 | Maturity Value: $288,762,588 | Maturity Value: $288,762,588 | Maturity Value: $288,762,588 | Maturity Value: $288,762,588 |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 08/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/41 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/35 to 05/15/49, U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 04/30/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $288,660,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 08/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/41 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/35 to 05/15/49, U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 04/30/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $288,660,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 08/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/41 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/35 to 05/15/49, U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 04/30/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $288,660,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 08/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/41 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/35 to 05/15/49, U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 04/30/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $288,660,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/09/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 08/15/41 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 2.125%, due 02/15/41 to 02/15/52, U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 to 04/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/35 to 05/15/49, U.S. Treasury Notes, 0.625% to 4.875%, due 03/31/26 to 04/30/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/48 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $288,660,000. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) |
| $| 81000000 | 4.050 %<sup>(d)</sup> | 04/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000000 |
|  Maturity Value: $82,658,475 | Maturity Value: $82,658,475 | Maturity Value: $82,658,475 | Maturity Value: $82,658,475 | Maturity Value: $82,658,475 |
|  Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 05/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/39, U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/27 to 11/30/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $82,620,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 05/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/39, U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/27 to 11/30/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $82,620,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 05/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/39, U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/27 to 11/30/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $82,620,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 05/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/39, U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/27 to 11/30/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $82,620,000. | Collateralized by U.S. Treasury Bonds, 1.125% to 4.250%, due 05/15/39 to 02/15/51, a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 11/15/39, U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/27 to 11/30/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $82,620,000. |
|  | 58000000 | 4.050 <sup>(d)</sup> | 04/30/26 | $58000000 |
|  Maturity Value: $59,181,025 | Maturity Value: $59,181,025 | Maturity Value: $59,181,025 | Maturity Value: $59,181,025 | Maturity Value: $59,181,025 |
|  Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 |
|  Collateralized by U.S. Treasury Bonds, 5.000% to 5.500%, due 08/15/28 to 05/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/34, U.S. Treasury Notes, 1.125% to 4.375%, due 03/31/26 to 08/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $59,160,049. | Collateralized by U.S. Treasury Bonds, 5.000% to 5.500%, due 08/15/28 to 05/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/34, U.S. Treasury Notes, 1.125% to 4.375%, due 03/31/26 to 08/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $59,160,049. | Collateralized by U.S. Treasury Bonds, 5.000% to 5.500%, due 08/15/28 to 05/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/34, U.S. Treasury Notes, 1.125% to 4.375%, due 03/31/26 to 08/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $59,160,049. | Collateralized by U.S. Treasury Bonds, 5.000% to 5.500%, due 08/15/28 to 05/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/34, U.S. Treasury Notes, 1.125% to 4.375%, due 03/31/26 to 08/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $59,160,049. | Collateralized by U.S. Treasury Bonds, 5.000% to 5.500%, due 08/15/28 to 05/15/45, a U.S. Treasury Inflation-Indexed Bond, 0.125%, due 02/15/52, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 08/15/34, U.S. Treasury Notes, 1.125% to 4.375%, due 03/31/26 to 08/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $59,160,049. |
|  Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. | Daiwa Capital Markets America, Inc. |
|  | 185616422 | 4.100 | 12/01/25 | $185616422 |
|  Maturity Value: $185,679,841 | Maturity Value: $185,679,841 | Maturity Value: $185,679,841 | Maturity Value: $185,679,841 | Maturity Value: $185,679,841 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $189,328,750. | Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $189,328,750. | Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $189,328,750. | Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $189,328,750. | Collateralized by a U.S. Treasury Note, 3.500%, due 02/15/33. The market value of the collateral, including accrued interest, was $189,328,750. |
|  Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas | Fixed Income Clearing Corporation / BNP Paribas |
|  | 3800000000 | 4.080 | 12/01/25 | $3800000000 |
|  Maturity Value: $3,801,292,000 | Maturity Value: $3,801,292,000 | Maturity Value: $3,801,292,000 | Maturity Value: $3,801,292,000 | Maturity Value: $3,801,292,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/16/25 to 11/27/26, U.S. Treasury Bonds, 2.000% to 6.125%, due 11/15/27 to 08/15/55, U.S. Treasury Floating Rate Notes, 3.962% to 4.025%, due 01/31/26 to 10/31/27 and U.S. Treasury Notes, 0.500% to 4.875%, due 06/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,876,000,067. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/16/25 to 11/27/26, U.S. Treasury Bonds, 2.000% to 6.125%, due 11/15/27 to 08/15/55, U.S. Treasury Floating Rate Notes, 3.962% to 4.025%, due 01/31/26 to 10/31/27 and U.S. Treasury Notes, 0.500% to 4.875%, due 06/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,876,000,067. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/16/25 to 11/27/26, U.S. Treasury Bonds, 2.000% to 6.125%, due 11/15/27 to 08/15/55, U.S. Treasury Floating Rate Notes, 3.962% to 4.025%, due 01/31/26 to 10/31/27 and U.S. Treasury Notes, 0.500% to 4.875%, due 06/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,876,000,067. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/16/25 to 11/27/26, U.S. Treasury Bonds, 2.000% to 6.125%, due 11/15/27 to 08/15/55, U.S. Treasury Floating Rate Notes, 3.962% to 4.025%, due 01/31/26 to 10/31/27 and U.S. Treasury Notes, 0.500% to 4.875%, due 06/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,876,000,067. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/16/25 to 11/27/26, U.S. Treasury Bonds, 2.000% to 6.125%, due 11/15/27 to 08/15/55, U.S. Treasury Floating Rate Notes, 3.962% to 4.025%, due 01/31/26 to 10/31/27 and U.S. Treasury Notes, 0.500% to 4.875%, due 06/30/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $3,876,000,067. |
|  Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. | Fixed Income Clearing Corporation / BofA Securities, Inc. |
|  | 3400000000 | 4.090 | 12/01/25 | $3400000000 |
|  Maturity Value: $3,401,158,833 | Maturity Value: $3,401,158,833 | Maturity Value: $3,401,158,833 | Maturity Value: $3,401,158,833 | Maturity Value: $3,401,158,833 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/42 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.939% to 3.962%, due 07/31/26 to 07/31/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/42 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.939% to 3.962%, due 07/31/26 to 07/31/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/42 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.939% to 3.962%, due 07/31/26 to 07/31/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/42 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.939% to 3.962%, due 07/31/26 to 07/31/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/01/26, U.S. Treasury Bonds, 1.375% to 4.250%, due 05/15/42 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.939% to 3.962%, due 07/31/26 to 07/31/27 and U.S. Treasury Notes, 0.500% to 4.625%, due 02/28/26 to 08/31/32. The aggregate market value of the collateral, including accrued interest, was $3,468,000,000. |

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&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. | **35** |

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------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) | Fixed Income Clearing Corporation / Northern Trust Company (The) |
| $| 3050000000 | 4.080% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000000 |
|  Maturity Value: $3,051,037,000 | Maturity Value: $3,051,037,000 | Maturity Value: $3,051,037,000 | Maturity Value: $3,051,037,000 | Maturity Value: $3,051,037,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/27 and U.S. Treasury Notes, 3.625% to 4.625%, due 06/15/27 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $3,111,000,000. | Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/27 and U.S. Treasury Notes, 3.625% to 4.625%, due 06/15/27 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $3,111,000,000. | Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/27 and U.S. Treasury Notes, 3.625% to 4.625%, due 06/15/27 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $3,111,000,000. | Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/27 and U.S. Treasury Notes, 3.625% to 4.625%, due 06/15/27 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $3,111,000,000. | Collateralized by a U.S. Treasury Bond, 4.125%, due 10/31/27 and U.S. Treasury Notes, 3.625% to 4.625%, due 06/15/27 to 11/15/27. The aggregate market value of the collateral, including accrued interest, was $3,111,000,000. |
|  Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company |
|  | 200000000 | 4.080 | 12/01/25 | $200000000 |
|  Maturity Value: $200,068,000 | Maturity Value: $200,068,000 | Maturity Value: $200,068,000 | Maturity Value: $200,068,000 | Maturity Value: $200,068,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49 and U.S. Treasury Notes, 4.250% to 4.375%, due 05/15/34 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49 and U.S. Treasury Notes, 4.250% to 4.375%, due 05/15/34 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49 and U.S. Treasury Notes, 4.250% to 4.375%, due 05/15/34 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49 and U.S. Treasury Notes, 4.250% to 4.375%, due 05/15/34 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000. | Collateralized by a U.S. Treasury Bond, 2.375%, due 11/15/49 and U.S. Treasury Notes, 4.250% to 4.375%, due 05/15/34 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $204,000,000. |
|  | 3700000000 | 4.080 | 12/01/25 | $3700000000 |
|  Maturity Value: $3,701,258,000 | Maturity Value: $3,701,258,000 | Maturity Value: $3,701,258,000 | Maturity Value: $3,701,258,000 | Maturity Value: $3,701,258,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 0.625% to 4.125%, due 04/30/32 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $3,774,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 0.625% to 4.125%, due 04/30/32 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $3,774,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 0.625% to 4.125%, due 04/30/32 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $3,774,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 0.625% to 4.125%, due 04/30/32 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $3,774,000,000. | Collateralized by a U.S. Treasury Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 0.625% to 4.125%, due 04/30/32 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $3,774,000,000. |
|  HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC |
|  | 558000000 | 4.060 | 12/10/25 | $558000000 |
|  Maturity Value: $583,864,235 | Maturity Value: $583,864,235 | Maturity Value: $583,864,235 | Maturity Value: $583,864,235 | Maturity Value: $583,864,235 |
|  Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 |
|  Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 02/15/47 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $569,352,603. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 02/15/47 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $569,352,603. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 02/15/47 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $569,352,603. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 02/15/47 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $569,352,603. | Collateralized by U.S. Treasury Bonds, 1.125% to 6.375%, due 08/15/27 to 02/15/52, U.S. Treasury Inflation-Indexed Bonds, 0.875% to 2.125%, due 02/15/47 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.750%, due 01/15/32 to 01/15/34, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/27 and U.S. Treasury Notes, 0.625% to 4.625%, due 06/30/26 to 05/31/30. The aggregate market value of the collateral, including accrued interest, was $569,352,603. |
|  HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. |
|  | 377000000 | 4.050 | 12/10/25 | $377000000 |
|  Maturity Value: $394,473,950 | Maturity Value: $394,473,950 | Maturity Value: $394,473,950 | Maturity Value: $394,473,950 | Maturity Value: $394,473,950 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 4.000% to 4.500%, due 05/15/38 to 11/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/49 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $384,669,781. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 4.000% to 4.500%, due 05/15/38 to 11/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/49 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $384,669,781. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 4.000% to 4.500%, due 05/15/38 to 11/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/49 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $384,669,781. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 4.000% to 4.500%, due 05/15/38 to 11/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/49 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $384,669,781. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/15/26, U.S. Treasury Bonds, 4.000% to 4.500%, due 05/15/38 to 11/15/52, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 08/15/49 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/27 to 02/15/55. The aggregate market value of the collateral, including accrued interest, was $384,669,781. |
|  Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC | Ing Financial Markets LLC |
|  | 500000000 | 4.080 | 12/01/25 | $500000000 |
|  Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/26 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,067. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/26 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,067. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/26 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,067. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/26 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,067. | Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/26 to 07/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,067. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| $| 500000000 | 4.080% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
|  Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $510,173,468. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $510,173,468. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $510,173,468. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $510,173,468. | Collateralized by a U.S. Treasury Note, 4.125%, due 02/29/32. The market value of the collateral, including accrued interest, was $510,173,468. |
|  | 322000000 | 4.050 <sup>(d)</sup> | 12/23/25 | $322000000 |
|  Maturity Value: $325,260,250 | Maturity Value: $325,260,250 | Maturity Value: $325,260,250 | Maturity Value: $325,260,250 | Maturity Value: $325,260,250 |
|  Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 | Settlement Date: 09/24/25 |
|  Collateralized by a U.S. Treasury Bond, 4.125%, due 08/15/44. The market value of the collateral, including accrued interest, was $329,456,410. | Collateralized by a U.S. Treasury Bond, 4.125%, due 08/15/44. The market value of the collateral, including accrued interest, was $329,456,410. | Collateralized by a U.S. Treasury Bond, 4.125%, due 08/15/44. The market value of the collateral, including accrued interest, was $329,456,410. | Collateralized by a U.S. Treasury Bond, 4.125%, due 08/15/44. The market value of the collateral, including accrued interest, was $329,456,410. | Collateralized by a U.S. Treasury Bond, 4.125%, due 08/15/44. The market value of the collateral, including accrued interest, was $329,456,410. |
|  | 250000000 | 4.050 <sup>(d)</sup> | 01/05/26 | $250000000 |
|  Maturity Value: $255,118,750 | Maturity Value: $255,118,750 | Maturity Value: $255,118,750 | Maturity Value: $255,118,750 | Maturity Value: $255,118,750 |
|  Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 | Settlement Date: 07/07/25 |
|  Collateralized by a U.S. Treasury Note, 3.500%, due 01/31/30. The market value of the collateral, including accrued interest, was $255,789,117. | Collateralized by a U.S. Treasury Note, 3.500%, due 01/31/30. The market value of the collateral, including accrued interest, was $255,789,117. | Collateralized by a U.S. Treasury Note, 3.500%, due 01/31/30. The market value of the collateral, including accrued interest, was $255,789,117. | Collateralized by a U.S. Treasury Note, 3.500%, due 01/31/30. The market value of the collateral, including accrued interest, was $255,789,117. | Collateralized by a U.S. Treasury Note, 3.500%, due 01/31/30. The market value of the collateral, including accrued interest, was $255,789,117. |
|  Joint Account I | Joint Account I | Joint Account I | Joint Account I | Joint Account I |
|  | 647000000 | 4.080 | 12/01/25 | $647000000 |
|  Maturity Value: $647,219,980 | Maturity Value: $647,219,980 | Maturity Value: $647,219,980 | Maturity Value: $647,219,980 | Maturity Value: $647,219,980 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) | Prudential Insurance Company of America (The) |
|  | 8031250 | 4.100 | 12/01/25 | $8031250 |
|  Maturity Value: $8,033,994 | Maturity Value: $8,033,994 | Maturity Value: $8,033,994 | Maturity Value: $8,033,994 | Maturity Value: $8,033,994 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $8,191,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $8,191,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $8,191,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $8,191,875. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/48. The market value of the collateral, including accrued interest, was $8,191,875. |
|  | 9375000 | 4.100 | 12/01/25 | $9375000 |
|  Maturity Value: $9,378,203 | Maturity Value: $9,378,203 | Maturity Value: $9,378,203 | Maturity Value: $9,378,203 | Maturity Value: $9,378,203 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,562,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,562,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,562,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,562,500. | Collateralized by a U.S. Treasury Bond, 2.875%, due 05/15/43. The market value of the collateral, including accrued interest, was $9,562,500. |
|  | 15187500 | 4.100 | 12/01/25 | $15187500 |
|  Maturity Value: $15,192,689 | Maturity Value: $15,192,689 | Maturity Value: $15,192,689 | Maturity Value: $15,192,689 | Maturity Value: $15,192,689 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $15,491,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $15,491,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $15,491,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $15,491,250. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/47. The market value of the collateral, including accrued interest, was $15,491,250. |
|  | 15625000 | 4.100 | 12/01/25 | $15625000 |
|  Maturity Value: $15,630,339 | Maturity Value: $15,630,339 | Maturity Value: $15,630,339 | Maturity Value: $15,630,339 | Maturity Value: $15,630,339 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $15,937,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $15,937,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $15,937,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $15,937,500. | Collateralized by a U.S. Treasury Bond, 0.000%, due 11/15/49. The market value of the collateral, including accrued interest, was $15,937,500. |
|  | 16500000 | 4.100 | 12/01/25 | $16500000 |
|  Maturity Value: $16,505,638 | Maturity Value: $16,505,638 | Maturity Value: $16,505,638 | Maturity Value: $16,505,638 | Maturity Value: $16,505,638 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $16,830,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $16,830,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $16,830,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $16,830,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 05/15/48. The market value of the collateral, including accrued interest, was $16,830,000. |

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

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GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
| Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) | Prudential Insurance Company of America (The) – (continued) |
| 45375000 | 4.100% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45375000 |
| Maturity Value: $45,390,503 | Maturity Value: $45,390,503 | Maturity Value: $45,390,503 | Maturity Value: $45,390,503 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $46,282,500. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $46,282,500. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $46,282,500. | Collateralized by a U.S. Treasury Note, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $46,282,500. |
| 56050000 | 4.100 | 12/01/25 | $56050000 |
| Maturity Value: $56,069,150 | Maturity Value: $56,069,150 | Maturity Value: $56,069,150 | Maturity Value: $56,069,150 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $57,171,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $57,171,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $57,171,000. | Collateralized by a U.S. Treasury Bond, 0.000%, due 08/15/50. The market value of the collateral, including accrued interest, was $57,171,000. |
| 150937500 | 4.100 | 12/01/25 | $150937500 |
| Maturity Value: $150,989,070 | Maturity Value: $150,989,070 | Maturity Value: $150,989,070 | Maturity Value: $150,989,070 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by a U.S. Treasury Note, 4.250%, due 11/30/26. The market value of the collateral, including accrued interest, was $153,956,250. | Collateralized by a U.S. Treasury Note, 4.250%, due 11/30/26. The market value of the collateral, including accrued interest, was $153,956,250. | Collateralized by a U.S. Treasury Note, 4.250%, due 11/30/26. The market value of the collateral, including accrued interest, was $153,956,250. | Collateralized by a U.S. Treasury Note, 4.250%, due 11/30/26. The market value of the collateral, including accrued interest, was $153,956,250. |
| RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |
| 155000000 | 3.890 <sup>(d)</sup> | 03/11/26 | $155000000 |
| Maturity Value: $158,031,500 | Maturity Value: $158,031,500 | Maturity Value: $158,031,500 | Maturity Value: $158,031,500 |
| Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 |
| Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 03/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 11/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.500%, due 01/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.625% to 4.625%, due 04/30/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $158,100,038. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 03/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 11/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.500%, due 01/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.625% to 4.625%, due 04/30/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $158,100,038. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 03/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 11/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.500%, due 01/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.625% to 4.625%, due 04/30/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $158,100,038. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 03/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 05/15/37 to 11/15/54, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 2.500%, due 01/15/29 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 01/15/27 to 01/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/34 to 08/15/39, U.S. Treasury Notes, 0.625% to 4.625%, due 04/30/26 to 08/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $158,100,038. |
| 325000000 | 3.845 <sup>(d)</sup> | 03/19/26 | $325000000 |
| Maturity Value: $331,282,839 | Maturity Value: $331,282,839 | Maturity Value: $331,282,839 | Maturity Value: $331,282,839 |
| Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |
| Collateralized by a U.S. Treasury Bill, 0.000%, due 05/14/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 02/15/40 to 08/15/52, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/29 to 02/15/45, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/39, U.S. Treasury Notes, 2.250% to 4.250%, due 03/31/26 to 11/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $331,500,003. | Collateralized by a U.S. Treasury Bill, 0.000%, due 05/14/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 02/15/40 to 08/15/52, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/29 to 02/15/45, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/39, U.S. Treasury Notes, 2.250% to 4.250%, due 03/31/26 to 11/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $331,500,003. | Collateralized by a U.S. Treasury Bill, 0.000%, due 05/14/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 02/15/40 to 08/15/52, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/29 to 02/15/45, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/39, U.S. Treasury Notes, 2.250% to 4.250%, due 03/31/26 to 11/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $331,500,003. | Collateralized by a U.S. Treasury Bill, 0.000%, due 05/14/26, U.S. Treasury Bonds, 2.250% to 5.000%, due 02/15/40 to 08/15/52, a U.S. Treasury Floating Rate Note, 3.985%, due 10/31/26, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/29 to 02/15/45, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/39, U.S. Treasury Notes, 2.250% to 4.250%, due 03/31/26 to 11/30/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $331,500,003. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) | Repurchase Agreements<sup>(c)</sup> – (continued) |
|  RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) |
| $| 233000000 | 3.845 %<sup>(d)</sup> | 03/23/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233000000 |
|  Maturity Value: $237,504,313 | Maturity Value: $237,504,313 | Maturity Value: $237,504,313 | Maturity Value: $237,504,313 | Maturity Value: $237,504,313 |
|  Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/39 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 1.625% to 1.875%, due 10/15/27 to 07/15/34, U.S. Treasury Notes, 1.125% to 4.125%, due 02/15/27 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $237,660,026. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/39 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 1.625% to 1.875%, due 10/15/27 to 07/15/34, U.S. Treasury Notes, 1.125% to 4.125%, due 02/15/27 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $237,660,026. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/39 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 1.625% to 1.875%, due 10/15/27 to 07/15/34, U.S. Treasury Notes, 1.125% to 4.125%, due 02/15/27 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $237,660,026. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/39 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 1.625% to 1.875%, due 10/15/27 to 07/15/34, U.S. Treasury Notes, 1.125% to 4.125%, due 02/15/27 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $237,660,026. | Collateralized by U.S. Treasury Bills, 0.000%, due 12/26/25 to 02/19/26, U.S. Treasury Bonds, 1.125% to 5.000%, due 08/15/39 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, U.S. Treasury Inflation-Indexed Notes, 1.625% to 1.875%, due 10/15/27 to 07/15/34, U.S. Treasury Notes, 1.125% to 4.125%, due 02/15/27 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $237,660,026. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 500000000 | 4.080 | 12/01/25 | $500000000 |
|  Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 | Maturity Value: $500,170,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Notes, 3.500% to 4.250%, due 10/15/28 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,038. | Collateralized by U.S. Treasury Notes, 3.500% to 4.250%, due 10/15/28 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,038. | Collateralized by U.S. Treasury Notes, 3.500% to 4.250%, due 10/15/28 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,038. | Collateralized by U.S. Treasury Notes, 3.500% to 4.250%, due 10/15/28 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,038. | Collateralized by U.S. Treasury Notes, 3.500% to 4.250%, due 10/15/28 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $510,000,038. |
|  | 75000000 | 4.050 <sup>(d)</sup> | 12/10/25 | $75000000 |
|  Maturity Value: $76,729,687 | Maturity Value: $76,729,687 | Maturity Value: $76,729,687 | Maturity Value: $76,729,687 | Maturity Value: $76,729,687 |
|  Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 | Settlement Date: 05/19/25 |
|  Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $76,500,064. | Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $76,500,064. | Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $76,500,064. | Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $76,500,064. | Collateralized by a U.S. Treasury Bond, 3.000%, due 08/15/48. The market value of the collateral, including accrued interest, was $76,500,064. |
|  | 75000000 | 4.050 | 12/10/25 | $75000000 |
|  Maturity Value: $76,957,500 | Maturity Value: $76,957,500 | Maturity Value: $76,957,500 | Maturity Value: $76,957,500 | Maturity Value: $76,957,500 |
|  Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 | Settlement Date: 04/22/25 |
|  Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $76,500,038. | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $76,500,038. | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $76,500,038. | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $76,500,038. | Collateralized by a U.S. Treasury Bond, 4.625%, due 05/15/54. The market value of the collateral, including accrued interest, was $76,500,038. |
|  | 75000000 | 4.050 | 12/10/25 | $75000000 |
|  Maturity Value: $78,062,813 | Maturity Value: $78,062,813 | Maturity Value: $78,062,813 | Maturity Value: $78,062,813 | Maturity Value: $78,062,813 |
|  Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 | Settlement Date: 12/12/24 |
|  Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 08/15/48 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 08/15/48 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 08/15/48 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 08/15/48 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $76,500,022. | Collateralized by U.S. Treasury Bonds, 3.000% to 4.625%, due 08/15/48 to 05/15/54. The aggregate market value of the collateral, including accrued interest, was $76,500,022. |
|  The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia |
|  | 300000000 | 4.080 | 12/01/25 | $300000000 |
|  Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 | Maturity Value: $300,102,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 09/03/26, U.S. Treasury Bonds, 1.125% to 6.750%, due 08/15/26 to 08/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 01/15/28 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/26 to 07/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $306,104,036. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 09/03/26, U.S. Treasury Bonds, 1.125% to 6.750%, due 08/15/26 to 08/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 01/15/28 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/26 to 07/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $306,104,036. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 09/03/26, U.S. Treasury Bonds, 1.125% to 6.750%, due 08/15/26 to 08/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 01/15/28 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/26 to 07/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $306,104,036. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 09/03/26, U.S. Treasury Bonds, 1.125% to 6.750%, due 08/15/26 to 08/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 01/15/28 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/26 to 07/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $306,104,036. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/13/26 to 09/03/26, U.S. Treasury Bonds, 1.125% to 6.750%, due 08/15/26 to 08/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 3.625%, due 01/15/28 to 02/15/54, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 01/15/26 to 07/15/35 and U.S. Treasury Notes, 0.375% to 4.875%, due 11/30/25 to 05/15/35. The aggregate market value of the collateral, including accrued interest, was $306,104,036. |
|  **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | $30808197672 |
|  **TOTAL INVESTMENTS - 99.3%** | **TOTAL INVESTMENTS - 99.3%** | **TOTAL INVESTMENTS - 99.3%** | **TOTAL INVESTMENTS - 99.3%** | $50658970219 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 369918744 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $51028888963 |

---

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

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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

(a) All or a portion represents a forward commitment.

(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

(c) Unless noted, all repurchase agreements were entered into on November 30, 2025. Additional information on Joint Repurchase Agreement Account I appears in the Additional Investment Information section.

(d) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| T-Bill | —Treasury Bill |

---

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

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 104.2% | U.S. Treasury Obligations - 104.2% | U.S. Treasury Obligations - 104.2% | U.S. Treasury Obligations - 104.2% | U.S. Treasury Obligations - 104.2% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $— | 2176780000 | 3.971% | 12/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176543781 |
|  | 1052323600 | 3.976 | 12/02/25 | 1052209404 |
|  | 116328200 | 3.925 | 12/09/25 | 116228097 |
|  | 12455100 | 3.930 | 12/09/25 | 12444382 |
|  | 167544800 | 3.935 | 12/09/25 | 167400624 |
|  | 674915500 | 3.940 | 12/09/25 | 674334722 |
|  | 15681600 | 3.945 | 12/09/25 | 15668106 |
|  | 1347055400 | 3.966 | 12/16/25 | 1344866437 |
|  | 517499900 | 3.952 | 12/18/25 | 516550110 |
|  | 14851500 | 3.964 | 12/18/25 | 14824242 |
|  | 74257500 | 3.993 | 12/18/25 | 74121212 |
|  | 63861500 | 3.951 | 12/23/25 | 63708890 |
|  | 751000000 | 3.956 | 12/23/25 | 749205333 |
|  | 77679800 | 3.958 | 12/23/25 | 77494168 |
|  | 24101500 | 3.960 | 12/23/25 | 24043905 |
|  | 18483800 | 3.963 | 12/23/25 | 18439629 |
|  | 13643200 | 3.968 | 12/23/25 | 13610597 |
|  | 60055100 | 3.973 | 12/23/25 | 59911586 |
|  | 8185400 | 4.140 | 12/23/25 | 8165839 |
|  | 14884900 | 4.152 | 12/23/25 | 14849329 |
|  | 13255700 | 4.161 | 12/23/25 | 13224023 |
|  | 96685000 | 4.162 | 12/23/25 | 96453952 |
|  | 6371500 | 4.167 | 12/23/25 | 6356274 |
|  | 6501800 | 4.172 | 12/23/25 | 6486263 |
|  | 1227100 | 4.178 | 12/23/25 | 1224168 |
|  | 7856200 | 4.193 | 12/23/25 | 7837426 |
|  | 38461500 | 3.935 | 12/26/25 | 38354214 |
|  | 40634100 | 3.942 | 12/26/25 | 40520754 |
|  | 22728600 | 3.952 | 12/26/25 | 22665200 |
|  | 30026900 | 3.973 | 12/26/25 | 29943142 |
|  | 64465900 | 3.977 | 12/26/25 | 64286076 |
|  | 21825100 | 4.237 | 12/26/25 | 21764220 |
|  | 26086100 | 4.240 | 12/26/25 | 26013334 |
|  | 30303500 | 4.242 | 12/26/25 | 30218970 |
|  | 4066100 | 4.250 | 12/26/25 | 4054758 |
|  | 5808700 | 4.254 | 12/26/25 | 5792497 |
|  | 47099500 | 4.256 | 12/26/25 | 46968119 |
|  | 81840000 | 4.267 | 12/26/25 | 81611712 |
|  | 139316400 | 4.304 | 12/26/25 | 138927785 |
|  | 28290900 | 3.968 | 12/30/25 | 28204650 |
|  | 1000000000 | 3.971 <sup>(a)</sup> | 12/30/25 | 996951301 |
|  | 97635400 | 3.978 | 12/30/25 | 97337739 |
|  | 2241900 | 3.904 | 01/02/26 | 2234226 |
|  | 12330500 | 3.911 | 01/02/26 | 12288291 |
|  | 60718800 | 3.921 | 01/02/26 | 60510952 |
|  | 855367000 | 3.922 | 01/02/26 | 852438980 |
|  | 56681500 | 3.926 | 01/02/26 | 56487473 |
|  | 104293700 | 3.927 | 01/02/26 | 103936691 |
|  | 30998300 | 3.931 | 01/02/26 | 30892189 |
|  | 7944000 | 3.932 | 01/02/26 | 7916807 |
|  | 11136700 | 3.953 | 01/02/26 | 11098578 |
|  | 13451400 | 3.905 | 01/08/26 | 13396753 |
|  | 80281800 | 3.910 | 01/08/26 | 79955650 |
|  | 13451400 | 3.916 | 01/08/26 | 13396753 |
|  | 750000000 | 3.921 | 01/08/26 | 746953075 |
|  | 44260700 | 3.901 | 01/20/26 | 44025125 |
|  | 52468700 | 3.906 | 01/20/26 | 52189439 |
|  | 117486400 | 3.912 | 01/20/26 | 116861086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417600 | 3.922% | 01/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378120 |
|  | 79161900 | 3.902 | 01/27/26 | 78683322 |
|  | 43002100 | 3.907 | 01/27/26 | 42742128 |
|  | 50467500 | 3.922 | 01/27/26 | 50162396 |
|  | 19231800 | 3.928 | 01/27/26 | 19115533 |
|  | 150577700 | 3.933 | 01/27/26 | 149667374 |
|  | 1552400 | 3.938 | 01/27/26 | 1543015 |
|  | 139365100 | 3.885 | 02/05/26 | 138395055 |
|  | 65750500 | 3.888 | 02/05/26 | 65292846 |
|  | 39450300 | 3.890 | 02/05/26 | 39175708 |
|  | 62896100 | 3.833 | 02/26/26 | 62326864 |
|  | 17187400 | 3.793 | 03/03/26 | 17023234 |
|  | 84471100 | 3.803 | 03/03/26 | 83664273 |
|  | 42742000 | 3.865 | 03/03/26 | 42333749 |
|  | 71121400 | 3.870 | 03/03/26 | 70442083 |
|  | 2149500 | 3.975 | 03/05/26 | 2127783 |
|  | 20760000 | 3.981 | 03/05/26 | 20550261 |
|  | 15231200 | 3.984 | 03/05/26 | 15077318 |
|  | 12946600 | 3.992 | 03/05/26 | 12815800 |
|  | 41734800 | 4.007 | 03/05/26 | 41313151 |
|  | 54610900 | 4.013 | 03/05/26 | 54059163 |
|  | 3797000 | 3.823 | 03/10/26 | 3758049 |
|  | 63531800 | 3.829 | 03/10/26 | 62880061 |
|  | 9195500 | 3.834 | 03/10/26 | 9101168 |
|  | 232110700 | 3.850 | 03/17/26 | 229546782 |
|  | 18905700 | 3.871 | 03/17/26 | 18696866 |
|  | 16054300 | 3.824 | 03/24/26 | 15866098 |
|  | 20655000 | 3.829 | 03/24/26 | 20412864 |
|  | 15640200 | 3.833 | 03/24/26 | 15456852 |
|  | 42443900 | 3.834 | 03/24/26 | 41946336 |
|  | 27416000 | 3.838 | 03/24/26 | 27094606 |
|  | 17459000 | 3.839 | 03/24/26 | 17254331 |
|  | 9556500 | 3.833 | 03/26/26 | 9442868 |
|  | 7598300 | 3.839 | 03/26/26 | 7507952 |
|  | 13541100 | 3.859 | 03/26/26 | 13380089 |
|  | 1917100 | 3.808 <sup>(a)</sup> | 03/31/26 | 1893456 |
|  | 5751300 | 3.834 <sup>(a)</sup> | 03/31/26 | 5680369 |
|  | 1917100 | 3.839 <sup>(a)</sup> | 03/31/26 | 1893456 |
|  | 4530200 | 3.812 | 04/02/26 | 4473453 |
|  | 3454300 | 3.813 | 04/02/26 | 3411030 |
|  | 4745300 | 3.817 | 04/02/26 | 4685859 |
|  | 2790600 | 3.821 | 04/02/26 | 2755644 |
|  | 5323200 | 3.752 | 04/09/26 | 5252688 |
|  | 2840200 | 3.816 | 04/09/26 | 2802578 |
|  | 4260200 | 3.823 | 04/09/26 | 4203769 |
|  | 8214200 | 3.828 | 04/09/26 | 8105394 |
|  | 10147300 | 3.833 | 04/09/26 | 10012888 |
|  | 3550100 | 3.838 | 04/09/26 | 3503075 |
|  | 760500 | 3.755 | 04/16/26 | 749928 |
|  | 15055500 | 3.766 | 04/16/26 | 14846202 |
|  | 27015300 | 3.788 | 04/16/26 | 26639740 |
|  | 12658500 | 3.789 | 04/16/26 | 12482524 |
|  | 170345200 | 3.807 | 04/16/26 | 167977101 |
|  | 1066400 | 3.753 | 04/23/26 | 1050897 |
|  | 4562800 | 3.780 | 04/23/26 | 4496469 |
|  | 113275400 | 3.781 | 04/23/26 | 111628666 |
|  | 22376400 | 3.739 | 04/30/26 | 22037422 |
|  | 61352800 | 3.744 | 04/30/26 | 60423373 |
|  | 11893000 | 3.749 | 04/30/26 | 11712834 |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;252896600 | 3.760% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249065497 |
|  | 58739400 | 3.812 | 05/14/26 | 57751749 |
|  | 5827400 | 3.821 | 05/14/26 | 5729417 |
|  | 5592600 | 3.812 | 05/21/26 | 5494083 |
|  | 70822200 | 3.833 | 05/21/26 | 69574628 |
|  | 2110500 | 3.753 <sup>(a)</sup> | 05/28/26 | 2072219 |
|  | 8793900 | 3.775 | 05/28/26 | 8634394 |
|  | 8674400 | 3.780 | 05/28/26 | 8517062 |
|  | 163603400 | 3.791 | 05/28/26 | 160635927 |
|  | 67260600 | 3.963 | 08/06/26 | 65518401 |
|  | 102132900 | 3.619 | 10/29/26 | 98888081 |
|  | 2984500 | 3.633 | 11/27/26 | 2880953 |
|  | 55651500 | 3.635 | 11/27/26 | 53720681 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 4909500 | 3.787 | 03/31/26 | 4918116 |
|  | 11291900 | 3.805 | 03/31/26 | 11311718 |
|  | 12273700 | 3.817 | 03/31/26 | 12295241 |
|  | 6289300 | 4.025 | 03/31/26 | 6300338 |
|  | 9819000 | 4.039 | 03/31/26 | 9836233 |
|  | 1697200 | 4.122 | 03/31/26 | 1700179 |
|  | 3185200 | 4.132 | 03/31/26 | 3190790 |
|  | 8957900 | 4.198 | 03/31/26 | 8973622 |
|  | 7502700 | 3.860 | 04/30/26 | 7404067 |
|  | 28778400 | 3.865 | 04/30/26 | 28400069 |
|  | 14412600 | 3.875 | 04/30/26 | 14223127 |
|  | 7715200 | 3.894 | 04/30/26 | 7742057 |
|  | 14412600 | 3.955 | 04/30/26 | 14223127 |
|  | 50170200 | 3.960 | 04/30/26 | 50344844 |
|  | 14036000 | 3.966 | 04/30/26 | 14084860 |
|  | 3921400 | 3.976 | 04/30/26 | 3935050 |
|  | 4526600 | 4.000 | 04/30/26 | 4467092 |
|  | 12048000 | 4.009 | 04/30/26 | 11889613 |
|  | 15685500 | 4.014 | 04/30/26 | 15740102 |
|  | 9579500 | 4.022 | 04/30/26 | 9453564 |
|  | 5119700 | 4.034 | 04/30/26 | 5137522 |
|  | 2796700 | 4.036 | 04/30/26 | 2759934 |
|  | 5280600 | 4.038 | 04/30/26 | 5211179 |
|  | 2980100 | 4.040 | 04/30/26 | 2940923 |
|  | 4298300 | 4.060 | 04/30/26 | 4241793 |
|  | 10464000 | 4.061 | 04/30/26 | 10326437 |
|  | 2989700 | 4.066 | 04/30/26 | 2950396 |
|  | 4298300 | 4.068 | 04/30/26 | 4313262 |
|  | 4484600 | 4.070 | 04/30/26 | 4425644 |
|  | 2859700 | 4.071 | 04/30/26 | 2822105 |
|  | 5979400 | 4.077 | 04/30/26 | 6000214 |
|  | 2859700 | 4.081 | 04/30/26 | 2822105 |
|  | 5979400 | 4.101 | 04/30/26 | 6000214 |
|  | 32684400 | 4.107 | 04/30/26 | 32254719 |
|  | 15726400 | 4.108 | 04/30/26 | 15781144 |
|  | 21789600 | 4.112 | 04/30/26 | 21503146 |
|  | 11651500 | 4.146 | 04/30/26 | 11498325 |
|  | 10234200 | 4.150 | 04/30/26 | 10099658 |
|  | 9886700 | 4.156 | 04/30/26 | 9756726 |
|  | 2655200 | 4.163 | 04/30/26 | 2664443 |
|  | 6156500 | 4.190 | 04/30/26 | 6075564 |
|  | 1572600 | 4.204 | 04/30/26 | 1551926 |
|  | 6035400 | 3.982 | 05/31/26 | 6060383 |
|  | 6271700 | 3.996 | 05/31/26 | 6297661 |
|  | 915100 | 4.003 | 05/31/26 | 918888 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871000 | 4.012% | 05/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878745 |
|  | 3742000 | 4.014 | 05/31/26 | 3757490 |
|  | 12141800 | 4.054 | 05/31/26 | 12192060 |
|  | 3482800 | 3.726 | 06/30/26 | 3496517 |
|  | 3771500 | 3.729 | 06/30/26 | 3705069 |
|  | 3912400 | 3.734 | 06/30/26 | 3927809 |
|  | 270000 | 3.739 | 06/30/26 | 265244 |
|  | 2875600 | 3.743 | 06/30/26 | 2886926 |
|  | 3093200 | 3.748 | 06/30/26 | 3038717 |
|  | 6186600 | 3.752 | 06/30/26 | 6210967 |
|  | 4639800 | 3.754 | 06/30/26 | 4558075 |
|  | 12419900 | 3.755 | 06/30/26 | 12468817 |
|  | 3093300 | 3.756 | 06/30/26 | 3105483 |
|  | 3330800 | 3.807 | 06/30/26 | 3343919 |
|  | 4556800 | 3.889 | 06/30/26 | 4476537 |
|  | 3093200 | 3.914 | 06/30/26 | 3038717 |
|  | 20637100 | 3.994 | 06/30/26 | 20273601 |
|  | 4717900 | 4.004 | 06/30/26 | 4634800 |
|  | 3145300 | 4.006 | 06/30/26 | 3089899 |
|  | 13339700 | 4.010 | 06/30/26 | 13104737 |
|  | 4001900 | 4.015 | 06/30/26 | 3931411 |
|  | 3145300 | 4.034 | 06/30/26 | 3089899 |
|  | 3145300 | 4.045 | 06/30/26 | 3089899 |
|  | 9417300 | 4.099 | 06/30/26 | 9251425 |
|  | 3931400 | 4.135 | 06/30/26 | 3946884 |
|  | 8718000 | 4.136 | 06/30/26 | 8752337 |
|  | 13339700 | 4.155 | 06/30/26 | 13104737 |
|  | 15151200 | 4.159 | 06/30/26 | 15210875 |
|  | 7634500 | 4.197 | 06/30/26 | 7500027 |
|  | 5190300 | 4.087 | 07/15/26 | 5202795 |
|  | 6994400 | 4.092 | 07/15/26 | 7011238 |
|  | 12221700 | 4.107 | 07/15/26 | 12251123 |
|  | 6729400 | 3.660 | 07/31/26 | 6749694 |
|  | 3093200 | 3.714 | 07/31/26 | 3102528 |
|  | 3979900 | 3.719 | 07/31/26 | 3892646 |
|  | 11214500 | 3.728 | 07/31/26 | 11248319 |
|  | 3981000 | 3.789 | 07/31/26 | 3993005 |
|  | 6729400 | 3.846 | 07/31/26 | 6749694 |
|  | 651700 | 3.898 | 07/31/26 | 637412 |
|  | 928000 | 3.909 | 07/31/26 | 907655 |
|  | 4639800 | 3.912 | 07/31/26 | 4653792 |
|  | 2750800 | 3.942 | 07/31/26 | 2690492 |
|  | 4740500 | 3.943 | 07/31/26 | 4636571 |
|  | 4842400 | 3.953 | 07/31/26 | 4857003 |
|  | 1320200 | 3.958 | 07/31/26 | 1291256 |
|  | 6320600 | 3.959 | 07/31/26 | 6339661 |
|  | 1066100 | 3.965 | 07/31/26 | 1069315 |
|  | 98747400 | 3.968 <sup>(b)</sup> | 07/31/26 | 98613391 |
|  | 9279600 | 3.973 | 07/31/26 | 9307584 |
|  | 7733100 | 3.985 | 07/31/26 | 7563562 |
|  | 1022900 | 3.990 | 07/31/26 | 1000474 |
|  | 15392900 | 4.006 | 07/31/26 | 15055432 |
|  | 8599000 | 4.088 | 07/31/26 | 8410479 |
|  | 5159400 | 4.098 | 07/31/26 | 5046287 |
|  | 8565400 | 4.099 | 07/31/26 | 8377615 |
|  | 5139200 | 4.104 | 07/31/26 | 5154698 |
|  | 10278500 | 4.109 | 07/31/26 | 10309497 |
|  | 15381900 | 4.111 | 07/31/26 | 15044673 |
|  | 10211200 | 4.114 | 07/31/26 | 10064188 |

---

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;12848100 | 4.119% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12673231 |
|  | 8599000 | 4.084 | 08/15/26 | 8446535 |
|  | 10318800 | 4.095 | 08/15/26 | 10135842 |
|  | 10881100 | 4.111 | 08/15/26 | 10688172 |
|  | 1793500 | 3.685 | 08/31/26 | 1791618 |
|  | 3128500 | 3.716 | 08/31/26 | 3057171 |
|  | 2126300 | 3.731 | 08/31/26 | 2077821 |
|  | 1546600 | 3.733 | 08/31/26 | 1544977 |
|  | 9306700 | 3.744 | 08/31/26 | 9296932 |
|  | 4760400 | 3.764 | 08/31/26 | 4651864 |
|  | 4639800 | 3.805 | 08/31/26 | 4634930 |
|  | 6186400 | 3.817 | 08/31/26 | 6179907 |
|  | 6145900 | 3.844 | 08/31/26 | 6005775 |
|  | 22466200 | 3.867 | 08/31/26 | 21953976 |
|  | 12097200 | 3.868 | 08/31/26 | 12084504 |
|  | 8914200 | 3.881 | 08/31/26 | 8710959 |
|  | 24960000 | 3.886 | 08/31/26 | 24390918 |
|  | 8523800 | 3.895 | 08/31/26 | 8329460 |
|  | 3177500 | 3.910 | 08/31/26 | 3105054 |
|  | 26525700 | 3.922 | 08/31/26 | 26342753 |
|  | 4613500 | 3.924 | 08/31/26 | 4608658 |
|  | 5107800 | 3.926 | 08/31/26 | 4991343 |
|  | 6933800 | 3.931 | 08/31/26 | 6926523 |
|  | 10400700 | 3.933 | 08/31/26 | 10314378 |
|  | 10228600 | 3.934 | 08/31/26 | 9995391 |
|  | 7746300 | 3.935 | 08/31/26 | 7569686 |
|  | 19239700 | 3.938 | 08/31/26 | 18801040 |
|  | 25653000 | 3.939 | 08/31/26 | 25626076 |
|  | 11086500 | 3.977 | 08/31/26 | 11074864 |
|  | 2359300 | 3.568 | 09/30/26 | 2304166 |
|  | 6295600 | 3.655 | 09/30/26 | 6148480 |
|  | 14165100 | 3.663 | 09/30/26 | 13834081 |
|  | 3074800 | 3.673 | 09/30/26 | 3002946 |
|  | 8474300 | 3.677 | 09/30/26 | 8276267 |
|  | 6972700 | 3.687 | 09/30/26 | 6809757 |
|  | 5221000 | 3.689 | 09/30/26 | 5098992 |
|  | 6283400 | 3.691 | 09/30/26 | 6177848 |
|  | 14235700 | 3.692 | 09/30/26 | 14085342 |
|  | 7196700 | 3.694 | 09/30/26 | 7183208 |
|  | 14086900 | 3.695 | 09/30/26 | 14060490 |
|  | 1237300 | 3.697 | 09/30/26 | 1234980 |
|  | 3860200 | 3.699 | 09/30/26 | 3852963 |
|  | 26455900 | 3.705 | 09/30/26 | 26024067 |
|  | 10795100 | 3.709 | 09/30/26 | 10736190 |
|  | 3093200 | 3.710 | 09/30/26 | 3087401 |
|  | 13945500 | 3.714 | 09/30/26 | 13619613 |
|  | 3189900 | 3.719 | 09/30/26 | 3183920 |
|  | 4726600 | 3.733 | 09/30/26 | 4616146 |
|  | 4784900 | 3.790 | 09/30/26 | 4673083 |
|  | 3650400 | 3.803 | 09/30/26 | 3565095 |
|  | 7731800 | 3.817 | 09/30/26 | 7551118 |
|  | 11905400 | 3.846 | 09/30/26 | 11627187 |
|  | 20169900 | 3.847 | 09/30/26 | 19698557 |
|  | 3842300 | 3.848 | 09/30/26 | 3835096 |
|  | 6743400 | 3.849 | 09/30/26 | 6730757 |
|  | 19506700 | 3.862 | 09/30/26 | 19155674 |
|  | 37463500 | 3.867 | 09/30/26 | 36588029 |
|  | 1856200 | 3.670 | 10/15/26 | 1871106 |
|  | 6140500 | 3.673 | 10/15/26 | 6189812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;12244800 | 3.677% | 10/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343134 |
|  | 12177800 | 3.679 | 10/15/26 | 12275596 |
|  | 4836200 | 3.632 <sup>(b)</sup> | 11/30/26 | 4863549 |
|  | 4896000 | 3.633 | 11/30/26 | 4781564 |
|  | 8283700 | 3.661 <sup>(b)</sup> | 11/30/26 | 8330544 |
|  | 16567400 | 3.666 <sup>(b)</sup> | 11/30/26 | 16661089 |
|  | 4790300 | 3.668 <sup>(b)</sup> | 11/30/26 | 4780038 |
|  | 14970300 | 3.671 <sup>(b)</sup> | 11/30/26 | 15054957 |
|  | 4890000 | 3.676 <sup>(b)</sup> | 11/30/26 | 4917653 |
|  | 13088200 | 3.678 <sup>(b)</sup> | 11/30/26 | 12975462 |
|  | 3244100 | 3.680 <sup>(b)</sup> | 11/30/26 | 3262445 |
|  | 1663700 | 3.681 <sup>(b)</sup> | 11/30/26 | 1673108 |
|  | 3317700 | 3.684 | 12/15/26 | 3340829 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) |
|  | 31046600 | 3.881 <sup>(b)</sup> | 01/31/27 | 31026324 |
|  | 4063700 | 3.882 <sup>(b)</sup> | 01/31/27 | 4061046 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.150%) |
|  | 169773500 | 3.930 <sup>(b)</sup> | 04/30/26 | 169772075 |
|  | 218600 | 3.933 <sup>(b)</sup> | 04/30/26 | 218598 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) |
|  | 53037500 | 3.939 <sup>(b)</sup> | 07/31/27 | 53009509 |
|  | 264286000 | 3.942 <sup>(b)</sup> | 07/31/27 | 264146524 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 113612800 | 3.938 <sup>(b)</sup> | 04/30/27 | 113628361 |
|  | 477420800 | 3.939 <sup>(b)</sup> | 04/30/27 | 477486189 |
|  | 209737600 | 3.940 <sup>(b)</sup> | 04/30/27 | 209766326 |
|  | 129774500 | 3.941 <sup>(b)</sup> | 04/30/27 | 129792274 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) |
|  | 15529400 | 3.961 <sup>(b)</sup> | 07/31/26 | 15524072 |
|  | 13298500 | 3.962 <sup>(b)</sup> | 07/31/26 | 13293937 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) |
|  | 5729400 | 4.020 <sup>(b)</sup> | 10/31/27 | 5729451 |
|  | 222606100 | 4.022 <sup>(b)</sup> | 10/31/27 | 222608103 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
|  | 3196800 | 3.982 <sup>(b)</sup> | 10/31/26 | 3197451 |
|  | 297493500 | 3.983 <sup>(b)</sup> | 10/31/26 | 297554023 |
|  | 153501900 | 3.985 <sup>(b)</sup> | 10/31/26 | 153533129 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
|  | 325926100 | 4.022 <sup>(b)</sup> | 01/31/26 | 325949111 |
|  | 162274000 | 4.025 <sup>(b)</sup> | 01/31/26 | 162285457 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | $18197921522 |
|  **TOTAL INVESTMENTS - 104.2%** | **TOTAL INVESTMENTS - 104.2%** | **TOTAL INVESTMENTS - 104.2%** | **TOTAL INVESTMENTS - 104.2%** | $18197921522 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS<br>- (4.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>- (4.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>- (4.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>- (4.2)%** | (737411706) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $17460509816 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the

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

---

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

---

------

GOLDMAN SACHS FINANCIAL SQUARE TREASURY SOLUTIONS FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| T-Bill | —Treasury Bill |

---

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

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Schedule of Investments (continued) *November 30, 2025*

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

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I— At November 30, 2025, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of December 1, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br>Allocation |
|  Financial Square Government | $1253000000 | $1253426020 | $1278197294 |
|  Financial Square Treasury Obligations | 647000000 | 647219980 | 660010893 |

---

REPURCHASE AGREEMENTS— At November 30, 2025, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account I were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Counterparty | Interest Rate | Financial Square<br>Government | Financial Square Treasury<br>Obligations |
|  Bank of Nova Scotia (The) | 4.080% | $395684211 | $204315789 |
|  BNP Paribus | 4.080 | 659473684 | 340526316 |
|  Credit Agricole Corporate and Investment Bank | 4.080 | 197842105 | 102157895 |
| Total |  | $1253000000 | $647000000 |

---

At November 30, 2025, the Joint Repurchase Agreement Account I was fully collateralized by cash and:

---

| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  U.S. Treasury Bonds | 1.750% to 5.000 | 08/15/41 to 05/15/45 |
|  U.S. Treasury Inflation-Indexed Notes | 0.125 to 1.125 | 10/15/26 to 01/15/33 |
|  U.S. Treasury Interest-Only Stripped Securities |  | 08/15/26 to 02/15/38 |
|  U.S. Treasury Notes | 0.625 to 4.000 | 09/30/26 to 08/15/34 |
|  U.S. Treasury Principal-Only Stripped Securities |  | 11/15/28 to 05/15/50 |

---

JOINT REPURCHASE AGREEMENT ACCOUNT III— At November 30, 2025, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of December 1, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br>Allocation |
|  Financial Square Government | $189600000 | $189664622 | $195288001 |

---

REPURCHASE AGREEMENTS— At November 30, 2025, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account III were as follows:

---

| | | |
|:---|:---|:---|
| Counterparty | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Square Government |
|  Bank of America, N.A. | 4.090% | $71100000 |
|  Wells Fargo Securities, LLC | 4.090 | 118500000 |
|  **Total** |  | $189600000 |

---

At November 30, 2025, the Joint Repurchase Agreement Account III was fully collateralized by cash and:

---

| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  Federal National Mortgage Association | 2.000% to 4.000% | 09/01/42 to 08/01/50 |
|  Government National Mortgage Association | 3.000 to 7.000 | 08/20/36 to 10/20/55 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Assets and Liabilities *November 30, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square<br>Federal Instruments<br>Fund** | **Financial Square<br>Government Fund** | **Financial Square<br>Treasury Instruments<br>Fund** | **Financial Square<br>Treasury Obligations<br>Fund** |
| Assets: |  |  |  |  |
|  Investments, at value (cost $8,772,929,498, $119,327,465,475, $103,112,146,724 and $19,850,772,547, respectively) | $8772929498 | $119327465475 | $103112146724 | $19850772547 |
|  Repurchase agreements, at value (Cost $–, $157,854,491,333, $– and $30,808,197,672, respectively) |  | 157854491333 |  | 30808197672 |
|  Cash | 455615 | 1966312843 | 410962 | 386021880 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 11275669 | 843314901 | 121726396 | 140723084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 10617014 | 559842210 | 132247717 | 49073941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 35342 | 43023204 | 31350342 | 8233692 |
|  Other assets | 709809 | 1071004 | 334025 | 366781 |
|  **Total assets** | 8796022947 | 280595520970 | 103398216166 | 51243389597 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 527598709 | 1461554145 | 2812508510 | 106891866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 6075060 | 443189352 | 140643119 | 90456459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 592863 | 131630250 | 11756399 | 11407236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 565211 | 17151147 | 6915369 | 3578808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 101324 | 5618041 | 2228535 | 1925394 |
|  Accrued expenses | 8475 | 720110 | 746202 | 240871 |
|  **Total liabilities** | 534941642 | 2059863045 | 2974798134 | 214500634 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 8260459284 | 278518756885 | 100417294947 | 51024434858 |
|  Total distributable earnings | 622021 | 16901040 | 6123085 | 4454105 |
|  **NET ASSETS** | $8261081305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278535657925 | $100423418032 | $51028888963 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Assets and Liabilities (continued) *November 30, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Financial Square<br>Federal Instruments<br>Fund** | **Financial Square<br>Government Fund** | **Financial Square<br>Treasury Instruments<br>Fund** | **Financial Square<br> Treasury Obligations <br>Fund** |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056201169 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 5279990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 214766 | 99102076 | 45419057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 13182079 | 1447927348 | 2032904292 | 2008897603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 180119757 | 2340936131 | 127022527 | 873285001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 164819939 | 12960786252 | 2397086456 | 3385564122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 24052739 | 819337902 | 57856844 | 24974420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 7878631497 | 227293696924 | 92671564491 | 42798023566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 60528 | 5084629709 | 784397097 | 1448980289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 527583263 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 12281365580 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 4745623958 | 109804384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 120110612 | 1165048723 | 17775264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 9562532 |  | 36188041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 3778436023 | 11625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 965078456 | 1032292353 | 435200657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Shares |  |  | 10183 |  |
|  Total Net Assets | $8261081305 | $278535657925 | $100423418032 | $51028888963 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | 6055834375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 5279670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 214749 | 99095826 | 45416290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 13181092 | 1447839454 | 2032780169 | 2008722056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 180106310 | 2340794036 | 127014791 | 873208766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 164807622 | 12959992985 | 2396940342 | 3385268385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 24050943 | 819288237 | 57853319 | 24972243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 7878042970 | 227279908008 | 92665916729 | 42794288385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 60523 | 5084320853 | 784349324 | 1448853693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 527551325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 12280619852 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 4745336177 | 109797684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 120103330 | 1164977581 | 17773715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 9561952 |  | 36184886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 3778207361 | 11625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 965019959 | 1032229441 | 435162732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Shares |  |  | 10182 |  |
|  Net asset value, offering and redemption price per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $— | $1.00 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 1.00 | 1.00 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 1.00 | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  | 1.00 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  | 1.00 |  | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  | 1.00 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | 1.00 | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Shares |  |  | 1.00 |  |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Assets and Liabilities (continued) *November 30, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | |
|:---|:---|
|  | **Financial Square<br> Treasury Solutions Fund** |
| Assets: |  |
|  Investments, at value (cost $18,197,921,522) | $18197921522 |
|  Cash | 136398913 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 134301084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 18759586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2635210 |
|  Other assets | 155100 |
|  **Total assets** | 18490171415 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1008502630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 16560434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2554139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1217712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 733925 |
|  Accrued expenses | 92759 |
|  **Total liabilities** | 1029661599 |
| Net Assets: |  |
|  Paid-in capital | 17458981286 |
|  Total distributable earnings | 1528530 |
|  **NET ASSETS** | $17460509816 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | $330486284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 44869190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488293699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 419359393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 14808616392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 260211982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 105244701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 3428175 |
|  Total Net Assets | $17460509816 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 330457345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 44865264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1488163394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 419322604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 14807320109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 260189224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 105235470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 3427875 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Shares | 1.00 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Operations *For the Year Ended November 30, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square<br>Federal Instruments<br>Fund** | **Financial Square<br>Government Fund** | **Financial Square<br>Treasury Instruments<br>Fund** | **Financial Square<br>Treasury Obligations<br>Fund** |
| Investment Income: | Investment Income: | Investment Income: | Investment Income: | Investment Income: |
|  Interest income | $335551377 | $11141442213 | $4098170598 | $1998165040 |
| Expenses: | Expenses: | Expenses: | Expenses: | Expenses: |
|  **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 14044106 | 410545710 | 171929254 | 83230185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 780306 | 25661436 | 9552587 | 4624366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 243693 | 7182599 | 2712364 | 1186735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 200832 | 2014741 | 551360 | 641887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 123459 | 186250 | 200865 | 187894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing fees | 55265 | 987721 | 249273 | 110345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 43832 | 515251 | 221715 | 119004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 78959 | 1588392 | 535883 | 388730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 15570452 | 448682100 | 185953301 | 90489146 |
|  **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 443321 | 29616829 | 6268552 | 6925685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 174748 | 4267148 | 280092 | 156753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees | 150207 | 2033590 | 83781 | 794664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 104850 | 2560302 | 168056 | 94052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 93960 | 7275994 | 10487649 | 9035449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Share fees | 89 | 6848384 | 1143809 | 2329468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Resource Shares |  | 14853 |  | 48475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Share fees |  | 306860 | 183241 | 53598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Share fees |  | 49508 |  | 161584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Share fees |  | 380194 | 3765472 | 49242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees - Class A Shares |  | 13133830 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares |  | 46183 |  |  |
|  **Total expenses** | 16537627 | 515215775 | 208333953 | 110138116 |
|  Less - expense reductions |  | (34365) |  |  |
|  **Net expenses** | 16537627 | 515181410 | 208333953 | 110138116 |
|  **NET INVESTMENT INCOME** | $319013750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10626260803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889836645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888026924 |
|  **Net realized gain from investment transactions** | 2611211 | 65559434 | 28600814 | 12447334 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $321624961 | $10691820237 | $3918437459 | $1900474258 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Operations (continued) *For the Year Ended November 30, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | |
|:---|:---|
|  | **Financial Square<br>Treasury Solutions<br>Fund** |
| Investment Income: |  |
|  Interest income | $687643696 |
| Expenses: |  |
|  **Fund-Level Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 28894650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 1605421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 486417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 187993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 150492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing fees | 90933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 60840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 203864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 31680610 |
|  **Class Specific Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 2674674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 1825913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 1558244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 934951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Share fees | 299279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Share fees | 277112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees | 55677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Share fees | 1770 |
|  **Total expenses** | 39308230 |
|  Less - expense reductions |  |
|  **NET INVESTMENT INCOME** | $648335466 |
|  **Net realized gain from investment transactions** | 4931695 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653267161 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund**  | **Financial Square Federal Instruments Fund**  | **Financial Square Government Fund**  | **Financial Square Government Fund**  |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** | **For the Fiscal**<br> **Year Ended**<br> **November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $319013750 | $309500632 | $10626260803 | $11929124238 |
|  Net realized gain from investment transactions | 2611211 | 2971972 | 65559434 | 66115285 |
| **Net increase in net assets resulting from operations** | 321624961 | 312472604 | 10691820237 | 11995239523 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
|  From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (206633556) | (170717165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (147487) | (214820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (25130) | (65062) | (4038221) | (4774141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (306910624) | (293772553) | (8964998836) | (10200051897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (2365) | (2803) | (184545129) | (168016405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (690014) | (1622079) | (53750350) | (63853386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (6065451) | (6449799) | (83111704) | (103819227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  |  | (42619002) | (56648693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (6911872) | (8673411) | (466938010) | (491332579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (1179734) | (1211972) | (28997063) | (25696228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  |  | (4176042) | (5639585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  |  | (351440) | (421192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (21420018) | (22641792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Drexel Hamilton Class Shares |  |  | (358571142) | (487340891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares |  |  | (152696210) | (123987023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares |  |  | (123716321) | (48263703) |
|  **Total distributions to shareholders** | (321785190) | (311797679) | (10696710531) | (11973418727) |
| From share transactions: | From share transactions: | From share transactions: | From share transactions: | From share transactions: |
|  Proceeds from sales of shares | 14564540469 | 14049554425 | 2133706618712 | 1926484939957 |
|  Reinvestment of distributions | 248212016 | 250249627 | 5368737106 | 6065250586 |
|  Cost of shares redeemed | (13446190684) | (12632733678) | (2124479132206) | (1920396654282) |
| **Net increase in net assets resulting from share transactions** | 1366561801 | 1667070374 | 14596223612 | 12153536261 |
|  **TOTAL INCREASE** | 1366401572 | 1667745299 | 14591333318 | 12175357057 |
| Net Assets: | Net Assets: | Net Assets: | Net Assets: | Net Assets: |
|  Beginning of year | $6894679733 | $5226934434 | $263944324607 | $251768967550 |
|  End of year | $8261081305 | $6894679733 | $278535657925 | $263944324607 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund**  | **Financial Square Treasury Instruments Fund**  | **Financial Square Treasury Obligations Fund**  | **Financial Square Treasury Obligations Fund**  |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** | **For the Fiscal<br>Year Ended**<br> **November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $3889836645 | $4216649531 | $1888026924 | $2126393997 |
|  Net realized gain from investment transactions | 28600814 | 26609997 | 12447334 | 11526747 |
| **Net increase in net assets resulting from operations** | 3918437459 | 4243259528 | 1900474258 | 2137920744 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
|  From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (1850150) | (1785033) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3639316834) | (3971606283) | (1623250230) | (1840909864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (30459701) | (28684223) | (62293863) | (64374620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (76059756) | (59786879) | (66083970) | (73328182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (3367548) | (3279846) | (32241467) | (41188617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares | (24708518) | (21739352) | (7288924) | (5624363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (97356401) | (101528752) | (108242895) | (105661621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (1866302) | (1652764) | (1056319) | (898421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | (40782637) | (40634026) | (535442) | (703977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resource Shares |  |  | (1132881) | (875533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loop Class Shares | (4464175) | (2137910) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seelaus Class Shares | (794898) | (654525) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Token Shares | (182451) |  |  |  |
|  **Total distributions to shareholders** | (3921209371) | (4233489593) | (1902125991) | (2133565198) |
| From share transactions: | From share transactions: | From share transactions: | From share transactions: | From share transactions: |
|  Proceeds from sales of shares | 280825733108 | 267342902572 | 314707459592 | 262240291367 |
|  Reinvestment of distributions | 2211606329 | 2486395452 | 854533576 | 971913553 |
|  Cost of shares redeemed | (276364612142) | (259967824245) | (309352529794) | (268758449637) |
| **Net increase (decrease) in net assets resulting from share transactions** | 6672727295 | 9861473779 | 6209463374 | (5546244717) |
|  **TOTAL INCREASE (DECREASE)** | 6669955383 | 9871243714 | 6207811641 | (5541889171) |
| Net Assets: | Net Assets: | Net Assets: | Net Assets: | Net Assets: |
|  Beginning of year | $93753462649 | $83882218935 | $44821077322 | $50362966493 |
|  End of year | $100423418032 | $93753462649 | $51028888963 | $44821077322 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund**  | **Financial Square Treasury Solutions Fund**  |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** |
| From operations: |  |  |
|  Net investment income | $648335466 | $727097219 |
|  Net realized gain from investment transactions | 4931695 | 4319986 |
|  **Net increase in net assets resulting from operations** | 653267161 | 731417205 |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (575419092) | (641223516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares | (7889220) | (8058747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (13266831) | (20794517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (2249666) | (2891504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares | (244551) | (186806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (41344205) | (43598921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (10312439) | (9878827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares | (2987142) | (3538242) |
|  **Total distributions to shareholders** | (653713146) | (730171080) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 40228906441 | 45387595776 |
|  Reinvestment of distributions | 448194544 | 488880189 |
|  Cost of shares redeemed | (37902034460) | (46478548399) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 2775066525 | (602072434) |
|  **TOTAL INCREASE (DECREASE)** | 2774620540 | (600826309) |
| Net Assets: |  |  |
|  Beginning of year | $14685889276 | $15286715585 |
|  End of year | $17460509816 | $14685889276 |

---

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

---

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

---

------

&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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.041 | 0.051 | 0.041 |
|  Net realized gain | – <sup>(c)</sup> |  | – <sup>(c)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.041 |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.041) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.041) | (0.051) | (0.041) |
|  Net asset value, end of 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;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.22% | 5.22% | 4.90% |
|  Net assets, end of period (in 000's) | $215 | $1226 | $1441 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.17% | 5.07% | 4.93 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.050 | 0.048 | 0.012 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.22% | 5.22% | 4.90% | 1.18% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229145 | $2667247 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.18% | 0.09% |
|  Ratio of total expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.21% | 0.20% |
|  Ratio of net investment income to average net assets | 4.10% | 5.05% | 4.83% | 1.18% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.049 | 0.045 | 0.011 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.07% | 5.06% | 4.74% | 1.08% | 0.01% |
|  Net assets, end of year (in 000's) | $61 | $58 | $55 | $130 | $527 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.27% | 0.09% |
|  Ratio of total expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.36% | 0.35% |
|  Ratio of net investment income to average net assets | 3.96% | 4.91% | 4.49% | 0.66% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.036 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.036 | 0.046 | 0.043 | 0.009 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.036) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.036) | (0.046) | (0.043) | (0.009) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.71% | 4.70% | 4.38% | 0.86% | 0.01% |
|  Net assets, end of year (in 000's) | $13182 | $27105 | $44902 | $10055 | $9839 |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.51% | 0.09% |
|  Ratio of total expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.71% | 0.70% |
|  Ratio of net investment income to average net assets | 3.63% | 4.59% | 4.31% | 0.86% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.050 | 0.046 | 0.011 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.011 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.050) | (0.047) | (0.011) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.12% | 5.11% | 4.80% | 1.11% | 0.01% |
|  Net assets, end of year (in 000's) | $180120 | $140081 | $107656 | $174388 | $2873 |
|  Ratio of net expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.28% | 0.09% |
|  Ratio of total expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.31% | 0.30% |
|  Ratio of net investment income to average net assets | 4.00% | 4.96% | 4.61% | 1.75% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.048 | 0.046 | 0.010 | – <sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> |  | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.048 | 0.045 | 0.010 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.048) | (0.045) | (0.010) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.96% | 4.96% | 4.64% | 1.01% | 0.01% |
|  Net assets, end of year (in 000's) | $164820 | $188163 | $182443 | $79251 | $63937 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.36% | 0.09% |
|  Ratio of total expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.46% | 0.45% |
|  Ratio of net investment income to average net assets | 3.86% | 4.81% | 4.60% | 1.19% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.033 | 0.042 | 0.041 | 0.007 | – <sup>(b)</sup> |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.033 | 0.043 | 0.040 | 0.007 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.033) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.033) | (0.043) | (0.040) | (0.007) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.40% | 4.38% | 4.07% | 0.70% | 0.01% |
|  Net assets, end of year (in 000's) | $24053 | $55980 | $21081 | $7791 | $127537 |
|  Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 0.58% | 0.09% |
|  Ratio of total expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.01% | 1.00% |
|  Ratio of net investment income to average net assets | 3.34% | 4.22% | 4.07% | 0.33% | – %<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.048 | 0.047 | 0.011 | – <sup>(b)</sup> |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.049 | 0.046 | 0.011 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.049) | (0.046) | (0.011) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.02% | 4.98% | 4.67% | 1.07% | 0.03% |
|  Net assets, end of year (in 000's) | $6056201 | $4346729 | $2578102 | $609601 | $600756 |
|  Ratio of net expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.31% | 0.07% |
|  Ratio of total expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.43% | 0.43% |
|  Ratio of net investment income to average net assets | 3.91% | 4.83% | 4.72% | 0.99% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.032 | 0.041 | 0.038 | 0.007 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.032 | 0.041 | 0.038 | 0.007 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.032) | (0.041) | (0.038) | (0.007) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.032) | (0.041) | (0.038) | (0.007) | – <sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.24% | 4.20% | 3.89% | 0.67% | 0.03% |
|  Net assets, end of year (in 000's) | $5280 | $4648 | $5211 | $5578 | $5029 |
|  Ratio of net expenses to average net assets | 1.17% | 1.18% | 1.18% | 0.75% | 0.07% |
|  Ratio of total expenses to average net assets | 1.17% | 1.18% | 1.18% | 1.18% | 1.18% |
|  Ratio of net investment income to average net assets | 3.17% | 4.11% | 3.80% | 0.68% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | **Period Ended**<br> **November 30, 2022<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | **Period Ended**<br> **November 30, 2022<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.042 | 0.051 | 0.050 | 0.008 |
|  Net realized loss | – <sup>(c)</sup> | – <sup>(c)</sup> | (0.002) | – <sup>(c)</sup> |
|  Total from investment operations | 0.042 | 0.051 | 0.048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.008 |
|  Distributions to shareholders from net investment income | (0.042) | (0.051) | (0.048) | (0.008) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |  |
|  Total distributions<sup>(d)</sup>  | (0.042) | (0.051) | (0.048) | (0.008) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.28% | 5.25% | 4.93% | 0.82% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81635 | $10 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.17% | 5.11% | 4.98% | 2.92 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 22, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current period net investment income or net realized gains as distributions may be paid from current or prior period earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.042 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.042 | 0.051 | 0.048 | 0.012 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.042) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.042) | (0.051) | (0.048) | (0.012) | – <sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.28% | 5.25% | 4.93% | 1.25% | 0.03% |
|  Net assets, end of year (in 000's) | $227293697 | $219702381 | $214557639 | $230046292 | $194824984 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15% | 0.07% |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of net investment income to average net assets | 4.17% | 5.10% | 4.82% | 1.30% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.050 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.050) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.12% | 5.09% | 4.77% | 1.14% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675429 |
|  Ratio of net expenses to average net assets | 0.32% | 0.33% | 0.33% | 0.27% | 0.07% |
|  Ratio of total expenses to average net assets | 0.32% | 0.33% | 0.33% | 0.33% | 0.33% |
|  Ratio of net investment income to average net assets | 4.02% | 4.96% | 4.70% | 1.40% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.037 | 0.046 | 0.043 | 0.009 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.037 | 0.046 | 0.043 | 0.009 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.037) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.037) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.76% | 4.72% | 4.41% | 0.92% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908881 |
|  Ratio of net expenses to average net assets | 0.67% | 0.68% | 0.68% | 0.50% | 0.07% |
|  Ratio of total expenses to average net assets | 0.67% | 0.68% | 0.68% | 0.68% | 0.68% |
|  Ratio of net investment income to average net assets | 3.67% | 4.61% | 4.34% | 1.01% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.050 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.17% | 5.14% | 4.82% | 1.18% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077741 |
|  Ratio of net expenses to average net assets | 0.27% | 0.28% | 0.28% | 0.23% | 0.07% |
|  Ratio of total expenses to average net assets | 0.27% | 0.28% | 0.28% | 0.28% | 0.28% |
|  Ratio of net investment income to average net assets | 4.06% | 5.01% | 4.76% | 1.40% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.25% | 5.21% | 4.90% | 1.23% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181542 |
|  Ratio of net expenses to average net assets | 0.20% | 0.21% | 0.21% | 0.17% | 0.07% |
|  Ratio of total expenses to average net assets | 0.20% | 0.21% | 0.21% | 0.21% | 0.21% |
|  Ratio of net investment income to average net assets | 4.14% | 5.07% | 4.81% | 1.42% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.048 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.049 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.02% | 4.98% | 4.67% | 1.07% | 0.03% |
|  Net assets, end of year (in 000's) | $12960786 | $12512474 | $10067366 | $9178619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904302 |
|  Ratio of net expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.32% | 0.07% |
|  Ratio of total expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.43% | 0.43% |
|  Ratio of net investment income to average net assets | 3.92% | 4.84% | 4.59% | 1.07% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.034 | 0.043 | 0.041 | 0.008 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.034 | 0.043 | 0.040 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.034) | (0.043) | (0.040) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.034) | (0.043) | (0.040) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.45% | 4.41% | 4.09% | 0.76% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302333 |
|  Ratio of net expenses to average net assets | 0.97% | 0.98% | 0.98% | 0.61% | 0.07% |
|  Ratio of total expenses to average net assets | 0.97% | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of net investment income to average net assets | 3.37% | 4.30% | 4.14% | 0.45% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.038 | 0.048 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.038 | 0.048 | 0.045 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.048) | (0.045) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.038) | (0.048) | (0.045) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.91% | 4.88% | 4.56% | 1.01% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9922502 |
|  Ratio of net expenses to average net assets | 0.52% | 0.53% | 0.53% | 0.33% | 0.07% |
|  Ratio of total expenses to average net assets | 0.52% | 0.53% | 0.53% | 0.53% | 0.53% |
|  Ratio of net investment income to average net assets | 3.82% | 4.76% | 4.39% | 0.33% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.035 | 0.044 | 0.042 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.035 | 0.045 | 0.042 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.035) | (0.045) | (0.042) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.035) | (0.045) | (0.042) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.60% | 4.57% | 4.25% | 0.84% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10447 |
|  Ratio of net expenses to average net assets | 0.82% | 0.83% | 0.83% | 0.56% | 0.07% |
|  Ratio of total expenses to average net assets | 0.82% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 3.52% | 4.45% | 4.16% | 0.83% | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.042 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.042 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.042) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.042) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.28% | 5.25% | 4.93% | 1.25% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311454 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15% | 0.07% |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of net investment income to average net assets | 4.17% | 5.08% | 4.83% | 1.26% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** | **Drexel Hamilton Class Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.042 | 0.051 | 0.049 | 0.012 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.042 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.042) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.042) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.28% | 5.25% | 4.93% | 1.25% | 0.03% |
|  Net assets, end of year (in 000's) | $12281366 | $11749435 | $11012314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948288 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15% | 0.07% |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of net investment income to average net assets | 4.18% | 5.09% | 4.91% | 1.33% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** |
|  | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.042 | 0.051 | 0.049 | 0.012 | – <sup>(c)</sup> |
|  Net realized loss | – <sup>(c)</sup> | – <sup>(c)</sup> | (0.001) | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.042 | 0.051 | 0.048 | 0.012 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.042) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.042) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.28% | 5.25% | 4.93% | 1.25% | – %<sup>(f)</sup> |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504408 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15% | 0.07 %<sup>(g)</sup> |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
|  Ratio of net investment income to average net assets | 4.17% | 5.09% | 4.95% | 1.36% | 0.03 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** |
|  | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.041 | 0.050 | 0.049 | 0.012 | – <sup>(c)</sup> |
|  Net realized gain (loss) | – <sup>(c)</sup> | 0.001 | (0.001) | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | – <sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.28% | 5.25% | 4.93% | 1.25% | – %<sup>(f)</sup> |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005266 | $10 |
|  Ratio of net expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 %<sup>(g)</sup> |
|  Ratio of total expenses to average net assets | 0.17% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(g)</sup> |
|  Ratio of net investment income to average net assets | 4.13% | 5.00% | 4.91% | 1.55% | 0.03 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.041 | 0.051 | 0.041 |
|  Total from investment operations | 0.041 | 0.051 | 0.041 |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.041) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.041) | (0.051) | (0.041) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.21% | 5.20% | 4.14% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28025 |
|  Ratio of net expenses to average net assets | 0.19% | 0.20% | 0.24 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.08% | 5.07% | 4.93 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.051 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | 0.001 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.21% | 5.20% | 4.84% | 1.14% | 0.01% |
|  Net assets, end of year (in 000's) | $92671564 | $86340277 | $&nbsp;&nbsp;&nbsp;&nbsp;79002981 | $92045963 | $101041091 |
|  Ratio of net expenses to average net assets | 0.19% | 0.20% | 0.20% | 0.17% | 0.07% |
|  Ratio of total expenses to average net assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.10% | 5.05% | 4.75% | 1.11% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.049 | 0.045 | 0.010 | –<sup>(b)</sup> |
|  Net realized gain (loss) | (0.001) |  | 0.001 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.049 | 0.046 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.049) | (0.046) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.049) | (0.046) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.05% | 5.04% | 4.68% | 1.03% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826871 |
|  Ratio of net expenses to average net assets | 0.34% | 0.35% | 0.35% | 0.27% | 0.07% |
|  Ratio of total expenses to average net assets | 0.34% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Ratio of net investment income to average net assets | 3.96% | 4.87% | 4.50% | 1.09% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.036 | 0.045 | 0.042 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | 0.001 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.036 | 0.046 | 0.043 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.036) | (0.046) | (0.043) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.036) | (0.046) | (0.043) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.69% | 4.68% | 4.32% | 0.82% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569931 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.70% | 0.47% | 0.07% |
|  Ratio of total expenses to average net assets | 0.69% | 0.69% | 0.70% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets | 3.59% | 4.50% | 4.20% | 0.69% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.049 | 0.048 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.050) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.11% | 5.10% | 4.73% | 1.07% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191 |
|  Ratio of net expenses to average net assets | 0.29% | 0.30% | 0.30% | 0.24% | 0.07% |
|  Ratio of total expenses to average net assets | 0.29% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Ratio of net investment income to average net assets | 3.99% | 4.94% | 4.80% | 0.99% | –%<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&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. | **79** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.051 | 0.048 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain (loss) | 0.001 |  | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.047) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.18% | 5.17% | 4.81% | 1.12% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208542 |
|  Ratio of net expenses to average net assets | 0.22% | 0.23% | 0.23% | 0.19% | 0.07% |
|  Ratio of total expenses to average net assets | 0.22% | 0.23% | 0.23% | 0.23% | 0.23% |
|  Ratio of net investment income to average net assets | 4.01% | 5.01% | 4.80% | 1.38% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.048 | 0.045 | 0.010 | –<sup>(b)</sup> |
|  Net realized loss | (0.001) |  |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.038 | 0.048 | 0.045 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.048) | (0.045) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.038) | (0.048) | (0.045) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.95% | 4.94% | 4.58% | 0.96% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038029 |
|  Ratio of net expenses to average net assets | 0.44% | 0.45% | 0.45% | 0.34% | 0.07% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 3.85% | 4.80% | 4.49% | 0.95% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **81** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.033 | 0.042 | 0.040 | 0.007 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.033 | 0.043 | 0.040 | 0.007 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.033) | (0.043) | (0.040) | (0.007) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.033) | (0.043) | (0.040) | (0.007) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.38% | 4.37% | 4.01% | 0.66% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11716 |
|  Ratio of net expenses to average net assets | 0.99% | 0.99% | 1.00% | 0.54% | 0.07% |
|  Ratio of total expenses to average net assets | 0.99% | 0.99% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income to average net assets | 3.30% | 4.21% | 3.99% | 0.31% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.038 | 0.047 | 0.046 | 0.009 | –<sup>(b)</sup> |
|  Net realized loss | (0.001) |  | (0.002) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.037 | 0.047 | 0.044 | 0.009 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.037) | (0.047) | (0.044) | (0.009) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.037) | (0.047) | (0.044) | (0.009) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.85% | 4.83% | 4.47% | 0.90% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204641 |
|  Ratio of net expenses to average net assets | 0.54% | 0.55% | 0.55% | 0.39% | 0.07% |
|  Ratio of total expenses to average net assets | 0.54% | 0.55% | 0.55% | 0.55% | 0.55% |
|  Ratio of net investment income to average net assets | 3.76% | 4.69% | 4.59% | 0.87% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **83** |

---

------

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** | **Loop Class Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.041 | 0.051 | 0.046 | 0.011 | –<sup>(c)</sup> |
|  Net realized gain | – <sup>(c)</sup> |  | 0.002 | – <sup>(c)</sup> | –<sup>(c)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.011 | –<sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | – <sup>(c)</sup> | –<sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(c)</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.21% | 5.20% | 4.84% | 1.14% | 0.01% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152101 | $200012 |
|  Ratio of net expenses to average net assets | 0.19% | 0.20% | 0.20% | 0.17% | 0.07%<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.08% | 5.06% | 4.60% | 1.08% | 0.01%<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** | **Seelaus Class Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br> **November 30, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.041 | 0.047 | 0.052 | 0.011 | –<sup>(c)</sup> |
|  Net realized gain (loss) | – <sup>(c)</sup> | 0.004 | (0.004) | – <sup>(c)</sup> | –<sup>(c)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.011 | –<sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(c)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> |  | – <sup>(c)</sup> | –<sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.041) | (0.051) | (0.048) | (0.011) | –<sup>(c)</sup> |
|  Net asset value, end of 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;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 4.21% | 5.20% | 4.84% | 1.14% | 0.01% |
|  Net assets, end of period (in 000's) | $12 | $11 | $12094 | $10 | $10 |
|  Ratio of net expenses to average net assets | 0.19% | 0.19% | 0.20% | 0.17% | 0.07%<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19% | 0.19% | 0.20% | 0.20% | 0.20%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.05% | 4.73% | 5.17% | 1.15% | 0.03%<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on August 23, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&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. | **85** |

---

------

&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;

---

| | |
|:---|:---|
|  | **Financial**<br> **Square Treasury<br>Instruments Fund** |
|  | **Token Shares** |
|  | **Period Ended<br>November 30, 2025<sup>(a)</sup>** |
| Per Share Data |  |
|  Net asset value, beginning of period | $1.00 |
|  Net investment income<sup>(b)</sup>  | 0.017 |
|  Net realized gain | 0.001 |
|  Total from investment operations | 0.018 |
|  Distributions to shareholders from net investment income | (0.018) |
|  Distributions to shareholders from net realized gains | –<sup>(c)</sup> |
|  Total distributions <sup>(d)</sup>  | (0.018) |
|  Net asset value, end of period | $1.00 |
|  **Total Return<sup>(e)</sup>**  | 1.82% |
|  Net assets, end of period (in 000's) | $10 |
|  Ratio of net expenses to average net assets | 0.19%<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.20%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 3.86%<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 20, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.24% | 5.21% | 4.91% | 1.24% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42798024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37458284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44096664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39033144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21699895 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.18% | 0.07% |
|  Ratio of total expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.13% | 5.07% | 4.80% | 1.56% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **87** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.049 | 0.047 | 0.011 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.049 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.08% | 5.05% | 4.75% | 1.13% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371230 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.29% | 0.07% |
|  Ratio of total expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Ratio of net investment income to average net assets | 3.98% | 4.91% | 4.72% | 1.29% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.036 | 0.046 | 0.043 | 0.009 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.036 | 0.046 | 0.043 | 0.009 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.036) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.036) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.72% | 4.69% | 4.39% | 0.92% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703918 |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.50% | 0.07% |
|  Ratio of total expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets | 3.63% | 4.57% | 4.30% | 0.89% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **89** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.14% | 5.10% | 4.81% | 1.17% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500987 |
|  Ratio of net expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.25% | 0.07% |
|  Ratio of total expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Ratio of net investment income to average net assets | 4.03% | 4.98% | 4.73% | 1.27% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 90 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.049 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | 0.001 | 0.002 | 0.001 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.21% | 5.18% | 4.88% | 1.22% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87703 |
|  Ratio of net expenses to average net assets | 0.23% | 0.23% | 0.23% | 0.20% | 0.07% |
|  Ratio of total expenses to average net assets | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
|  Ratio of net investment income to average net assets | 4.05% | 4.92% | 4.71% | 1.48% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **91** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.048 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.048 | 0.045 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.048) | (0.045) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.048) | (0.045) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.98% | 4.95% | 4.65% | 1.06% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923435 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.36% | 0.07% |
|  Ratio of total expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 3.88% | 4.82% | 4.56% | 1.15% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 92 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.033 | 0.042 | 0.038 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | 0.002 | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.033 | 0.043 | 0.040 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.033) | (0.043) | (0.040) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.033) | (0.043) | (0.040) | (0.008) |  |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.41% | 4.37% | 4.08% | 0.76% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29933 |
|  Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 0.63% | 0.07% |
|  Ratio of total expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income to average net assets | 3.34% | 4.24% | 3.82% | 0.60% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **93** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.038 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.038 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.038) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.88% | 4.84% | 4.55% | 1.00% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.45% | 0.07% |
|  Ratio of total expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
|  Ratio of net investment income to average net assets | 3.77% | 4.72% | 4.38% | 1.45% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

| | |
|:---|:---|
| 94 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** | **Resource Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.035 | 0.044 | 0.044 | 0.009 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> | – <sup>(b)</sup> | (0.002) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.035 | 0.044 | 0.042 | 0.009 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.035) | (0.044) | (0.042) | (0.009) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.035) | (0.044) | (0.042) | (0.009) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.57% | 4.53% | 4.23% | 0.83% | 0.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11752 | $&nbsp;&nbsp;&nbsp;&nbsp;&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&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 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.35% | 0.07% |
|  Ratio of total expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income to average net assets | 3.48% | 4.36% | 4.38% | 0.88% | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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. | **95** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.20% | 5.21% | 4.91% | 1.24% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14808616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12840990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14341376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632239 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.17% | 0.09% |
|  Ratio of total expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.09% | 5.06% | 4.82% | 1.41% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| 96 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** | **Capital Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.039 | 0.049 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.039 | 0.049 | 0.046 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.039) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.039) | (0.049) | (0.046) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.05% | 5.05% | 4.76% | 1.13% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243876 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.27% | 0.09% |
|  Ratio of total expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Ratio of net investment income to average net assets | 3.92% | 4.92% | 4.60% | 0.94% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&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. | **97** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.036 | 0.046 | 0.045 | 0.009 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.036 | 0.046 | 0.045 | 0.009 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.036) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.036) | (0.046) | (0.043) | (0.009) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.69% | 4.68% | 4.39% | 0.91% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233842 |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.45% | 0.09% |
|  Ratio of total expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of net investment income to average net assets | 3.60% | 4.57% | 4.45% | 0.81% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| 98 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.10% | 5.10% | 4.81% | 1.17% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51188 |
|  Ratio of net expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.24% | 0.09% |
|  Ratio of total expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Ratio of net investment income to average net assets | 4.01% | 4.97% | 4.69% | 1.14% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&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. | **99** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** | **Select Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.041 | 0.048 | 0.046 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.003 | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.041 | 0.051 | 0.046 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.041) | (0.051) | (0.048) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 4.17% | 5.18% | 4.88% | 1.22% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 |
|  Ratio of net expenses to average net assets | 0.23% | 0.23% | 0.23% | 0.20% | 0.09% |
|  Ratio of total expenses to average net assets | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
|  Ratio of net investment income to average net assets | 4.11% | 4.83% | 4.55% | 1.51% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| 100 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.038 | 0.048 | 0.045 | 0.011 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.038 | 0.048 | 0.045 | 0.011 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.048) | (0.045) | (0.011) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.038) | (0.048) | (0.045) | (0.011) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 3.95% | 4.95% | 4.65% | 1.06% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375220 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.37% | 0.09% |
|  Ratio of total expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 3.83% | 4.83% | 4.53% | 1.16% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&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. | **101** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.033 | 0.042 | 0.039 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.033 | 0.043 | 0.039 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.033) | (0.043) | (0.040) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.033) | (0.043) | (0.040) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.38% | 4.37% | 4.08% | 0.76% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371768 |
|  Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 0.61% | 0.09% |
|  Ratio of total expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income to average net assets | 3.28% | 4.23% | 3.90% | 0.64% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

| | |
|:---|:---|
| 102 | **The accompanying notes are an integral part of these financial statements.** |

---

------

&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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** | **Premier Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.037 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.037 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.037) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup>  | (0.037) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 3.84% | 4.84% | 4.55% | 1.00% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122233 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.39% | 0.09% |
|  Ratio of total expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
|  Ratio of net investment income to average net assets | 3.74% | 4.71% | 4.40% | 0.85% | –% <sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

&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. | **103** |

---

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements *November 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;

&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**  |
| Financial Square Federal Instruments Fund | D, Institutional, Capital, Service, Preferred, Administration and Cash Management | Diversified |
| Financial Square Government Fund | A, C, D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Resource, R6, Drexel Hamilton, Loop and Seelaus | Diversified |
| Financial Square Treasury Instruments Fund | D, Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier, Loop, Seelaus and Token | Diversified |
| Financial Square Treasury Obligations Fund | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, Premier and Resource | Diversified |
| Financial Square Treasury Solutions Fund | Institutional, Capital, Service, Preferred, Select, Administration, Cash Management, and Premier | Diversified |

---

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge ("CDSC") of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (the "Agreements") 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 investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees ("Trustees"), GSAM evaluates daily the difference between each Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. Non-class specific expenses directly

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

104.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

&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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. 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. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

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

**105**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

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

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

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

assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit

spreads), either directly or indirectly;

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

The Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of November 30, 2025, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

&nbsp;&nbsp;&nbsp;&nbsp;B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the "Plans") to allow Class C, Select, Preferred, Capital, Administration, Premier, Service, Resource and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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

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

106.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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 Trust, on behalf of Class C, Resource and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, 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, Resource and Cash Management Shares of the Funds, as set forth below.

The Trust, on behalf of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares' CDSC. During the fiscal year ended November 30, 2025, Goldman Sachs retained $1,369 in CDSCs with respect to Class C Shares of the Financial Square Government Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Agreements — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 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, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

&nbsp;&nbsp;&nbsp;&nbsp;G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate is 0.18% for the Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations and Financial Square Treasury Solutions Funds and 0.16% for the Financial Square Government Fund. The Transfer Agency Fee is 0.01% for all funds.

Other contractual annualized rates for each of the Funds are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A** <br> **Shares<sup>(a)</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares<sup>(a)</sup>**  | **Capital Shares** | **Service Shares** | **Preferred** <br> **Shares** | **Select Shares** |
|  Administration, Service and/or Shareholder Administration Fees\* | N/A | 0.25% | 0.15% | 0.25% | 0.10% | 0.03% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 0.75%<sup>(b)</sup> | N/A | 0.25%<sup>(c)</sup> | N/A | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Administration<br>Shares** | **Cash<br>Management<br>Shares** | **Premier Shares** | **Resource<br>Shares** |
|  Administration, Service and/or Shareholder Administration Fees\* | 0.25% | 0.50% | 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
|  Distribution and/or Service (12b-1) Fees | N/A | 0.30%<sup>(b)</sup> | N/A | 0.15%<sup>(b)</sup> |

---

\* Class D Shares, Institutional Shares, Class R6 Shares, Drexel Hamilton Class Shares, Loop Class Shares, Seelaus Class Shares and Token Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Square Government Fund only.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution (12b-1) fee only.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Service (12b-1) fee only.

N/A Fees not applicable to respective share class.

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

**107**

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

For the fiscal year ended November 30, 2025, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Other Expense<br>Reimbursements** | **Total Expense <br>Reductions** |
|  Financial Square Government Fund | $34 | $34 |

---

For the fiscal year ended November 30, 2025 , the net effective management fee rate was 0.16% for the Financial Square Government Fund and 0.18% for Financial Square Federal Instruments, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the fiscal year ended November 30, 2025 , there were no purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act.

As of November 30, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class D Shares** | **Capital Shares** | **Seelaus Class<br>Shares** | **Token Shares** |
|  Financial Square Federal Instruments Fund | 5% | 100% | –% | –% |
|  Financial Square Treasury Instruments Fund | – | – | 100 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;I. Line of Credit Facility — As of November 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 fiscal year ended November 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;&nbsp;&nbsp;&nbsp;&nbsp;5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended November 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square<br>Federal Instruments<br>Fund** | **Financial Square<br>Government Fund** | **Financial Square<br>Treasury Instruments<br>Fund** | **Financial Square<br>Treasury Obligations<br>Fund** | **Financial Square<br> Treasury Solutions <br>Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321785190 | $10696710531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921209371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902125991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653713146 |

---

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

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

108.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;

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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. TAX INFORMATION (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Square<br>Federal Instruments<br>Fund** | **Financial Square<br>Government Fund** | **Financial Square<br>Treasury Instruments<br>Fund** | **Financial Square<br>Treasury Obligations<br>Fund** | **Financial Square<br> Treasury Solutions <br>Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311797679 | $11973418727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233489593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133455919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730171080 |
|  Long-term capital gains |  |  |  | 109279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $311797679 | $11973418727 | $4233489593 | $2133565198 | $730171080 |

---

As of November 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial**<br> **Square Federal<br>Instruments Fund** | **Financial Square<br>Government Fund** | **Financial**<br> **Square Treasury<br>Instruments Fund** | **Financial**<br> **Square Treasury<br>Obligations Fund** | **Financial Square<br> Treasury Solutions** <br> **Fund** |
|  Undistributed ordinary income — net | $6714027 | $460442595 | $147053606 | $95082805 | $18133570 |
|  Undistributed long-term capital gains | 7536 | 165575 |  | 41828 | 6989 |
|  Total undistributed earnings | $6721563 | $460608170 | $147053606 | $95124633 | $18140559 |
|  Timing differences — Dividends Payable | (6075060) | (443189352) | (140643119) | (90456459) | (16560434) |
|  Unrealized gains (losses) — net | (24482) | (517778) | (287402) | (214069) | (51596) |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16901040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528529 |

---

For the year ended November 30, 2025, the Financial Square Treasury Instruments Fund utilized $19,554,987 in Capital Loss Carryforwards.

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three tax 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;6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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

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

**109**

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS (continued)

(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 the Fund's NAV and liquidity. 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. 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.

Liquidity Risk — The Funds 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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund's ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. 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 money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

Stable NAV Risk — The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund's NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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;8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

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

110.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 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;10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Federal Instruments Fund** | **Financial Square Federal Instruments Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class D Shares** |  |  |
|  Shares sold | 537806 | 1807286 |
|  Reinvestment of distributions | 25133 | 65066 |
|  Shares redeemed | (1574394) | (2087340) |
|  | (1011455) | (214988) |
|  **Institutional Shares** |  |  |
|  Shares sold | 13972179932 | 13360449583 |
|  Reinvestment of distributions | 235798610 | 236236811 |
|  Shares redeemed | (12811268979) | (11984612501) |
|  | 1396709563 | 1612073893 |
|  **Capital Shares** |  |  |
|  Reinvestment of distributions | 2366 | 2802 |
|  | 2366 | 2802 |
|  **Service Shares** |  |  |
|  Shares sold | 9819773 | 8990966 |
|  Reinvestment of distributions | 1359 | 140947 |
|  Shares redeemed | (23742453) | (26931011) |
|  | (13921321) | (17799098) |
|  **Preferred Shares** |  |  |
|  Shares sold | 222027080 | 272729867 |
|  Reinvestment of distributions | 6039751 | 6405232 |
|  Shares redeemed | (188026277) | (246723389) |
|  | 40040554 | 32411710 |
|  **Administration Shares** |  |  |
|  Shares sold | 262776992 | 283397839 |
|  Reinvestment of distributions | 5254593 | 6209080 |
|  Shares redeemed | (291366772) | (283903711) |
|  | (23335187) | 5703208 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 97198886 | 122178884 |
|  Reinvestment of distributions | 1090204 | 1189689 |
|  Shares redeemed | (130211809) | (88475726) |
|  | (31922719) | 34892847 |
|  **NET INCREASE IN SHARES** | 1366561801 | 1667070374 |

---

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

**111**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 6341568377 | 5177644426 |
|  Reinvestment of distributions | 205351086 | 170167908 |
|  Shares redeemed | (4837459304) | (3579540174) |
|  | 1709460159 | 1768272160 |
|  **Class C Shares** |  |  |
|  Shares sold | 3220124 | 1697540 |
|  Reinvestment of distributions | 146944 | 214120 |
|  Shares redeemed | (2735432) | (2475103) |
|  | 631636 | (563443) |
|  **Class D Shares** |  |  |
|  Shares sold | 224348443 | 175653273 |
|  Reinvestment of distributions | 4037776 | 4774265 |
|  Shares redeemed | (215846422) | (175506817) |
|  | 12539797 | 4920721 |
|  **Institutional Shares** |  |  |
|  Shares sold | 1820245164239 | 1658674501351 |
|  Reinvestment of distributions | 4574314793 | 5371160186 |
|  Shares redeemed | (1817223801579) | (1658919093398) |
|  | 7595677453 | 5126568139 |
|  **Capital Shares** |  |  |
|  Shares sold | 16532280523 | 14037858495 |
|  Reinvestment of distributions | 25103435 | 30417784 |
|  Shares redeemed | (15237548539) | (14160115567) |
|  | 1319835419 | (91839288) |
|  **Service Shares** |  |  |
|  Shares sold | 7212738086 | 5583832229 |
|  Reinvestment of distributions | 21916608 | 26165438 |
|  Shares redeemed | (7120082304) | (5753697632) |
|  | 114572390 | (143699965) |
|  **Preferred Shares** |  |  |
|  Shares sold | 8786118793 | 12127366091 |
|  Reinvestment of distributions | 23494812 | 22083645 |
|  Shares redeemed | (8440614807) | (12361483772) |
|  | 368998798 | (212034036) |
|  **Select Shares** |  |  |
|  Shares sold | 2676341242 | 3109381194 |
|  Reinvestment of distributions | 33499178 | 41655190 |
|  Shares redeemed | (2881543561) | (3369577006) |
|  | (171703141) | (218540622) |
|  **Administration Shares** |  |  |
|  Shares sold | 41760701112 | 43561825529 |
|  Reinvestment of distributions | 128604460 | 125010801 |
|  Shares redeemed | (41440785502) | (41242731091) |
|  | 448520070 | 2444105239 |

---

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

112.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Government Fund** | **Financial Square Government Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Cash Management Shares** |  |  |
|  Shares sold | 4230571590 | 3336371978 |
|  Reinvestment of distributions | 27523378 | 24789215 |
|  Shares redeemed | (4077211333) | (3265169768) |
|  | 180883635 | 95991425 |
|  **Premier Shares** |  |  |
|  Shares sold | 420371119 | 405822231 |
|  Reinvestment of distributions | 3540678 | 4879914 |
|  Shares redeemed | (425401652) | (408892817) |
|  | (1489855) | 1809328 |
|  **Resource Shares** |  |  |
|  Shares sold | 3431356 | 4939555 |
|  Reinvestment of distributions | 351488 | 421205 |
|  Shares redeemed | (4648788) | (3446086) |
|  | (865944) | 1914674 |
|  **Class R6 Shares** |  |  |
|  Shares sold | 972417173 | 993107976 |
|  Reinvestment of distributions | 21395922 | 22611977 |
|  Shares redeemed | (984311325) | (814402699) |
|  | 9501770 | 201317254 |
|  **Drexel Hamilton Class Shares** |  |  |
|  Shares sold | 158579636838 | 135748179191 |
|  Reinvestment of distributions | 87979200 | 89961783 |
|  Shares redeemed | (158135343939) | (135102108404) |
|  | 532272099 | 736032570 |
|  **Loop Class Shares** |  |  |
|  Shares sold | 47205899368 | 37927378602 |
|  Reinvestment of distributions | 110548275 | 89142673 |
|  Shares redeemed | (46270960159) | (37238910651) |
|  | 1045487484 | 777610624 |
|  **Seelaus Class Shares** |  |  |
|  Shares sold | 18511810329 | 5619380296 |
|  Reinvestment of distributions | 100929073 | 41794482 |
|  Shares redeemed | (17180837560) | (3999503297) |
|  | 1431901842 | 1661671481 |
|  **NET INCREASE IN SHARES** | 14596223612 | 12153536261 |

---

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

**113**

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class D Shares** |  |  |
|  Shares sold | 145015525 | 99722223 |
|  Reinvestment of distributions | 1850356 | 1785104 |
|  Shares redeemed | (132947246) | (98034476) |
|  | 13918635 | 3472851 |
|  **Institutional Shares** |  |  |
|  Shares sold | 251271816495 | 236924705390 |
|  Reinvestment of distributions | 2097090507 | 2360013397 |
|  Shares redeemed | (247035070532) | (231956446174) |
|  | 6333836470 | 7328272613 |
|  **Capital Shares** |  |  |
|  Shares sold | 8077491751 | 7375272512 |
|  Reinvestment of distributions | 27143774 | 27046255 |
|  Shares redeemed | (8374931863) | (6868021930) |
|  | (270296338) | 534296837 |
|  **Service Shares** |  |  |
|  Shares sold | 4047382156 | 5806243704 |
|  Reinvestment of distributions | 2489576 | 6190523 |
|  Shares redeemed | (4065630721) | (4461980036) |
|  | (15758989) | 1350454191 |
|  **Preferred Shares** |  |  |
|  Shares sold | 631045943 | 447691934 |
|  Reinvestment of distributions | 3224105 | 3017825 |
|  Shares redeemed | (588047068) | (433017868) |
|  | 46222980 | 17691891 |
|  **Select Shares** |  |  |
|  Shares sold | 1873963167 | 1423770747 |
|  Reinvestment of distributions | 16231450 | 20853305 |
|  Shares redeemed | (1215561085) | (1677779047) |
|  | 674633532 | (233154995) |
|  **Administration Shares** |  |  |
|  Shares sold | 12798925230 | 12790943965 |
|  Reinvestment of distributions | 59751951 | 63718092 |
|  Shares redeemed | (12980320195) | (12535810483) |
|  | (121643014) | 318851574 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 97892482 | 171795793 |
|  Reinvestment of distributions | 1856434 | 1630068 |
|  Shares redeemed | (97171607) | (149193335) |
|  | 2577309 | 24232526 |
|  **Premier Shares** |  |  |
|  Shares sold | 1095535156 | 1896256304 |
|  Reinvestment of distributions | 44 | 53 |
|  Shares redeemed | (1153377922) | (1367946604) |
|  | (57842722) | 528309753 |

---

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

114.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Instruments Fund** | **Financial Square Treasury Instruments Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Loop Class Shares** |  |  |
|  Shares sold | 325355203 | 88250000 |
|  Reinvestment of distributions | 1630741 | 2112986 |
|  Shares redeemed | (259917164) | (89233731) |
|  | 67068780 | 1129255 |
|  **Seelaus Class Shares** |  |  |
|  Shares sold | 361300000 | 318250000 |
|  Reinvestment of distributions | 337209 | 27844 |
|  Shares redeemed | (361636739) | (330360561) |
|  | 470 | (12082717) |
|  **Token Shares** |  |  |
|  Shares sold | 100010000 |  |
|  Reinvestment of distributions | 182 |  |
|  Shares redeemed | (100000000) |  |
|  | 10182 |  |
|  **NET INCREASE IN SHARES** | 6672727295 | 9861473779 |

---

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

**115**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Institutional Shares** |  |  |
|  Shares sold | 283320801276 | 235444904789 |
|  Reinvestment of distributions | 791205108 | 905031371 |
|  Shares redeemed | (278770821378) | (242991956870) |
|  | 5341185006 | (6642020710) |
|  **Capital Shares** |  |  |
|  Shares sold | 6380181775 | 6019043023 |
|  Reinvestment of distributions | 8455460 | 10763735 |
|  Shares redeemed | (6373084734) | (5685482185) |
|  | 15552501 | 344324573 |
|  **Service Shares** |  |  |
|  Shares sold | 4676213347 | 3141927751 |
|  Reinvestment of distributions | 5127053 | 5466063 |
|  Shares redeemed | (4401108008) | (2954053312) |
|  | 280232392 | 193340502 |
|  **Preferred Shares** |  |  |
|  Shares sold | 3182513514 | 2969107699 |
|  Reinvestment of distributions | 14917472 | 16664209 |
|  Shares redeemed | (3156390357) | (3217875337) |
|  | 41040629 | (232103429) |
|  **Select Shares** |  |  |
|  Shares sold | 1222098885 | 1067823252 |
|  Reinvestment of distributions | 7286499 | 5554512 |
|  Shares redeemed | (1167969356) | (940618385) |
|  | 61416028 | 132759379 |
|  **Administration Shares** |  |  |
|  Shares sold | 15561200862 | 13222800303 |
|  Reinvestment of distributions | 24831842 | 25971414 |
|  Shares redeemed | (15116182256) | (12628046111) |
|  | 469850448 | 620725606 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 159557209 | 139362851 |
|  Reinvestment of distributions | 1042867 | 883403 |
|  Shares redeemed | (165314601) | (125533218) |
|  | (4714525) | 14713036 |
|  **Premier Shares** |  |  |
|  Shares sold | 86819347 | 102671552 |
|  Reinvestment of distributions | 534271 | 703843 |
|  Shares redeemed | (86225699) | (102019221) |
|  | 1127919 | 1356174 |
|  **Resource Shares** |  |  |
|  Shares sold | 118073377 | 132650147 |
|  Reinvestment of distributions | 1133004 | 875003 |
|  Shares redeemed | (115433405) | (112864998) |
|  | 3772976 | 20660152 |

---

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

116.0 ------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE 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;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Obligations Fund** | **Financial Square Treasury Obligations Fund** |
| | **For the Fiscal Year Ended<br>November 30, 2025**<br>**Shares** | **For the Fiscal Year Ended<br>November 30, 2024**<br>**Shares** |
|  **NET INCREASE (DECREASE) IN SHARES** | 6209463374 | (5546244717) |

---

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

**117**

------

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial Square Treasury Solutions Fund** | **Financial Square Treasury Solutions Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Institutional Shares** |  |  |
|  Shares sold | 30645330900 | 34812760224 |
|  Reinvestment of distributions | 390165602 | 421684181 |
|  Shares redeemed | (29067449293) | (36017893110) |
|  | 1968047209 | (783448705) |
|  **Capital Shares** |  |  |
|  Shares sold | 1511679966 | 1835906949 |
|  Reinvestment of distributions | 7869763 | 8028787 |
|  Shares redeemed | (1415937914) | (1851547577) |
|  | 103611815 | (7611841) |
|  **Service Shares** |  |  |
|  Shares sold | 2743740626 | 3131652097 |
|  Reinvestment of distributions | 8905063 | 15211211 |
|  Shares redeemed | (2863073257) | (3124410344) |
|  | (110427568) | 22452964 |
|  **Preferred Shares** |  |  |
|  Shares sold | 170110986 | 172410229 |
|  Reinvestment of distributions | 1877610 | 2470863 |
|  Shares redeemed | (180783809) | (167548919) |
|  | (8795213) | 7332173 |
|  **Select Shares** |  |  |
|  Shares sold | 5115413 | 12024875 |
|  Reinvestment of distributions | 244583 | 186816 |
|  Shares redeemed | (10783135) | (5400000) |
|  | (5423139) | 6811691 |
|  **Administration Shares** |  |  |
|  Shares sold | 3540689967 | 3809475062 |
|  Reinvestment of distributions | 38121147 | 40111981 |
|  Shares redeemed | (2908310341) | (3831537091) |
|  | 670500773 | 18049952 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 1180246811 | 1201754691 |
|  Reinvestment of distributions | 508356 | 460967 |
|  Shares redeemed | (1026282997) | (1103216483) |
|  | 154472170 | 98999175 |
|  **Premier Shares** |  |  |
|  Shares sold | 431991772 | 411611649 |
|  Reinvestment of distributions | 502420 | 725383 |
|  Shares redeemed | (429413714) | (376994875) |
|  | 3080478 | 35342157 |
|  **NET INCREASE (DECREASE) IN SHARES** | 2775066525 | (602072434) |

---

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

118.0 ------

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

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

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund and Goldman Sachs Financial Square Treasury Solutions Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund and Goldman Sachs Financial Square Treasury Solutions Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations for the year ended November 30, 2025, the statements of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 23, 2026

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

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

**119**

------

GOLDMAN SACHS — FINANCIAL SQUARE 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 Financial Square Federal Instruments Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, and Goldman Sachs Financial Square Treasury Solutions 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 five 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 information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) 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;(e) 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;(f) 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;(g) 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;(h) whether the Fund's existing management fee adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, distribution and other services;

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

120.0 ------

GOLDMAN SACHS — FINANCIAL SQUARE 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;(j) 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;(k) 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;(l) 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;(m) 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 compiled by the Outside Data Provider as of December 31, 2024. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods.

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 considered the performance of the Funds in light of their respective investment policies and strategies. They considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Funds' yields improved as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during prior periods. The Trustees acknowledged that although the Federal Reserve cut interest

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

rates in September through December 2024, rates remain elevated compared to recent norms and the interest rate environment remains uncertain in light of broader economic and political conditions and persistent inflationary concerns. They considered that, since last approval, the Investment Adviser had reimbursed expenses for certain Money Market Funds. The Trustees also considered that each of the Funds had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

#### 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 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 noted that the Investment Adviser and Goldman Sachs & Co. LLC ("Goldman Sachs") had reimbursed expenses for certain money market funds. The Trustees also acknowledged the growth of the Money Market Funds in recent periods. 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 noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds' recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds' management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

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GOLDMAN SACHS — FINANCIAL SQUARE FUNDS

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

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

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of certain fees as Fund Distributor; (f) Goldman Sachs' ability to engage in principal transactions with the Funds under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (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 Funds; (h) 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; and (i) reputational benefits associated with the distribution of certain Fund share classes designed to help further diversity, equity, and inclusion initiatives. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Goldman Sachs Trust – Financial Square Funds - Tax Information (Unaudited)

During the year ended November 30, 2025, 100%, 100%, 100%, 100%, and 100% of the net investment company taxable income distributions paid by the Financial Square Federal Instruments, Financial Square Government, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

During the fiscal year ended November 30, 2025, the Financial Square Federal Instruments, Financial Square Government, Financial Square Treasury Instruments, Financial Square Treasury Obligations, and Financial Square Treasury Solutions Funds designate 99.14%, 99.34%, 99.20%, 99.26%, and 99.18% of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

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**127**

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![LOGO](g20621dsp128.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. FSQAR-26

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![LOGO](g23752dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements November 30, 2025 Investor FundsSM Goldman Sachs Investor Money Market Fund Goldman Sachs Investor Tax-Exempt California Money Market Fund Goldman Sachs Investor Tax-Exempt Money Market Fund Goldman Sachs Investor Tax-Exempt New York Money Market Fund

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## Goldman Sachs Investor Funds

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| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#if23752_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Money Market Fund](#if23752_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt California Money Market Fund](#if23752_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt Money Market Fund](#if23752_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt New York Money Market Fund](#if23752_5) | 19 |
|  **[Financial Statements](#if23752_6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#if23752_7) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#if23752_8) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#if23752_9) | 24 |
|  **[Financial Highlights](#if23752_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Money Market Fund](#if23752_11) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt California Money Market Fund](#if23752_12) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt Money Market Fund](#if23752_13) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investor Tax-Exempt New York Money Market Fund](#if23752_14) | 44 |
|  **[Notes to Financial Statements](#if23752_15)** | 49 |
|  **[Report of Independent Registered Public Accounting Firm](#if23752_16)** | 61 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#if23752_17)** | 62 |
|  **[Other Information](#if23752_18)** | 67 |

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GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

Schedule of Investments *November 30, 2025*

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

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations - 13.9% | Commercial Paper and Corporate Obligations - 13.9% | Commercial Paper and Corporate Obligations - 13.9% | Commercial Paper and Corporate Obligations - 13.9% |
| Albion Capital LLC | Albion Capital LLC | Albion Capital LLC |  |
| $23634000 | 4.059% | 12/01/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23634000 |
| 27041000 | 4.208 | 12/22/25 | 26976011 |
| 5639000 | 4.139 | 02/17/26 | 5589580 |
| 5356000 | 4.149 | 02/17/26 | 5309061 |
| 9098000 | 4.149 | 02/20/26 | 9014862 |
| 12000000 | 4.170 | 02/20/26 | 11890343 |
| Antalis S.A. | Antalis S.A. | Antalis S.A. | Antalis S.A. |
| 17000000 | 4.234 | 01/06/26 | 16929790 |
| 8791000 | 4.458 | 02/04/26 | 8722747 |
| 21513000 | 4.322 | 02/05/26 | 21346167 |
| 24520000 | 4.128 | 02/12/26 | 24319624 |
| 6860000 | 4.156 | 03/11/26 | 6783397 |
| ANZ New Zealand (Int'l) Limited - London Branch | ANZ New Zealand (Int'l) Limited - London Branch | ANZ New Zealand (Int'l) Limited - London Branch | ANZ New Zealand (Int'l) Limited - London Branch |
| 27339000 | 4.005 | 05/11/26 | 26862162 |
| ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| 32335000 | 4.189 | 05/22/26 | 31707773 |
| Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
| 30813000 | 4.220 | 02/06/26 | 30813000 |
| Australia and New Zealand Banking Group Limited | Australia and New Zealand Banking Group Limited | Australia and New Zealand Banking Group Limited | Australia and New Zealand Banking Group Limited |
| 5142000 | 3.939 | 04/20/26 | 5064813 |
| Banco Santander, S.A. | Banco Santander, S.A. | Banco Santander, S.A. | Banco Santander, S.A. |
| 20400000 | 3.992 | 05/11/26 | 20044190 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 59000000 | 4.291 | 01/21/26 | 58648114 |
| 16236000 | 4.108 | 01/23/26 | 16139910 |
| Bank of New Zealand | Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
| 15207000 | 4.008 | 06/10/26 | 14893149 |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| 10074000 | 4.367 | 01/05/26 | 10032179 |
| 10000000 | 4.061 | 03/23/26 | 9876178 |
| 14623000 | 4.033 | 05/05/26 | 14374307 |
| Barclays Bank UK PLC | Barclays Bank UK PLC | Barclays Bank UK PLC | Barclays Bank UK PLC |
| 35136000 | 4.023 | 12/02/25 | 35132076 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 6011000 | 4.190 | 02/05/26 | 6011000 |
| Barclays US CCP Funding LLC | Barclays US CCP Funding LLC | Barclays US CCP Funding LLC | Barclays US CCP Funding LLC |
| 12750000 | 4.303 | 02/06/26 | 12650100 |
| Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| 20229000 | 4.062 | 03/09/26 | 20009830 |
| BPCE | BPCE | BPCE | BPCE |
| 40000000 | 4.430 | 06/10/26 | 39100178 |
| Cabot Trail Funding LLC | Cabot Trail Funding LLC | Cabot Trail Funding LLC | Cabot Trail Funding LLC |
| 9536000 | 4.019 | 04/07/26 | 9403455 |
| 12596000 | 4.251 | 04/22/26 | 12593945 |
| Deaconess Health System, Inc. | Deaconess Health System, Inc. | Deaconess Health System, Inc. | Deaconess Health System, Inc. |
| 1896000 | 4.343 | 12/04/25 | 1895321 |
| 20000000 | 4.203 | 01/06/26 | 19916800 |
| 40000000 | 3.991 | 02/06/26 | 39705944 |
| Deutsche Bank Aktiengesellschaft - London Branch | Deutsche Bank Aktiengesellschaft - London Branch | Deutsche Bank Aktiengesellschaft - London Branch | Deutsche Bank Aktiengesellschaft - London Branch |
| 30000000 | 4.520 | 03/13/26 | 29628533 |
| 25000000 | 3.950 | 04/27/26 | 24604665 |
| 43000000 | 3.945 | 05/08/26 | 42270598 |
| 34000000 | 4.076 | 05/13/26 | 33393403 |
| DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| 20000000 | 4.404 | 02/13/26 | 19824867 |
| Emory University | Emory University | Emory University | Emory University |
| 20000000 | 4.080 | 01/06/26 | 20000000 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) |
| Gotham Funding Corporation | Gotham Funding Corporation | Gotham Funding Corporation |  |
| $23783000 | 4.001% | 02/06/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23607719 |
| Hannover Funding Company LLC | Hannover Funding Company LLC | Hannover Funding Company LLC | Hannover Funding Company LLC |
| 18349000 | 4.419 | 12/03/25 | 18344545 |
| 3468000 | 4.272 | 12/18/25 | 3461171 |
| 20000000 | 4.133 | 01/23/26 | 19879572 |
| Jackson National Life Short Term Funding, LLC | Jackson National Life Short Term Funding, LLC | Jackson National Life Short Term Funding, LLC | Jackson National Life Short Term Funding, LLC |
| 2500000 | 4.239 | 02/13/26 | 2478397 |
| 21600000 | 4.294 | 02/13/26 | 21413353 |
| 9786000 | 4.253 | 05/06/26 | 9611287 |
| Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |
| 11500000 | 4.154 | 01/05/26 | 11454160 |
| 10000000 | 4.357 | 01/06/26 | 9957400 |
| 9525000 | 3.966 | 05/22/26 | 9347972 |
| 17778000 | 3.968 | 05/26/26 | 17439902 |
| LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| 8038000 | 4.110 | 03/13/26 | 7946903 |
| 8038000 | 4.111 | 03/16/26 | 7944037 |
| 30517000 | 4.149 | 03/16/26 | 30160264 |
| 7829000 | 4.054 | 03/17/26 | 7736792 |
| 7826000 | 4.111 | 03/18/26 | 7732958 |
| 10079000 | 4.119 | 03/20/26 | 9957542 |
| Manhattan Asset Funding Company LLC | Manhattan Asset Funding Company LLC | Manhattan Asset Funding Company LLC | Manhattan Asset Funding Company LLC |
| 24718000 | 4.426 | 01/26/26 | 24551511 |
| Mont Blanc Capital Corporation | Mont Blanc Capital Corporation | Mont Blanc Capital Corporation | Mont Blanc Capital Corporation |
| 13820000 | 4.177 | 02/17/26 | 13698730 |
| 33139000 | 4.035 | 03/16/26 | 32755278 |
| Multicare Health System | Multicare Health System | Multicare Health System | Multicare Health System |
| 30000000 | 4.083 | 02/19/26 | 29730667 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
| 25000000 | 4.189 | 05/26/26 | 24503778 |
| National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch |
| 4500000 | 4.208 | 01/15/26 | 4476600 |
| 8904000 | 4.159 | 02/11/26 | 8830987 |
| Natwest Markets PLC | Natwest Markets PLC | Natwest Markets PLC | Natwest Markets PLC |
| 21501000 | 4.018 | 06/23/26 | 21025828 |
| Nieuw Amsterdam Receivables Corporation | Nieuw Amsterdam Receivables Corporation | Nieuw Amsterdam Receivables Corporation | Nieuw Amsterdam Receivables Corporation |
| 12853000 | 4.375 | 01/16/26 | 12784269 |
| Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. |
| 20610000 | 4.331 | 12/03/25 | 20605099 |
| Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |
| 14911000 | 4.320 | 01/16/26 | 14911000 |
| 15000000 | 4.425 | 02/13/26 | 14868033 |
| 11800000 | 4.381 | 04/08/26 | 11622108 |
| 17067000 | 4.300 | 04/21/26 | 16791596 |
| 15098000 | 4.310 | 04/28/26 | 14841653 |
| 6898000 | 4.387 | 05/27/26 | 6755556 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 20000000 | 4.447 | 12/10/25 | 19978250 |
| 50000000 | 4.113 | 01/15/26 | 49746250 |
| 15000000 | 4.009 | 04/01/26 | 14801102 |
| 15191000 | 4.041 | 04/01/26 | 14989569 |
| 9437000 | 4.400 | 04/23/26 | 9277310 |
| 16790000 | 4.154 | 05/07/26 | 16494179 |
| 19263000 | 4.027 | 06/04/26 | 18875947 |
| Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC |
| 8997000 | 4.395 | 02/03/26 | 8928543 |
| 17723000 | 4.131 | 03/23/26 | 17502998 |

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

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GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) | Commercial Paper and Corporate Obligations– (continued) |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |  |
| 16113000 | 4.210% | 01/26/26 | 16113000 |
| 36060000 | 4.210 | 01/30/26 | 36060000 |
| Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC | Sheffield Receivables Company LLC |
| 16161000 | 4.217 | 12/16/25 | 16132920 |
| 10000000 | 4.059 | 03/31/26 | 9866667 |
| Societe Generale | Societe Generale | Societe Generale | Societe Generale |
| 29689000 | 4.224 | 06/01/26 | 29075114 |
| Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. |
| 1137000 | 4.220 | 12/01/25 | 1137000 |
| Starbird Funding Corporation | Starbird Funding Corporation | Starbird Funding Corporation | Starbird Funding Corporation |
| 8750000 | 4.268 | 02/02/26 | 8685994 |
| Sumitomo Mitsui Trust Bank, Limited - Singapore Branch | Sumitomo Mitsui Trust Bank, Limited - Singapore Branch | Sumitomo Mitsui Trust Bank, Limited - Singapore Branch | Sumitomo Mitsui Trust Bank, Limited - Singapore Branch |
| 23185000 | 4.418 | 02/02/26 | 23009721 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 4087000 | 4.348 | 12/11/25 | 4082130 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 51000000 | 4.176 | 03/03/26 | 50466937 |
| The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority | The Charlotte-Mecklenburg Hospital Authority |
| 25000000 | 4.096 | 01/13/26 | 24878465 |
| Totalenergies Capital | Totalenergies Capital | Totalenergies Capital | Totalenergies Capital |
| 37159000 | 4.042 | 01/16/26 | 36969076 |
| **TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS** | **TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS** | **TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683409911 |
| Certificate of Deposit - 10.3% | Certificate of Deposit - 10.3% | Certificate of Deposit - 10.3% | Certificate of Deposit - 10.3% |
| Banco Santander SA (SOFR + 0.190%) | Banco Santander SA (SOFR + 0.190%) | Banco Santander SA (SOFR + 0.190%) | Banco Santander SA (SOFR + 0.190%) |
| 42760000 | 4.200 <sup>(a)</sup> | 03/04/26 | 42760000 |
| Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch | Banco Santander, S.A.-New York Branch |
| 10052000 | 4.280 | 02/19/26 | 10052000 |
| 23383000 | 4.030 | 03/06/26 | 23383000 |
| 19949000 | 4.080 | 03/09/26 | 19949000 |
| 26500000 | 4.420 | 05/27/26 | 26500000 |
| 17787000 | 4.400 | 06/02/26 | 17787000 |
| Banco Santander, S.A.-New York Branch (SOFR + 0.320%) | Banco Santander, S.A.-New York Branch (SOFR + 0.320%) | Banco Santander, S.A.-New York Branch (SOFR + 0.320%) | Banco Santander, S.A.-New York Branch (SOFR + 0.320%) |
| 21514000 | 4.330 <sup>(a)</sup> | 08/24/26 | 21514000 |
| Banco Santander, S.A.-New York Branch (SOFR + 0.370%) | Banco Santander, S.A.-New York Branch (SOFR + 0.370%) | Banco Santander, S.A.-New York Branch (SOFR + 0.370%) | Banco Santander, S.A.-New York Branch (SOFR + 0.370%) |
| 17169000 | 4.378 <sup>(a)</sup> | 05/26/26 | 17176882 |
| Banco Santander, S.A.-New York Branch (SOFR + 0.400%) | Banco Santander, S.A.-New York Branch (SOFR + 0.400%) | Banco Santander, S.A.-New York Branch (SOFR + 0.400%) | Banco Santander, S.A.-New York Branch (SOFR + 0.400%) |
| 17323000 | 4.410 <sup>(a)</sup> | 12/22/26 | 17323000 |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| 5000000 | 4.380 | 07/09/26 | 5000000 |
| 5974000 | 4.350 | 07/24/26 | 5974000 |
| Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch | Bank of Montreal - Chicago Branch |
| 25700000 | 4.540 | 12/17/25 | 25700000 |
| Bank of Montreal - Chicago Branch (SOFR + 0.400%) | Bank of Montreal - Chicago Branch (SOFR + 0.400%) | Bank of Montreal - Chicago Branch (SOFR + 0.400%) | Bank of Montreal - Chicago Branch (SOFR + 0.400%) |
| 7000000 | 4.450 <sup>(a)</sup> | 09/08/26 | 7000000 |
| Barclays Bank PLC - New York Branch (SOFR + 0.340%) | Barclays Bank PLC - New York Branch (SOFR + 0.340%) | Barclays Bank PLC - New York Branch (SOFR + 0.340%) | Barclays Bank PLC - New York Branch (SOFR + 0.340%) |
| 46656000 | 4.350 <sup>(a)</sup> | 12/31/25 | 46656000 |
| Barclays Bank PLC - New York Branch (SOFR + 0.370%) | Barclays Bank PLC - New York Branch (SOFR + 0.370%) | Barclays Bank PLC - New York Branch (SOFR + 0.370%) | Barclays Bank PLC - New York Branch (SOFR + 0.370%) |
| 24000000 | 4.380 <sup>(a)</sup> | 09/25/26 | 24000000 |
| 19178000 | 4.380 <sup>(a)</sup> | 10/21/26 | 19178000 |
| 7084000 | 4.380 <sup>(a)</sup> | 10/22/26 | 7084000 |
| Barclays Bank PLC - New York Branch (SOFR + 0.400%) | Barclays Bank PLC - New York Branch (SOFR + 0.400%) | Barclays Bank PLC - New York Branch (SOFR + 0.400%) | Barclays Bank PLC - New York Branch (SOFR + 0.400%) |
| 10000000 | 4.410 <sup>(a)</sup> | 05/08/26 | 10000000 |
| Barclays PLC (SOFR + 0.250%) | Barclays PLC (SOFR + 0.250%) | Barclays PLC (SOFR + 0.250%) |  |
| 4512000 | 4.260 <sup>(a)</sup> | 05/05/26 | 4512000 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |  |
| 16252000 | 4.400 | 02/09/26 | 16252000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Certificate of Deposit– (continued) | Certificate of Deposit– (continued) | Certificate of Deposit– (continued) | Certificate of Deposit– (continued) |
| Credit Industriel ET Commercial - New York Branch | Credit Industriel ET Commercial - New York Branch | Credit Industriel ET Commercial - New York Branch | Credit Industriel ET Commercial - New York Branch |
| 25000000 | 4.440% | 05/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Deutsche Bank AG - New York Branch (SOFR + 0.370%) | Deutsche Bank AG - New York Branch (SOFR + 0.370%) | Deutsche Bank AG - New York Branch (SOFR + 0.370%) | Deutsche Bank AG - New York Branch (SOFR + 0.370%) |
| 6761000 | 4.387 <sup>(a)</sup> | 02/11/26 | 6761000 |
| Deutsche Bank AG - New York Branch (SOFR + 0.400%) | Deutsche Bank AG - New York Branch (SOFR + 0.400%) | Deutsche Bank AG - New York Branch (SOFR + 0.400%) | Deutsche Bank AG - New York Branch (SOFR + 0.400%) |
| 22332000 | 4.424 <sup>(a)</sup> | 10/27/26 | 22332000 |
| Deutsche Bank AG - New York Branch (SOFR + 0.410%) | Deutsche Bank AG - New York Branch (SOFR + 0.410%) | Deutsche Bank AG - New York Branch (SOFR + 0.410%) | Deutsche Bank AG - New York Branch (SOFR + 0.410%) |
| 15500000 | 4.443 <sup>(a)</sup> | 01/08/26 | 15500000 |
| Deutsche Bank Aktiengesellschaft | Deutsche Bank Aktiengesellschaft | Deutsche Bank Aktiengesellschaft | Deutsche Bank Aktiengesellschaft |
| 13600000 | 4.440 | 08/03/26 | 13600000 |
| HSBC Bank USA, National Association (SOFR + 0.320%) | HSBC Bank USA, National Association (SOFR + 0.320%) | HSBC Bank USA, National Association (SOFR + 0.320%) | HSBC Bank USA, National Association (SOFR + 0.320%) |
| 2250000 | 4.368 <sup>(a)</sup> | 02/13/26 | 2250552 |
| Korea Development Bank (The) - New York Branch | Korea Development Bank (The) - New York Branch | Korea Development Bank (The) - New York Branch | Korea Development Bank (The) - New York Branch |
| 66386000 | 4.310 | 02/10/26 | 66386000 |
| Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY | Lloyds Bank Corporate Markets PLC/New York NY |
| 16276000 | 4.330 | 05/26/26 | 16276000 |
| Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.350%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.350%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.350%) | Lloyds Bank Corporate Markets PLC/New York NY (SOFR + 0.350%) |
| 5537000 | 4.360 <sup>(a)</sup> | 11/05/26 | 5537000 |
| Mitsubishi UFJ Trust and Banking Corporation - London Branch | Mitsubishi UFJ Trust and Banking Corporation - London Branch | Mitsubishi UFJ Trust and Banking Corporation - London Branch | Mitsubishi UFJ Trust and Banking Corporation - London Branch |
| 19000000 | 4.130 | 02/24/26 | 18817920 |
| 17000000 | 4.130 | 02/25/26 | 16835169 |
| Mitsubishi UFJ Trust and Banking Corporation - New York Branch (SOFR + 0.170%) | Mitsubishi UFJ Trust and Banking Corporation - New York Branch (SOFR + 0.170%) | Mitsubishi UFJ Trust and Banking Corporation - New York Branch (SOFR + 0.170%) | Mitsubishi UFJ Trust and Banking Corporation - New York Branch (SOFR + 0.170%) |
| 14590000 | 4.180 <sup>(a)</sup> | 02/10/26 | 14590000 |
| Mizuho Bank Ltd. (SOFR + 0.190%) | Mizuho Bank Ltd. (SOFR + 0.190%) | Mizuho Bank Ltd. (SOFR + 0.190%) | Mizuho Bank Ltd. (SOFR + 0.190%) |
| 90914000 | 4.200 <sup>(a)</sup> | 03/17/26 | 90914000 |
| Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch | Mizuho Bank, Ltd.-London Branch |
| 14000000 | 4.096 | 02/27/26 | 13863140 |
| Mizuho Bank, Ltd.-New York Branch | Mizuho Bank, Ltd.-New York Branch | Mizuho Bank, Ltd.-New York Branch | Mizuho Bank, Ltd.-New York Branch |
| 59030000 | 4.200 | 08/20/26 | 59030000 |
| Mizuho Bank, Ltd.-New York Branch (SOFR + 0.400%) | Mizuho Bank, Ltd.-New York Branch (SOFR + 0.400%) | Mizuho Bank, Ltd.-New York Branch (SOFR + 0.400%) | Mizuho Bank, Ltd.-New York Branch (SOFR + 0.400%) |
| 10995000 | 4.410 <sup>(a)</sup> | 10/14/26 | 10995000 |
| National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch | National Bank of Kuwait S.A.K.P - New York Branch |
| 30000000 | 4.470 | 12/02/25 | 30000008 |
| 21000000 | 4.490 | 12/11/25 | 21000000 |
| 40051000 | 4.160 | 03/17/26 | 40052163 |
| National Bank of Kuwait S.A.K.P - New York Branch (SOFR + 0.300%) | National Bank of Kuwait S.A.K.P - New York Branch (SOFR + 0.300%) | National Bank of Kuwait S.A.K.P - New York Branch (SOFR + 0.300%) | National Bank of Kuwait S.A.K.P - New York Branch (SOFR + 0.300%) |
| 24891000 | 4.350 <sup>(a)</sup> | 01/16/26 | 24891349 |
| Natixis-New York Branch (SOFR + 0.330%) | Natixis-New York Branch (SOFR + 0.330%) | Natixis-New York Branch (SOFR + 0.330%) | Natixis-New York Branch (SOFR + 0.330%) |
| 23320000 | 4.379 <sup>(a)</sup> | 02/12/26 | 23325996 |
| Nordea Bank ABP-New York Branch | Nordea Bank ABP-New York Branch | Nordea Bank ABP-New York Branch | Nordea Bank ABP-New York Branch |
| 44959000 | 4.280 | 07/08/26 | 44959000 |
| Oversea-Chinese Banking Corp. Ltd. (SOFR + 0.150%) | Oversea-Chinese Banking Corp. Ltd. (SOFR + 0.150%) | Oversea-Chinese Banking Corp. Ltd. (SOFR + 0.150%) | Oversea-Chinese Banking Corp. Ltd. (SOFR + 0.150%) |
| 60652000 | 4.160 <sup>(a)</sup> | 01/16/26 | 60651975 |
| Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.250%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.250%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.250%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.250%) |
| 3686000 | 4.299 <sup>(a)</sup> | 12/05/25 | 3686061 |
| Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.350%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.350%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.350%) | Sumitomo Mitsui Banking Corporation - New York Branch (SOFR + 0.350%) |
| 16836000 | 4.400 <sup>(a)</sup> | 12/04/25 | 16836337 |
| Sumitomo Mitsui Trust Bank, Limited - London Branch | Sumitomo Mitsui Trust Bank, Limited - London Branch | Sumitomo Mitsui Trust Bank, Limited - London Branch | Sumitomo Mitsui Trust Bank, Limited - London Branch |
| 40000000 | 4.110 | 01/13/26 | 39805762 |
| 26000000 | 4.050 | 02/17/26 | 25774964 |
| 28000000 | 4.050 | 02/18/26 | 27754574 |
| Svenska Handelsbanken AB-New York Branch (SOFR + 0.250%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.250%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.250%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.250%) |
| 10577000 | 4.260 <sup>(a)</sup> | 03/03/26 | 10577000 |

---

&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 INVESTOR MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Certificate of Deposit– (continued) | Certificate of Deposit– (continued) | Certificate of Deposit– (continued) | Certificate of Deposit– (continued) |
| Svenska Handelsbanken AB-New York Branch (SOFR + 0.290%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.290%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.290%) | Svenska Handelsbanken AB-New York Branch (SOFR + 0.290%) |
| $9483000 | 4.299 %<sup>(a)</sup> | 01/21/26 | $9484845 |
| Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch |
| 27090000 | 4.580 | 12/17/25 | 27090000 |
| 20000000 | 4.230 | 04/21/26 | 20000000 |
| Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.350%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.350%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.350%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.350%) |
| 8089000 | 4.360 <sup>(a)</sup> | 12/05/25 | 8089190 |
| Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.450%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.450%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.450%) | Toronto-Dominion Bank (The) - New York Branch (SOFR + 0.450%) |
| 21946000 | 4.460 <sup>(a)</sup> | 04/23/26 | 21946000 |
| Wells Fargo Bank, National Association (SOFR + 0.270%) | Wells Fargo Bank, National Association (SOFR + 0.270%) | Wells Fargo Bank, National Association (SOFR + 0.270%) | Wells Fargo Bank, National Association (SOFR + 0.270%) |
| 30958000 | 4.320 <sup>(a)</sup> | 03/03/26 | 30958000 |
| **TOTAL CERTIFICATE OF DEPOSIT** | **TOTAL CERTIFICATE OF DEPOSIT** | **TOTAL CERTIFICATE OF DEPOSIT** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253371887 |
| Medium Term Notes - 2.3% | Medium Term Notes - 2.3% | Medium Term Notes - 2.3% | Medium Term Notes - 2.3% |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| 4000000 | 4.287 | 08/18/26 | 4032996 |
| Banque Federative Du Credit Mutuel | Banque Federative Du Credit Mutuel | Banque Federative Du Credit Mutuel | Banque Federative Du Credit Mutuel |
| 13134000 | 4.170 <sup>(b)</sup> | 01/26/26 | 13148078 |
| 1055000 | 4.390 <sup>(b)</sup> | 01/26/26 | 1056131 |
| 1620000 | 4.455 <sup>(b)</sup> | 01/26/26 | 1621736 |
| 301000 | 4.563 <sup>(b)</sup> | 01/26/26 | 301323 |
| 7037000 | 4.037 <sup>(b)</sup> | 07/13/26 | 7110204 |
| 2660000 | 4.066 <sup>(b)</sup> | 07/13/26 | 2687671 |
| 1335000 | 4.085 <sup>(b)</sup> | 07/13/26 | 1348888 |
| 4180000 | 4.318 <sup>(b)</sup> | 07/13/26 | 4223484 |
| 2235000 | 4.360 <sup>(b)</sup> | 07/13/26 | 2258250 |
| 515000 | 4.364 <sup>(b)</sup> | 07/13/26 | 520357 |
| 4602000 | 4.039 <sup>(b)</sup> | 10/04/26 | 4509777 |
| 2530000 | 4.063 <sup>(b)</sup> | 10/04/26 | 2479299 |
| 2110000 | 4.078 <sup>(b)</sup> | 10/04/26 | 2067716 |
| BPCE | BPCE | BPCE | BPCE |
| 1048000 | 4.227 <sup>(b)</sup> | 01/20/26 | 1043125 |
| 250000 | 4.300 <sup>(b)</sup> | 01/20/26 | 248837 |
| 1670000 | 4.452 <sup>(b)</sup> | 01/20/26 | 1662232 |
| 5014000 | 4.542 <sup>(b)</sup> | 01/20/26 | 4990677 |
| 251000 | 4.577 <sup>(b)</sup> | 01/20/26 | 249832 |
| 290000 | 4.615 <sup>(b)</sup> | 01/20/26 | 288651 |
| 991000 | 4.620 <sup>(b)</sup> | 01/20/26 | 986390 |
| 2981000 | 4.382 <sup>(b)</sup> | 01/26/26 | 2983750 |
| 10000000 | 4.494 <sup>(b)</sup> | 01/26/26 | 10009224 |
| 7404000 | 4.502 <sup>(b)</sup> | 01/26/26 | 7410830 |
| 3636000 | 4.007 | 12/02/26 | 3613673 |
| Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |
| 11694000 | 4.382 | 04/30/26 | 11733216 |
| 686000 | 4.407 | 04/30/26 | 688300 |
| 995000 | 4.423 | 04/30/26 | 998337 |
| 297000 | 4.433 | 04/30/26 | 297996 |
| 3022000 | 4.438 | 04/30/26 | 3032134 |
| 1284000 | 4.463 | 04/30/26 | 1288306 |
| 658000 | 4.531 | 04/30/26 | 660207 |
| 1255000 | 4.551 | 04/30/26 | 1259209 |
| 1210000 | 4.562 | 04/30/26 | 1214058 |
| 8671000 | 4.574 | 04/30/26 | 8700079 |
| 4000000 | 4.403 | 08/06/26 | 4013212 |
| Cooeperatieve Rabobank U.A. (SOFRINDX + 0.710%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.710%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.710%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.710%) |
| 605000 | 4.715 <sup>(a)</sup> | 01/09/26 | 605356 |
| Cooeperatieve Rabobank U.A. (SOFRINDX + 0.900%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.900%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.900%) | Cooeperatieve Rabobank U.A. (SOFRINDX + 0.900%) |
| 2023000 | 4.881 <sup>(a)</sup> | 10/05/26 | 2032418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Medium Term Notes– (continued) | Medium Term Notes– (continued) | Medium Term Notes– (continued) | Medium Term Notes– (continued) |
| Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch | Cooeperatieve Rabobank U.A.-New York Branch |
| 1015000 | 4.560% | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015305 |
| Credit Agricole S.A. | Credit Agricole S.A. | Credit Agricole S.A. | Credit Agricole S.A. |
| 364000 | 4.323 <sup>(b)</sup> | 07/05/26 | 366537 |
| 9894000 | 4.377 <sup>(b)</sup> | 07/05/26 | 9962959 |
| Deutsche Bank AG - New York Branch | Deutsche Bank AG - New York Branch | Deutsche Bank AG - New York Branch | Deutsche Bank AG - New York Branch |
| 7634000 | 4.148 | 03/19/26 | 7576661 |
| 3993000 | 4.501 | 03/19/26 | 3963008 |
| Macquarie Bank Limited (SOFR + 1.240%) | Macquarie Bank Limited (SOFR + 1.240%) | Macquarie Bank Limited (SOFR + 1.240%) | Macquarie Bank Limited (SOFR + 1.240%) |
| 5000000 | 5.210 <sup>(a)(b)</sup> | 06/15/26 | 5023155 |
| Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association | Morgan Stanley Bank, National Association |
| 2559000 | 4.188 | 04/21/26 | 2561969 |
| 17027000 | 4.375 | 04/21/26 | 17046752 |
| 3500000 | 4.384 | 04/21/26 | 3504060 |
| 429000 | 4.408 | 04/21/26 | 429498 |
| 1697000 | 4.426 | 04/21/26 | 1698969 |
| 3200000 | 4.432 | 04/21/26 | 3203712 |
| 380000 | 4.435 | 04/21/26 | 380441 |
| 757000 | 4.436 | 04/21/26 | 757878 |
| 1015000 | 4.440 | 04/21/26 | 1016177 |
| 3352000 | 4.465 | 04/21/26 | 3355888 |
| 1000000 | 4.478 | 04/21/26 | 1001160 |
| 395000 | 4.493 | 04/21/26 | 395458 |
| 1928000 | 4.497 | 04/21/26 | 1930237 |
| 1050000 | 4.522 | 04/21/26 | 1051218 |
| National Securities Clearing Corporation | National Securities Clearing Corporation | National Securities Clearing Corporation | National Securities Clearing Corporation |
| 1250000 | 4.486 <sup>(b)</sup> | 12/07/25 | 1249248 |
| Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| 2285000 | 4.018 <sup>(b)</sup> | 10/13/26 | 2236594 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 14313000 | 4.269 | 01/12/26 | 14321914 |
| 14600000 | 4.369 | 01/12/26 | 14609093 |
| 14000000 | 4.119 | 01/20/26 | 13939193 |
| Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited |
| 241000 | 4.438 <sup>(b)</sup> | 03/09/26 | 241759 |
| 12000000 | 4.451 | 03/09/26 | 12037793 |
| 379000 | 4.476 <sup>(b)</sup> | 03/09/26 | 380194 |
| 1024000 | 4.434 <sup>(b)</sup> | 03/25/26 | 1014969 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 2475000 | 4.251 <sup>(b)</sup> | 06/15/26 | 2487637 |
| 925000 | 4.282 <sup>(b)</sup> | 06/15/26 | 929723 |
| 480000 | 4.368 <sup>(b)</sup> | 06/15/26 | 482451 |
| Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
| 764000 | 4.046 <sup>(b)</sup> | 06/15/26 | 769737 |
| UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch |
| 6250000 | 4.051 | 06/01/26 | 6158560 |
| 6049000 | 4.417 | 06/01/26 | 5960501 |
| 2090000 | 4.462 | 06/01/26 | 2059422 |
| Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
| 1384000 | 4.544 | 01/15/26 | 1384443 |
| 10000000 | 4.262 | 08/07/26 | 10075741 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 154000 | 2.850 | 05/13/26 | 152992 |
| 4211000 | 4.302 | 06/03/26 | 4146062 |
| **TOTAL MEDIUM TERM NOTES** | **TOTAL MEDIUM TERM NOTES** | **TOTAL MEDIUM TERM NOTES** | $278255027 |
| Time Deposits - 3.7% | Time Deposits - 3.7% | Time Deposits - 3.7% | Time Deposits - 3.7% |
| Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch | Credit Agricole Corporate and Investment Bank - New York Branch |
| 95000000 | 3.890 | 12/01/25 | 95000000 |

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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>5</sub>

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GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Time Deposits– (continued) | Time Deposits– (continued) | Time Deposits– (continued) | Time Deposits– (continued) |
| National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
| 28530000 | 3.950% | 12/01/25 | 28530000 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 330000000 | 4.110 | 12/01/25 | 330000000 |
| **TOTAL TIME DEPOSITS** | **TOTAL TIME DEPOSITS** | **TOTAL TIME DEPOSITS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453530000 |
| U.S. Government Agency Obligations - 8.3% | U.S. Government Agency Obligations - 8.3% | U.S. Government Agency Obligations - 8.3% | U.S. Government Agency Obligations - 8.3% |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 9754000 | 4.004 | 12/23/25 | 9730634 |
| 6753000 | 3.918 | 01/29/26 | 6710833 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.03%) |
| 5002000 | 4.468 <sup>(a)</sup> | 04/17/26 | 5002407 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.04%) |
| 3857000 | 3.960 <sup>(a)</sup> | 06/12/26 | 3857000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.06%) |
| 5576000 | 3.940 <sup>(a)</sup> | 03/24/26 | 5576000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.09%) |
| 5510000 | 4.140 <sup>(a)</sup> | 02/09/26 | 5510000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%) |
| 3605000 | 4.155 <sup>(a)</sup> | 03/18/26 | 3605073 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.12%) |
| 4845000 | 4.170 <sup>(a)</sup> | 07/15/26 | 4845000 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| 17865000 | 3.995 | 12/16/25 | 17835895 |
| 11084000 | 4.004 | 12/23/25 | 11057448 |
| 2195000 | 4.146 | 12/26/25 | 2188822 |
| 4337000 | 4.161 | 12/26/25 | 4324794 |
| 10296000 | 4.224 | 12/26/25 | 10267022 |
| 6351000 | 4.234 | 12/26/25 | 6333125 |
| 123000 | 4.144 | 12/30/25 | 122601 |
| 370000 | 4.145 | 12/31/25 | 368757 |
| 494000 | 4.129 | 01/02/26 | 492232 |
| 100000 | 4.154 | 01/02/26 | 99642 |
| 124000 | 4.179 | 01/02/26 | 123556 |
| 618000 | 4.150 | 01/05/26 | 615577 |
| 124000 | 4.155 | 01/05/26 | 123514 |
| 741000 | 4.156 | 01/05/26 | 738095 |
| 4475000 | 3.958 | 01/06/26 | 4457704 |
| 2825000 | 4.141 | 01/08/26 | 2813013 |
| 67253000 | 4.134 | 01/15/26 | 66915894 |
| 100000 | 3.931 | 01/22/26 | 99448 |
| 14856000 | 3.941 | 01/28/26 | 14764330 |
| 26337000 | 3.913 | 01/29/26 | 26170192 |
| 2701000 | 3.916 | 01/29/26 | 2683893 |
| 2485000 | 3.958 | 01/29/26 | 2469261 |
| 5499000 | 4.060 | 01/29/26 | 5464172 |
| 8546000 | 4.116 | 01/29/26 | 8491873 |
| 2137000 | 4.122 | 01/29/26 | 2123465 |
| 13614000 | 3.914 | 01/30/26 | 13527605 |
| 6753000 | 3.917 | 01/30/26 | 6710145 |
| 8103000 | 3.918 | 01/30/26 | 8051578 |
| 3391000 | 3.896 | 02/03/26 | 3367885 |
| 5402000 | 3.908 | 02/03/26 | 5365177 |
| 2457000 | 4.074 | 02/03/26 | 2440252 |
| 3215000 | 3.907 | 02/05/26 | 3192514 |
| 2654000 | 4.037 | 02/27/26 | 2628666 |
| 3317000 | 4.038 | 03/02/26 | 3284258 |
| 6369000 | 3.763 | 06/11/26 | 6245696 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Government Agency Obligations– (continued) | U.S. Government Agency Obligations– (continued) | U.S. Government Agency Obligations– (continued) | U.S. Government Agency Obligations– (continued) |
| Federal Home Loan Bank (SOFR + 0.09%) | Federal Home Loan Bank (SOFR + 0.09%) | Federal Home Loan Bank (SOFR + 0.09%) | Federal Home Loan Bank (SOFR + 0.09%) |
| $18450000 | 4.135 %<sup>(a)</sup> | 01/02/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450000 |
| 1955000 | 4.140 <sup>(a)</sup> | 02/02/26 | 1955000 |
| Federal Home Loan Bank (SOFR + 0.170%) | Federal Home Loan Bank (SOFR + 0.170%) | Federal Home Loan Bank (SOFR + 0.170%) | Federal Home Loan Bank (SOFR + 0.170%) |
| 100000000 | 4.220 <sup>(a)</sup> | 11/05/27 | 100000000 |
| Federal Home Loan Bank (SOFR + 0.175%) | Federal Home Loan Bank (SOFR + 0.175%) | Federal Home Loan Bank (SOFR + 0.175%) | Federal Home Loan Bank (SOFR + 0.175%) |
| 100000000 | 4.225 <sup>(a)</sup> | 10/21/27 | 100000000 |
| Federal Home Loan Bank (SOFR + 0.180%) | Federal Home Loan Bank (SOFR + 0.180%) | Federal Home Loan Bank (SOFR + 0.180%) | Federal Home Loan Bank (SOFR + 0.180%) |
| 150000000 | 4.230 <sup>(a)</sup> | 09/29/27 | 150000000 |
| 150000000 | 4.230 <sup>(a)</sup> | 10/06/27 | 150000000 |
| 57000000 | 4.230 <sup>(a)</sup> | 10/08/27 | 57000000 |
| 93000000 | 4.230 <sup>(a)</sup> | 10/14/27 | 93000000 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 859000 | 3.888 | 01/20/26 | 854407 |
| 106000 | 3.942 | 01/21/26 | 105422 |
| 59000 | 3.901 | 01/22/26 | 58672 |
| Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) | Federal National Mortgage Association (SOFR + 0.12%) |
| 12591000 | 4.170 <sup>(a)</sup> | 07/29/26 | 12591000 |
| U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) |
| 2400000 | 4.180 <sup>(a)</sup> | 09/15/26 | 2400000 |
| 2961540 | 4.180 <sup>(a)</sup> | 06/20/28 | 2961540 |
| 5282455 | 4.180 <sup>(a)</sup> | 11/15/28 | 5282455 |
| 8305555 | 4.180 <sup>(a)</sup> | 08/15/31 | 8305555 |
| 5133205 | 4.100 <sup>(a)</sup> | 06/15/34 | 5133205 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | $998892304 |
| U.S. Treasury Obligations - 11.6% | U.S. Treasury Obligations - 11.6% | U.S. Treasury Obligations - 11.6% | U.S. Treasury Obligations - 11.6% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 1482500 | 3.963 | 12/23/25 | 1478973 |
| 8663400 | 3.973 | 12/23/25 | 8642786 |
| 2656500 | 3.962 | 12/26/25 | 2649001 |
| 87586500 | 4.304 | 12/26/25 | 87339269 |
| 7477200 | 3.966 <sup>(c)</sup> | 12/30/25 | 7454519 |
| 99700 | 3.904 | 01/02/26 | 99358 |
| 548500 | 3.911 | 01/02/26 | 546621 |
| 1698400 | 3.921 | 01/02/26 | 1692581 |
| 5302700 | 3.926 | 01/02/26 | 5284533 |
| 6352400 | 3.927 | 01/02/26 | 6330637 |
| 917800 | 3.931 | 01/02/26 | 914656 |
| 465000 | 3.932 | 01/02/26 | 463407 |
| 598300 | 3.905 | 01/08/26 | 595875 |
| 1695300 | 3.910 | 01/08/26 | 1688428 |
| 598300 | 3.916 | 01/08/26 | 595875 |
| 2713400 | 3.912 | 01/20/26 | 2698925 |
| 1972300 | 3.922 | 01/20/26 | 1961779 |
| 849000 | 3.927 | 01/20/26 | 844471 |
| 5474200 | 3.886 <sup>(c)</sup> | 01/27/26 | 5441667 |
| 5997800 | 3.906 <sup>(c)</sup> | 01/27/26 | 5962155 |
| 2543000 | 3.885 | 02/05/26 | 2525304 |
| 278100 | 3.888 | 02/05/26 | 276165 |
| 166900 | 3.890 | 02/05/26 | 165739 |
| 2280700 | 3.833 | 02/26/26 | 2260059 |
| 14876700 | 3.793 | 03/03/26 | 14734481 |
| 399000 | 3.860 | 03/03/26 | 395186 |
| 20376200 | 3.865 | 03/03/26 | 20181407 |
| 6194800 | 3.870 | 03/03/26 | 6135579 |
| 2182800 | 3.970 | 03/05/26 | 2160801 |
| 9958800 | 3.975 | 03/05/26 | 9858430 |

---

&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 INVESTOR MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $56665400 | 3.981% | 03/05/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56094295 |
| 3973200 | 3.984 | 03/05/26 | 3933156 |
| 3377300 | 3.992 | 03/05/26 | 3343262 |
| 32562400 | 4.007 | 03/05/26 | 32234218 |
| 14246100 | 4.013 | 03/05/26 | 14102520 |
| 15745500 | 3.823 | 03/10/26 | 15584100 |
| 4844500 | 3.829 | 03/10/26 | 4794841 |
| 378500 | 3.834 | 03/10/26 | 374620 |
| 1893100 | 3.839 | 03/10/26 | 1873695 |
| 574600 | 3.849 | 03/17/26 | 568225 |
| 6022300 | 3.871 | 03/17/26 | 5955480 |
| 6639900 | 3.824 | 03/24/26 | 6561970 |
| 6595100 | 3.829 | 03/24/26 | 6517696 |
| 238800 | 3.833 | 03/24/26 | 235997 |
| 2408100 | 3.834 | 03/24/26 | 2379837 |
| 525000 | 3.838 | 03/24/26 | 518838 |
| 7221000 | 3.839 | 03/24/26 | 7136250 |
| 14495600 | 3.850 | 03/24/26 | 14325470 |
| 6443000 | 3.839 | 03/26/26 | 6366445 |
| 1900500 | 3.859 | 03/26/26 | 1877918 |
| 286000 | 3.808 <sup>(c)</sup> | 03/31/26 | 282474 |
| 322900 | 3.819 <sup>(c)</sup> | 03/31/26 | 318919 |
| 4973000 | 3.829 <sup>(c)</sup> | 03/31/26 | 4911689 |
| 858000 | 3.834 <sup>(c)</sup> | 03/31/26 | 847422 |
| 286000 | 3.839 <sup>(c)</sup> | 03/31/26 | 282474 |
| 1755400 | 3.812 | 04/02/26 | 1733449 |
| 2351000 | 3.752 | 04/09/26 | 2319923 |
| 2307400 | 3.803 | 04/09/26 | 2276899 |
| 740900 | 3.816 | 04/09/26 | 731106 |
| 1111300 | 3.823 | 04/09/26 | 1096610 |
| 351700 | 3.828 | 04/09/26 | 347051 |
| 3628400 | 3.833 | 04/09/26 | 3580438 |
| 926100 | 3.838 | 04/09/26 | 913858 |
| 335900 | 3.755 | 04/16/26 | 331228 |
| 7259200 | 3.766 | 04/16/26 | 7158234 |
| 9157100 | 3.788 | 04/16/26 | 9029737 |
| 4191700 | 3.789 | 04/16/26 | 4133399 |
| 121494700 | 3.807 | 04/16/26 | 119804872 |
| 621700 | 3.753 | 04/23/26 | 612664 |
| 2015100 | 3.780 | 04/23/26 | 1985812 |
| 12090700 | 3.781 | 04/23/26 | 11914972 |
| 206900 | 3.812 | 05/14/26 | 203413 |
| 3512200 | 3.821 | 05/14/26 | 3453009 |
| 4173700 | 3.812 | 05/21/26 | 4100415 |
| 2038800 | 3.833 | 05/21/26 | 2003001 |
| 664300 | 3.753 <sup>(c)</sup> | 05/28/26 | 652300 |
| 2768000 | 3.775 | 05/28/26 | 2717997 |
| 401200 | 3.780 | 05/28/26 | 393953 |
| 334400 | 3.791 | 05/28/26 | 328359 |
| 2573700 | 3.946 | 08/06/26 | 2507156 |
| 1203600 | 3.957 | 08/06/26 | 1172481 |
| 38032200 | 3.635 | 11/27/26 | 36712631 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 269000 | 3.805 | 03/31/26 | 269361 |
| 4819000 | 4.025 | 03/31/26 | 4825473 |
| 413800 | 4.039 | 03/31/26 | 414356 |
| 3214300 | 4.198 | 03/31/26 | 3218617 |
| 9183500 | 3.863 | 04/30/26 | 9216729 |
| 11995400 | 3.894 | 04/30/26 | 12038803 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $81558400 | 3.940% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80503602 |
| 10212400 | 3.955 | 04/30/26 | 10080323 |
| 12254800 | 3.960 | 04/30/26 | 12299142 |
| 10475000 | 3.966 | 04/30/26 | 10512902 |
| 2114800 | 4.000 | 04/30/26 | 2087449 |
| 1837100 | 4.034 | 04/30/26 | 1843747 |
| 1339400 | 4.036 | 04/30/26 | 1322077 |
| 2259900 | 4.038 | 04/30/26 | 2230673 |
| 2704100 | 4.040 | 04/30/26 | 2669128 |
| 1542300 | 4.060 | 04/30/26 | 1522353 |
| 3754700 | 4.061 | 04/30/26 | 3706140 |
| 1072800 | 4.066 | 04/30/26 | 1058925 |
| 1542300 | 4.068 | 04/30/26 | 1547881 |
| 1609200 | 4.070 | 04/30/26 | 1588388 |
| 1026100 | 4.071 | 04/30/26 | 1012829 |
| 2145600 | 4.077 | 04/30/26 | 2153363 |
| 1026100 | 4.081 | 04/30/26 | 1012829 |
| 2145600 | 4.101 | 04/30/26 | 2153363 |
| 7531600 | 4.108 | 04/30/26 | 7558852 |
| 5580000 | 4.146 | 04/30/26 | 5507834 |
| 4546800 | 4.150 | 04/30/26 | 4487996 |
| 3547600 | 4.156 | 04/30/26 | 3501719 |
| 952700 | 4.163 | 04/30/26 | 956147 |
| 2948400 | 4.190 | 04/30/26 | 2910268 |
| 753100 | 4.204 | 04/30/26 | 743360 |
| 2819800 | 3.982 | 05/31/26 | 2831738 |
| 3292300 | 3.996 | 05/31/26 | 3306239 |
| 438300 | 4.003 | 05/31/26 | 440156 |
| 896100 | 4.012 | 05/31/26 | 899894 |
| 1792200 | 4.014 | 05/31/26 | 1799788 |
| 511700 | 4.054 | 05/31/26 | 513866 |
| 1193300 | 3.734 | 06/30/26 | 1198104 |
| 1884200 | 3.743 | 06/30/26 | 1891785 |
| 1846200 | 3.748 | 06/30/26 | 1813565 |
| 4376600 | 3.752 | 06/30/26 | 4394219 |
| 3282400 | 3.754 | 06/30/26 | 3224377 |
| 5948100 | 3.755 | 06/30/26 | 5972045 |
| 2188300 | 3.756 | 06/30/26 | 2197109 |
| 2356400 | 3.807 | 06/30/26 | 2365886 |
| 1950300 | 3.889 | 06/30/26 | 1915825 |
| 2188300 | 3.914 | 06/30/26 | 2149617 |
| 15669200 | 3.994 | 06/30/26 | 15392216 |
| 2259500 | 4.004 | 06/30/26 | 2219559 |
| 1506300 | 4.006 | 06/30/26 | 1479673 |
| 10128500 | 4.010 | 06/30/26 | 9949459 |
| 4349100 | 4.015 | 06/30/26 | 4300665 |
| 1506300 | 4.034 | 06/30/26 | 1479673 |
| 1506300 | 4.045 | 06/30/26 | 1479673 |
| 4030500 | 4.099 | 06/30/26 | 3959253 |
| 10128500 | 4.155 | 06/30/26 | 9949459 |
| 10587700 | 4.159 | 06/30/26 | 10630323 |
| 5287600 | 4.197 | 06/30/26 | 5194131 |
| 1313500 | 3.660 | 07/31/26 | 1317906 |
| 2188300 | 3.714 | 07/31/26 | 2195641 |
| 3637400 | 3.719 | 07/31/26 | 3559127 |
| 5007600 | 3.728 | 07/31/26 | 5024398 |
| 1313400 | 3.846 | 07/31/26 | 1317806 |
| 977900 | 3.898 | 07/31/26 | 956857 |
| 428800 | 3.900 | 07/31/26 | 419573 |

---

&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 INVESTOR MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| $8491700 | 3.909% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308967 |
| 3282500 | 3.912 | 07/31/26 | 3293511 |
| 1516800 | 3.939 | 07/31/26 | 1496505 |
| 1317300 | 3.942 | 07/31/26 | 1288953 |
| 1653300 | 3.953 | 07/31/26 | 1658846 |
| 147200 | 3.959 <sup>(a)</sup> | 07/31/26 | 147182 |
| 1249300 | 3.964 <sup>(a)</sup> | 07/31/26 | 1249146 |
| 967400 | 3.965 | 07/31/26 | 970645 |
| 3282500 | 3.968 | 07/31/26 | 3211864 |
| 6564900 | 3.973 | 07/31/26 | 6586923 |
| 5470800 | 3.985 | 07/31/26 | 5353074 |
| 476200 | 3.989 | 07/31/26 | 469828 |
| 714200 | 3.990 | 07/31/26 | 698831 |
| 10889800 | 4.006 | 07/31/26 | 10655462 |
| 6583200 | 4.111 | 07/31/26 | 6441536 |
| 82300 | 3.685 | 08/31/26 | 82229 |
| 159800 | 3.716 | 08/31/26 | 156161 |
| 93600 | 3.731 | 08/31/26 | 91469 |
| 1094200 | 3.733 | 08/31/26 | 1093254 |
| 426900 | 3.744 | 08/31/26 | 426531 |
| 209500 | 3.765 | 08/31/26 | 204730 |
| 3282400 | 3.805 | 08/31/26 | 3279562 |
| 4376600 | 3.817 | 08/31/26 | 4372816 |
| 4347900 | 3.844 | 08/31/26 | 4248899 |
| 9914200 | 3.867 | 08/31/26 | 9688456 |
| 5338400 | 3.868 | 08/31/26 | 5333785 |
| 5952100 | 3.895 | 08/31/26 | 5816572 |
| 2724900 | 3.904 | 08/31/26 | 2722544 |
| 1601000 | 3.910 | 08/31/26 | 1564546 |
| 3263900 | 3.924 | 08/31/26 | 3261078 |
| 7142400 | 3.934 | 08/31/26 | 6979769 |
| 3584700 | 3.977 | 08/31/26 | 3581601 |
| 270600 | 3.568 | 09/30/26 | 264197 |
| 653500 | 3.655 | 09/30/26 | 638037 |
| 1470400 | 3.663 | 09/30/26 | 1435608 |
| 127600 | 3.673 | 09/30/26 | 124581 |
| 2095900 | 3.677 | 09/30/26 | 2046308 |
| 632800 | 3.681 | 09/30/26 | 631448 |
| 193400 | 3.689 | 09/30/26 | 188824 |
| 1554000 | 3.691 | 09/30/26 | 1528076 |
| 725900 | 3.697 | 09/30/26 | 724350 |
| 173900 | 3.699 | 09/30/26 | 173529 |
| 1247300 | 3.705 | 09/30/26 | 1244636 |
| 2188300 | 3.710 | 09/30/26 | 2183626 |
| 132400 | 3.719 | 09/30/26 | 132117 |
| 499300 | 3.733 | 09/30/26 | 487486 |
| 198600 | 3.790 | 09/30/26 | 193901 |
| 764300 | 3.803 | 09/30/26 | 746215 |
| 320900 | 3.817 | 09/30/26 | 313307 |
| 1527500 | 3.846 | 09/30/26 | 1491357 |
| 2287900 | 3.847 | 09/30/26 | 2233765 |
| 15241500 | 3.862 | 09/30/26 | 14950545 |
| 58513600 | 3.981 <sup>(a)</sup> | 10/31/26 | 58543156 |
| 7143400 | 3.985 <sup>(a)</sup> | 10/31/26 | 7147008 |
| 2958300 | 3.939 <sup>(a)</sup> | 07/31/27 | 2956475 |
| 205455900 | 3.942 <sup>(a)</sup> | 07/31/27 | 205329144 |
| 9112300 | 4.022 <sup>(a)</sup> | 10/31/27 | 9112300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) | U.S. Treasury Obligations– (continued) |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
| $68243000 | 4.025 %<sup>(a)</sup> | 01/31/26 | $68243000 |
| **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415507950 |
| Variable Rate Municipal Debt Obligations - 6.0% | Variable Rate Municipal Debt Obligations - 6.0% | Variable Rate Municipal Debt Obligations - 6.0% | Variable Rate Municipal Debt Obligations - 6.0% |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 42000000 | 4.030 <sup>(d)</sup> | 01/01/56 | 42000000 |
| Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority |
| 10390000 | 4.000 <sup>(d)</sup> | 05/01/44 | 10390000 |
| 15900000 | 4.000 <sup>(d)</sup> | 05/01/53 | 15900000 |
| 11320000 | 4.000 <sup>(d)</sup> | 05/01/55 | 11320000 |
| 43425000 | 4.000 <sup>(d)</sup> | 11/01/55 | 43425000 |
| Illinois Finance Authority RBThe University of Chicago Series 2025A | Illinois Finance Authority RBThe University of Chicago Series 2025A | Illinois Finance Authority RBThe University of Chicago Series 2025A | Illinois Finance Authority RBThe University of Chicago Series 2025A |
| 33500000 | 4.000 <sup>(d)</sup> | 04/01/55 | 33500000 |
| Kimberly-Clark Corporation | Kimberly-Clark Corporation | Kimberly-Clark Corporation | Kimberly-Clark Corporation |
| 38000000 | 4.000 <sup>(b)</sup> | 08/01/45 | 38000000 |
| Maine State Housing Authority | Maine State Housing Authority | Maine State Housing Authority | Maine State Housing Authority |
| 18510000 | 4.000 <sup>(d)</sup> | 11/15/52 | 18510000 |
| Massachusetts Housing Finance Agency Housing Bonds 2025 Series A | Massachusetts Housing Finance Agency Housing Bonds 2025 Series A | Massachusetts Housing Finance Agency Housing Bonds 2025 Series A | Massachusetts Housing Finance Agency Housing Bonds 2025 Series A |
| 15000000 | 4.050 <sup>(d)</sup> | 12/01/64 | 15000000 |
| Michigan State Housing Development Authority Single-Family | Michigan State Housing Development Authority Single-Family | Michigan State Housing Development Authority Single-Family | Michigan State Housing Development Authority Single-Family |
| Mortgage RB Social Bonds 2024 Series C | Mortgage RB Social Bonds 2024 Series C | Mortgage RB Social Bonds 2024 Series C | Mortgage RB Social Bonds 2024 Series C |
| 43000000 | 4.000 <sup>(d)</sup> | 06/01/54 | 43000000 |
| Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency | Minnesota State Housing Finance Agency |
| 34000000 | 4.000 <sup>(d)</sup> | 07/01/55 | 34000000 |
| New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency |
| 12765000 | 4.000 <sup>(d)</sup> | 11/01/45 | 12765000 |
| Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund | Nuveen Credit Strategies Income Fund |
| 31000000 | 4.080 <sup>(a)(b)</sup> | 07/01/32 | 31000000 |
| 15000000 | 4.110 <sup>(a)(b)</sup> | 08/01/37 | 15000000 |
| Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund | Nuveen Preferred & Income Opportunities Fund |
| 35000000 | 4.080 <sup>(a)(b)</sup> | 07/01/32 | 35000000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
| 52875000 | 4.050 <sup>(d)</sup> | 07/01/41 | 52875000 |
| SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation |
| 69285000 | 4.020 <sup>(d)</sup> | 06/01/53 | 69285000 |
| 45750000 | 4.030 <sup>(d)</sup> | 06/01/53 | 45750000 |
| State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
| 25000000 | 4.000 <sup>(d)</sup> | 10/01/53 | 25000000 |
| State of Texas | State of Texas | State of Texas | State of Texas |
| 21800000 | 4.130 <sup>(d)</sup> | 12/01/54 | 21800000 |
| University of Chicago (The) | University of Chicago (The) | University of Chicago (The) | University of Chicago (The) |
| 84900000 | 4.000 <sup>(d)</sup> | 10/01/42 | 84900000 |
| Utah Housing Corporation Single Family Mortgage Bonds 2025 Series | Utah Housing Corporation Single Family Mortgage Bonds 2025 Series | Utah Housing Corporation Single Family Mortgage Bonds 2025 Series | Utah Housing Corporation Single Family Mortgage Bonds 2025 Series |
| G (Variable Rate)(Federally Taxable) | G (Variable Rate)(Federally Taxable) | G (Variable Rate)(Federally Taxable) | G (Variable Rate)(Federally Taxable) |
| 30000000 | 4.000 <sup>(d)</sup> | 07/01/55 | 30000000 |
| **TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS** | **TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS** | **TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS** | $728420000 |
| Variable Rate Obligations - 8.9% | Variable Rate Obligations - 8.9% | Variable Rate Obligations - 8.9% | Variable Rate Obligations - 8.9% |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 23345000 | 4.300 | 05/26/26 | 23345000 |
| Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| 25000000 | 4.220 | 01/26/26 | 25000000 |
| Chariot Funding LLC | Chariot Funding LLC | Chariot Funding LLC | Chariot Funding LLC |
| 50000000 | 4.270 | 04/28/26 | 50000000 |
| Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC | Collateralized Commercial Paper V Co., LLC |
| 3000000 | 4.330 | 03/06/26 | 3000000 |
| 13469000 | 4.320 | 04/20/26 | 13469000 |

---

&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 INVESTOR MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Obligations– (continued) | Variable Rate Obligations– (continued) | Variable Rate Obligations– (continued) | Variable Rate Obligations– (continued) |
| $9738000 | 4.350% | 04/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9738000 |
| 15000000 | 4.310 | 04/24/26 | 15000000 |
| Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC | Ing (U.S.) Funding LLC |
| 3831000 | 4.210 | 12/02/25 | 3831004 |
| 27995000 | 4.260 | 12/23/25 | 27995000 |
| 20000000 | 4.350 | 12/24/25 | 20000000 |
| 25948000 | 4.190 | 02/17/26 | 25948000 |
| 32155000 | 4.279 | 02/20/26 | 32157825 |
| Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |
| 10144000 | 4.220 | 01/13/26 | 10144000 |
| 26210000 | 4.220 | 01/29/26 | 26210000 |
| 18380000 | 4.220 | 01/30/26 | 18380000 |
| 17397000 | 4.220 | 02/13/26 | 17397000 |
| 17397000 | 4.220 | 02/17/26 | 17397000 |
| National Australia Bank Limited | National Australia Bank Limited | National Australia Bank Limited | National Australia Bank Limited |
| 10123000 | 4.259 | 01/20/26 | 10123954 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
| 15576000 | 4.430 | 12/01/26 | 15576000 |
| Nordea Bank ABP | Nordea Bank ABP | Nordea Bank ABP | Nordea Bank ABP |
| 20000000 | 4.300 | 03/16/26 | 19999574 |
| Old Line Funding, LLC | Old Line Funding, LLC | Old Line Funding, LLC | Old Line Funding, LLC |
| 36000000 | 4.200 | 02/04/26 | 36000000 |
| Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |
| 31000000 | 4.430 | 01/02/26 | 31000000 |
| 9892000 | 4.340 | 03/03/26 | 9892000 |
| 6298000 | 4.321 | 06/18/26 | 6297049 |
| 10000000 | 4.390 | 07/30/26 | 10000000 |
| Park Avenue Collateralized Notes Co., LLC | Park Avenue Collateralized Notes Co., LLC | Park Avenue Collateralized Notes Co., LLC | Park Avenue Collateralized Notes Co., LLC |
| 19000000 | 4.330 | 04/24/26 | 19000000 |
| 70980000 | 4.350 | 06/03/26 | 70980000 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 10829000 | 4.220 | 02/10/26 | 10828979 |
| 19000000 | 4.310 | 02/12/26 | 19000000 |
| 14695000 | 4.280 | 04/16/26 | 14695000 |
| 17259000 | 4.270 | 04/22/26 | 17259000 |
| Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC | Ridgefield Funding Company, LLC |
| 46513000 | 4.230 | 02/13/26 | 46513000 |
| Sumitomo Mitsui Banking Corporation | Sumitomo Mitsui Banking Corporation | Sumitomo Mitsui Banking Corporation | Sumitomo Mitsui Banking Corporation |
| 55000000 | 4.360 | 07/17/26 | 55000000 |
| Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
| 20000000 | 4.250 | 03/04/26 | 19999463 |
| Thunder Bay Funding, LLC | Thunder Bay Funding, LLC | Thunder Bay Funding, LLC | Thunder Bay Funding, LLC |
| 32000000 | 4.209 | 12/22/25 | 32001278 |
| 5000000 | 4.200 | 02/04/26 | 5000000 |
| 59229000 | 4.230 | 03/19/26 | 59229000 |
| Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| 33000000 | 4.170 | 01/15/26 | 33000000 |
| UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch | UBS AG - London Branch |
| 38000000 | 4.386 | 09/30/26 | 38000000 |
| Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| 35527000 | 4.260 | 01/02/26 | 35527000 |
| 19779000 | 4.260 | 01/09/26 | 19779000 |
| 36837000 | 4.270 | 02/09/26 | 36837000 |
| 36531000 | 4.270 | 03/02/26 | 36531000 |
| 45000000 | 4.270 | 03/06/26 | 45000000 |
| **TOTAL VARIABLE RATE OBLIGATIONS** | **TOTAL VARIABLE RATE OBLIGATIONS** | **TOTAL VARIABLE RATE OBLIGATIONS** | $1092080126 |
| **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | $7903467205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(e)</sup> - 34.1% | Repurchase Agreements<sup>(e)</sup> - 34.1% | Repurchase Agreements<sup>(e)</sup> - 34.1% | Repurchase Agreements<sup>(e)</sup> - 34.1% |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| $40000000 | 3.900% | 03/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| Maturity Value: $41,547,000 | Maturity Value: $41,547,000 | Maturity Value: $41,547,000 | Maturity Value: $41,547,000 |
| Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 |
| Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50. The market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50. The market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50. The market value of the collateral, including accrued interest, was $41,200,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50. The market value of the collateral, including accrued interest, was $41,200,000. |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
| 150000000 | 4.130 | 12/01/25 | $150000000 |
| Maturity Value: $150,051,625 | Maturity Value: $150,051,625 | Maturity Value: $150,051,625 | Maturity Value: $150,051,625 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by mortgage-backed obligations, 2.627% to 15.572%, due 01/15/32 to 05/25/70, various asset-backed obligation, 5.014%, due 04/20/38 and various corporate security issuers, 1.125% to 8.400%, due 12/01/25 to 05/26/84. The aggregate market value of the collateral, including accrued interest, was $165,159,072. | Collateralized by mortgage-backed obligations, 2.627% to 15.572%, due 01/15/32 to 05/25/70, various asset-backed obligation, 5.014%, due 04/20/38 and various corporate security issuers, 1.125% to 8.400%, due 12/01/25 to 05/26/84. The aggregate market value of the collateral, including accrued interest, was $165,159,072. | Collateralized by mortgage-backed obligations, 2.627% to 15.572%, due 01/15/32 to 05/25/70, various asset-backed obligation, 5.014%, due 04/20/38 and various corporate security issuers, 1.125% to 8.400%, due 12/01/25 to 05/26/84. The aggregate market value of the collateral, including accrued interest, was $165,159,072. | Collateralized by mortgage-backed obligations, 2.627% to 15.572%, due 01/15/32 to 05/25/70, various asset-backed obligation, 5.014%, due 04/20/38 and various corporate security issuers, 1.125% to 8.400%, due 12/01/25 to 05/26/84. The aggregate market value of the collateral, including accrued interest, was $165,159,072. |
| 25000000 | 4.050 | 12/10/25 | $25000000 |
| Maturity Value: $26,690,312 | Maturity Value: $26,690,312 | Maturity Value: $26,690,312 | Maturity Value: $26,690,312 |
| Settlement Date: 04/18/24 | Settlement Date: 04/18/24 | Settlement Date: 04/18/24 | Settlement Date: 04/18/24 |
| Collateralized by mortgage-backed obligation, 4.300%, due 10/10/46, various asset-backed obligations, 0.000% to 10.984%, due 07/23/31 to 11/21/47 and various corporate security issuers, 1.500% to 15.000%, due 12/14/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $27,156,399. | Collateralized by mortgage-backed obligation, 4.300%, due 10/10/46, various asset-backed obligations, 0.000% to 10.984%, due 07/23/31 to 11/21/47 and various corporate security issuers, 1.500% to 15.000%, due 12/14/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $27,156,399. | Collateralized by mortgage-backed obligation, 4.300%, due 10/10/46, various asset-backed obligations, 0.000% to 10.984%, due 07/23/31 to 11/21/47 and various corporate security issuers, 1.500% to 15.000%, due 12/14/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $27,156,399. | Collateralized by mortgage-backed obligation, 4.300%, due 10/10/46, various asset-backed obligations, 0.000% to 10.984%, due 07/23/31 to 11/21/47 and various corporate security issuers, 1.500% to 15.000%, due 12/14/25 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $27,156,399. |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| 150000000 | 4.330 | 01/07/26 | $150000000 |
| Maturity Value: $151,371,167 | Maturity Value: $151,371,167 | Maturity Value: $151,371,167 | Maturity Value: $151,371,167 |
| Settlement Date: 10/23/25 | Settlement Date: 10/23/25 | Settlement Date: 10/23/25 | Settlement Date: 10/23/25 |
| Collateralized by various corporate security issuers, 0.000% to 5.042%, due 12/01/25 to 02/01/34. The aggregate market value of the collateral, including accrued interest, was $153,424,322. | Collateralized by various corporate security issuers, 0.000% to 5.042%, due 12/01/25 to 02/01/34. The aggregate market value of the collateral, including accrued interest, was $153,424,322. | Collateralized by various corporate security issuers, 0.000% to 5.042%, due 12/01/25 to 02/01/34. The aggregate market value of the collateral, including accrued interest, was $153,424,322. | Collateralized by various corporate security issuers, 0.000% to 5.042%, due 12/01/25 to 02/01/34. The aggregate market value of the collateral, including accrued interest, was $153,424,322. |
| Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC | Fixed Income Clearing Corporation / Morgan Stanley & Co. LLC |
| 500000000 | 4.090 | 12/01/25 | $500000000 |
| Maturity Value: $500,170,417 | Maturity Value: $500,170,417 | Maturity Value: $500,170,417 | Maturity Value: $500,170,417 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/27 to 09/01/63 and U.S. Treasury Notes, 2.875% to 4.250%, due 04/30/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $509,999,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/27 to 09/01/63 and U.S. Treasury Notes, 2.875% to 4.250%, due 04/30/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $509,999,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/27 to 09/01/63 and U.S. Treasury Notes, 2.875% to 4.250%, due 04/30/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $509,999,997. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.500%, due 06/01/27 to 09/01/63 and U.S. Treasury Notes, 2.875% to 4.250%, due 04/30/29 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $509,999,997. |
| Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company | Fixed Income Clearing Corporation / State Street Bank and Trust Company |
| 1700000000 | 4.080 | 12/01/25 | $1700000000 |
| Maturity Value: $1,700,578,000 | Maturity Value: $1,700,578,000 | Maturity Value: $1,700,578,000 | Maturity Value: $1,700,578,000 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by U.S. Treasury Notes, 1.125% to 4.500%, due 09/30/32 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000. | Collateralized by U.S. Treasury Notes, 1.125% to 4.500%, due 09/30/32 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000. | Collateralized by U.S. Treasury Notes, 1.125% to 4.500%, due 09/30/32 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000. | Collateralized by U.S. Treasury Notes, 1.125% to 4.500%, due 09/30/32 to 11/15/33. The aggregate market value of the collateral, including accrued interest, was $1,734,000,000. |

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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>9</sub>

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| $| 200000000 | 4.200 %<sup>(f)</sup> | 12/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
|  Maturity Value: $202,100,001 | Maturity Value: $202,100,001 | Maturity Value: $202,100,001 | Maturity Value: $202,100,001 | Maturity Value: $202,100,001 |
|  Settlement Date: 09/16/25 | Settlement Date: 09/16/25 | Settlement Date: 09/16/25 | Settlement Date: 09/16/25 | Settlement Date: 09/16/25 |
|  Collateralized by various corporate security issuers, 2.250% to 6.625%, due 06/15/27 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,674,333. | Collateralized by various corporate security issuers, 2.250% to 6.625%, due 06/15/27 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,674,333. | Collateralized by various corporate security issuers, 2.250% to 6.625%, due 06/15/27 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,674,333. | Collateralized by various corporate security issuers, 2.250% to 6.625%, due 06/15/27 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,674,333. | Collateralized by various corporate security issuers, 2.250% to 6.625%, due 06/15/27 to 12/31/79. The aggregate market value of the collateral, including accrued interest, was $210,674,333. |
|  | 100000000 | 4.250 <sup>(f)</sup> | 02/04/26 | $100000000 |
|  Maturity Value: $101,062,500 | Maturity Value: $101,062,500 | Maturity Value: $101,062,500 | Maturity Value: $101,062,500 | Maturity Value: $101,062,500 |
|  Settlement Date: 11/06/25 | Settlement Date: 11/06/25 | Settlement Date: 11/06/25 | Settlement Date: 11/06/25 | Settlement Date: 11/06/25 |
|  Collateralized by various corporate security issuers, 0.000% to 5.250%, due 02/15/28 to 09/15/32 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,317,923. | Collateralized by various corporate security issuers, 0.000% to 5.250%, due 02/15/28 to 09/15/32 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,317,923. | Collateralized by various corporate security issuers, 0.000% to 5.250%, due 02/15/28 to 09/15/32 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,317,923. | Collateralized by various corporate security issuers, 0.000% to 5.250%, due 02/15/28 to 09/15/32 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,317,923. | Collateralized by various corporate security issuers, 0.000% to 5.250%, due 02/15/28 to 09/15/32 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $110,317,923. |
|  Joint Account III | Joint Account III | Joint Account III | Joint Account III | Joint Account III |
|  | 300000000 | 4.090 | 12/01/25 | $300000000 |
|  Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 | Maturity Value: $300,102,250 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC | Mizuho Securities USA LLC |
|  | 100000000 | 4.130 | 12/01/25 | $100000000 |
|  Maturity Value: $100,034,417 | Maturity Value: $100,034,417 | Maturity Value: $100,034,417 | Maturity Value: $100,034,417 | Maturity Value: $100,034,417 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by various asset-backed obligations, 2.365% to 10.822%, due 09/15/27 to 06/25/60. The aggregate market value of the collateral, including accrued interest, was $115,000,002. | Collateralized by various asset-backed obligations, 2.365% to 10.822%, due 09/15/27 to 06/25/60. The aggregate market value of the collateral, including accrued interest, was $115,000,002. | Collateralized by various asset-backed obligations, 2.365% to 10.822%, due 09/15/27 to 06/25/60. The aggregate market value of the collateral, including accrued interest, was $115,000,002. | Collateralized by various asset-backed obligations, 2.365% to 10.822%, due 09/15/27 to 06/25/60. The aggregate market value of the collateral, including accrued interest, was $115,000,002. | Collateralized by various asset-backed obligations, 2.365% to 10.822%, due 09/15/27 to 06/25/60. The aggregate market value of the collateral, including accrued interest, was $115,000,002. |
|  Societe Generale | Societe Generale | Societe Generale | Societe Generale | Societe Generale |
|  | 300000000 | 4.170 | 12/01/25 | $300000000 |
|  Maturity Value: $300,104,250 | Maturity Value: $300,104,250 | Maturity Value: $300,104,250 | Maturity Value: $300,104,250 | Maturity Value: $300,104,250 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by mortgage-backed obligation, 7.513%, due 03/11/41, various asset-backed obligations, 5.010% to 5.425%, due 07/15/32 to 04/23/38, various corporate security issuers, 1.300% to 14.375%, due 01/09/26 to perpetual maturity and various sovereign debt security issuers, 4.875% to 9.875%, due 10/09/26 to 03/15/35. The aggregate market value of the collateral, including accrued interest, was $329,590,157. | Collateralized by mortgage-backed obligation, 7.513%, due 03/11/41, various asset-backed obligations, 5.010% to 5.425%, due 07/15/32 to 04/23/38, various corporate security issuers, 1.300% to 14.375%, due 01/09/26 to perpetual maturity and various sovereign debt security issuers, 4.875% to 9.875%, due 10/09/26 to 03/15/35. The aggregate market value of the collateral, including accrued interest, was $329,590,157. | Collateralized by mortgage-backed obligation, 7.513%, due 03/11/41, various asset-backed obligations, 5.010% to 5.425%, due 07/15/32 to 04/23/38, various corporate security issuers, 1.300% to 14.375%, due 01/09/26 to perpetual maturity and various sovereign debt security issuers, 4.875% to 9.875%, due 10/09/26 to 03/15/35. The aggregate market value of the collateral, including accrued interest, was $329,590,157. | Collateralized by mortgage-backed obligation, 7.513%, due 03/11/41, various asset-backed obligations, 5.010% to 5.425%, due 07/15/32 to 04/23/38, various corporate security issuers, 1.300% to 14.375%, due 01/09/26 to perpetual maturity and various sovereign debt security issuers, 4.875% to 9.875%, due 10/09/26 to 03/15/35. The aggregate market value of the collateral, including accrued interest, was $329,590,157. | Collateralized by mortgage-backed obligation, 7.513%, due 03/11/41, various asset-backed obligations, 5.010% to 5.425%, due 07/15/32 to 04/23/38, various corporate security issuers, 1.300% to 14.375%, due 01/09/26 to perpetual maturity and various sovereign debt security issuers, 4.875% to 9.875%, due 10/09/26 to 03/15/35. The aggregate market value of the collateral, including accrued interest, was $329,590,157. |
|  The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia | The Bank of Nova Scotia |
|  | 450000000 | 4.160 | 12/01/25 | $450000000 |
|  Maturity Value: $450,156,000 | Maturity Value: $450,156,000 | Maturity Value: $450,156,000 | Maturity Value: $450,156,000 | Maturity Value: $450,156,000 |
|  Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
|  Collateralized by various corporate security issuers, 2.350% to 7.875%, due 01/20/27 to 03/15/55. The aggregate market value of the collateral, including accrued interest, was $472,663,804. | Collateralized by various corporate security issuers, 2.350% to 7.875%, due 01/20/27 to 03/15/55. The aggregate market value of the collateral, including accrued interest, was $472,663,804. | Collateralized by various corporate security issuers, 2.350% to 7.875%, due 01/20/27 to 03/15/55. The aggregate market value of the collateral, including accrued interest, was $472,663,804. | Collateralized by various corporate security issuers, 2.350% to 7.875%, due 01/20/27 to 03/15/55. The aggregate market value of the collateral, including accrued interest, was $472,663,804. | Collateralized by various corporate security issuers, 2.350% to 7.875%, due 01/20/27 to 03/15/55. The aggregate market value of the collateral, including accrued interest, was $472,663,804. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Repurchase Agreements<sup>(e)</sup> – (continued)  | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) | Repurchase Agreements<sup>(e)</sup> – (continued) |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| $| 135000000 | 4.520% | 06/26/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000000 |
|  Maturity Value: $139,508,701 | Maturity Value: $139,508,701 | Maturity Value: $139,508,701 | Maturity Value: $139,508,701 | Maturity Value: $139,508,701 |
|  Settlement Date: 10/03/25 | Settlement Date: 10/03/25 | Settlement Date: 10/03/25 | Settlement Date: 10/03/25 | Settlement Date: 10/03/25 |
|  Collateralized by mortgage-backed obligations, 2.250% to 10.959%, due 10/15/29 to 02/25/70 and various asset-backed obligations, 4.992% to 5.520%, due 01/15/28 to 10/15/28. The aggregate market value of the collateral, including accrued interest, was $150,411,559. | Collateralized by mortgage-backed obligations, 2.250% to 10.959%, due 10/15/29 to 02/25/70 and various asset-backed obligations, 4.992% to 5.520%, due 01/15/28 to 10/15/28. The aggregate market value of the collateral, including accrued interest, was $150,411,559. | Collateralized by mortgage-backed obligations, 2.250% to 10.959%, due 10/15/29 to 02/25/70 and various asset-backed obligations, 4.992% to 5.520%, due 01/15/28 to 10/15/28. The aggregate market value of the collateral, including accrued interest, was $150,411,559. | Collateralized by mortgage-backed obligations, 2.250% to 10.959%, due 10/15/29 to 02/25/70 and various asset-backed obligations, 4.992% to 5.520%, due 01/15/28 to 10/15/28. The aggregate market value of the collateral, including accrued interest, was $150,411,559. | Collateralized by mortgage-backed obligations, 2.250% to 10.959%, due 10/15/29 to 02/25/70 and various asset-backed obligations, 4.992% to 5.520%, due 01/15/28 to 10/15/28. The aggregate market value of the collateral, including accrued interest, was $150,411,559. |
|  **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | $4150000000 |
|  **TOTAL INVESTMENTS - 99.1%** | **TOTAL INVESTMENTS - 99.1%** | **TOTAL INVESTMENTS - 99.1%** | **TOTAL INVESTMENTS - 99.1%** | $12053467205 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 112753159 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $12166220364 |

---

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;(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion represents a forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate shown is that which is in effect on November 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless noted, all repurchase agreements were entered into on November 30, 2025. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| MMY | —Money Market Yield |
| PLC | —Public Limited Company |
| Prime | —Federal Reserve Bank Prime Loan Rate US |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |

---

&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 INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations – 7.1% | U.S. Treasury Obligations – 7.1% | U.S. Treasury Obligations – 7.1% | U.S. Treasury Obligations – 7.1% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $600000 | 3.883% | 12/09/25 | $599490 |
| **(Cost $599,490)** | **(Cost $599,490)** | **(Cost $599,490)** | **(Cost $599,490)** |
| Non-Financial Company Commercial Paper - 20.7% | Non-Financial Company Commercial Paper - 20.7% | Non-Financial Company Commercial Paper - 20.7% | Non-Financial Company Commercial Paper - 20.7% |
| **California - 20.7%** | **California - 20.7%** | **California - 20.7%** | **California - 20.7%** |
| California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth |
| 100000 | 2.550 | 03/04/2026 | 100000 |
| California Statewide Communities Development Authority | California Statewide Communities Development Authority | California Statewide Communities Development Authority | California Statewide Communities Development Authority |
| 100000 | 2.600 | 01/06/2026 | 100000 |
| Department of Water Resources of The State of California | Department of Water Resources of The State of California | Department of Water Resources of The State of California | Department of Water Resources of The State of California |
| 150000 | 2.500 | 12/09/2025 | 150000 |
| 200000 | 2.700 | 01/21/2026 | 200000 |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
| 300000 | 2.680 | 01/08/2026 | 300000 |
| Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) |
| 300000 | 2.460 | 05/05/2026 | 300000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
| 100000 | 2.500 | 12/11/2025 | 100000 |
| San Diego County Water Authority | San Diego County Water Authority | San Diego County Water Authority | San Diego County Water Authority |
| 250000 | 2.550 | 03/10/2026 | 250000 |
| San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam |
| Comercial Paper 3/A2 | Comercial Paper 3/A2 | Comercial Paper 3/A2 | Comercial Paper 3/A2 |
| 150000 | 2.730 | 12/18/2025 | 150000 |
| Santa Clarita Valley Water Agency | Santa Clarita Valley Water Agency | Santa Clarita Valley Water Agency | Santa Clarita Valley Water Agency |
| 100000 | 2.500 | 03/05/2026 | 100000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 |
| **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | 1750000 |
| Other Municipal Security - 14.6% | Other Municipal Security - 14.6% | Other Municipal Security - 14.6% | Other Municipal Security - 14.6% |
| **California - 14.6%** | **California - 14.6%** | **California - 14.6%** | **California - 14.6%** |
| Berkeley, California (City of) | Berkeley, California (City of) | Berkeley, California (City of) | Berkeley, California (City of) |
| 235000 | 2.300 | 07/28/2026 | 237557 |
| Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) |
| 100000 | 2.452 | 06/25/2026 | 101178 |
| 200000 | 3.060 | 06/25/2026 | 202357 |
| Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) |
| 165000 | 2.820 | 06/30/2026 | 167022 |
| Riverside, California (County of) | Riverside, California (County of) | Riverside, California (County of) | Riverside, California (County of) |
| 85000 | 2.295 | 06/30/2026 | 86170 |
| 170000 | 2.690 | 06/30/2026 | 172341 |
| State of California | State of California | State of California | State of California |
| 100000 | 2.713 | 03/01/2026 | 100554 |
| 25000 | 2.794 | 03/01/2026 | 25001 |
| 90000 | 3.000 | 03/01/2026 | 90004 |
| 30000 | 3.014 | 03/01/2026 | 30001 |
| 10000 | 3.167 | 03/01/2026 | 10001 |
|  |  |  | 1222186 |
| **TOTAL OTHER MUNICIPAL SECURITY** | **TOTAL OTHER MUNICIPAL SECURITY** | **TOTAL OTHER MUNICIPAL SECURITY** | 1222186 |
| Tender Option Bond - 8.4% | Tender Option Bond - 8.4% | Tender Option Bond - 8.4% | Tender Option Bond - 8.4% |
| **California - 8.4%** | **California - 8.4%** | **California - 8.4%** | **California - 8.4%** |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 55000 | 2.870 <sup>(a)(b)</sup> | 05/15/2050 | 55000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 300000 | 2.850 <sup>(a)(b)</sup> | 09/01/2054 | 300000 |
| 150000 | 2.820 <sup>(a)(b)</sup> | 12/01/2054 | 150000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) |
| **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** | **California – (continued)** |
| Tender Option Bond Trust Receipts/Certificates – (continued) | Tender Option Bond Trust Receipts/Certificates – (continued) | Tender Option Bond Trust Receipts/Certificates – (continued) | Tender Option Bond Trust Receipts/Certificates – (continued) | Tender Option Bond Trust Receipts/Certificates – (continued) |
| $| 200000 | 2.810 %<sup>(a)(b)</sup> | 11/01/2056 | $200000 |
|  |  |  |  | 705000 |
|  **TOTAL TENDER OPTION BOND** | **TOTAL TENDER OPTION BOND** | **TOTAL TENDER OPTION BOND** | **TOTAL TENDER OPTION BOND** | 705000 |
| Variable Rate Demand Note - 48.8% | Variable Rate Demand Note - 48.8% | Variable Rate Demand Note - 48.8% | Variable Rate Demand Note - 48.8% | Variable Rate Demand Note - 48.8% |
| **California - 48.8%** | **California - 48.8%** | **California - 48.8%** | **California - 48.8%** | **California - 48.8%** |
| Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco | Airport Commission of The City and County of San Francisco |
|  | 300000 | 1.850 <sup>(b)</sup> | 05/01/2058 | 300000 |
| Bay Area Toll Authority | Bay Area Toll Authority | Bay Area Toll Authority | Bay Area Toll Authority | Bay Area Toll Authority |
|  | 100000 | 1.750 <sup>(b)</sup> | 04/01/2059 | 100000 |
|  | 255000 | 1.800 <sup>(b)</sup> | 04/01/2059 | 255000 |
| Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. | Blackrock Muniholdings California Quality Fund, Inc. |
|  | 200000 | 2.930 <sup>(b)</sup> | 09/01/2054 | 200000 |
| California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority |
|  | 300000 | 1.400 <sup>(b)</sup> | 10/01/2043 | 300000 |
|  | 100000 | 2.100 <sup>(b)</sup> | 02/01/2045 | 100000 |
| California Institute of Technology | California Institute of Technology | California Institute of Technology | California Institute of Technology | California Institute of Technology |
|  | 300000 | 1.590 <sup>(b)</sup> | 10/01/2036 | 300000 |
| Chevron Corporation | Chevron Corporation | Chevron Corporation | Chevron Corporation | Chevron Corporation |
|  | 320000 | 1.850 <sup>(b)</sup> | 11/01/2035 | 320000 |
| City of Riverside California Variable Rate Refunding Water RB | City of Riverside California Variable Rate Refunding Water RB | City of Riverside California Variable Rate Refunding Water RB | City of Riverside California Variable Rate Refunding Water RB | City of Riverside California Variable Rate Refunding Water RB |
| Issue of 2011A | Issue of 2011A | Issue of 2011A | Issue of 2011A | Issue of 2011A |
|  | 100000 | 2.100 <sup>(b)</sup> | 10/01/2035 | 100000 |
| Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) | Housing Authority of The County of Sacramento (FNMA) |
|  | 245000 | 2.200 <sup>(b)</sup> | 07/15/2029 | 245000 |
| Orange County Water District | Orange County Water District | Orange County Water District | Orange County Water District | Orange County Water District |
|  | 125000 | 2.000 <sup>(b)</sup> | 08/01/2042 | 125000 |
| Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego | Rady Children's Hospital-San Diego |
|  | 300000 | 2.300 <sup>(b)</sup> | 08/15/2047 | 300000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
|  | 250000 | 2.400 <sup>(b)</sup> | 05/15/2048 | 250000 |
|  | 150000 | 2.650 <sup>(b)</sup> | 05/15/2054 | 150000 |
| San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority | San Mateo County Joint Powers Financing Authority |
|  | 340000 | 1.900 <sup>(b)</sup> | 04/01/2039 | 340000 |
| Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority | Santa Clara Valley Transportation Authority |
|  | 385000 | 1.650 <sup>(b)</sup> | 06/01/2055 | 385000 |
| Scripps Health | Scripps Health | Scripps Health | Scripps Health | Scripps Health |
|  | 350000 | 1.650 <sup>(b)</sup> | 08/01/2035 | 350000 |
|  |  |  |  | 4120000 |
| **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | 4120000 |
| **TOTAL INVESTMENTS - 99.6%** | **TOTAL INVESTMENTS - 99.6%** | **TOTAL INVESTMENTS - 99.6%** | **TOTAL INVESTMENTS - 99.6%** |  |
| **(Cost $8,396,676)** | **(Cost $8,396,676)** | **(Cost $8,396,676)** | **(Cost $8,396,676)** | $8396676 |
| **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.4%** | 37528 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 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;8434204 |

---

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

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

(b) Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&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 INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| FNMA | - Insured by Federal National Mortgage Association |
| RB | - Revenue Bond |
| SPEARS | - Short Puttable Exempt Adjustable Receipts |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 1.2% | U.S. Treasury Obligations - 1.2% | U.S. Treasury Obligations - 1.2% | U.S. Treasury Obligations - 1.2% |
| 0 - 1.2% | 0 - 1.2% | 0 - 1.2% | 0 - 1.2% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $44000000 | 3.883% | 12/09/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43962595 |
| (Cost $43,962,595) | (Cost $43,962,595) | (Cost $43,962,595) |  |
| Non-Financial Company Commercial Paper - 26.6% | Non-Financial Company Commercial Paper - 26.6% | Non-Financial Company Commercial Paper - 26.6% | Non-Financial Company Commercial Paper - 26.6% |
| California - 0.9% | California - 0.9% | California - 0.9% | California - 0.9% |
| California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth | California Statewide Cmntys Dev Auth |
| 9900000 | 2.550 | 03/04/2026 | 9900000 |
| California Statewide Communities Development Authority | California Statewide Communities Development Authority | California Statewide Communities Development Authority | California Statewide Communities Development Authority |
| 15185000 | 2.600 | 01/06/2026 | 15185000 |
| Department of Water Resources of The State of California | Department of Water Resources of The State of California | Department of Water Resources of The State of California | Department of Water Resources of The State of California |
| 4394000 | 2.700 | 01/21/2026 | 4394000 |
| Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) | Regents of The University of California (The) |
| 1800000 | 2.500 | 12/11/2025 | 1800000 |
| San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam Comercial Paper 3/A2 | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam Comercial Paper 3/A2 | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam Comercial Paper 3/A2 | San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Iam Comercial Paper 3/A2 |
| 2850000 | 2.730 | 12/18/2025 | 2850000 |
|  |  |  | 34129000 |
| District of Columbia - 0.9% | District of Columbia - 0.9% | District of Columbia - 0.9% | District of Columbia - 0.9% |
| District of Columbia | District of Columbia | District of Columbia | District of Columbia |
| 14000000 | 2.800 | 12/04/2025 | 14000000 |
| 17500000 | 2.770 | 01/08/2026 | 17500000 |
|  |  |  | 31500000 |
| Florida - 0.7% | Florida - 0.7% | Florida - 0.7% | Florida - 0.7% |
| Jacksonville, Florida (City of) | Jacksonville, Florida (City of) | Jacksonville, Florida (City of) | Jacksonville, Florida (City of) |
| 23900000 | 2.650 | 02/04/2026 | 23900000 |
| Georgia - 0.4% | Georgia - 0.4% | Georgia - 0.4% | Georgia - 0.4% |
| Municipal Electric Authority of Georgia (The) | Municipal Electric Authority of Georgia (The) | Municipal Electric Authority of Georgia (The) | Municipal Electric Authority of Georgia (The) |
| 15000000 | 2.700 | 01/13/2026 | 15000000 |
| Illinois - 0.4% | Illinois - 0.4% | Illinois - 0.4% | Illinois - 0.4% |
| Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority |
| 14500000 | 2.670 | 04/01/2026 | 14500000 |
| Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% | Indiana - 0.1% |
| Indiana University | Indiana University | Indiana University | Indiana University |
| 3630000 | 2.650 | 02/10/2026 | 3630000 |
| Maryland - 1.4% | Maryland - 1.4% | Maryland - 1.4% | Maryland - 1.4% |
| Montgomery, Maryland (County of) | Montgomery, Maryland (County of) | Montgomery, Maryland (County of) | Montgomery, Maryland (County of) |
| 50000000 | 2.680 | 02/10/2026 | 50000000 |
| Michigan - 0.6% | Michigan - 0.6% | Michigan - 0.6% | Michigan - 0.6% |
| Regents of The University of Michigan | Regents of The University of Michigan | Regents of The University of Michigan | Regents of The University of Michigan |
| 21890000 | 2.670 | 02/03/2026 | 21890000 |
| Minnesota - 1.6% | Minnesota - 1.6% | Minnesota - 1.6% | Minnesota - 1.6% |
| Hennepin Cnty Minn | Hennepin Cnty Minn | Hennepin Cnty Minn | Hennepin Cnty Minn |
| 12500000 | 2.630 | 12/02/2025 | 12500000 |
| Minnesota Agric & Economic Dev Brd Economic Devrev | Minnesota Agric & Economic Dev Brd Economic Devrev | Minnesota Agric & Economic Dev Brd Economic Devrev | Minnesota Agric & Economic Dev Brd Economic Devrev |
| 10000000 | 2.750 | 03/12/2026 | 10000000 |
| Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development | Minnesota Agricultural and Economic Development |
| 5608000 | 2.780 | 02/12/2026 | 5608000 |
| 6900000 | 2.780 | 02/25/2026 | 6900000 |
| 8000000 | 2.750 | 03/05/2026 | 8000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) |
| Minnesota – (continued) | Minnesota – (continued) | Minnesota – (continued) | Minnesota – (continued) |
| Regents of The University of Minnesota | Regents of The University of Minnesota | Regents of The University of Minnesota | Regents of The University of Minnesota |
| 11000000 | 2.690% | 02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 |
|  |  |  | 54008000 |
| Missouri - 1.2% | Missouri - 1.2% | Missouri - 1.2% | Missouri - 1.2% |
| SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation | SSM Health Care Corporation |
| 44000000 | 2.700 | 02/05/2026 | 44000000 |
| Nebraska - 2.6% | Nebraska - 2.6% | Nebraska - 2.6% | Nebraska - 2.6% |
| Lincoln Electric Company (The) | Lincoln Electric Company (The) | Lincoln Electric Company (The) | Lincoln Electric Company (The) |
| 6550000 | 2.700 | 02/11/2026 | 6550000 |
| Lincoln Electric System | Lincoln Electric System | Lincoln Electric System | Lincoln Electric System |
| 27205000 | 2.640 | 12/04/2025 | 27205000 |
| 12500000 | 2.640 | 12/08/2025 | 12500000 |
| 3500000 | 2.680 | 01/14/2026 | 3500000 |
| Omaha Public Power District | Omaha Public Power District | Omaha Public Power District | Omaha Public Power District |
| 15000000 | 2.690 | 12/04/2025 | 15000000 |
| 15000000 | 2.680 | 12/10/2025 | 15000000 |
| 10600000 | 2.640 | 12/15/2025 | 10600000 |
|  |  |  | 90355000 |
| New Jersey - 1.5% | New Jersey - 1.5% | New Jersey - 1.5% | New Jersey - 1.5% |
| Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) | Health Care Authority of The City of Huntsville (The) |
| 30000000 | 2.660 | 01/07/2026 | 30000000 |
| Rutgers University Board of Governors | Rutgers University Board of Governors | Rutgers University Board of Governors | Rutgers University Board of Governors |
| 21590000 | 2.670 | 12/04/2025 | 21590000 |
|  |  |  | 51590000 |
| New York - 1.2% | New York - 1.2% | New York - 1.2% | New York - 1.2% |
| Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York |
| 16318000 | 2.720 | 12/02/2025 | 16318000 |
| 4600000 | 2.700 | 12/04/2025 | 4600000 |
| 19750000 | 2.700 | 01/05/2026 | 19750000 |
|  |  |  | 40668000 |
| Tennessee - 1.4% | Tennessee - 1.4% | Tennessee - 1.4% | Tennessee - 1.4% |
| Nashville and Davidson County, Tennessee | Nashville and Davidson County, Tennessee | Nashville and Davidson County, Tennessee | Nashville and Davidson County, Tennessee |
| 25100000 | 2.680 | 12/02/2025 | 25100000 |
| 12500000 | 2.680 | 12/15/2025 | 12500000 |
| 12500000 | 2.700 | 01/07/2026 | 12500000 |
|  |  |  | 50100000 |
| Texas - 10.1% | Texas - 10.1% | Texas - 10.1% | Texas - 10.1% |
| Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) | Austin, Texas (City of) |
| 7800000 | 2.640 | 12/03/2025 | 7800000 |
| 15000000 | 2.650 | 12/03/2025 | 15000000 |
| 8000000 | 2.670 | 12/03/2025 | 8000000 |
| 28700000 | 2.730 | 12/03/2025 | 28700000 |
| Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System | Board of Regents of The Texas A&M University System |
| 41553000 | 2.663 | 12/23/2025 | 41550943 |
| 10500000 | 2.650 | 02/24/2026 | 10500000 |
| Board of Regents of The University of Texas System | Board of Regents of The University of Texas System | Board of Regents of The University of Texas System | Board of Regents of The University of Texas System |
| 10000000 | 2.930 | 12/02/2025 | 10000000 |
| 10000000 | 2.930 | 12/03/2025 | 10000000 |
| 20000000 | 2.780 | 12/04/2025 | 20000000 |
| 20000000 | 3.030 | 12/04/2025 | 20000000 |
| 10000000 | 2.900 | 12/09/2025 | 10000000 |
| 21300000 | 2.721 | 02/03/2026 | 21298497 |
| 4500000 | 2.700 | 02/18/2026 | 4500000 |
| Dallas Area Rapid Transit | Dallas Area Rapid Transit | Dallas Area Rapid Transit | Dallas Area Rapid Transit |
| 16032000 | 2.700 | 12/11/2025 | 16032000 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) | Non-Financial Company Commercial Paper – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Dallas Texas Waterworks & Sewer System | Dallas Texas Waterworks & Sewer System | Dallas Texas Waterworks & Sewer System | Dallas Texas Waterworks & Sewer System |
| 8700000 | 2.690% | 01/22/2026 | 8700000 |
| 14200000 | 2.700 | 02/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200000 |
| Harris County | Harris County | Harris County | Harris County |
| 2175000 | 2.690 | 12/05/2025 | 2175000 |
| Permanent University Fund | Permanent University Fund | Permanent University Fund | Permanent University Fund |
| 25000000 | 2.640 | 04/28/2026 | 25000000 |
| San Antonio Texas City Public Service | San Antonio Texas City Public Service | San Antonio Texas City Public Service | San Antonio Texas City Public Service |
| 50000000 | 2.730 | 12/09/2025 | 50000000 |
| Texas A&M University | Texas A&M University | Texas A&M University | Texas A&M University |
| 13745000 | 2.650 | 12/03/2025 | 13745000 |
| Texas Tech University | Texas Tech University | Texas Tech University | Texas Tech University |
| 3085000 | 2.600 | 01/15/2026 | 3085000 |
| University of Houston | University of Houston | University of Houston | University of Houston |
| 1500000 | 2.650 | 01/13/2026 | 1500000 |
| University of North Carolina System | University of North Carolina System | University of North Carolina System | University of North Carolina System |
| 10000000 | 2.670 | 12/11/2025 | 10000000 |
| 5000000 | 2.670 | 12/15/2025 | 5000000 |
|  |  |  | 356786440 |
| Washington - 1.6% | Washington - 1.6% | Washington - 1.6% | Washington - 1.6% |
| King, Washington (County of) | King, Washington (County of) | King, Washington (County of) | King, Washington (County of) |
| 7500000 | 2.640 | 01/08/2026 | 7500000 |
| 16225000 | 2.690 | 01/15/2026 | 16225000 |
| 33400000 | 2.680 | 01/20/2026 | 33400000 |
|  |  |  | 57125000 |
| TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | 939181440 |
| Other Municipal Security - 11.3% | Other Municipal Security - 11.3% | Other Municipal Security - 11.3% | Other Municipal Security - 11.3% |
| California - 3.6% | California - 3.6% | California - 3.6% | California - 3.6% |
| Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) | Los Angeles, California (City of) |
| 51950000 | 5.000 | 06/25/2026 | 52502110 |
| Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) | Los Angeles, California (County of) |
| 41345000 | 2.820 | 06/30/2026 | 41851651 |
| Riverside, California (County of) | Riverside, California (County of) | Riverside, California (County of) | Riverside, California (County of) |
| 7120000 | 2.690 | 06/30/2026 | 7212574 |
| State of California | State of California | State of California | State of California |
| 8130000 | 2.713 | 03/01/2026 | 8175050 |
| 15190000 | 3.000 | 03/01/2026 | 15190000 |
|  |  |  | 124931385 |
| Connecticut - 0.3% | Connecticut - 0.3% | Connecticut - 0.3% | Connecticut - 0.3% |
| State of Connecticut | State of Connecticut | State of Connecticut | State of Connecticut |
| 11380000 | 3.311 | 12/01/2025 | 11380000 |
| Florida - 1.6% | Florida - 1.6% | Florida - 1.6% | Florida - 1.6% |
| Broward County Florida School District | Broward County Florida School District | Broward County Florida School District | Broward County Florida School District |
| 2355000 | 2.543 | 06/25/2026 | 2372770 |
| 235000 | 2.667 | 06/25/2026 | 236773 |
| 2895000 | 2.677 | 06/25/2026 | 2916845 |
| 230000 | 2.735 | 06/25/2026 | 231736 |
| 175000 | 2.743 | 06/25/2026 | 176320 |
| 360000 | 2.744 | 06/25/2026 | 362716 |
| Pinellas County School Board | Pinellas County School Board | Pinellas County School Board | Pinellas County School Board |
| 11535000 | 2.442 | 06/30/2026 | 11625651 |
| 28020000 | 2.680 | 06/30/2026 | 28240204 |
| 95000 | 2.732 | 06/30/2026 | 95747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| School Board of Miami-Dade County (The) | School Board of Miami-Dade County (The) | School Board of Miami-Dade County (The) | School Board of Miami-Dade County (The) |
| 1000000 | 2.684% | 01/07/2026 | 1001215 |
| 3780000 | 2.746 | 01/07/2026 | 3784593 |
| 4195000 | 2.834 | 01/07/2026 | 4200097 |
| 110000 | 2.920 | 01/07/2026 | 110133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55354800 |
| Georgia - 2.1% | Georgia - 2.1% | Georgia - 2.1% | Georgia - 2.1% |
| Cobb County School District | Cobb County School District | Cobb County School District | Cobb County School District |
| 40000 | 2.738 | 12/15/2025 | 40018 |
| 65000 | 2.739 | 12/15/2025 | 65029 |
| 21830000 | 2.794 | 12/15/2025 | 21839830 |
| 80000 | 2.934 | 12/15/2025 | 80036 |
| 50000 | 3.345 | 12/15/2025 | 50023 |
| Fulton, Georgia (County of) | Fulton, Georgia (County of) | Fulton, Georgia (County of) | Fulton, Georgia (County of) |
| 25000 | 2.768 | 12/30/2025 | 25019 |
| 52810000 | 2.999 | 12/30/2025 | 52850989 |
| 50000 | 3.076 | 12/30/2025 | 50039 |
| 75000 | 3.153 | 12/30/2025 | 75058 |
|  |  |  | 75076041 |
| Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% | Minnesota - 0.6% |
| Hennepin County, Minnesota | Hennepin County, Minnesota | Hennepin County, Minnesota | Hennepin County, Minnesota |
| 20110000 | 2.700 <sup>(a)</sup> | 12/01/2038 | 20110000 |
| New Jersey - 1.0% | New Jersey - 1.0% | New Jersey - 1.0% | New Jersey - 1.0% |
| Hudson, New Jersey (County of) | Hudson, New Jersey (County of) | Hudson, New Jersey (County of) | Hudson, New Jersey (County of) |
| 45000 | 2.514 | 02/26/2026 | 45135 |
| 45000 | 2.583 | 02/26/2026 | 45135 |
| 120000 | 2.651 | 02/26/2026 | 120359 |
| 20004561 | 2.700 | 02/26/2026 | 20064445 |
| 12625000 | 2.721 | 02/26/2026 | 12662793 |
| 25000 | 2.781 | 02/26/2026 | 25075 |
| 35000 | 2.797 | 02/26/2026 | 35105 |
| 30000 | 2.846 | 02/26/2026 | 30090 |
| 105000 | 2.861 | 02/26/2026 | 105314 |
| 30000 | 2.995 | 02/26/2026 | 30090 |
| 60000 | 3.074 | 02/26/2026 | 60180 |
| 65000 | 3.190 | 02/26/2026 | 65194 |
|  |  |  | 33288915 |
| New York - 1.6% | New York - 1.6% | New York - 1.6% | New York - 1.6% |
| Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) |
| 15385000 | 2.511 | 06/24/2026 | 15447501 |
| Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of |
| 17240000 | 2.751 | 03/06/2026 | 17294563 |
| 120000 | 2.405 | 08/21/2026 | 121266 |
| 17615000 | 2.500 | 08/21/2026 | 17800773 |
| Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) |
| 4600000 | 2.391 | 06/25/2026 | 4640921 |
| South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) |
| 4700000 | 2.442 | 06/24/2026 | 4740279 |
|  |  |  | 60045303 |
| South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% |
| Charleston County School District (SCSDE) | Charleston County School District (SCSDE) | Charleston County School District (SCSDE) | Charleston County School District (SCSDE) |
| 5900000 | 4.000 | 04/01/2026 | 5927272 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) | Other Municipal Security – (continued) |
| Texas - 0.3% | Texas - 0.3% | Texas - 0.3% | Texas - 0.3% |
| Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) | Houston Independent School District (PSF-GTD) |
| $10165000 | 3.306% | 02/15/2026 | $10200031 |
| TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | TOTAL OTHER MUNICIPAL SECURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396313747 |
| Tender Option Bond - 8.3% | Tender Option Bond - 8.3% | Tender Option Bond - 8.3% | Tender Option Bond - 8.3% |
| Arizona - 0.1% | Arizona - 0.1% | Arizona - 0.1% | Arizona - 0.1% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 2000000 | 2.820 <sup>(a)(b)</sup> | 01/01/2054 | 2000000 |
| California - 0.2% | California - 0.2% | California - 0.2% | California - 0.2% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 4060000 | 2.870 <sup>(a)(b)</sup> | 05/15/2050 | 4060000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 3400000 | 2.820 <sup>(a)(b)</sup> | 12/01/2054 | 3400000 |
|  |  |  | 7460000 |
| Connecticut - 0.0% | Connecticut - 0.0% | Connecticut - 0.0% | Connecticut - 0.0% |
| Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority |
| 600000 | 2.820 <sup>(a)(b)</sup> | 11/15/2052 | 600000 |
| District of Columbia - 0.4% | District of Columbia - 0.4% | District of Columbia - 0.4% | District of Columbia - 0.4% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 5335000 | 2.820 <sup>(a)(b)</sup> | 06/01/2050 | 5335000 |
| 11000000 | 2.820 <sup>(a)(b)</sup> | 07/15/2060 | 11000000 |
|  |  |  | 16335000 |
| Georgia - 0.1% | Georgia - 0.1% | Georgia - 0.1% | Georgia - 0.1% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 5200000 | 2.820 <sup>(a)(b)</sup> | 10/01/2055 | 5200000 |
| Hawaii - 0.1% | Hawaii - 0.1% | Hawaii - 0.1% | Hawaii - 0.1% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 2665000 | 2.820 <sup>(a)(b)</sup> | 07/01/2049 | 2665000 |
| Illinois - 0.5% | Illinois - 0.5% | Illinois - 0.5% | Illinois - 0.5% |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| 16525000 | 2.950 <sup>(a)(b)</sup> | 02/15/2053 | 16525000 |
| Indiana - 0.3% | Indiana - 0.3% | Indiana - 0.3% | Indiana - 0.3% |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) |
| 12030000 | 2.820 <sup>(a)(b)</sup> | 07/01/2055 | 12030000 |
| Louisiana - 1.7% | Louisiana - 1.7% | Louisiana - 1.7% | Louisiana - 1.7% |
| Public Fin Auth Wis Ctfs Partn | Public Fin Auth Wis Ctfs Partn | Public Fin Auth Wis Ctfs Partn | Public Fin Auth Wis Ctfs Partn |
| 59775000 | 2.950 <sup>(a)(b)</sup> | 12/01/2052 | 59775000 |
| Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 3865000 | 2.820 <sup>(a)(b)</sup> | 10/01/2054 | 3865000 |
| Michigan - 0.1% | Michigan - 0.1% | Michigan - 0.1% | Michigan - 0.1% |
| Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) | Tender Option Bond Trust Receipts/Certificates (AG) |
| 4440000 | 2.830 <sup>(a)(b)</sup> | 11/15/2054 | 4440000 |
| Missouri - 0.2% | Missouri - 0.2% | Missouri - 0.2% | Missouri - 0.2% |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) |
| 8960000 | 2.820 <sup>(a)(b)</sup> | 11/01/2055 | 8960000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) |
| Nebraska - 0.5% | Nebraska - 0.5% | Nebraska - 0.5% | Nebraska - 0.5% |
| Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) | Nebraska Investment Finance Authority (GNMA/FHLMC/FNMA) |
| $5010000 | 2.820 %<sup>(a)(b)</sup> | 09/01/2051 | $5010000 |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) |
| 9605000 | 2.820 <sup>(a)(b)</sup> | 09/01/2055 | 9605000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14615000 |
| New Jersey - 1.1% | New Jersey - 1.1% | New Jersey - 1.1% | New Jersey - 1.1% |
| New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority |
| 37310000 | 2.940 <sup>(a)(b)</sup> | 06/15/2050 | 37310000 |
| New York - 0.8% | New York - 0.8% | New York - 0.8% | New York - 0.8% |
| J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States |
| 5065000 | 2.950 <sup>(a)(b)</sup> | 11/15/2057 | 5065000 |
| Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) |
| 2290000 | 2.820 <sup>(a)(b)</sup> | 11/15/2030 | 2290000 |
| 2050000 | 2.820 <sup>(a)(b)</sup> | 07/01/2032 | 2050000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 1890000 | 2.820 <sup>(a)(b)</sup> | 03/15/2046 | 1890000 |
| 2500000 | 2.820 <sup>(a)(b)</sup> | 03/15/2047 | 2500000 |
| 2430000 | 2.820 <sup>(a)(b)</sup> | 04/01/2049 | 2430000 |
| 7360000 | 2.820 <sup>(a)(b)</sup> | 07/01/2054 | 7360000 |
| 1455000 | 2.820 <sup>(a)(b)</sup> | 04/01/2055 | 1455000 |
| 2740000 | 2.820 <sup>(a)(b)</sup> | 12/01/2056 | 2740000 |
|  |  |  | 27780000 |
| North Carolina - 0.3% | North Carolina - 0.3% | North Carolina - 0.3% | North Carolina - 0.3% |
| J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States | J.P. Morgan Chase Putters / Drivers Trust Various States |
| 11215000 | 2.820 <sup>(a)(b)</sup> | 07/01/2040 | 11215000 |
| Ohio - 0.2% | Ohio - 0.2% | Ohio - 0.2% | Ohio - 0.2% |
| Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) | Tender Option Bond Trust Receipts/Certificates (GNMA/FNMA/FHLMC) |
| 7015000 | 2.820 <sup>(a)(b)</sup> | 09/01/2055 | 7015000 |
| Pennsylvania - 0.7% | Pennsylvania - 0.7% | Pennsylvania - 0.7% | Pennsylvania - 0.7% |
| Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) | Pennsylvania Housing Finance Agency (PUTABLE) |
| 8095000 | 2.820 <sup>(a)(b)</sup> | 04/01/2051 | 8095000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 12500000 | 2.950 <sup>(a)(b)</sup> | 04/01/2053 | 12500000 |
| Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) | Thomas Jefferson University (AG-CR) |
| 3900000 | 2.910 <sup>(a)(b)</sup> | 11/01/2054 | 3900000 |
|  |  |  | 24495000 |
| Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% | Rhode Island - 0.2% |
| Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) | Tender Option Bond Trust Receipts/Certificates (GNMA COLL) |
| 6500000 | 2.820 <sup>(a)(b)</sup> | 10/01/2054 | 6500000 |
| Texas - 0.6% | Texas - 0.6% | Texas - 0.6% | Texas - 0.6% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 3595000 | 2.820 <sup>(a)(b)</sup> | 02/15/2055 | 3595000 |
| 11700000 | 2.820 <sup>(a)(b)</sup> | 09/15/2055 | 11700000 |
| J.P. Morgan Chase Putters / Drivers Trust Various States (PSF-GTD) (PUTABLE) | J.P. Morgan Chase Putters / Drivers Trust Various States (PSF-GTD) (PUTABLE) | J.P. Morgan Chase Putters / Drivers Trust Various States (PSF-GTD) (PUTABLE) | J.P. Morgan Chase Putters / Drivers Trust Various States (PSF-GTD) (PUTABLE) |
| 1785000 | 2.820 <sup>(a)(b)</sup> | 12/01/2027 | 1785000 |
| Tender Option Bond Trust Receipts/Certificates (PSF-GTD) | Tender Option Bond Trust Receipts/Certificates (PSF-GTD) | Tender Option Bond Trust Receipts/Certificates (PSF-GTD) | Tender Option Bond Trust Receipts/Certificates (PSF-GTD) |
| 2250000 | 2.820 <sup>(a)(b)</sup> | 02/15/2055 | 2250000 |
|  |  |  | 19330000 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) | Tender Option Bond – (continued) |
| Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| $3465000 | 2.820 %<sup>(a)(b)</sup> | 12/01/2066 | $3465000 |
| TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | TOTAL TENDER OPTION BOND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291580000 |
| Variable Rate Demand Note - 51.9% | Variable Rate Demand Note - 51.9% | Variable Rate Demand Note - 51.9% | Variable Rate Demand Note - 51.9% |
| Alabama - 2.0% | Alabama - 2.0% | Alabama - 2.0% | Alabama - 2.0% |
| Alabama Power Company | Alabama Power Company | Alabama Power Company | Alabama Power Company |
| 56745000 | 2.900 <sup>(a)</sup> | 12/01/2037 | 56745000 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| 15000000 | 2.850 <sup>(a)(b)</sup> | 06/01/2055 | 15000000 |
|  |  |  | 71745000 |
| Alaska - 3.7% | Alaska - 3.7% | Alaska - 3.7% | Alaska - 3.7% |
| Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation | Alaska Housing Finance Corporation |
| 11900000 | 2.740 <sup>(a)</sup> | 12/01/2040 | 11900000 |
| 36910000 | 2.760 <sup>(a)</sup> | 12/01/2040 | 36910000 |
| 51340000 | 2.740 <sup>(a)</sup> | 12/01/2041 | 51340000 |
| Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation |
| 30595000 | 2.850 <sup>(a)</sup> | 12/01/2033 | 30595000 |
|  |  |  | 130745000 |
| Arizona - 1.0% | Arizona - 1.0% | Arizona - 1.0% | Arizona - 1.0% |
| Arizona Board of Regents | Arizona Board of Regents | Arizona Board of Regents | Arizona Board of Regents |
| 34500000 | 2.750 <sup>(a)</sup> | 07/01/2055 | 34500000 |
| Colorado - 2.7% | Colorado - 2.7% | Colorado - 2.7% | Colorado - 2.7% |
| Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority |
| 10000000 | 2.750 <sup>(a)</sup> | 05/15/2064 | 10000000 |
| Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority | Colorado Housing and Finance Authority |
| 8270000 | 2.750 <sup>(a)</sup> | 05/01/2031 | 8270000 |
| Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) | Colorado Springs Colorado (Combined Utilities Sytem) |
| 31995000 | 2.750 <sup>(a)</sup> | 11/01/2040 | 31995000 |
| University of Colorado Hospital Authority | University of Colorado Hospital Authority | University of Colorado Hospital Authority | University of Colorado Hospital Authority |
| 19600000 | 2.920 <sup>(a)</sup> | 11/15/2030 | 19600000 |
| 25000000 | 2.920 <sup>(a)</sup> | 11/15/2049 | 25000000 |
|  |  |  | 94865000 |
| Connecticut - 2.8% | Connecticut - 2.8% | Connecticut - 2.8% | Connecticut - 2.8% |
| Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority |
| 4000000 | 2.790 <sup>(a)</sup> | 05/15/2034 | 4000000 |
| 18690000 | 2.770 <sup>(a)</sup> | 11/15/2048 | 18690000 |
| Connecticut Housing Finance Authority (GNMA/FNMA/FHLMC) | Connecticut Housing Finance Authority (GNMA/FNMA/FHLMC) | Connecticut Housing Finance Authority (GNMA/FNMA/FHLMC) | Connecticut Housing Finance Authority (GNMA/FNMA/FHLMC) |
| 55000000 | 2.770 <sup>(a)</sup> | 11/15/2051 | 55000000 |
| 19300000 | 2.850 <sup>(a)</sup> | 11/15/2051 | 19300000 |
|  |  |  | 96990000 |
| District of Columbia - 0.3% | District of Columbia - 0.3% | District of Columbia - 0.3% | District of Columbia - 0.3% |
| Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority |
| 11310000 | 2.790 <sup>(a)</sup> | 10/01/2039 | 11310000 |
| Florida - 5.2% | Florida - 5.2% | Florida - 5.2% | Florida - 5.2% |
| Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation | Adventist Health System Sunbelt Healthcare Corporation |
| 9550000 | 2.810 <sup>(a)</sup> | 11/15/2032 | 9550000 |
| 7465000 | 2.810 <sup>(a)</sup> | 11/15/2037 | 7465000 |
| 30000000 | 2.900 <sup>(a)</sup> | 11/15/2056 | 30000000 |
| Baptist Health System, Inc. | Baptist Health System, Inc. | Baptist Health System, Inc. | Baptist Health System, Inc. |
| 3455000 | 2.830 <sup>(a)</sup> | 08/01/2036 | 3455000 |
| Florida Power & Light Company | Florida Power & Light Company | Florida Power & Light Company | Florida Power & Light Company |
| 33500000 | 2.850 <sup>(a)</sup> | 09/01/2028 | 33500000 |
| 27885000 | 2.850 <sup>(a)</sup> | 05/01/2046 | 27885000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Hillsborough County Industrial Development Authority | Hillsborough County Industrial Development Authority | Hillsborough County Industrial Development Authority | Hillsborough County Industrial Development Authority |
| 43300000 | 2.920 %<sup>(a)</sup> | 11/15/2042 | 43300000 |
| 22130000 | 2.700 <sup>(a)</sup> | 11/15/2044 | 22130000 |
| Miami-Dade Water and Sewer Department | Miami-Dade Water and Sewer Department | Miami-Dade Water and Sewer Department | Miami-Dade Water and Sewer Department |
| 7720000 | 2.683 <sup>(c)</sup> | 10/01/2026 | 7864827 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185149827 |
| Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% |
| Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation |
| 1165000 | 2.950 <sup>(a)</sup> | 12/01/2048 | 1165000 |
| Illinois - 0.8% | Illinois - 0.8% | Illinois - 0.8% | Illinois - 0.8% |
| Northwestern University | Northwestern University | Northwestern University | Northwestern University |
| 26760000 | 2.750 <sup>(a)</sup> | 12/01/2046 | 26760000 |
| Iowa - 0.5% | Iowa - 0.5% | Iowa - 0.5% | Iowa - 0.5% |
| Archer-Daniels-Midland Company | Archer-Daniels-Midland Company | Archer-Daniels-Midland Company | Archer-Daniels-Midland Company |
| 18250000 | 2.810 <sup>(a)</sup> | 12/01/2045 | 18250000 |
| Louisiana - 0.8% | Louisiana - 0.8% | Louisiana - 0.8% | Louisiana - 0.8% |
| Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation |
| 27045000 | 2.870 <sup>(a)</sup> | 12/01/2040 | 27045000 |
| Maryland - 2.2% | Maryland - 2.2% | Maryland - 2.2% | Maryland - 2.2% |
| Howard Hughes Medical Institute | Howard Hughes Medical Institute | Howard Hughes Medical Institute | Howard Hughes Medical Institute |
| 40000000 | 2.850 <sup>(a)</sup> | 02/15/2043 | 40000000 |
| 35985000 | 2.750 <sup>(a)</sup> | 05/15/2043 | 35985000 |
|  |  |  | 75985000 |
| Massachusetts - 0.8% | Massachusetts - 0.8% | Massachusetts - 0.8% | Massachusetts - 0.8% |
| Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency | Massachusetts Housing Finance Agency |
| 16145000 | 2.750 <sup>(a)</sup> | 11/01/2048 | 16145000 |
| Massachusetts Water Resources Authority | Massachusetts Water Resources Authority | Massachusetts Water Resources Authority | Massachusetts Water Resources Authority |
| 9900000 | 2.750 <sup>(a)</sup> | 08/01/2031 | 9900000 |
|  |  |  | 26045000 |
| Michigan - 0.9% | Michigan - 0.9% | Michigan - 0.9% | Michigan - 0.9% |
| Michigan Strategic Fund | Michigan Strategic Fund | Michigan Strategic Fund | Michigan Strategic Fund |
| 32625000 | 2.870 <sup>(a)</sup> | 12/01/2042 | 32625000 |
| Minnesota - 0.7% | Minnesota - 0.7% | Minnesota - 0.7% | Minnesota - 0.7% |
| Minnesota State Housing Finance Agency (GNMA/FNMA/FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/FHLMC) | Minnesota State Housing Finance Agency (GNMA/FNMA/FHLMC) |
| 26360000 | 2.770 <sup>(a)</sup> | 01/01/2042 | 26360000 |
| Mississippi - 4.4% | Mississippi - 4.4% | Mississippi - 4.4% | Mississippi - 4.4% |
| Chevron Corporation | Chevron Corporation | Chevron Corporation | Chevron Corporation |
| 47915000 | 2.800 <sup>(a)</sup> | 12/01/2030 | 47915000 |
| 15015000 | 2.850 <sup>(a)</sup> | 12/01/2030 | 15015000 |
| 3220000 | 2.900 <sup>(a)</sup> | 12/01/2030 | 3220000 |
| 2400000 | 2.850 <sup>(a)</sup> | 11/01/2035 | 2400000 |
| 73165000 | 2.900 <sup>(a)</sup> | 11/01/2035 | 73165000 |
| 12415000 | 2.900 <sup>(a)</sup> | 12/01/2039 | 12415000 |
|  |  |  | 154130000 |
| Missouri - 0.6% | Missouri - 0.6% | Missouri - 0.6% | Missouri - 0.6% |
| The Washington University | The Washington University | The Washington University | The Washington University |
| 20000000 | 2.800 <sup>(a)</sup> | 03/01/2040 | 20000000 |

---

&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 INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% |
| Dartmouth College | Dartmouth College | Dartmouth College | Dartmouth College |
| $2295000 | 2.800 %<sup>(a)</sup> | 06/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295000 |
| New York - 7.3% | New York - 7.3% | New York - 7.3% | New York - 7.3% |
| Long Island Power Authority | Long Island Power Authority | Long Island Power Authority | Long Island Power Authority |
| 6725000 | 2.700 <sup>(a)</sup> | 09/01/2038 | 6725000 |
| Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) |
| 30000000 | 2.740 <sup>(a)</sup> | 10/01/2036 | 30000000 |
| Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation |
| 17030000 | 2.790 <sup>(a)</sup> | 01/01/2045 | 17030000 |
| New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation |
| 23420000 | 2.900 <sup>(a)</sup> | 03/15/2036 | 23420000 |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority |
| 6110000 | 2.850 <sup>(a)</sup> | 06/15/2044 | 6110000 |
| 7395000 | 2.850 <sup>(a)</sup> | 06/15/2049 | 7395000 |
| 16275000 | 2.790 <sup>(a)</sup> | 06/15/2051 | 16275000 |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| 9250000 | 2.850 <sup>(a)</sup> | 08/01/2041 | 9250000 |
| 34645000 | 2.850 <sup>(a)</sup> | 02/01/2045 | 34645000 |
| 2500000 | 2.790 <sup>(a)</sup> | 05/01/2053 | 2500000 |
| New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency |
| 43800000 | 2.920 <sup>(a)</sup> | 11/15/2036 | 43800000 |
| 12600000 | 2.750 <sup>(a)</sup> | 11/15/2037 | 12600000 |
| 10000000 | 2.750 <sup>(a)</sup> | 05/15/2039 | 10000000 |
| State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
| 12010000 | 2.750 <sup>(a)</sup> | 04/01/2047 | 12010000 |
| 12785000 | 2.750 <sup>(a)</sup> | 04/01/2051 | 12785000 |
| The City of New York | The City of New York | The City of New York | The City of New York |
| 1850000 | 2.900 <sup>(a)</sup> | 04/01/2042 | 1850000 |
| 6950000 | 2.850 <sup>(a)</sup> | 06/01/2044 | 6950000 |
| Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority |
| 2340000 | 2.850 <sup>(a)</sup> | 01/01/2033 | 2340000 |
|  |  |  | 255685000 |
| North Carolina - 0.4% | North Carolina - 0.4% | North Carolina - 0.4% | North Carolina - 0.4% |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| 15000000 | 2.850 <sup>(a)(b)</sup> | 01/15/2048 | 15000000 |
| Ohio - 3.5% | Ohio - 3.5% | Ohio - 3.5% | Ohio - 3.5% |
| Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) | Columbus Ohio Sewerage System (City of) |
| 16545000 | 2.870 <sup>(a)</sup> | 06/01/2032 | 16545000 |
| Ohio State University (The) | Ohio State University (The) | Ohio State University (The) | Ohio State University (The) |
| 12300000 | 2.750 <sup>(a)</sup> | 06/01/2035 | 12300000 |
| 9770000 | 2.850 <sup>(a)</sup> | 06/01/2043 | 9770000 |
| Ohiohealth Corporation | Ohiohealth Corporation | Ohiohealth Corporation | Ohiohealth Corporation |
| 16540000 | 2.700 <sup>(a)</sup> | 11/15/2033 | 16540000 |
| 25000000 | 2.750 <sup>(a)</sup> | 11/15/2041 | 25000000 |
| State of Ohio | State of Ohio | State of Ohio | State of Ohio |
| 10000000 | 2.700 <sup>(a)</sup> | 10/01/2040 | 10000000 |
| 13090000 | 2.750 <sup>(a)</sup> | 12/01/2040 | 13090000 |
| 15000000 | 2.850 <sup>(a)</sup> | 01/15/2050 | 15000000 |
| Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation | Trinity Health Corporation |
| 1900000 | 2.950 <sup>(a)</sup> | 12/01/2046 | 1900000 |
|  |  |  | 120145000 |
| Other - 2.1% | Other - 2.1% | Other - 2.1% | Other - 2.1% |
| Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd | Nuveen Insd Tax-Free Advantage Mun Fd |
| 75000000 | 2.870 <sup>(a)(b)</sup> | 09/11/2026 | 75000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| Pennsylvania - 1.8% | Pennsylvania - 1.8% | Pennsylvania - 1.8% | Pennsylvania - 1.8% |
| Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency | Pennsylvania Housing Finance Agency |
| 25550000 | 2.750 %<sup>(a)</sup> | 10/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25550000 |
| Wellspan Health | Wellspan Health | Wellspan Health | Wellspan Health |
| 40000000 | 2.900 <sup>(a)</sup> | 06/01/2035 | 40000000 |
|  |  |  | 65550000 |
| South Dakota - 0.4% | South Dakota - 0.4% | South Dakota - 0.4% | South Dakota - 0.4% |
| South Dakota Health And Educational Facilities Authority | South Dakota Health And Educational Facilities Authority | South Dakota Health And Educational Facilities Authority | South Dakota Health And Educational Facilities Authority |
| 15000000 | 2.830 <sup>(a)</sup> | 07/01/2055 | 15000000 |
| Texas - 3.9% | Texas - 3.9% | Texas - 3.9% | Texas - 3.9% |
| Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation | Exxon Mobil Corporation |
| 740000 | 1.800 <sup>(a)</sup> | 11/01/2051 | 740000 |
| Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation | Harris County Cultural Education Facilities Finance Corporation |
| 22500000 | 2.800 <sup>(a)</sup> | 12/01/2060 | 22500000 |
| Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) | Houston Texas (Combined Utilities System) |
| 1900000 | 2.800 <sup>(a)</sup> | 05/15/2034 | 1900000 |
| Methodist Hospital-Houston (The) | Methodist Hospital-Houston (The) | Methodist Hospital-Houston (The) | Methodist Hospital-Houston (The) |
| 42700000 | 2.850 <sup>(a)</sup> | 12/01/2041 | 42700000 |
| Methodist Hospitals of Dallas | Methodist Hospitals of Dallas | Methodist Hospitals of Dallas | Methodist Hospitals of Dallas |
| 5000000 | 2.800 <sup>(a)</sup> | 10/01/2041 | 5000000 |
| San Antonio Water System | San Antonio Water System | San Antonio Water System | San Antonio Water System |
| 11300000 | 2.850 <sup>(a)</sup> | 05/01/2055 | 11300000 |
| State of Texas | State of Texas | State of Texas | State of Texas |
| 300000 | 2.950 <sup>(a)</sup> | 06/01/2050 | 300000 |
| 200000 | 2.850 <sup>(a)</sup> | 06/01/2053 | 200000 |
| Tarrant County Cultural Education Facilities Finance Corporation | Tarrant County Cultural Education Facilities Finance Corporation | Tarrant County Cultural Education Facilities Finance Corporation | Tarrant County Cultural Education Facilities Finance Corporation |
| 21985000 | 2.900 <sup>(a)</sup> | 07/01/2047 | 21985000 |
| Texas Health Resources | Texas Health Resources | Texas Health Resources | Texas Health Resources |
| 35920000 | 2.730 <sup>(a)</sup> | 11/15/2047 | 35920000 |
|  |  |  | 142545000 |
| Utah - 0.1% | Utah - 0.1% | Utah - 0.1% | Utah - 0.1% |
| IHC Health Services, Inc. | IHC Health Services, Inc. | IHC Health Services, Inc. | IHC Health Services, Inc. |
| 2400000 | 2.850 <sup>(a)</sup> | 05/15/2058 | 2400000 |
| Virginia - 1.1% | Virginia - 1.1% | Virginia - 1.1% | Virginia - 1.1% |
| Smithsonian Institution | Smithsonian Institution | Smithsonian Institution | Smithsonian Institution |
| 26000000 | 2.780 <sup>(a)</sup> | 12/01/2033 | 26000000 |
| Virginia Commonwealth University Health System | Virginia Commonwealth University Health System | Virginia Commonwealth University Health System | Virginia Commonwealth University Health System |
| 13585000 | 2.850 <sup>(a)</sup> | 07/01/2037 | 13585000 |
|  |  |  | 39585000 |
| Washington - 0.6% | Washington - 0.6% | Washington - 0.6% | Washington - 0.6% |
| King, Washington (County of) | King, Washington (County of) | King, Washington (County of) | King, Washington (County of) |
| 22600000 | 2.800 <sup>(a)</sup> | 01/01/2065 | 22600000 |
| Wisconsin - 1.2% | Wisconsin - 1.2% | Wisconsin - 1.2% | Wisconsin - 1.2% |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| 40000000 | 2.820 <sup>(a)</sup> | 10/01/2044 | 40000000 |
| TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | TOTAL VARIABLE RATE DEMAND NOTE | 1829474827 |
| **TOTAL INVESTMENTS - 99.3%**<br> **(Cost $3,500,512,609)** | **TOTAL INVESTMENTS - 99.3%**<br> **(Cost $3,500,512,609)** | **TOTAL INVESTMENTS - 99.3%**<br> **(Cost $3,500,512,609)** | $3500512609 |
| **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF LIABILITIES - 0.7%** | 23632788 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $3524145397 |

---

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

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion represents a forward commitment.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| FHLMC | Insured by Federal Home Loan Mortgage Corp. |
| FNMA | Insured by Federal National Mortgage Association |
| GNMA | Insured by Government National Mortgage |
|  | Association |
| IHC | Intermountain Health Care |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SCSDE | South Carolina State Department of Education |
| SPEARS | Short Puttable Exempt Adjustable Receipts |
| ST AID |  |
| WITHHLDG | State Aid Withholding |

---

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

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

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

Schedule of Investments *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 2.9% | U.S. Treasury Obligations - 2.9% | U.S. Treasury Obligations - 2.9% | U.S. Treasury Obligations - 2.9% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $900000 | 3.987% | 12/02/25 | $899902 |
| 200000 | 3.883 | 12/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199830 |
|  |  |  | 1099732 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,099,732)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,099,732)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,099,732)** | 1099732 |
| Non-Financial Company Commercial Paper - 6.8% | Non-Financial Company Commercial Paper - 6.8% | Non-Financial Company Commercial Paper - 6.8% | Non-Financial Company Commercial Paper - 6.8% |
| New York - 6.8% | New York - 6.8% | New York - 6.8% | New York - 6.8% |
| New York State Dorm Auth Tax Exempt Cp Cornel University | New York State Dorm Auth Tax Exempt Cp Cornel University | New York State Dorm Auth Tax Exempt Cp Cornel University | New York State Dorm Auth Tax Exempt Cp Cornel University |
| 1100000 | 2.650 | 02/05/2026 | 1100000 |
| New York State Dormitory Authority-City University | New York State Dormitory Authority-City University | New York State Dormitory Authority-City University | New York State Dormitory Authority-City University |
| 160000 | 2.630 | 01/21/2026 | 160000 |
| 200000 | 2.680 | 01/22/2026 | 200000 |
| Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York | Power Authority of The State of New York |
| 400000 | 2.700 | 12/04/2025 | 400000 |
| 750000 | 2.700 | 01/05/2026 | 750000 |
|  |  |  | 2610000 |
| **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | **TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER** | 2610000 |
| Other Municipal Security - 14.0% | Other Municipal Security - 14.0% | Other Municipal Security - 14.0% | Other Municipal Security - 14.0% |
| New York - 14.0% | New York - 14.0% | New York - 14.0% | New York - 14.0% |
| Bay Shore Union Free School District | Bay Shore Union Free School District | Bay Shore Union Free School District | Bay Shore Union Free School District |
| 10000 | 2.480 | 07/10/2026 | 10065 |
| 350000 | 2.901 | 07/10/2026 | 352288 |
| Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) | Connetquot Central School District of Islip (ST AID WITHHLDG) |
| 615000 | 2.511 | 06/24/2026 | 617498 |
| County of Erie New York General Obligation Bonds Public Improvement Serial Bonds, Series 2025A Refunding Serial Bonds, Series 2025B | County of Erie New York General Obligation Bonds Public Improvement Serial Bonds, Series 2025A Refunding Serial Bonds, Series 2025B | County of Erie New York General Obligation Bonds Public Improvement Serial Bonds, Series 2025A Refunding Serial Bonds, Series 2025B | County of Erie New York General Obligation Bonds Public Improvement Serial Bonds, Series 2025A Refunding Serial Bonds, Series 2025B |
| 600000 | 2.159 | 06/01/2026 | 608392 |
| Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) | Monroe, New York (County of) (BAM) |
| 135000 | 2.673 | 06/01/2026 | 136535 |
| Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of | Oyster Bay, Town of |
| 45000 | 2.502 | 03/06/2026 | 45139 |
| 400000 | 2.751 | 03/06/2026 | 401238 |
| 60000 | 3.142 | 03/06/2026 | 60186 |
| 5000 | 3.259 | 03/06/2026 | 5015 |
| 35000 | 2.405 | 08/21/2026 | 35363 |
| 95000 | 2.450 | 08/21/2026 | 95985 |
| 160000 | 2.500 | 08/21/2026 | 161658 |
| 25000 | 2.541 | 08/21/2026 | 25259 |
| 110000 | 2.668 | 08/21/2026 | 111140 |
| Patchogue-Medford Union Free School District | Patchogue-Medford Union Free School District | Patchogue-Medford Union Free School District | Patchogue-Medford Union Free School District |
| 635000 | 2.372 | 06/24/2026 | 640484 |
| 115000 | 2.748 | 06/24/2026 | 115993 |
| Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) | Smithtown Central School District (ST AID WITHHLDG) |
| 400000 | 2.391 | 06/25/2026 | 403558 |
| South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) | South Huntington New York Union Free School District (ST AID WITHHLDG) |
| 300000 | 2.442 | 06/24/2026 | 302571 |
| Suffolk, New York (County of) (AG) | Suffolk, New York (County of) (AG) | Suffolk, New York (County of) (AG) | Suffolk, New York (County of) (AG) |
| 175000 | 2.329 | 02/01/2026 | 175779 |
| The Port Authority of New York and New Jersey Consolidated | The Port Authority of New York and New Jersey Consolidated | The Port Authority of New York and New Jersey Consolidated | The Port Authority of New York and New Jersey Consolidated |
| Bonds Two Hundred Forty-Fifth Series Consolidated Bonds | Bonds Two Hundred Forty-Fifth Series Consolidated Bonds | Bonds Two Hundred Forty-Fifth Series Consolidated Bonds | Bonds Two Hundred Forty-Fifth Series Consolidated Bonds |
| Two Hundred Forty-Sixth Series | Two Hundred Forty-Sixth Series | Two Hundred Forty-Sixth Series | Two Hundred Forty-Sixth Series |
| 200000 | 2.457 | 12/01/2025 | 200000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Other Municipal Security - (continued) | Other Municipal Security - (continued) | Other Municipal Security - (continued) | Other Municipal Security - (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series – (continued) |
| 25000 | 2.521% | 12/01/2025 | 25000 |
| 5000 | 2.555 | 12/01/2025 | 5000 |
| 60000 | 2.854 | 12/01/2025 | 60000 |
| 75000 | 2.944 | 12/01/2025 | 75000 |
| Three Village Central School District | Three Village Central School District | Three Village Central School District | Three Village Central School District |
| 5000 | 2.398 | 06/24/2026 | 5039 |
| 515000 | 2.497 | 06/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519042 |
| 40000 | 2.626 | 06/24/2026 | 40314 |
| 60000 | 2.704 | 06/24/2026 | 60471 |
| 105000 | 2.845 | 06/24/2026 | 105824 |
|  |  |  | 5399836 |
| **TOTAL OTHER MUNICIPAL SECURITY** | **TOTAL OTHER MUNICIPAL SECURITY** | **TOTAL OTHER MUNICIPAL SECURITY** | 5399836 |
| Tender Option Bond - 7.3% | Tender Option Bond - 7.3% | Tender Option Bond - 7.3% | Tender Option Bond - 7.3% |
| New York - 7.3% | New York - 7.3% | New York - 7.3% | New York - 7.3% |
| Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust | Deutsche Bank Spears/Lifers Trust |
| 200000 | 2.950 <sup>(a)(b)</sup> | 01/15/2055 | 200000 |
| Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates | Tender Option Bond Trust Receipts/Certificates |
| 400000 | 2.820 <sup>(a)(b)</sup> | 03/15/2046 | 400000 |
| 300000 | 2.920 <sup>(a)(b)</sup> | 03/15/2049 | 300000 |
| 200000 | 2.820 <sup>(a)(b)</sup> | 07/01/2054 | 200000 |
| 650000 | 2.820 <sup>(a)(b)</sup> | 04/01/2055 | 650000 |
| 615000 | 2.820 <sup>(a)(b)</sup> | 12/01/2056 | 615000 |
| Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) | Tender Option Bond Trust Receipts/Certificates (PUTABLE) |
| 450000 | 2.820 <sup>(a)(b)</sup> | 07/01/2032 | 450000 |
|  |  |  | 2815000 |
| **TOTAL TENDER OPTION BOND** | **TOTAL TENDER OPTION BOND** | **TOTAL TENDER OPTION BOND** | 2815000 |
| Variable Rate Demand Note - 68.6% | Variable Rate Demand Note - 68.6% | Variable Rate Demand Note - 68.6% | Variable Rate Demand Note - 68.6% |
| New York - 68.6% | New York - 68.6% | New York - 68.6% | New York - 68.6% |
| Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. | Blackrock Muniholdings New York Quality Fund, Inc. |
| 100000 | 2.930 <sup>(b)</sup> | 07/01/2041 | 100000 |
| Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust | Blackrock New York Municipal Income Trust |
| 100000 | 2.930 <sup>(a)(b)</sup> | 03/31/2051 | 100000 |
| Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. | Cold Spring Harbor Laboratory, Inc. |
| 600000 | 2.600 <sup>(b)</sup> | 01/01/2034 | 600000 |
| Dormitory Authority of The State of New York | Dormitory Authority of The State of New York | Dormitory Authority of The State of New York | Dormitory Authority of The State of New York |
| 200000 | 2.770 | 07/01/2026 | 202537 |
| 1075000 | 2.790 <sup>(b)</sup> | 07/01/2032 | 1075000 |
| Long Island Power Authority | Long Island Power Authority | Long Island Power Authority | Long Island Power Authority |
| 180000 | 2.750 <sup>(b)</sup> | 05/01/2033 | 180000 |
| 1275000 | 2.700 <sup>(b)</sup> | 09/01/2038 | 1275000 |
| Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) | Metropolitan Museum of Art (The) |
| 1665000 | 2.740 <sup>(b)</sup> | 10/01/2036 | 1665000 |
| Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority |
| 100000 | 2.850 <sup>(b)</sup> | 11/01/2026 | 100000 |
| 655000 | 2.850 <sup>(b)</sup> | 11/01/2031 | 655000 |
| 400000 | 2.790 <sup>(b)</sup> | 11/01/2032 | 400000 |
| Metropolitan Transportation Authority Transportation Revenue Variable Rate Refunding Bonds, Subseries 2012G-1 | Metropolitan Transportation Authority Transportation Revenue Variable Rate Refunding Bonds, Subseries 2012G-1 | Metropolitan Transportation Authority Transportation Revenue Variable Rate Refunding Bonds, Subseries 2012G-1 | Metropolitan Transportation Authority Transportation Revenue Variable Rate Refunding Bonds, Subseries 2012G-1 |
| 250000 | 2.850 <sup>(b)</sup> | 11/01/2032 | 250000 |
| Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation | Nassau County Local Economic Assistance and Financing Corporation |
| 375000 | 2.790 <sup>(b)</sup> | 01/01/2045 | 375000 |

---

&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 INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

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

Schedule of Investments (continued) *November 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
| **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
| New York Botanical Garden | New York Botanical Garden | New York Botanical Garden | New York Botanical Garden |
| $1505000 | 2.780 %<sup>(b)</sup> | 07/01/2032 | $1505000 |
| New York City Housing Development Corporation (FHA 542 (C)) (PUTABLE) | New York City Housing Development Corporation (FHA 542 (C)) (PUTABLE) | New York City Housing Development Corporation (FHA 542 (C)) (PUTABLE) | New York City Housing Development Corporation (FHA 542 (C)) (PUTABLE) |
| 1100000 | 4.000 <sup>(b)</sup> | 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
| New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation | New York City Housing Development Corporation |
| 175000 | 2.900 <sup>(b)</sup> | 03/15/2036 | 175000 |
| 200000 | 2.780 <sup>(b)</sup> | 04/01/2045 | 200000 |
| 200000 | 2.750 <sup>(b)</sup> | 11/01/2048 | 200000 |
| New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority | New York City Municipal Water Finance Authority |
| 325000 | 2.790 <sup>(b)</sup> | 06/15/2051 | 325000 |
| New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution RB, Adjustable Rate | New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution RB, Adjustable Rate | New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution RB, Adjustable Rate | New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution RB, Adjustable Rate |
| 685000 | 2.850 <sup>(b)</sup> | 06/15/2039 | 685000 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Adjustable Rate Fiscal 2011 Series DD | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Adjustable Rate Fiscal 2011 Series DD | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Adjustable Rate Fiscal 2011 Series DD | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Adjustable Rate Fiscal 2011 Series DD |
| 100000 | 2.900 <sup>(b)</sup> | 06/15/2043 | 100000 |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| 800000 | 2.850 <sup>(b)</sup> | 08/01/2043 | 800000 |
| 100000 | 2.780 <sup>(b)</sup> | 02/01/2044 | 100000 |
| 100000 | 2.850 <sup>(b)</sup> | 08/01/2052 | 100000 |
| 950000 | 2.920 <sup>(b)</sup> | 05/01/2053 | 950000 |
| New York N Y Var GO Bds 2008 L-4 | New York N Y Var GO Bds 2008 L-4 | New York N Y Var GO Bds 2008 L-4 | New York N Y Var GO Bds 2008 L-4 |
| 100000 | 2.900 <sup>(b)</sup> | 04/01/2038 | 100000 |
| New York St Dorm Auth Revs Non St Supported Debt Var Rev | New York St Dorm Auth Revs Non St Supported Debt Var Rev | New York St Dorm Auth Revs Non St Supported Debt Var Rev | New York St Dorm Auth Revs Non St Supported Debt Var Rev |
| Boards Rockefeller University 2002 A2 | Boards Rockefeller University 2002 A2 | Boards Rockefeller University 2002 A2 | Boards Rockefeller University 2002 A2 |
| 150000 | 2.790 <sup>(b)</sup> | 07/01/2032 | 150000 |
| New York St Dorm Auth Revs Non St Supported Debt Var Rev Boards Rockefeller University 2008A | New York St Dorm Auth Revs Non St Supported Debt Var Rev Boards Rockefeller University 2008A | New York St Dorm Auth Revs Non St Supported Debt Var Rev Boards Rockefeller University 2008A | New York St Dorm Auth Revs Non St Supported Debt Var Rev Boards Rockefeller University 2008A |
| 1450000 | 2.830 <sup>(b)</sup> | 07/01/2039 | 1450000 |
| New York State Energy Research and Development Authority | New York State Energy Research and Development Authority | New York State Energy Research and Development Authority | New York State Energy Research and Development Authority |
| 1400000 | 2.800 <sup>(b)</sup> | 05/01/2039 | 1400000 |
| New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency | New York State Housing Finance Agency |
| 300000 | 2.920 <sup>(b)</sup> | 11/15/2036 | 300000 |
| 800000 | 2.750 <sup>(b)</sup> | 11/15/2037 | 800000 |
| 445000 | 4.000 <sup>(b)</sup> | 11/01/2055 | 445000 |
| State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency | State of New York Mortgage Agency |
| 1515000 | 2.750 <sup>(b)</sup> | 04/01/2051 | 1515000 |
| The City of New York | The City of New York | The City of New York | The City of New York |
| 250000 | 2.780 <sup>(b)</sup> | 08/01/2041 | 250000 |
| 100000 | 2.700 <sup>(b)</sup> | 10/01/2041 | 100000 |
| The City of New York General Obligation Bonds Fiscal 2014 Series I, Subseries I-3 | The City of New York General Obligation Bonds Fiscal 2014 Series I, Subseries I-3 | The City of New York General Obligation Bonds Fiscal 2014 Series I, Subseries I-3 | The City of New York General Obligation Bonds Fiscal 2014 Series I, Subseries I-3 |
| 875000 | 2.900 <sup>(b)</sup> | 03/01/2044 | 875000 |
| The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 | The City of New York General Obligation Bonds Fiscal 2018 Series B Subseries B-4 And B-5 |
| 1580000 | 2.850 <sup>(b)</sup> | 10/01/2046 | 1580000 |
| The City of New York General Obligation Bonds, Fiscal 2013 Series A Subseries A-5 Adjustable Rate Bonds | The City of New York General Obligation Bonds, Fiscal 2013 Series A Subseries A-5 Adjustable Rate Bonds | The City of New York General Obligation Bonds, Fiscal 2013 Series A Subseries A-5 Adjustable Rate Bonds | The City of New York General Obligation Bonds, Fiscal 2013 Series A Subseries A-5 Adjustable Rate Bonds |
| 500000 | 2.780 <sup>(b)</sup> | 10/01/2042 | 500000 |
| The Regents of The University of California General RB 2024 Series BY-2 | The Regents of The University of California General RB 2024 Series BY-2 | The Regents of The University of California General RB 2024 Series BY-2 | The Regents of The University of California General RB 2024 Series BY-2 |
| 295000 | 2.850 <sup>(b)</sup> | 11/01/2038 | 295000 |
| Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority | Triborough Bridge and Tunnel Authority |
| 375000 | 2.750 <sup>(b)</sup> | 01/01/2032 | 375000 |
| 425000 | 2.790 <sup>(b)</sup> | 01/01/2032 | 425000 |
| 1335000 | 2.900 <sup>(b)</sup> | 01/01/2033 | 1335000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) | Variable Rate Demand Note – (continued) |
|  **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** | **New York – (continued)** |
|  Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) | Trustees of Columbia University in The City of New York (The) |
| $| 146000 | 2.740 %<sup>(b)</sup> | 07/01/2028 | $146000 |
|  | 1115000 | 2.880 <sup>(b)</sup> | 09/01/2039 | 1115000 |
|  |  |  |  | 26373537 |
|  **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | **TOTAL VARIABLE RATE DEMAND NOTE** | 26373537 |
| **TOTAL INVESTMENTS - 99.6%<br>(Cost $38,298,105)** | **TOTAL INVESTMENTS - 99.6%<br>(Cost $38,298,105)** | **TOTAL INVESTMENTS - 99.6%<br>(Cost $38,298,105)** | **TOTAL INVESTMENTS - 99.6%<br>(Cost $38,298,105)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38298105 |
|  **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.4%** | 141317 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $38439422 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable Rate Demand Instruments – rate shown is that which is in effect on November 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

&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 FUNDS — INVESTOR FUNDS

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

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

 *November 30, 2025*

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

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III— At November 30, 2025, the Investor Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of December 1, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br>Allocation |
|  Investor Money Market Fund | $300000000 | $300102250 | $309000001 |

---

REPURCHASE AGREEMENTS— At November 30, 2025, the Principal Amounts of the Investor Money Market Fund's interest in the Joint repurchase Agreement Account III were as follows:

---

| | | |
|:---|:---|:---|
| Counterparty | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Money Market Fund |
|  Bank of America, N.A. | 4.090% | $112500000 |
|  Wells Fargo Securities, LLC | 4.090 | 187500000 |
| **Total** |  | $300000000 |

---

At November 30, 2025, the Joint Repurchase Agreement Account III was fully collateralized by:

---

| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  Federal National Mortgage Association | 2.000% to 4.000% | 09/01/42 to 08/01/50 |
|  Government National Mortgage Association | 3.000 to 7.000 | 08/20/36 to 10/20/55 |

---

&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 FUNDS - INVESTOR FUNDS

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

Statements of Assets and Liabilities *November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money Market<br>Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
| Assets: |  |  |  |  |
|  Investments, at value (cost $7,903,467,205, $8,396,676, $3,500,512,609 and $38,298,105, respectively) | $7903467205 | $8396676 | $3500512609 | $38298105 |
|  Repurchase agreements, at value (Cost $4,150,000,000, $–, $– and $–, respectively) | 4150000000 |  |  |  |
|  Cash | 98010549 | 65780 | 3117659 | 57512 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 32312828 | 38098 | 18162124 | 153688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 17697848 |  | 134127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11347369 |  | 42903574 |  |
|  Other assets | 522550 | 34088 | 101095 | 34107 |
|  **Total assets** | 12213358349 | 8534642 | 3564931188 | 38543412 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 26153680 |  | 9663818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 18325065 |  | 26867942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distribution | 1246024 |  | 3901347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 746105 | 5908 | 223398 | 7235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 531757 | 564 | 49603 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 68998 | 5255 | 30377 | 5259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 66356 | 39846 | 36765 | 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs |  | 12000 |  | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs |  | 31731 |  | 31731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 5134 | 12541 | 7191 |
|  **Total liabilities** | 47137985 | 100438 | 40785791 | 103990 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 12165493035 | 8434015 | 3524129187 | 38439362 |
|  Total distributable earnings | 727329 | 189 | 16210 | 60 |
|  **NET ASSETS** | $12166220364 | $8434204 | $3524145397 | $38439422 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | $3906511924 | $51319 | $135244457 | $51542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | 55379 |  | 9634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 16462926 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 7718315300 | 8228968 | 3355730033 | 38233317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 6688581 | 51163 | 29964722 | 51385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  | 51414 | 1136 | 51636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 507938849 | 51340 | 3195415 | 51542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 10247405 |  |  |  |
|  Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12166220364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524145397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38439422 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | 3906365080 | 51319 | 135242954 | 51542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | 55377 |  | 9634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | 16462265 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 7718025115 | 8228891 | 3355692412 | 38233349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 6688329 | 51163 | 29964388 | 51385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  | 51413 | 1136 | 51636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | 507919719 | 51339 | 3195379 | 51542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | 10247020 |  |  |  |
|  Net asset value, offering and redemption price per share: | $1.00 | $1.00 | $1.00 | $1.00 |

---

&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 FUNDS - INVESTOR FUNDS

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

Statements of Operations *For the Year Ended November 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
| Investment Income: | Investment Income: | Investment Income: | Investment Income: | Investment Income: |
|  Interest income | $505923963 | $212832 | $85453853 | $676739 |
| Expenses: | Expenses: | Expenses: | Expenses: | Expenses: |
|  **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** | **Fund-Level Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 18216611 | 13894 | 4703661 | 38225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 1138642 | 870 | 294005 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 889282 | 30535 | 124377 | 30540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 384816 | 26143 | 126264 | 29686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 245353 | 41114 | 64741 | 41045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 195323 | 124058 | 126968 | 126153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 52719 | 26158 | 33937 | 26191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of offering costs |  | 125076 |  | 125062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 83919 | 127 | 69953 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 21206665 | 387975 | 5543906 | 419365 |
|  **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** | **Class Specific Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees - Class A Shares | 8606466 | 127 | 305580 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Share fees | 1209781 | 127 | 8928 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Share fees | 121381 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Share fees | 73623 | 254 | 111328 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Cash Management Shares | 72829 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares | 552 |  | 95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Share fees |  | 51 | 101 | 51 |
|  **Total expenses** | 31291297 | 388534 | 5969938 | 419925 |
|  Less - expense reductions | (278074) | (371998) | (135377) | (375407) |
|  **Net expenses** | 31013223 | 16536 | 5834561 | 44518 |
|  **NET INVESTMENT INCOME** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474910740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79619292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632221 |
|  **Net realized gain (loss) from investment transactions** | 2094681 | 75 | 14456 | (33) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $477005421 | $196371 | $79633748 | $632188 |

---

&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 FUNDS — INVESTOR FUNDS

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

Statements of Changes in Net Assets

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Tax-Exempt California Money Market Fund** | **Investor Tax-Exempt California Money Market Fund** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Period<br>September 10, 2024<sup>\*</sup>**<br> **to**<br> **November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $474910740 | $472167232 | $196296 | $29599 |
|  Net realized gain | 2094681 | 2847059 | 75 | 4 |
| **Net increase in net assets resulting from operations** | 477005421 | 475014291 | 196371 | 29603 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
|  From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (138585362) | (114116098) | (1050) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1813) | (554) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (692216) | (595068) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (317024415) | (340133487) | (192149) | (28533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (563725) | (852823) | (920) | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares |  |  | (1127) | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (19487353) | (17335597) | (1050) | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares | (855901) | (1135378) |  |  |
|  **Total distributions to shareholders** | (477210785) | (474169005) | (196296) | (29599) |
| From share transactions: | From share transactions: | From share transactions: | From share transactions: | From share transactions: |
|  Proceeds from sales of shares | 13315636367 | 10632460885 | 36564341 | 5000041 |
|  Reinvestment of distributions | 462004086 | 458800936 | 196306 | 29599 |
|  Cost of shares redeemed | (11831326831) | (9352011096) | (33356121) | (41) |
| **Net increase in net assets resulting from share transactions** | 1946313622 | 1739250725 | 3404526 | 5029599 |
|  **TOTAL INCREASE** | 1946108258 | 1740096011 | 3404601 | 5029603 |
| Net Assets: | Net Assets: | Net Assets: | Net Assets: | Net Assets: |
|  Beginning of period | $10220112106 | $8480016095 | $5029603 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12166220364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220112106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029603 |
|  \* Commencement of operations. |  |  |  |  |

---

&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 FUNDS — INVESTOR FUNDS

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

Statements of Changes in Net Assets (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Fiscal<br>Year Ended<br>November 30, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **For the Fiscal<br>Year Ended<br>November 30, 2025** | **For the Period<br>September 10, 2024<sup>\*</sup>**<br> **to**<br> **November 30, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $79619292 | $72677807 | $632221 | $37808 |
|  Net realized gain (loss) | 14456 | (26) | (33) | 1 |
| **Net increase in net assets resulting from operations** | 79633748 | 72677781 | 632188 | 37809 |
| Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: | Distributions to shareholders: |
|  From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: | From distributable earnings: |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3016965) | (1765205) | (1224) | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (167) | (207) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (76018818) | (70825601) | (627376) | (36550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Shares |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (491887) | (40484) | (1095) | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares | (2776) | (15391) | (1302) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (88678) | (43354) | (1224) | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Shares |  | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Management Shares |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Shares |  | (4) |  |  |
|  **Total distributions to shareholders** | (79619291) | (72690259) | (632221) | (37808) |
| From share transactions: | From share transactions: | From share transactions: | From share transactions: | From share transactions: |
|  Proceeds from sales of shares | 4350805951 | 3023912047 | 69847787 | 5675387 |
|  Reinvestment of distributions | 33687100 | 21104007 | 628609 | 37807 |
|  Cost of shares redeemed | (3330838096) | (2704944600) | (37744425) | (5711) |
| **Net increase in net assets resulting from share transactions** | 1053654955 | 340071454 | 32731971 | 5707483 |
|  **TOTAL INCREASE** | 1053669412 | 340058976 | 32731938 | 5707484 |
| Net Assets: | Net Assets: | Net Assets: | Net Assets: | Net Assets: |
|  Beginning of period | $2470475985 | $2130417009 | $5707484 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524145397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470475985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38439422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707484 |
|  \* Commencement of operations. |  |  |  |  |

---

&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** |

---

------

FINANCIAL HIGHLIGHTS

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.040 | 0.049 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 4.11% | 5.09% | 4.80% | 1.17% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140297 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.43% | 0.38% | 0.12% |
|  Ratio of total expenses to average net assets | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% |
|  Ratio of net investment income (loss) to average net assets | 4.01% | 4.93% | 4.81% | 1.69% | (0.01)% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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.** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.033 | 0.041 | 0.039 | 0.007 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> | 0.001 | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.033 | 0.042 | 0.039 | 0.007 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.033) | (0.042) | (0.039) | (0.007) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.033) | (0.042) | (0.039) | (0.007) | –<sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 3.34% | 4.31% | 4.02% | 0.74% | 0.03% |
|  Net assets, end of year (in 000's) | $55 | $55 | $11 | $34 | $39 |
|  Ratio of net expenses to average net assets | 1.18% | 1.19% | 1.18% | 0.79% | 0.12% |
|  Ratio of total expenses to average net assets | 1.19% | 1.19% | 1.19% | 1.20% | 1.20% |
|  Ratio of net investment income (loss) to average net assets | 3.27% | 4.12% | 3.87% | 0.62% | (0.01)% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&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** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDMAN SACHS INVESTOR MONEY MARKET FUND

&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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | **Period Ended**<br> **November 30, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.043 | 0.052 | 0.043 |
|  Net realized loss | – <sup>(c)</sup> |  | (0.001) |
|  Total from investment operations | 0.043 | 0.052 | 0.042 |
|  Distributions to shareholders from net investment income | (0.043) | (0.052) | (0.042) |
|  Distributions to shareholders from net realized gains | – <sup>(c)</sup> | – <sup>(c)</sup> | –<sup>(c)</sup> |
|  Total distributions <sup>(d)</sup> | (0.043) | (0.052) | (0.042) |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(e)</sup>** | 4.37% | 5.35% | 4.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11748 | $6124 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18% | 0.18%<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.19% | 0.19% | 0.19%<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 4.25% | 5.18% | 5.17%<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 31, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

---

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

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.043 | 0.052 | 0.050 | 0.013 | –<sup>(b)</sup> |
|  Net realized loss | – <sup>(b)</sup> |  | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.043 | 0.052 | 0.049 | 0.013 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.043) | (0.052) | (0.049) | (0.013) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.043) | (0.052) | (0.049) | (0.013) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 4.37% | 5.35% | 5.06% | 1.35% | 0.04% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400101 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18% | 0.18% | 0.18% | 0.12% |
|  Ratio of total expenses to average net assets | 0.19% | 0.19% | 0.19% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.26% | 5.20% | 4.95% | 1.93% | –%<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.038 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.038 | 0.047 | 0.044 | 0.010 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.038) | (0.047) | (0.044) | (0.010) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 3.85% | 4.83% | 4.54% | 1.00% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63427 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.68% | 0.54% | 0.12% |
|  Ratio of total expenses to average net assets | 0.69% | 0.69% | 0.69% | 0.70% | 0.70% |
|  Ratio of net investment income (loss) to average net assets | 3.80% | 4.73% | 4.40% | 1.14% | (0.01)% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.040 | 0.049 | 0.048 | 0.012 | –<sup>(b)</sup> |
|  Net realized gain (loss) | – <sup>(b)</sup> | 0.001 | (0.001) | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.040 | 0.050 | 0.047 | 0.012 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.040) | (0.050) | (0.047) | (0.012) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 4.11% | 5.09% | 4.80% | 1.17% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40662 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.43% | 0.39% | 0.12% |
|  Ratio of total expenses to average net assets | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% |
|  Ratio of net investment income (loss) to average net assets | 4.01% | 4.94% | 4.77% | 1.64% | (0.01)% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** | **Cash Management Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.035 | 0.044 | 0.041 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.035 | 0.044 | 0.041 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.035) | (0.044) | (0.041) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.035) | (0.044) | (0.041) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 3.54% | 4.51% | 4.22% | 0.83% | 0.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61039 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.61% | 0.12% |
|  Ratio of total expenses to average net assets | 0.99% | 0.99% | 0.99% | 1.00% | 1.00% |
|  Ratio of net investment income to average net assets | 3.50% | 4.40% | 4.08% | 0.75% | –%<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Class A Shares** | **Class A Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.005 |
|  Total from investment operations | 0.021 | 0.005 |
|  Distributions to shareholders from net investment income | (0.021) | (0.005) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.09% | 0.54% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | 0.43 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.07% | 2.40 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Class I Shares** | **Class I Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.023 | 0.006 |
|  Total from investment operations | 0.023 | 0.006 |
|  Distributions to shareholders from net investment income | (0.023) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.34% | 0.59% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.47% | 11.77 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.27% | 2.65 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Service Shares** | **Service Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.018 | 0.005 |
|  Total from investment operations | 0.018 | 0.005 |
|  Distributions to shareholders from net investment income | (0.018) | (0.005) |
|  Net asset value, end of 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;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(c)</sup>** | 1.83% | 0.48% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.69% | 0.68% <sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.97% | 12.27% <sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.82% | 2.15% <sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.022 | 0.006 |
|  Total from investment operations | 0.022 | 0.006 |
|  Distributions to shareholders from net investment income | (0.022) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</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;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.28% | 0.29% <sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.57% | 11.87% <sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.22% | 2.55% <sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money<br>Market Fund** | **Investor Tax-Exempt California Money<br>Market Fund** |
|  | **Administration Shares** | **Administration Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended<br>November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.021 | 0.005 |
|  Total from investment operations | 0.021 | 0.005 |
|  Distributions to shareholders from net investment income | (0.021) | (0.005) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</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;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% |
|  Net assets, end of period (in 000's) | $51 | $50 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% <sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.72% | 12.02% <sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.07% | 2.40% <sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.025 | 0.030 | 0.028 | 0.006 | – <sup>(b)</sup> |
|  Net realized gain (loss) |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Total from investment operations | 0.025 | 0.030 | 0.028 | 0.006 | – <sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.025) | (0.030) | (0.028) | (0.006) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | – <sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.025) | (0.030) | (0.028) | (0.006) | – <sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.51% | 3.00% | 2.80% | 0.58% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728 |
|  Ratio of net expenses to average net assets | 0.43% | 0.44% | 0.43% | 0.36% | 0.04% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.46% | 0.45% |
|  Ratio of net investment income to average net assets | 2.47% | 2.95% | 2.80% | 0.78% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.017 | 0.022 | 0.020 | 0.003 |  |
|  Net realized gain (loss) |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.017 | 0.022 | 0.020 | 0.003 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.017) | (0.022) | (0.020) | (0.003) |  |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.017) | (0.022) | (0.020) | (0.003) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
|  Net assets, end of year (in 000's) | $10 | $9 | $9 | $9 | $9 |
|  Ratio of net expenses to average net assets | 1.17% | 1.19% | 1.18% | 0.66% | 0.04% |
|  Ratio of total expenses to average net assets | 1.18% | 1.20% | 1.19% | 1.21% | 1.20% |
|  Ratio of net investment income to average net assets | 1.75% | 2.21% | 1.96% | 0.25% | –%<sup>(e)</sup> |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount is less than 0.005%.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.027 | 0.032 | 0.030 | 0.008 | –<sup>(b)</sup> |
|  Net realized gain (loss) |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.027 | 0.032 | 0.030 | 0.008 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.027) | (0.032) | (0.030) | (0.008) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.027) | (0.032) | (0.030) | (0.008) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.77% | 3.26% | 3.06% | 0.76% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559836 |
|  Ratio of net expenses to average net assets | 0.18% | 0.19% | 0.18% | 0.16% | 0.04% |
|  Ratio of total expenses to average net assets | 0.19% | 0.20% | 0.19% | 0.21% | 0.20% |
|  Ratio of net investment income to average net assets | 2.72% | 3.21% | 3.01% | 0.80% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.022 | 0.027 | 0.024 | 0.004 | –<sup>(b)</sup> |
|  Net realized gain (loss) |  | – <sup>(b)</sup> |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.022 | 0.027 | 0.024 | 0.004 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.022) | (0.027) | (0.024) | (0.004) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.022) | (0.027) | (0.024) | (0.004) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.26% | 2.74% | 2.55% | 0.44% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
|  Ratio of net expenses to average net assets | 0.68% | 0.69% | 0.68% | 0.48% | 0.04% |
|  Ratio of total expenses to average net assets | 0.69% | 0.70% | 0.69% | 0.71% | 0.70% |
|  Ratio of net investment income to average net assets | 2.21% | 2.45% | 2.37% | 0.44% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** | **Preferred Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.027 | 0.031 | 0.028 | 0.007 | –<sup>(b)</sup> |
|  Net realized gain (loss) | (0.001) |  |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.026 | 0.031 | 0.028 | 0.007 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.026) | (0.031) | (0.028) | (0.007) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.026) | (0.031) | (0.028) | (0.007) | –<sup>(b)</sup> |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  **Total Return<sup>(d)</sup>** | 2.66% | 3.15% | 2.96% | 0.68% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
|  Ratio of net expenses to average net assets | 0.28% | 0.29% | 0.28% | 0.24% | 0.04% |
|  Ratio of total expenses to average net assets | 0.29% | 0.30% | 0.29% | 0.31% | 0.30% |
|  Ratio of net investment income to average net assets | 2.72% | 3.11% | 2.84% | 1.01% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT MONEY MARKET FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.025 | 0.030 | 0.026 | 0.006 | –<sup>(b)</sup> |
|  Net realized gain (loss) |  |  |  | – <sup>(b)</sup> | –<sup>(b)</sup> |
|  Total from investment operations | 0.025 | 0.030 | 0.026 | 0.006 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.025) | (0.030) | (0.026) | (0.006) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | – <sup>(b)</sup> |  |  | –<sup>(b)</sup> |
|  Total distributions <sup>(c)</sup> | (0.025) | (0.030) | (0.026) | (0.006) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 2.51% | 3.00% | 2.80% | 0.58% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
|  Ratio of net expenses to average net assets | 0.43% | 0.44% | 0.43% | 0.38% | 0.04% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.46% | 0.45% |
|  Ratio of net investment income to average net assets | 2.48% | 2.96% | 2.61% | 0.70% | 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions.

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

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Class A Shares** | **Class A Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.024 | 0.006 |
|  Total from investment operations | 0.024 | 0.006 |
|  Distributions to shareholders from net investment income | (0.024) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.43% | 0.63% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.01% | 10.95%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.41% | 2.83%<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Class I Shares** | **Class I Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.026 | 0.007 |
|  Net realized gain (loss) | 0.001 |  |
|  Total from investment operations | 0.027 | 0.007 |
|  Distributions to shareholders from net investment income | (0.027) | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.69% | 0.69% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.76% | 10.70%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.65% | 3.07%<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Service Shares** | **Service Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.022 | 0.006 |
|  Total from investment operations | 0.022 | 0.006 |
|  Distributions to shareholders from net investment income | (0.022) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.18% | 0.58% |
|  Net assets, end of period (in 000's) | $51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 0.69% | 0.68%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.26% | 11.20%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.16% | 2.57%<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Preferred Shares** | **Preferred Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.026 | 0.007 |
|  Total from investment operations | 0.026 | 0.007 |
|  Distributions to shareholders from net investment income | (0.026) | (0.007) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.59% | 0.67% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 0.28% | 0.29%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 1.86% | 10.80%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.56% | 2.97%<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS INVESTOR TAX-EXEMPT NEW YORK MONEY MARKET FUND

&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;

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money<br>Market Fund** | **Investor Tax-Exempt New York Money<br>Market Fund** |
|  | **Administration Shares** | **Administration Shares** |
|  | **For the Fiscal<br>Year Ended<br>November 30, 2025** | **Period Ended**<br> **November 30, 2024<sup>(a)</sup>** |
| Per Share Data |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.024 | 0.006 |
|  Total from investment operations | 0.024 | 0.006 |
|  Distributions to shareholders from net investment income | (0.024) | (0.006) |
|  Net asset value, end of period | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 2.43% | 0.63% |
|  Net assets, end of period (in 000's) | $52 | $50 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.01% | 10.95%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 2.41% | 2.83%<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on September 10, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

Notes to Financial Statements *November 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;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Investor Money Market Fund | A, C, D, I, Service, Administration and Cash Management | Diversified |
| Goldman Sachs Investor Tax-Exempt California Money Market Fund | A, I, Service, Preferred and Administration | Diversified |
| Goldman Sachs Investor Tax-Exempt Money Market Fund | A, C, I, Service, Preferred and Administration | Diversified |
| Goldman Sachs Investor Tax-Exempt New York Money Market Fund | A, I, Service, Preferred and Administration | Diversified |

---

Class C Shares may typically be acquired only in an exchange for Class C Shares of another Goldman Sachs Fund. Class C Shares may be subject to a contingent deferred sales charge ("CDSC") of 1.00% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (the "Agreements") with the Trust.

The Funds have adopted policies and procedures that allow the Trust's Board of Trustees ("Trustees") (or their delegate) to impose a liquidity fee if the Trustees (or their delegate) determine that it is in the best interests of a Fund to do so.

&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 investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Trustees, GSAM evaluates daily the difference between each Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution, Service, Distribution and Service, Administration, Service and Administration, and Shareholder Administration fees and Transfer Agency fees. 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 respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

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

**49**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

Notes to Financial Statements (continued) *November 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;

&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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. A Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. 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. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;F. Offering Costs — Offering costs paid in connection with the offering of shares of the Investor Tax-Exempt California Money Market Fund and the Investor Tax-Exempt New York Money Market Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

&nbsp;&nbsp;&nbsp;&nbsp;H. Tender Option Bonds — A tender option bond is a municipal obligation having a relatively long maturity and bearing interest at rates that are typically higher than prevailing short-term, tax-exempt rates. The bond is typically issued in conjunction with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which the institution grants the security holder the option, at periodic intervals, to tender its securities to the institution.

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

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

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

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

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

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

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

The Trustees have 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 (including both the amortized cost and market-based methods of valuation) of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of November 30, 2025, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

&nbsp;&nbsp;&nbsp;&nbsp;B. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans (the "Plans") to allow Class C, Preferred, Administration, Service and Cash Management Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of such shares.

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**51**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. 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 and Cash Management Shares of each applicable Fund, has adopted Distribution Plans subject to Rule 12b-1 under the Act. Under the Distribution Plans, 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 and Cash Management Shares of the Funds, as set forth below.

The Trust, on behalf of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;D. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class C Shares' CDSC. During the fiscal year ended November 30, 2025, Goldman Sachs did not retain any CDSCs with respect to Class C Shares of the Investor Money Market and Investor Tax-Exempt Money Market Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Agreements — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 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, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

&nbsp;&nbsp;&nbsp;&nbsp;G. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.16% and 0.01%, respectively, for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

Other contractual annualized rates for each of the Funds are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class C Shares** | **Service Shares** | **Preferred**<br> **Shares<sup>(a)</sup>** | **Administration**<br> **Shares** | **Cash**<br> **Management** <br> **Shares** |
|  Administration, Service and/or Shareholder Administration Fees\* | N/A | 0.25% | 0.25% | 0.10% | 0.25% | 0.50% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 0.75%<sup>(b)</sup> | 0.25%<sup>(c)</sup> | N/A | N/A | 0.30%<sup>(b)</sup> |

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N/A – Fees not applicable to respective share class

\* Class I Shares and Class D Shares have no Administration, Service, Shareholder Administration or Distribution and/or Service (12b-1) fees.

(a) Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds only.

(b) Distribution (12b-1) fee only.

(c) Service (12b-1) fee only.

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

For the fiscal year ended November 30, 2025, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

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| | | |
|:---|:---|:---|
| **Fund** | **Other Expense<br>Reimbursements** | **Total Expense** <br> **Reductions** |
|  Investor Money Market 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;278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
|  Investor Tax-Exempt California Money Market Fund | 372 | 372 |
|  Investor Tax-Exempt Money Market Fund | 135 | 135 |
|  Investor Tax-Exempt New York Money Market Fund | 375 | 375 |

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For the fiscal year ended November 30, 2025, the net effective management fee rate was 0.16% for the Investor Money Market, Investor Tax-Exempt California Money Market, Investor Tax-Exempt Money Market and Investor Tax-Exempt New York Money Market Funds.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates —A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the fiscal year ended November 30, 2025, the purchase and sale transactions and related net realized gain (loss) for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net Realized**<br> **Gain/(Loss)** |
|  Investor Money Market Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11155000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investor Tax-Exempt California Money Market Fund |  |  |  |
|  Investor Tax-Exempt Money Market Fund | 15155000 | 18000000 |  |
|  Investor Tax-Exempt New York Money Market Fund |  |  |  |

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As of November 30, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Funds:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Service Shares** | **Preferred Shares** | **Administration <br>Shares** |
|  Investor Money Market Fund | –% | 21% | –% | –% | –% | –% |
|  Investor Tax-Exempt California Money Market Fund | 100 |  | 60 | 100 | 100 | 100 |
|  Investor Tax-Exempt Money Market Fund |  | 100 |  |  | 100 |  |
|  Investor Tax-Exempt New York Money Market Fund | 100 |  | 13 | 100 | 100 | 100 |

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&nbsp;&nbsp;&nbsp;&nbsp;I. Line of Credit Facility — As of November 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 fiscal year ended November 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

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**53**

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended November 30, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477210785 | $28520 | $6556198 | $111435 |
|  Tax-Exempt income |  | 167776 | 73063093 | 520786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $477210785 | $196296 | $79619291 | $632221 |

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The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-Exempt<br>California Money<br>Market Fund** | **Investor Tax-Exempt<br>Money Market Fund** | **Investor Tax-Exempt<br>New York Money<br>Market Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474082839 | $5959 | $47881 | $5382 |
|  Net Long-term capital gains | 86166 |  |  |  |
|  Tax-Exempt income |  | 23640 | 72642378 | 32426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $474169005 | $29599 | $72690259 | $37808 |

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As of November 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investor Money<br>Market Fund** | **Investor Tax-<br>Exempt California<br>Money Market<br>Fund** | **Investor Tax-<br>Exempt Money<br>Market Fund** | **Investor Tax-<br>Exempt New York<br>Money Market<br>Fund** |
|  Undistributed ordinary income — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785217 | $75 | $14430 | $1 |
|  Undistributed Tax Exempt income - net | $— | $114 | $3903129 | $92 |
|  Undistributed long-term capital gains | 203867 |  |  |  |
|  Total undistributed earnings | $1989084 | $189 | $3917559 | $93 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  |  |  | (33) |
|  Timing differences — Dividend Payable | (1246024) |  | (3901347) |  |
|  Unrealized gains (losses) — net | (15731) |  | (2) |  |
|  Total accumulated earnings (losses) — net | $727329 | $189 | $16210 | $60 |

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For the year ended November 30, 2025, the Investor Tax-Exempt Money Market Fund utilized $26 in Capital Loss Carryforwards.

The aggregate cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three tax 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;6. OTHER RISKS

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as financial intermediaries (who may make investment decisions on behalf of underlying clients) and individuals, 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 the Fund's NAV and liquidity. 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. 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.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund's ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. 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 money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, the spread of infectious illness or other public health threats or the threat or potential of one or more such events and developments could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). A Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Stable NAV Risk — The Funds may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Funds, could be subject to increased redemption activity, which could adversely affect the Fund's NAV. Shareholders of the Funds should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

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**55**

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS (continued)

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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;8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

&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;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 4017513519 | 3159692796 |
|  Reinvestment of distributions | 138542662 | 114102274 |
|  Shares redeemed | (3193098433) | (2058462473) |
|  | 962957748 | 1215332597 |
|  **Class C Shares** |  |  |
|  Shares sold |  | 43641 |
|  Reinvestment of distributions | 1813 | 557 |
|  Shares redeemed | (1434) | (88) |
|  | 379 | 44110 |

---

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

56.0 ------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

---

| | | |
|:---|:---|:---|
|  | **Investor Money Market Fund** | **Investor Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class D Shares** |  |  |
|  Shares sold | 45903772 | 50241502 |
|  Reinvestment of distributions | 692276 | 595093 |
|  Shares redeemed | (41881239) | (45213025) |
|  | 4714809 | 5623570 |
|  **Class I Shares** |  |  |
|  Shares sold | 8521772956 | 6798396504 |
|  Reinvestment of distributions | 302377124 | 325551347 |
|  Shares redeemed | (7936486788) | (6680333578) |
|  | 887663292 | 443614273 |
|  **Service Shares** |  |  |
|  Shares sold | 60960098 | 59384690 |
|  Reinvestment of distributions | 538921 | 839756 |
|  Shares redeemed | (70243020) | (80653728) |
|  | (8744001) | (20429282) |
|  **Administration Shares** |  |  |
|  Shares sold | 586798284 | 456798165 |
|  Reinvestment of distributions | 19056406 | 16600346 |
|  Shares redeemed | (490387039) | (378549862) |
|  | 115467651 | 94848649 |
|  **Cash Management Shares** |  |  |
|  Shares sold | 82687739 | 107903587 |
|  Reinvestment of distributions | 794884 | 1111563 |
|  Shares redeemed | (99228879) | (108798342) |
|  | (15746256) | 216808 |
|  **NET INCREASE IN SHARES** | 1946313622 | 1739250725 |

---

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

**57**

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GOLDMAN SACHS FUNDS — INVESTOR FUNDS

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

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt California Money Market Fund** | **Investor Tax-Exempt California Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Period September<br>10, 2024<sup>\*</sup> to**<br> **November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 1050 | 269 |
|  | 1050 | 50269 |
|  **Class I Shares** |  |  |
|  Shares sold | 36564307 | 4800041 |
|  Reinvestment of distributions | 192158 | 28534 |
|  Shares redeemed | (33356108) | (41) |
|  | 3400357 | 4828534 |
|  **Service Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 922 | 241 |
|  | 922 | 50241 |
|  **Preferred Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 1127 | 286 |
|  | 1127 | 50286 |
|  **Administration Shares** |  |  |
|  Shares sold | 34 | 50000 |
|  Reinvestment of distributions | 1049 | 269 |
|  Shares redeemed | (13) |  |
|  | 1070 | 50269 |
|  **NET INCREASE IN SHARES** | 3404526 | 5029599 |

---

\* Commencement of operations.

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 153506963 | 84533905 |
|  Reinvestment of distributions | 3014986 | 1764930 |
|  Shares redeemed | (99952569) | (56972059) |
|  | 56569380 | 29326776 |
|  **Class C Shares** |  |  |
|  Reinvestment of distributions | 165 | 207 |
|  | 165 | 207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58.0 ------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt Money Market Fund** | **Investor Tax-Exempt Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Fiscal Year Ended<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class I Shares** |  |  |
|  Shares sold | 4112446116 | 2915891679 |
|  Reinvestment of distributions | 30113815 | 19277142 |
|  Shares redeemed | (3154833120) | (2644659215) |
|  | 987726811 | 290509606 |
|  **Capital Shares<sup>\*</sup>** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1072) |
|  |  | (1069) |
|  **Service Shares** |  |  |
|  Shares sold | 79427933 | 22293135 |
|  Reinvestment of distributions | 482185 | 34687 |
|  Shares redeemed | (71739253) | (773226) |
|  | 8170865 | 21554596 |
|  **Preferred Shares** |  |  |
|  Shares sold | 225432 | 1185178 |
|  Reinvestment of distributions | 1657 | 9099 |
|  Shares redeemed | (897871) | (777376) |
|  | (670782) | 416901 |
|  **Select Shares<sup>\*</sup>** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1080) |
|  |  | (1077) |
|  **Administration Shares** |  |  |
|  Shares sold | 5199507 | 8150 |
|  Reinvestment of distributions | 74292 | 17931 |
|  Shares redeemed | (3415283) | (1757875) |
|  | 1858516 | (1731794) |
|  **Cash Management Shares<sup>\*</sup>** |  |  |
|  Shares sold |  |  |
|  Reinvestment of distributions |  | 2 |
|  Shares redeemed |  | (1635) |
|  |  | (1633) |
|  **Premier Shares<sup>\*</sup>** |  |  |
|  Reinvestment of distributions |  | 3 |
|  Shares redeemed |  | (1062) |
|  |  | (1059) |
|  **NET INCREASE IN SHARES** | 1053654955 | 340071454 |

---

\* Capital, Premier, Select and Cash Management Shares liquidated on January 12, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

------

GOLDMAN SACHS FUNDS — INVESTOR FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *November 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)<br>

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Tax-Exempt New York Money Market Fund** | **Investor Tax-Exempt New York Money Market Fund** |
|  | **For the Fiscal Year Ended<br>November 30, 2025** | **For the Period September**<br> **10, 2024\* to<br>November 30, 2024** |
|  | **Shares** | **Shares** |
|  **Class A Shares** |  |  |
|  Shares sold | 1233 | 50000 |
|  Reinvestment of distributions | (8) | 317 |
|  | 1225 | 50317 |
|  **Class I Shares** |  |  |
|  Shares sold | 69844140 | 5475387 |
|  Reinvestment of distributions | 627408 | 36550 |
|  Shares redeemed | (37744425) | (5711) |
|  | 32727123 | 5506226 |
|  **Service Shares** |  |  |
|  Shares sold | 1104 | 50000 |
|  Reinvestment of distributions | (8) | 289 |
|  | 1096 | 50289 |
|  **Preferred Shares** |  |  |
|  Shares sold | 1310 | 50000 |
|  Reinvestment of distributions | (8) | 334 |
|  | 1302 | 50334 |
|  **Administration Shares** |  |  |
|  Shares sold |  | 50000 |
|  Reinvestment of distributions | 1225 | 317 |
|  | 1225 | 50317 |
|  **NET INCREASE IN SHARES** | 32731971 | 5707483 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of November 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of November 30, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Investor Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund<br>| For the year ended November 30, 2025 | For the two years ended November 30, 2025 | For each of the periods indicated therein |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Investor Tax-Exempt California Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market Fund | For the year ended<br> November 30, 2025 | For the year ended November 30, 2025 and for the period September 10, 2024 (commencement of operations) through November 30, 2024 | For the year ended November 30, 2025 and for the period September 10, 2024 (commencement of operations) through November 30, 2024 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 23, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

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GOLDMAN SACHS FUNDS – INVESTOR 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 Investor Money Market Fund, Goldman Sachs Investor Tax-Exempt Money Market Fund, Goldman Sachs Investor Tax-Exempt California Money Market Fund and Goldman Sachs Investor Tax-Exempt New York Money Market 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 five 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 (except for the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund, each of which commenced operations on August 20, 2024), 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 information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) 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 (except for the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund); 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;(e) with respect to the extensive investment performance (except for the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund) 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;(f) 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;(g) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS FUNDS – INVESTOR 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;(h) whether the Fund's existing management fee adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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;(k) 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;(l) 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;(m) 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 (except for the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund). In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees noted that the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund had launched on August 20, 2024 and did not yet have a meaningful performance history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

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GOLDMAN SACHS FUNDS – INVESTOR 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> 

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 considered the performance of the Funds in light of their respective investment objectives and strategies. They considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Goldman Sachs Investor Money Market Fund's and Goldman Sachs Investor Tax-Exempt Money Market Fund's yields improved as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during prior periods. The Trustees acknowledged that although the Federal Reserve cut interest rates in September–December 2024, rates remain elevated compared to recent norms and the interest rate environment remains uncertain in light of broader economic and political conditions and persistent inflationary concerns. They considered that, since last approval, the Investment Adviser had reimbursed expenses for certain Money Market Funds. The Trustees also considered that each of the Funds had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Funds were providing investment performance within a competitive range for investors.

#### 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 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 noted that the Investment Adviser and Goldman Sachs & Co. LLC ("Goldman Sachs") had reimbursed expenses for certain money market funds. They also acknowledged the growth of the Funds in recent periods. 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 (with the exception of the Investor Tax-Exempt California Money Market Fund and Investor Tax-Exempt New York Money Market Fund) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS FUNDS – INVESTOR 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> 

The Trustees noted that the Funds do not have management fee breakpoints. They considered the asset levels in the Funds; the Funds' recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Funds that exceed specified levels. They considered a report prepared by the Outside Data Provider, which surveyed money market funds' management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Funds by the Investment Adviser.

#### 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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of certain fees as Fund Distributor; (f) Goldman Sachs' ability to engage in principal transactions with the Funds under exemptive orders from the SEC permitting such trades; (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 Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

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GOLDMAN SACHS FUNDS – INVESTOR 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;

#### Goldman Sachs Funds — Investor Money Market Funds— Tax Information (Unaudited) 2025
During the year ended November 30, 2025, 91.77%, 82.37%, and 85.47% of the distributions from net investment income paid by the Investor Tax-Exempt Money Market Fund, Investor Tax-Exempt New York Money Market Fund, and Investor Tax-Exempt California Money Market Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. federal income tax.

During the fiscal year ended November 30, 2025, 85.18% of the net investment company taxable income distributions paid by the Investor Money Market Fund were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the year ended November 30, 2025, the Investor Money Market Fund designates 99.52% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

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![LOGO](g23752dsp068.jpg)

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair James A. McNamara Cheryl K. Beebe Lawrence W. Stranghoener Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary Michael Latham GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. IMMITEMMAR-26

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![LOGO](g25306dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements November 30, 2025 Stablecoin Reserves Fund

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## Stablecoin Reserves Fund

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| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedule of Investments](#srf25306_1)** | 3 |
|  **[Financial Statements](#srf25306_2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#srf25306_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#srf25306_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#srf25306_5) | 6 |
|  **[Financial Highlights](#srf25306_6)** | 7 |
|  **[Notes to Financial Statements](#srf25306_7)** | 8 |
|  **[Report of Independent Registered Public Accounting Firm](#srf25306_8)** | 15 |
|  **[Statement Regarding Basis for Initial Approval of Management Agreement](#srf25306_9)** | 16 |
|  **[Other Information](#srf25306_10)** | 19 |

---

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *November 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** |
| U.S. Treasury Obligations - 48.8% | U.S. Treasury Obligations - 48.8% | U.S. Treasury Obligations - 48.8% | U.S. Treasury Obligations - 48.8% |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |  |
| $754400 | 3.901% | 12/23/25 | $752613 |
| 3000000 | 3.956 | 12/23/25 | 2992892 |
| 3200300 | 3.927 | 01/20/26 | 3183187 |
| 3165400 | 3.886 <sup>(a)</sup> | 01/27/26 | 3146640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | 3.866 | 02/19/26 | 11899267 |
| **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | $21974599 |
| **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | **TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS** | $21974599 |
| Repurchase Agreements<sup>(b)</sup> - 48.8% | Repurchase Agreements<sup>(b)</sup> - 48.8% | Repurchase Agreements<sup>(b)</sup> - 48.8% | Repurchase Agreements<sup>(b)</sup> - 48.8% |
| BNP Paribas | BNP Paribas | BNP Paribas |  |
| 11000000 | 4.080 | 12/01/25 | $11000000 |
| Maturity Value: $11,003,740 | Maturity Value: $11,003,740 | Maturity Value: $11,003,740 | Maturity Value: $11,003,740 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 0.750%, due 02/15/42 to 02/15/52, a U.S. Treasury Inflation-Indexed Note, 1.250%, due 04/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 02/15/54, U.S. Treasury Notes, 2.250% to 4.125%, due 11/15/27 to 08/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/54. The aggregate market value of the collateral, including accrued interest, was $11,219,993. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 0.750%, due 02/15/42 to 02/15/52, a U.S. Treasury Inflation-Indexed Note, 1.250%, due 04/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 02/15/54, U.S. Treasury Notes, 2.250% to 4.125%, due 11/15/27 to 08/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/54. The aggregate market value of the collateral, including accrued interest, was $11,219,993. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 0.750%, due 02/15/42 to 02/15/52, a U.S. Treasury Inflation-Indexed Note, 1.250%, due 04/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 02/15/54, U.S. Treasury Notes, 2.250% to 4.125%, due 11/15/27 to 08/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/54. The aggregate market value of the collateral, including accrued interest, was $11,219,993. | Collateralized by U.S. Treasury Bonds, 1.375% to 4.750%, due 11/15/40 to 02/15/55, U.S. Treasury Inflation-Indexed Bonds, 0.125% to 0.750%, due 02/15/42 to 02/15/52, a U.S. Treasury Inflation-Indexed Note, 1.250%, due 04/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 02/15/54, U.S. Treasury Notes, 2.250% to 4.125%, due 11/15/27 to 08/15/33 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/54. The aggregate market value of the collateral, including accrued interest, was $11,219,993. |
| Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | 4.080 | 12/01/25 | $11000000 |
| Maturity Value: $11,003,740 | Maturity Value: $11,003,740 | Maturity Value: $11,003,740 | Maturity Value: $11,003,740 |
| Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 | Settlement Date: 11/28/25 |
| Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/29. The market value of the collateral, including accrued interest, was $11,220,002. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/29. The market value of the collateral, including accrued interest, was $11,220,002. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/29. The market value of the collateral, including accrued interest, was $11,220,002. | Collateralized by a U.S. Treasury Note, 3.625%, due 08/31/29. The market value of the collateral, including accrued interest, was $11,220,002. |
| **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | 22000000 |
| **TOTAL INVESTMENTS - 97.6%** | **TOTAL INVESTMENTS - 97.6%** | **TOTAL INVESTMENTS - 97.6%** | $43974599 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES - 2.4%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES - 2.4%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES - 2.4%** | 1091995 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45066594 |

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion represents a forward commitment.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Assets and Liabilities *November 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Stablecoin Reserves<br>Fund** |
| Assets: |  |
|  Investments, at value (cost $21,974,599) | $21974599 |
|  Repurchase agreements, at value (Cost $22,000,000) | 22000000 |
|  Cash | 1032113 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3148738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | 142483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 25672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7794 |
|  Other assets | 94049 |
|  **Total assets** | 48425448 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3146640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 156645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 40679 |
|  **Total liabilities** | 3358854 |
| Net Assets: |  |
|  Paid-in capital | 45066325 |
|  Total distributable earnings | 269 |
|  **NET ASSETS** | $45066594 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 45066373 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $1.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations *For the Period Ended November 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Stablecoin**<br> **Reserves Fund\*** |
| Investment income: | Investment income: |
|  Interest Income | $69944 |
| Expenses: | Expenses: |
|  Professional fees | 37280 |
|  Amortization of offering costs | 14163 |
|  Organizational costs | 12000 |
|  Custody, accounting and administrative services | 6550 |
|  Management fees | 3181 |
|  Printing and mailing costs | 1891 |
|  Transfer Agency fees | 177 |
|  Other | 1085 |
|  **Total expenses** | 76327 |
|  Less — expense reductions | (72722) |
|  **Net expenses** | 3605 |
|  **NET INVESTMENT INCOME** | 66339 |
| Realized and Unrealized gain (loss): | Realized and Unrealized gain (loss): |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 255 |
|  **Net realized and unrealized gain** | 255 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66594 |

---

<sup>\*</sup> For the period October 29, 2025 (commencement of operations) through November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Stablecoin Reserves<br>Fund**  |
|  | **For the Period<br>October 29, 2025\***<br> **to**<br> **November 30, 2025** |
| From operations: |  |
|  Net investment income | $66339 |
|  Net realized gain | 255 |
|  **Net increase in net assets resulting from operations** | 66594 |
| Distributions to shareholders: |  |
|  From distributable earnings: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (66373) |
| From share transactions: |  |
|  Proceeds from sales of shares | 45000000 |
|  Reinvestment of distributions | 66373 |
|  **Net increase in net assets resulting from share transactions** | 45066373 |
|  **TOTAL INCREASE** | 45066594 |
| Net Assets: |  |
|  Beginning of period | $– |
|  End of period | $45066594 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Stablecoin<br>Reserves Fund** |
|  | **Institutional**<br> **Shares** |
|  | **Period Ended<br>November 30, 2025<sup>(a)</sup>** |
| Per Share Data |  |
|  Net asset value, beginning of period | $1.00 |
|  Net investment income<sup>(b)</sup> | 0.003 |
|  Net realized gain | –<sup>(c)</sup> |
|  Total from investment operations | 0.003 |
|  Distributions to shareholders from net investment income | (0.003) |
|  Distributions to shareholders from net realized gains | –<sup>(c)</sup> |
|  Total Distributions | $(0.003) |
|  Net asset value, end of period | $1.00 |
|  **Total Return<sup>(d)</sup>** | 0.34% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45067 |
|  Ratio of net expenses to average net assets | 0.20%<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 1.37%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 3.75%<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology. (c) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&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>

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *November 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;

&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 Trust includes the Stablecoin Reserves Fund (the "Fund"). The Fund is a diversified portfolio under the Act offering Institutional Shares. The Fund commenced operations on October 29, 2025.

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. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees ("Trustees"), GSAM evaluates daily the difference between each Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt 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 declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. The Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

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. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

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8.0 ------

STABLECOIN RESERVES FUND

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&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;F. Offering Costs — Offering costs paid in connection with the offering of shares of the Stablecoin Reserves Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Fund are not subject to any expenses in relation to these investments.

&nbsp;&nbsp;&nbsp;&nbsp;H. Segment Reporting — The Fund follows Financial Accounting Standards Board 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 Portfolio 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 portfolio management team within the Fund's 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

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

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**9**

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *November 30, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 ("Valuation Procedures"), 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 and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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.

As of November 30, 2025, all investments are classified as Level 2 of the fair value hierarchy. Please refer to the Schedules of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreements — Under the Agreements, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, 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.

&nbsp;&nbsp;&nbsp;&nbsp;B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual percentage rate of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Agreements — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees (as applicable), service fees (as applicable), 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, 0.014% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense limitations will remain in place through at least March 30, 2027, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

In addition, the Fund has entered into certain offset arrangements with the custodian, 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.

&nbsp;&nbsp;&nbsp;&nbsp;D. Total Fund Expenses

Fund Contractual Fees

The contractual management fee rate and the transfer agency fee rate is 0.18% and 0.01%, respectively, for the Fund.

Fund Effective Net Expenses (After Waivers and Reimbursements)

The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice.

The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

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10.0 ------

STABLECOIN RESERVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended November 30, 2025, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Other Expense<br>Reimbursements** | **Total Expense <br>Reductions** |
|  Stablecoin Reserves Fund | $73 | $73 |

---

For the period ended November 30, 2025, the net effective management fee rate was 0.18% for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the period ended November 30, 2025, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds with regard to Rule 17a-7.

As of November 30, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of the outstanding share classes of the following Fund:

---

| | |
|:---|:---|
| Fund | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional** <br> **Shares** |
|  Stablecoin Reserves Fund | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. TAX INFORMATION

The tax character of distributions paid during the period ended November 30, 2025 was as follows:

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| | |
|:---|:---|
|  | **Stablecoin Reserves** <br> **Fund<sup>(a)</sup>** |
|  Distributions paid from: |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66373 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 29, 2025.

As of November 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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| | |
|:---|:---|
|  | **Stablecoin** <br> **Reserves Fund<sup>(a)</sup>**  |
|  Undistributed ordinary income — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
|  Unrealized gains (losses) — net | (40) |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |

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The aggregate cost for the Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three tax 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.

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**11**

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *November 30, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS

The Fund's risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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 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. 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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, 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.

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. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect a Fund's ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. 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 money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Stable NAV Risk — The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund's NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

Stablecoin Issuer Reserves Risk — Shares of the Fund are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the stablecoins issued to their customers. Stablecoins generally are a type of cryptocurrency that are designed to maintain a stable value by pegging their value to another asset, such as a fiat currency like the

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12.0 ------

STABLECOIN RESERVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. OTHER RISKS (continued)

U.S. dollar, and stablecoin holders generally are permitted to redeem their stablecoins for a fixed amount of value. Although the Fund does not invest in stablecoins or stablecoin issuers, the assets of the Fund are expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of outstanding stablecoins. Stablecoins or other digital assets that stablecoins may be used to purchase or sell may face periods of uncertainty and volatility that result in the potential for rapid or unexpected requests by one or more stablecoin issuers to redeem or purchase the Fund's shares. Such uncertainty or volatility may result from events that are not specifically related to a stablecoin issuer, such as changes in general market conditions, economic, technological or legal trends or changes to the laws or regulation of stablecoins, or events that are specifically related to a particular stablecoin issuer, such as uncertainty about the stablecoin issuer's ability to maintain a consistent peg between the stablecoins issued to its customers and another asset, such as a fiat currency like the U.S. dollar. Because the Fund intends to invest only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the GENIUS Act, the Fund's yield may be lower than other money market funds that are permitted to invest in a wider universe of investments. Moreover, large or unexpected subscription requests may cause the Fund to hold uninvested cash in lieu of appropriate money market instruments if the Investment Adviser believes there is an insufficient supply of appropriate money market instruments in which to invest. As a result, during such periods when cash is held uninvested, the Fund's current yield may be adversely affected, and the Fund will be subject to increased exposure to its custodian bank.

Complex information technology and communications systems, such as the blockchain technologies associated with stablecoins, are subject to a number of different threats or risks (including operational, information security, cyber-attacks and related risks) that could adversely affect stablecoin issuers and, potentially, the Fund and its shareholders. Stablecoins and the blockchain technologies associated with stablecoins are relatively new and still evolving. The Fund, Transfer Agent, Investment Adviser and their affiliates will not be responsible for any loss in connection with the use of stablecoins or a related blockchain technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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 enter 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;8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

&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.

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**13**

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STABLECOIN RESERVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *November 30, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | |
|:---|:---|
|  | **Stablecoin Reserves Fund** |
|  | **For the Period October 29,**<br> **2025**\* **to**<br> **November 30, 2025** |
|  | **Shares** |
|  **Institutional Shares** |  |
|  Shares sold | 45000000 |
|  Reinvestment of distributions | 66373 |
|  Shares redeemed |  |
|  | 45066373 |
|  **NET INCREASE IN SHARES** | 45066373 |

---

\* Commencement of operations.

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14.0 ------

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## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Stablecoin Reserves Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Stablecoin Reserves Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for the period October 29, 2025 (commencement of operations) through November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations, the changes in its net assets and the financial highlights for the period October 29, 2025 (commencement of operations) through November 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 23, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**15**

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STABLECOIN RESERVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)</u> 

#### Background
The Stablecoin Reserves Fund (the "Fund") is a newly-organized investment portfolio of Goldman Sachs Trust (the "Trust") that commenced investment operations on October 29, 2025. At a meeting held on September 16-17, 2025 (the "Meeting") in connection with the Fund's organization, the Board of Trustees, including all of the Trustees who are not parties to the Fund's investment management agreement (the "Management Agreement") or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees") approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser's anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund's proposed management fee and anticipated expenses with those paid by other similar money market funds; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

#### Nature, Extent, and Quality of the Services to be Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund 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 would 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. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to money market funds and has extensive experience managing other types of registered investment companies. 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.

#### Costs of Services to Be Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rate to be payable by the Fund thereunder. In this regard, the Trustees considered information on the services to be 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 information on the proposed management fees and the Fund's projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable money market funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund's fee rate and total operating expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fee and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser's undertaking to limit certain expenses of the Fund that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser's representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16.0 ------

STABLECOIN RESERVES 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;

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)</u> 

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund's shareholders would be investing in the Fund in part because of the Fund's relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Economies of Scale
The Trustees noted that the Fund, similar to many other money market funds, would not have management fee breakpoints. The Trustees considered the Fund's projected asset levels; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the Fund's peer group; and the Investment Adviser's undertaking to limit certain expenses of the Fund that exceed specified levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be 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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of certain fees as Fund Distributor; (f) Goldman Sachs' ability to engage in principal transactions with the Fund under exemptive orders from the SEC permitting such trades; (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; and (h) the possibility that the working relationship between the Investment Adviser and the Fund's third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain other potential benefits as a result of its 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 and pricing from vendors and broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (c) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (d) 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; (e) 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 (f) the Fund's access to certain affiliated distribution channels.

#### 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 the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser's anticipated costs and the Fund's reasonably anticipated asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund for an initial two-year period from its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**17**

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GOLDMAN SACHS FUNDS — STABLECOIN

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Goldman Sachs Trust – Stablecoin Reserves Fund - Tax Information (Unaudited) 2025

For the fiscal year ended November 30, 2025, Stablecoin Reserves Fund designates 100% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

During the fiscal year ended November 30, 2025, 100% of the net investment company taxable income distributions paid by the Stablecoin Reserves Fund were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

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![LOGO](g25306dsp020.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. STABCOINAR-26

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d20621dex99cert.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.](d20621dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | February 2, 2026 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | February 2, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | February 2, 2026 |

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## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: February 2, 2026

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| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

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------

**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: February 2, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended November 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.

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| | |
|:---|:---|
| 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: February 2, 2026 | Date: February 2, 2026 |

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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.