# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-090494
**Filing Date:** 2026-3
**Character Count:** 866037
**Document Hash:** a9abd7836b2b40d4d3d1d010304db0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090494.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090494

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** 26719701

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

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

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

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Class A: GGIAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $131 | 1.22% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g54501g52d83.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **6/27/16** | $10000 | $9450 | $10000 | $10000 |
| **12/16** | $10069 | $9515 | $10227 | $11211 |
| **12/17** | $11306 | $10685 | $11842 | $13898 |
| **12/18** | $10254 | $9690 | $10910 | $12590 |
| **12/19** | $13455 | $12715 | $14040 | $15940 |
| **12/20** | $12920 | $12209 | $13061 | $18530 |
| **12/21** | $15006 | $14181 | $15657 | $21965 |
| **12/22** | $13863 | $13100 | $14620 | $17932 |
| **12/23** | $14525 | $13726 | $15280 | $21913 |
| **12/24** | $16124 | $15238 | $16804 | $25746 |
| **12/25** | $18580 | $17558 | $19174 | $31498 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class A Excluding sale charges (Commenced June 27, 2016) | 15.23% | 7.53% | 6.72% |
| Class A Including sale charges (Commenced on June 27, 2016) | 8.88% | 6.32% | 6.09% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 7.08% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 12.81% |

---

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

Goldman Sachs Global Infrastructure Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U833-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Class C: GGICX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $211 | 1.97% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g54501g85e28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **6/27/16** | $10000 | $9900 | $10000 | $10000 |
| **12/16** | $10030 | $9930 | $10227 | $11211 |
| **12/17** | $11179 | $11068 | $11842 | $13898 |
| **12/18** | $10066 | $9965 | $10910 | $12590 |
| **12/19** | $13117 | $12986 | $14040 | $15940 |
| **12/20** | $12489 | $12364 | $13061 | $18530 |
| **12/21** | $14397 | $14253 | $15657 | $21965 |
| **12/22** | $13203 | $13071 | $14620 | $17932 |
| **12/23** | $13725 | $13588 | $15280 | $21913 |
| **12/24** | $15135 | $14983 | $16804 | $25746 |
| **12/25** | $17293 | $17120 | $19174 | $31498 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class C Excluding sale charges (Commenced June 27, 2016) | 14.26% | 6.72% | 5.92% |
| Class C Including sale charges (Commenced on June 27, 2016) | 13.12% | 6.72% | 5.92% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 7.08% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 12.81% |

---

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

Goldman Sachs Global Infrastructure Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U825-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Institutional Class: GGIDX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $104 | 0.97% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g54501g06r79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **6/27/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1008900 | $1022700 | $1121100 |
| **12/17** | $1137232 | $1184184 | $1389828 |
| **12/18** | $1036132 | $1090989 | $1259045 |
| **12/19** | $1364172 | $1403994 | $1593951 |
| **12/20** | $1314516 | $1306135 | $1852968 |
| **12/21** | $1531411 | $1565665 | $2196508 |
| **12/22** | $1420537 | $1462018 | $1793229 |
| **12/23** | $1493410 | $1527955 | $2191326 |
| **12/24** | $1662464 | $1680444 | $2574589 |
| **12/25** | $1917819 | $1917387 | $3149752 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Institutional (Commenced June 27, 2016) | 15.36% | 7.84% | 7.08% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 7.08% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 12.81% |

---

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

Goldman Sachs Global Infrastructure Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U817-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Investor Class: GGINX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $105 | 0.97% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g54501g97t23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **6/27/16** | $10000 | $10000 | $10000 |
| **12/16** | $10082 | $10227 | $11211 |
| **12/17** | $11348 | $11842 | $13898 |
| **12/18** | $10327 | $10910 | $12590 |
| **12/19** | $13579 | $14040 | $15940 |
| **12/20** | $13062 | $13061 | $18530 |
| **12/21** | $15215 | $15657 | $21965 |
| **12/22** | $14088 | $14620 | $17932 |
| **12/23** | $14792 | $15280 | $21913 |
| **12/24** | $16468 | $16804 | $25746 |
| **12/25** | $19016 | $19174 | $31498 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Investor (Commenced June 27, 2016) | 15.47% | 7.80% | 6.98% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 7.08% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 12.81% |

---

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

Goldman Sachs Global Infrastructure Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U791-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Class R6: GGIJX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $103 | 0.96% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g54501g40t82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **6/27/16** | $10000 | $10000 | $10000 |
| **12/16** | $10091 | $10227 | $11211 |
| **12/17** | $11377 | $11842 | $13898 |
| **12/18** | $10366 | $10910 | $12590 |
| **12/19** | $13645 | $14040 | $15940 |
| **12/20** | $13147 | $13061 | $18530 |
| **12/21** | $15323 | $15657 | $21965 |
| **12/22** | $14212 | $14620 | $17932 |
| **12/23** | $14936 | $15280 | $21913 |
| **12/24** | $16632 | $16804 | $25746 |
| **12/25** | $19214 | $19174 | $31498 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced June 27, 2016) | 15.52% | 7.88% | 7.10% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 7.08% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 12.81% |

---

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

Goldman Sachs Global Infrastructure Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38148U775-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Global Infrastructure Fund

# Class P: GGWPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $103 | 0.96% |

---

## How did the Fund perform and what affected its performance?
Global infrastructure securities produced strongly positive returns driven by a broad market rotation into defensive asset classes amid heightened market volatility and the U.S. Federal Reserve's (Fed) resumption of interest rate cuts. Among sectors, transportation infrastructure, including airport services and industrial companies, performed particularly well on U.S. economic strength, Fed easing and falling oil prices. Conversely, communications infrastructure companies, such as telecommunication towers and data centers, were challenged by shrinking profit margins due in part to high capital expenditures for infrastructure upgrades and volatile raw material prices.

Top Contributors to Performance:

* The Fund outperformed its benchmark, the Dow Jones Brookfield Global Infrastructure Index (Index), mostly because of security selection.

* The Fund benefited from its underweight relative to the Index in ONEOK, which is a midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services in the U.S. ONEOK's share price declined, as the company was scrutinized over its elevated debt levels from recent acquisitions and because of tight commodity price spreads during the Period.

* An out-of-Index position in ENGIE, a French electric utility and energy services company, contributed positively to the Fund's relative returns. ENGIE's share price rose on robust activity in the company's renewables and battery business, which saw significant installed capacity and projects under construction. Analysts also upgraded the stock, and favorable earnings results appeared to reinforce investor confidence.

* The Fund was helped by an underweight in Edison International. The public utility's stock price fell on a number of significant challenges, including California wildfires and the potential for substantial liabilities.

* On the sector level, the Fund's underweight in energy infrastructure added modestly to relative performance.

* Regarding regional exposures, the Fund benefited from its overweight position in Europe. Stock selection in North America and Asia-Pacific ex-Japan was also advantageous. 

Top Detractors from Performance:

* Our allocation decisions overall detracted from the Fund's relative performance. Specifically, the Fund was hampered by its overweight position versus the Index in the communications infrastructure sector.

* In terms of individual stock positions, the Fund was hurt by its overweight in Pacific Gas and Electric. The company reported an earnings and revenue miss for the second quarter of 2025, which coupled with the increasing focus on wildfire prevention measures, fueled its stock's decline.

* An underweight in Sempra, a diversified utilities and energy infrastructure company, detracted from relative performance. Its stock had declined early in the Period on weaker than market expected results and a cut in the company's 2025 profit forecast. But Sempra's stock rebounded after its management updated its earnings per share guidance, which exceeded consensus estimates, and announced strategic transactions that were expected to improve the company's financial strength.

* The Fund was hindered by its lack of exposure to Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP), which provides basic and environmental sanitation services in Brazil's São Paulo state. SABESP reported strong earnings, beating market expectations, on the back of tariff adjustments, disciplined cost management and strategic infrastructure investments. 

* Among regions, the Fund's underweight in Latin America was a drag on relative returns. 

Goldman Sachs Global Infrastructure Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g54501g17r85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $9409 | $9496 | $8955 |
| **12/19** | $12398 | $12220 | $11337 |
| **12/20** | $11936 | $11369 | $13179 |
| **12/21** | $13924 | $13628 | $15623 |
| **12/22** | $12905 | $12725 | $12754 |
| **12/23** | $13572 | $13299 | $15586 |
| **12/24** | $15103 | $14627 | $18312 |
| **12/25** | $17449 | $16689 | $22403 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 15.53% | 7.89% | 7.48% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 14.10% | 7.98% | 6.86% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.02% |

---

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

Goldman Sachs Global Infrastructure Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $100089642 |
| # of Portfolio Holdings as of Period End | 52 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $895418 |

---

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

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

---

| | |
|:---|:---|
| Utilities | 39.7% |
| Energy | 29.6% |
| Industrials | 15.4% |
| Real Estate | 10.5% |
| Communication Services | 2.5% |
| Investment Company | 1.4% |

---

Goldman Sachs Global Infrastructure Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Global Infrastructure Fund

38150B756-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Class A: GREAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $120 | 1.20% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g54501g60k54.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $9450 | $10000 | $10000 | $10000 |
| **12/16** | $10540 | $9960 | $10863 | $10764 | $11196 |
| **12/17** | $10762 | $10170 | $11805 | $11287 | $13640 |
| **12/18** | $10182 | $9622 | $11328 | $10746 | $13043 |
| **12/19** | $12778 | $12075 | $14574 | $13510 | $17150 |
| **12/20** | $11772 | $11125 | $13828 | $12435 | $20305 |
| **12/21** | $16991 | $16056 | $19539 | $18169 | $26135 |
| **12/22** | $12221 | $11549 | $14664 | $13306 | $21402 |
| **12/23** | $14248 | $13464 | $16330 | $15460 | $27029 |
| **12/24** | $15110 | $14279 | $17134 | $16876 | $33791 |
| **12/25** | $15025 | $14199 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | -0.56% | 5.00% | 4.15% |
| Class A Including sale charges | -6.05% | 3.82% | 3.57% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V829-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Class C: GRECX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $194 | 1.95% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g54501g42x41.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $9900 | $10000 | $10000 | $10000 |
| **12/16** | $10457 | $10352 | $10863 | $10764 | $11196 |
| **12/17** | $10601 | $10495 | $11805 | $11287 | $13640 |
| **12/18** | $9953 | $9853 | $11328 | $10746 | $13043 |
| **12/19** | $12403 | $12279 | $14574 | $13510 | $17150 |
| **12/20** | $11346 | $11233 | $13828 | $12435 | $20305 |
| **12/21** | $16239 | $16076 | $19539 | $18169 | $26135 |
| **12/22** | $11604 | $11488 | $14664 | $13306 | $21402 |
| **12/23** | $13418 | $13284 | $16330 | $15460 | $27029 |
| **12/24** | $14128 | $13986 | $17134 | $16876 | $33791 |
| **12/25** | $13928 | $13789 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | -1.41% | 4.18% | 3.37% |
| Class C Including sale charges | -2.40% | 4.18% | 3.37% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V795-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Institutional Class: GREIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $84 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g54501g35r73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1058300 | $1086300 | $1076352 | $1119600 |
| **12/17** | $1085604 | $1180482 | $1128742 | $1364009 |
| **12/18** | $1030890 | $1132791 | $1074550 | $1304265 |
| **12/19** | $1299024 | $1457449 | $1351029 | $1714978 |
| **12/20** | $1201597 | $1382827 | $1243491 | $2030534 |
| **12/21** | $1739192 | $1953935 | $1816898 | $2613501 |
| **12/22** | $1256218 | $1466428 | $1330644 | $2140196 |
| **12/23** | $1468770 | $1633014 | $1546034 | $2702853 |
| **12/24** | $1562331 | $1713359 | $1687601 | $3379107 |
| **12/25** | $1559050 | $1752252 | $1746081 | $3983291 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | -0.21% | 5.34% | 4.54% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V787-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Service Class: GRESX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $134 | 1.34% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g54501g88f46.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Service** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10521 | $10863 | $10764 | $11196 |
| **12/17** | $10739 | $11805 | $11287 | $13640 |
| **12/18** | $10142 | $11328 | $10746 | $13043 |
| **12/19** | $12718 | $14574 | $13510 | $17150 |
| **12/20** | $11704 | $13828 | $12435 | $20305 |
| **12/21** | $16869 | $19539 | $18169 | $26135 |
| **12/22** | $12126 | $14664 | $13306 | $21402 |
| **12/23** | $14107 | $16330 | $15460 | $27029 |
| **12/24** | $14935 | $17134 | $16876 | $33791 |
| **12/25** | $14833 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | -0.68% | 4.85% | 4.02% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38142V779-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Investor Class: GRETX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $95 | 0.95% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g54501g51o16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10567 | $10863 | $10764 | $11196 |
| **12/17** | $10823 | $11805 | $11287 | $13640 |
| **12/18** | $10262 | $11328 | $10746 | $13043 |
| **12/19** | $12914 | $14574 | $13510 | $17150 |
| **12/20** | $11931 | $13828 | $12435 | $20305 |
| **12/21** | $17250 | $19539 | $18169 | $26135 |
| **12/22** | $12437 | $14664 | $13306 | $21402 |
| **12/23** | $14540 | $16330 | $15460 | $27029 |
| **12/24** | $15456 | $17134 | $16876 | $33791 |
| **12/25** | $15398 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | -0.38% | 5.23% | 4.41% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38145N428-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Class R6: GREUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $83 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g54501g52s05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10579 | $10863 | $10764 | $11196 |
| **12/17** | $10854 | $11805 | $11287 | $13640 |
| **12/18** | $10308 | $11328 | $10746 | $13043 |
| **12/19** | $12990 | $14574 | $13510 | $17150 |
| **12/20** | $12017 | $13828 | $12435 | $20305 |
| **12/21** | $17394 | $19539 | $18169 | $26135 |
| **12/22** | $12555 | $14664 | $13306 | $21402 |
| **12/23** | $14694 | $16330 | $15460 | $27029 |
| **12/24** | $15632 | $17134 | $16876 | $33791 |
| **12/25** | $15602 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | -0.19% | 5.35% | 4.54% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38147X275-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Class R: GRERX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $144 | 1.45% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g54501g88k50.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10509 | $10863 | $10764 | $11196 |
| **12/17** | $10711 | $11805 | $11287 | $13640 |
| **12/18** | $10109 | $11328 | $10746 | $13043 |
| **12/19** | $12650 | $14574 | $13510 | $17150 |
| **12/20** | $11636 | $13828 | $12435 | $20305 |
| **12/21** | $16734 | $19539 | $18169 | $26135 |
| **12/22** | $12012 | $14664 | $13306 | $21402 |
| **12/23** | $13965 | $16330 | $15460 | $27029 |
| **12/24** | $14767 | $17134 | $16876 | $33791 |
| **12/25** | $14656 | $17523 | $17461 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | -0.75% | 4.72% | 3.89% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 5.76% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 5.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

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

Goldman Sachs Real Estate Securities Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38145N436-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Real Estate Securities Fund

# Class P: GMJPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Real Estate Securities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $83 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The U.S. real estate securities market, as represented by the FTSE NAREIT All Equity REITs Index (Total Return, Unhedged, USD) (FTSE Index), underperformed both bonds and U.S. equities broadly during the Period, as measured by the Bloomberg U.S. Aggregate Bond Index and S&P 500 Index, respectively. Interest rates were a major driver of performance, as interest rates were higher for longer and only began to slowly come down in the latter third of 2025. Other factors affecting the U.S. real estate securities market included declining valuations in many segments of the sector and increasing operating costs across the sector as impacted by inflation. Indeed, inflation also impacted capitalization rate assumptions, which, in turn, lowered property valuations. Still, high development costs and constrained financing slowed new supply—while demand remained healthy—creating a favorable fundamental backdrop for higher rents and net operating income growth. Overall, the health care subsector was strongest, with an aging population remaining a tailwind, and office REITs were weakest given weak demand, high vacancies and depressed investor sentiment.

Top Contributors to Performance:

* Effective individual stock selection in the retail, self-storage and health care subsectors contributed most positively. An overweight to the retail subsector also added value.

* Relative to the FTSE Index, the top contributors to the Fund's results were positions in Prologis, a logistics and supply chain facilities REIT; Ventas, a health care facilities and senior living REIT; and Mid-America Apartment Communities, an apartment community REIT.

* An overweight in Prologis proved beneficial, as its shares enjoyed a double-digit gain on strong industrial fundamentals and increased occupancies.

* An overweight in Ventas contributed positively. Its shares, similarly to Prologis, experienced a double-digit rise on strong underlying fundamentals and increased occupancies.

* An overweight to Mid-America Apartment Communities boosted results. Its stock saw a solid single-digit gain despite mixed earnings reports and a decline in effective rent per unit year over year. 

Top Detractors from Performance:

* A combination of allocation decisions and stock selection overall drove the Fund's underperformance of the FTSE Index.

* Weak stock selection in the residential, office and industrial subsectors detracted most from the Fund's relative performance. Increased overweights to the residential and office subsectors also hurt.

* Among those holdings detracting most from the Fund's results relative to the FTSE Index were positions in Americold Realty Trust, Alexandria Real Estate Equities and AvalonBay Communities—each of which experienced a double-digit share price decline during the Period.

* An overweight in Americold Realty Trust, a temperature-controlled warehousing company, detracted due to operational headwinds softening revenue trends and creating net losses in some quarters.

* An overweight in Alexandria Real Estate Equities, an urban office REIT specializing in developing and operating collaborative life science, technology and agtech campuses, dampened results given declining net income and life sciences real estate market weakness generally. We exited the Fund's position in the REIT in October 2025.

* An overweight in AvalonBay Communities, a multifamily REIT specializing in developing, owning and managing apartment communities in high-barrier, high-growth metropolitan markets, detracted. The REIT missed consensus expectations on net operating income and funds from operations targets due to cooling rent trends and rising operating costs.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index.

Goldman Sachs Real Estate Securities Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g54501g26o99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged)** | **Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **12/18** | $10136 | $10228 | $10214 | $9394 |
| **12/19** | $12775 | $13159 | $12842 | $12352 |
| **12/20** | $11817 | $12486 | $11820 | $14625 |
| **12/21** | $17110 | $17642 | $17270 | $18824 |
| **12/22** | $12357 | $13240 | $12648 | $15415 |
| **12/23** | $14450 | $14745 | $14696 | $19467 |
| **12/24** | $15385 | $15470 | $16041 | $24338 |
| **12/25** | $15359 | $15821 | $16597 | $28690 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | -0.17% | 5.38% | 5.72% |
| FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) | 2.27% | 4.85% | 6.13% |
| Wilshire U.S. Real Estate Securities Index (Total Return, USD, Unhedged) | 3.47% | 7.02% | 6.79% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.64% |

---

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

Goldman Sachs Real Estate Securities Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $52228604 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $590881 |

---

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

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

---

| | |
|:---|:---|
| Real Estate | 97.4% |
| Consumer Discretionary | 0.7% |
| Other | 0.8% |

---

Goldman Sachs Real Estate Securities Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

FTSE<sup>®</sup> is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT<sup>®</sup>" is a trade mark of the Nareit. All rights in the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the "Index") vest in FTSE and Nareit. Neither FTSE, nor the LSE Group, nor Nareit accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the FTSE or Nareit is permitted without the relevant FTSE's express written consent. FTSE, the LSE Group, and Nareit do not promote, sponsor or endorse the content of this communication.

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

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Real Estate Securities Fund

38150B434-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class A: GATMX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $145 | 1.21% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g54501g12r31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $9450 | $10000 |
| **12/16** | $10094 | $9539 | $10100 |
| **12/17** | $13006 | $12291 | $12628 |
| **12/18** | $10813 | $10219 | $10887 |
| **12/19** | $12831 | $12125 | $13283 |
| **12/20** | $14086 | $13311 | $14321 |
| **12/21** | $15779 | $14911 | $15934 |
| **12/22** | $13355 | $12621 | $13632 |
| **12/23** | $16021 | $15140 | $16118 |
| **12/24** | $16981 | $16047 | $16734 |
| **12/25** | $23595 | $22297 | $21958 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 38.95% | 10.86% | 8.96% |
| Class A Including sale charges | 31.28% | 9.61% | 8.35% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N528-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class C: GCTMX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $233 | 1.96% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g54501g76y20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $9900 | $10000 |
| **12/16** | $10011 | $9911 | $10100 |
| **12/17** | $12799 | $12671 | $12628 |
| **12/18** | $10573 | $10468 | $10887 |
| **12/19** | $12449 | $12325 | $13283 |
| **12/20** | $13558 | $13423 | $14321 |
| **12/21** | $15075 | $14925 | $15934 |
| **12/22** | $12669 | $12543 | $13632 |
| **12/23** | $15074 | $14923 | $16118 |
| **12/24** | $15862 | $15704 | $16734 |
| **12/25** | $21890 | $21671 | $21958 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 38.00% | 10.05% | 8.14% |
| Class C Including sale charges | 36.98% | 10.05% | 8.14% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N510-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Institutional Class: GHTMX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $108 | 0.90% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g54501g08p64.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 |
| **12/16** | $1012600 | $1010000 |
| **12/17** | $1310507 | $1262803 |
| **12/18** | $1094404 | $1088662 |
| **12/19** | $1302451 | $1328277 |
| **12/20** | $1434519 | $1432148 |
| **12/21** | $1612686 | $1593408 |
| **12/22** | $1370461 | $1363161 |
| **12/23** | $1647705 | $1611801 |
| **12/24** | $1751675 | $1673372 |
| **12/25** | $2443237 | $2195799 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 39.48% | 11.23% | 9.34% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38144N536-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Investor Class: GITRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $115 | 0.96% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g54501g50k96.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10121 | $10100 |
| **12/17** | $13065 | $12628 |
| **12/18** | $10889 | $10887 |
| **12/19** | $12946 | $13283 |
| **12/20** | $14257 | $14321 |
| **12/21** | $16012 | $15934 |
| **12/22** | $13586 | $13632 |
| **12/23** | $16338 | $16118 |
| **12/24** | $17360 | $16734 |
| **12/25** | $24197 | $21958 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 39.39% | 11.16% | 9.23% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38145C539-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class R6: GHTRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $107 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g54501g53u77.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/30/18** | $10000 | $10000 |
| **12/18** | $8293 | $8560 |
| **12/19** | $9873 | $10444 |
| **12/20** | $10883 | $11261 |
| **12/21** | $12236 | $12529 |
| **12/22** | $10387 | $10718 |
| **12/23** | $12495 | $12673 |
| **12/24** | $13291 | $13157 |
| **12/25** | $18535 | $17265 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced April 30, 2018) | 39.45% | 11.23% | 8.37% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 7.37% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38150C606-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Tax-Managed Equity Fund

# Class P: GGCPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $107 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* All four of our quantitative model's investment themes added to the Fund's performance versus its benchmark, the MSCI EAFE Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* The Market Themes & Trends investment theme contributed most positively to the Fund's relative returns, followed by the Fundamental Mispricings and Sentiment Analysis investment themes. The High-Quality Business Models investment theme also bolstered performance, though by a smaller degree.

* At the sector level, the Fund benefited from stock selection in industrials and, to a lesser extent, materials and energy.

* In terms of individual holdings, the Fund was helped by overweight positions relative to the Index in Modec, Sumitomo Electric Industries and JX Advanced Metals.

* The overweight in Modec, a Japan-headquartered supplier and operator of offshore floating platforms for the oil and gas industry, was driven by our Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends investment themes.

* We decided to overweight Sumitomo Electric Industries, a Japan-based manufacturer of electric wire and optical fiber cables, largely because of our Market Themes & Trends and High-Quality Business Models investment themes.

* Our Sentiment Analysis and Market Themes & Trends led us to overweight JX Advanced Metals, a Japanese non-ferrous metal company.

Top Detractors from Performance:

* Investments in the real estate sector detracted from the Fund's relative performance.

* On the stock level, the Fund was hurt by underweight positions versus the Index in Banco Santander, Roche Holding and Banco Bilbao Vizcaya Argentaria.

* The underweight in Spanish multinational bank Banco Santander was the result of our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was underweight Swiss biotechnology company Roche Holding mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The High-Quality Business Models and Market Themes & Trends investment themes were largely responsible for the Fund's underweight in Banco Bilbao Vizcaya Argentaria, a Spanish multinational financial services company. 

Goldman Sachs International Tax-Managed Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g54501g79q65.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 |
| **12/18** | $8191 | $8548 |
| **12/19** | $9749 | $10429 |
| **12/20** | $10736 | $11245 |
| **12/21** | $12069 | $12511 |
| **12/22** | $10255 | $10703 |
| **12/23** | $12335 | $12656 |
| **12/24** | $13120 | $13139 |
| **12/25** | $18292 | $17241 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 39.42% | 11.24% | 8.14% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 7.32% |

---

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

Goldman Sachs International Tax-Managed Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1029625951 |
| # of Portfolio Holdings as of Period End | 286 |
| Portfolio Turnover Rate for the Period | 175% |
| Total Net Advisory Fees Paid for the Period | $7919942 |

---

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

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

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 12.4% |
| Information Technology | 9.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 7.7% |
| Materials | 6.7% |
| Energy | 3.3% |
| Other | 9.3% |

---

Goldman Sachs International Tax-Managed Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Tax-Managed Equity Fund

38150B566-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Class A: GCTAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $109 | 1.01% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g54501g98p33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $9450 | $10000 |
| **12/16** | $10912 | $10312 | $11274 |
| **12/17** | $13081 | $12362 | $13656 |
| **12/18** | $12015 | $11354 | $12941 |
| **12/19** | $15077 | $14247 | $16955 |
| **12/20** | $17656 | $16685 | $20497 |
| **12/21** | $22741 | $21490 | $25756 |
| **12/22** | $18077 | $17083 | $20808 |
| **12/23** | $22309 | $21082 | $26210 |
| **12/24** | $28015 | $26475 | $32451 |
| **12/25** | $32215 | $30443 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 14.99% | 12.77% | 12.40% |
| Class A Including sale charges | 8.66% | 11.51% | 11.76% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y674-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Class C: GCTCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $188 | 1.76% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g54501g57f31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $9900 | $10000 |
| **12/16** | $10837 | $10729 | $11274 |
| **12/17** | $12887 | $12758 | $13656 |
| **12/18** | $11747 | $11629 | $12941 |
| **12/19** | $14630 | $14483 | $16955 |
| **12/20** | $17014 | $16844 | $20497 |
| **12/21** | $21747 | $21530 | $25756 |
| **12/22** | $17154 | $16983 | $20808 |
| **12/23** | $21014 | $20804 | $26210 |
| **12/24** | $26194 | $25932 | $32451 |
| **12/25** | $29893 | $29594 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 14.12% | 11.92% | 11.56% |
| Class C Including sale charges | 13.12% | 11.92% | 11.56% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y658-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Institutional Class: GCTIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $74 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g54501g90p74.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $1000000 | $1000000 |
| **12/16** | $1096400 | $1127400 |
| **12/17** | $1318860 | $1365620 |
| **12/18** | $1216252 | $1294061 |
| **12/19** | $1531262 | $1695479 |
| **12/20** | $1799692 | $2049664 |
| **12/21** | $2325742 | $2575608 |
| **12/22** | $1854546 | $2080834 |
| **12/23** | $2296114 | $2621019 |
| **12/24** | $2892874 | $3245083 |
| **12/25** | $3336930 | $3801615 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 15.35% | 13.13% | 12.79% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y641-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Service Class: GCTSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $128 | 1.19% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g54501g53p60.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10909 | $11274 |
| **12/17** | $13059 | $13656 |
| **12/18** | $11980 | $12941 |
| **12/19** | $15013 | $16955 |
| **12/20** | $17553 | $20497 |
| **12/21** | $22570 | $25756 |
| **12/22** | $17909 | $20808 |
| **12/23** | $22058 | $26210 |
| **12/24** | $27650 | $32451 |
| **12/25** | $31737 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 14.78% | 12.57% | 12.23% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38142Y633-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Investor Class: GQIRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $82 | 0.76% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g54501g49u04.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10943 | $11274 |
| **12/17** | $13147 | $13656 |
| **12/18** | $12102 | $12941 |
| **12/19** | $15226 | $16955 |
| **12/20** | $17880 | $20497 |
| **12/21** | $23089 | $25756 |
| **12/22** | $18400 | $20808 |
| **12/23** | $22762 | $26210 |
| **12/24** | $28653 | $32451 |
| **12/25** | $33028 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 15.27% | 13.05% | 12.68% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38145C521-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Class R6: GCTRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $73 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g54501g58t38.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** |
| **4/30/18** | $10000 | $10000 |
| **12/18** | $9128 | $9501 |
| **12/19** | $11498 | $12448 |
| **12/20** | $13514 | $15049 |
| **12/21** | $17466 | $18910 |
| **12/22** | $13927 | $15277 |
| **12/23** | $17249 | $19244 |
| **12/24** | $21729 | $23825 |
| **12/25** | $25068 | $27911 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced April 30, 2018) | 15.37% | 13.15% | 12.71% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.30% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38150C705-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

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

# Class P: GSDPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Tax-Managed Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $73 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sentiment Analysis, one of our quantitative model's four investment themes, bolstered the Fund's performance versus its benchmark, the Russell 3000 Index (Index). We use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model.

* On the sector level, the Fund was helped by its investments in materials and financials.

* Among individual holdings, the Fund benefited from overweight positions relative to the Index in Hecla Mining and Southern Copper as well as from an underweight in UnitedHealth Group.

* The overweight in Hecla Mining, a producer of gold, silver and other precious metals, was primarily due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* We chose to overweight Southern Copper, which owns copper mines, smelters and refiners, mainly because of our Sentiment Analysis and High-Quality Business Models investment themes.

* The Fund was overweight Dell Technologies, a provider of hardware, software and service solutions, primarily because of the Sentiment Analysis and High Quality Business Models investment themes.

* Our Sentiment Analysis investment theme led us to underweight health insurance company UnitedHealth Group. 

Top Detractors from Performance:

* Among investment themes, High-Quality Business Models detracted most from the Fund's relative performance, followed by Market Themes & Trends and, at a distance, Fundamental Mispricings.

* The Fund was hampered by its investments in the information technology sector and, to a smaller degree, the consumer discretionary and real estate sectors.

* Regarding individual stock positions, the Fund was hurt by overweight positions versus the Index in Gartner and IQVIA Holdings and by an underweight in Palantir Technologies.

* The Fund's overweight in Gartner, a research and advisory firm focusing on business and technology topics, was driven by our High-Quality Business Models and Sentiment Analysis investment themes.

* The overweight in IQVIA Holdings, which focuses on health information technology and clinical research, was mostly the result of our Sentiment Analysis, Market Themes & Trends and High-Quality Business Models investment themes.

* We decided to underweight data integration company Palantir Technologies largely because of our High-Quality Business Models and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Tax-Managed Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g54501g82g91.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 |
| **12/18** | $8938 | $9299 |
| **12/19** | $11257 | $12184 |
| **12/20** | $13231 | $14729 |
| **12/21** | $17098 | $18508 |
| **12/22** | $13636 | $14953 |
| **12/23** | $16887 | $18834 |
| **12/24** | $21272 | $23319 |
| **12/25** | $24546 | $27318 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 15.39% | 13.15% | 12.34% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 13.91% |

---

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

Goldman Sachs U.S. Tax-Managed Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4329184756 |
| # of Portfolio Holdings as of Period End | 253 |
| Portfolio Turnover Rate for the Period | 188% |
| Total Net Advisory Fees Paid for the Period | $24433309 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Health Care | 11.7% |
| Industrials | 10.0% |
| Communication Services | 9.3% |
| Consumer Staples | 3.7% |
| Materials | 3.1% |
| Real Estate | 2.8% |
| Other | 2.6% |

---

Goldman Sachs U.S. Tax-Managed Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Tax-Managed Equity Fund

38150B178-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class A: GMSAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $130 | 1.30% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g54501g02h85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $9450 | $10000 | $10000 |
| **12/16** | $9912 | $9367 | $10033 | $10395 |
| **12/17** | $10139 | $9581 | $10119 | $10711 |
| **12/18** | $9899 | $9354 | $10309 | $10900 |
| **12/19** | $10124 | $9568 | $10544 | $11795 |
| **12/20** | $10796 | $10202 | $10614 | $12454 |
| **12/21** | $11297 | $10675 | $10619 | $12281 |
| **12/22** | $13565 | $12819 | $10775 | $10903 |
| **12/23** | $12998 | $12283 | $11314 | $11682 |
| **12/24** | $12308 | $11631 | $11908 | $12079 |
| **12/25** | $12335 | $11656 | $12406 | $12666 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 0.22% | 2.70% | 2.12% |
| Class A Including sale charges | -5.30% | 1.54% | 1.55% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C422-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class C: GMSCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $209 | 2.10% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g54501g16r32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $9900 | $10000 | $10000 |
| **12/16** | $9839 | $9741 | $10033 | $10395 |
| **12/17** | $9981 | $9881 | $10119 | $10711 |
| **12/18** | $9673 | $9577 | $10309 | $10900 |
| **12/19** | $9819 | $9721 | $10544 | $11795 |
| **12/20** | $10399 | $10295 | $10614 | $12454 |
| **12/21** | $10784 | $10677 | $10619 | $12281 |
| **12/22** | $12862 | $12733 | $10775 | $10903 |
| **12/23** | $12248 | $12126 | $11314 | $11682 |
| **12/24** | $11492 | $11377 | $11908 | $12079 |
| **12/25** | $11435 | $11321 | $12406 | $12666 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | -0.50% | 1.92% | 1.35% |
| Class C Including sale charges | -1.49% | 1.92% | 1.35% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C414-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Institutional Class: GMSSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $98 | 0.98% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g54501g15z79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $994300 | $1003300 | $1039500 |
| **12/17** | $1021444 | $1011928 | $1071101 |
| **12/18** | $999688 | $1030851 | $1089952 |
| **12/19** | $1027879 | $1054355 | $1179546 |
| **12/20** | $1099522 | $1061419 | $1245365 |
| **12/21** | $1154388 | $1061950 | $1228054 |
| **12/22** | $1392077 | $1077454 | $1090267 |
| **12/23** | $1339178 | $1131435 | $1168221 |
| **12/24** | $1272353 | $1190835 | $1207940 |
| **12/25** | $1280496 | $1240612 | $1266646 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 0.64% | 3.09% | 2.50% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C398-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Investor Class: GFIRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $110 | 1.10% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g54501g67a35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $9932 | $10033 | $10395 |
| **12/17** | $10185 | $10119 | $10711 |
| **12/18** | $9957 | $10309 | $10900 |
| **12/19** | $10216 | $10544 | $11795 |
| **12/20** | $10924 | $10614 | $12454 |
| **12/21** | $11452 | $10619 | $12281 |
| **12/22** | $13791 | $10775 | $10903 |
| **12/23** | $13257 | $11314 | $11682 |
| **12/24** | $12572 | $11908 | $12079 |
| **12/25** | $12640 | $12406 | $12666 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 0.54% | 2.96% | 2.37% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C380-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class R6: GMSWX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $96 | 0.96% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g54501g99h62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/30/18** | $10000 | $10000 | $10000 |
| **12/18** | $9948 | $10138 | $10226 |
| **12/19** | $10219 | $10369 | $11067 |
| **12/20** | $10941 | $10439 | $11684 |
| **12/21** | $11488 | $10444 | $11522 |
| **12/22** | $13840 | $10596 | $10229 |
| **12/23** | $13330 | $11127 | $10960 |
| **12/24** | $12652 | $11711 | $11333 |
| **12/25** | $12733 | $12201 | $11884 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced April 30, 2018) | 0.64% | 3.08% | 3.20% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.62% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.27% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38150C879-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class R: GFFRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $156 | 1.56% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g54501g53o44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $9881 | $10033 | $10395 |
| **12/17** | $10089 | $10119 | $10711 |
| **12/18** | $9817 | $10309 | $10900 |
| **12/19** | $10027 | $10544 | $11795 |
| **12/20** | $10661 | $10614 | $12454 |
| **12/21** | $11122 | $10619 | $12281 |
| **12/22** | $13321 | $10775 | $10903 |
| **12/23** | $12749 | $11314 | $11682 |
| **12/24** | $12036 | $11908 | $12079 |
| **12/25** | $12036 | $12406 | $12666 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | - | 2.46% | 1.87% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38145C372-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g54501g52s82.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Managed Futures Strategy Fund

# Class P: GMQPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Managed Futures Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $95 | 0.95% |

---

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

Top Contributors to Performance:

* Exposures to equities overall contributed positively.

* Trend-following in assets such as developed markets equities, emerging markets equities and some yield curve spreads added value.

* More specifically, positions in yield curve spreads contributed most positively to performance during the Period.

* Positions in emerging markets equities contributed positively during the Period.

* Exposures to commodities remained flat, but exposures to gold contributed positively.

Top Detractors from Performance:

* Exposures to fixed income and short-term interest rates were mixed but detracted overall. Trend signals for both developed and emerging markets fixed income shifted numerous times during the Period, adapting to changes in investor sentiment around tariffs and other global events.

* Exposures to developed markets currencies were mixed, shifting from negative to positive and fluctuating significantly throughout the Period. When exposures were positive, those exposures varied in magnitude. While mixed exposure to developed markets currencies ended the Period positive, the Fund's positions detracted overall because of broad volatility in 2025 as a whole, which typically presents difficulties for trend-following strategies. Investments in the Norwegian krone particularly hurt performance. 

Goldman Sachs Managed Futures Strategy Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g54501g47g62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $9750 | $10144 | $10193 |
| **12/19** | $10014 | $10375 | $11031 |
| **12/20** | $10712 | $10445 | $11646 |
| **12/21** | $11246 | $10450 | $11485 |
| **12/22** | $13565 | $10603 | $10196 |
| **12/23** | $13052 | $11134 | $10925 |
| **12/24** | $12401 | $11718 | $11296 |
| **12/25** | $12480 | $12208 | $11845 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 0.64% | 3.10% | 2.91% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.62% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.22% |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $164759208 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1384775 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective August 5, 2025, the Fund's Investment Adviser agreed to (i) waive a portion of its management fee to achieve an effective net management fee rate of 0.70% as an annual percentage of average daily net assets of the Fund and (ii) increase the "Other Expenses" limitation for the Fund from 0.254% to 0.054% of the Fund's average daily net assets. These arrangements will remain in effect through at least April 30, 2027.

The Fund's net expense ratio decreased during the Period as a result of an increase in management fee waivers.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Markets ex US Equity | 34.3 | 27.4 | 6.9 | 20.6 |
| Developed Markets Currency | 55.3 | 33.7 | 21.6 | 12.1 |
| Emerging Markets Equity | 9.1 | 8.7 | 0.4 | 8.3 |
| Emerging Markets Currency | 19.5 | 12.7 | 6.8 | 5.9 |
| Long-Term Fixed Income | 230.2 | 87.6 | 142.6 | -54.9 |
| Medium-Term Fixed Income | 25.6 | 18.3 | 7.3 | 11.0 |
| Short-Term Fixed Income | 71.3 | 35.7 | 35.6 | 0.1 |
| Commodities | 21.0 | 6.7 | 14.3 | -7.6 |
| Developed Markets Equity Volatility | 1.3 | 0.6 | 0.7 | -0.1 |
| US Equity | 41.6 | 40.3 | 1.4 | 38.9 |

---

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

Goldman Sachs Managed Futures Strategy Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Managed Futures Strategy Fund

38150B483-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Class P

------

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $4071995 | $4464656 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $462000 | $687528 | 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 December 31, 2025 and December 31, 2024 were approximately $462,000 and $687,528, 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, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

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

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

------

![LOGO](g54501dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Alternative Funds Goldman Sachs Managed Futures Strategy Fund I

------

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

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

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

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

## Goldman Sachs Alternative Funds I

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Consolidated Schedule of Investments](#af154501_1)** | 3 |
|  **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilites](#af154501_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#af154501_4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Changes in Net Assets](#af154501_5) | 10 |
|  **[Consolidated Financial Highlights](#af154501_6)** | 11 |
|  **[Notes to Financial Statements](#af154501_7)** | 18 |
|  **[Report of Independent Registered Public Accounting Firm](#af154501_8)** | 31 |

---

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

Consolidated Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 85.0%<sup>(a)</sup> | Investment Company – 85.0%<sup>(a)</sup> | Investment Company – 85.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139973028 | 3.686% | $139973028 |
| (Cost $139,973,028) | (Cost $139,973,028) | (Cost $139,973,028) |
| **TOTAL INVESTMENTS – 85.0%**<br> **(Cost $139,973,028)** | **TOTAL INVESTMENTS – 85.0%**<br> **(Cost $139,973,028)** | $139973028 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 15.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 15.0%** | 24786180 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164759208 |

---

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

(a) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized** <br> **Appreciation/** <br> (Depreciation)  |
|  **Long position contracts:** |  |  |  |  |
|  100 oz Gold | 4 | 02/25/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57829 |
|  CAC 40 10 Euro Index | 41 | 01/16/26 | 3928860 | 17791 |
|  Coffee "C" | 4 | 03/19/26 | 522675 | (51092) |
|  E-Mini Dow | 38 | 03/20/26 | 9183840 | (151203) |
|  EURO STOXX 50 Index | 39 | 03/20/26 | 2677095 | 25044 |
|  Euro-BTP | 25 | 03/06/26 | 3530009 | (6904) |
|  Feeder Cattle | 4 | 03/26/26 | 690600 | 18800 |
|  FTSE 100 Index | 31 | 03/20/26 | 4153995 | 58760 |
|  FTSE China A50 Index | 202 | 01/29/26 | 3086560 | (14773) |
|  FTSE Taiwan Index Equity Index | 25 | 01/29/26 | 2371000 | 43541 |
|  FTSE/JSE Top 40 Index | 28 | 03/19/26 | 1848845 | 33041 |
|  FTSE/MIB Index | 9 | 03/20/26 | 2382584 | 42476 |
|  German Stock Index | 11 | 03/20/26 | 7979319 | 101847 |
|  Hang Seng Index | 19 | 01/29/26 | 3130739 | (24862) |
|  HSCEI | 26 | 01/29/26 | 1487132 | (13789) |
|  IBEX 35 Index | 5 | 01/16/26 | 1015344 | 16974 |
|  KOSPI 200 Index | 24 | 03/12/26 | 2532366 | 162196 |
|  Live Cattle | 8 | 02/27/26 | 741200 | 25791 |
|  LME Copper Base Metal | 16 | 01/19/26 | 4986396 | 682336 |
|  LME Copper Base Metal | 15 | 02/16/26 | 4670940 | 303258 |
|  LME Lead Base Metal | 24 | 01/19/26 | 1188348 | (23280) |
|  LME Lead Base Metal | 4 | 02/16/26 | 199770 | (1895) |
|  LME Nickel Base Metal | 11 | 02/16/26 | 1094949 | 9238 |
|  LME Nickel Base Metal | 17 | 01/19/26 | 1687648 | 170028 |
|  LME Primary Aluminium | 27 | 02/16/26 | 2016124 | 63897 |
|  LME Primary Aluminium | 26 | 01/19/26 | 1936220 | 75285 |
|  LME Zinc Base Metal | 13 | 02/16/26 | 1010763 | 902 |
|  LME Zinc Base Metal | 12 | 01/19/26 | 928068 | 3885 |
|  Mini VSTOXX<sup>®</sup>Index | 507 | 01/21/26 | 953323 | (103806) |
|  MSCI EAFE E-Mini Index | 22 | 03/20/26 | 1552540 | 30430 |
|  NASDAQ 100 E-Mini Index | 18 | 03/20/26 | 9164430 | (184382) |
|  Nikkei 225 Index | 13 | 03/12/26 | 4182840 | 1716 |
|  OMXS30 Index | 108 | 01/16/26 | 3396372 | 58887 |
|  Palladium | 3 | 03/27/26 | 494250 | 69196 |
|  Platinum | 4 | 04/28/26 | 411200 | 74003 |

---

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

**FUTURES CONTRACTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized** <br> **Appreciation/** <br> (Depreciation)  |
|  **Long position contracts: (continued)** |  |  |  |  |
|  S&P 400 E-Mini MidCap Index | 18 | 03/20/26 | $5985360 | $(131006) |
|  S&P 500 E-Mini Index | 122 | 03/20/26 | 42044250 | (452703) |
|  S&P/TSX 60 Index | 15 | 03/19/26 | 4069579 | 19160 |
|  SET50 Index | 277 | 03/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458635 | (12810) |
|  SPI 200 Index | 26 | 03/19/26 | 3763455 | (6962) |
|  TOPIX Index | 21 | 03/12/26 | 4576322 | 48056 |
| Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034900 |
|  **Short position contracts:** |  |  |  |  |
|  Australian 10 year Bond | (236) | 03/16/26 | (17236603) | 1113 |
|  Brent Crude Oil | (93) | 01/30/26 | (5664630) | (14267) |
|  CBOE Volatality Index | (69) | 01/21/26 | (1140743) | 171510 |
|  Cocoa | (4) | 03/16/26 | (241720) | (14736) |
|  Corn | (101) | 03/13/26 | (2227050) | 9385 |
|  Cotton No. 2 | (50) | 03/09/26 | (1606750) | 19008 |
|  Hard Red Winter Wheat | (26) | 03/13/26 | (669500) | 18389 |
|  LME Copper Base Metal | (16) | 01/19/26 | (4986396) | (326669) |
|  LME Copper Base Metal | (3) | 02/16/26 | (934188) | (13937) |
|  LME Lead Base Metal | (24) | 01/19/26 | (1188348) | 26112 |
|  LME Lead Base Metal | (29) | 02/16/26 | (1448332) | (13704) |
|  LME Nickel Base Metal | (19) | 02/16/26 | (1891276) | (196995) |
|  LME Nickel Base Metal | (17) | 01/19/26 | (1687648) | (174512) |
|  LME Primary Aluminium | (3) | 02/16/26 | (224014) | (2475) |
|  LME Primary Aluminium | (26) | 01/19/26 | (1936220) | (65618) |
|  LME Zinc Base Metal | (1) | 02/16/26 | (77751) | 45 |
|  LME Zinc Base Metal | (12) | 01/19/26 | (928068) | 5337 |
|  Low Sulphur Gasoil | (5) | 02/12/26 | (307250) | 6255 |
|  Milling Wheat | (99) | 03/10/26 | (1103822) | 25191 |
|  MSCI EAFE E-Mini Index | (78) | 03/20/26 | (11318190) | (35328) |
|  Natural Gas | (16) | 01/28/26 | (592160) | 127648 |
|  NY Harbor USLD | (4) | 01/30/26 | (357118) | 6675 |
|  RBOB Gasoline | (6) | 01/30/26 | (431525) | 689 |
|  Russell 2000 E-Mini Index | (18) | 03/20/26 | (2248200) | 70652 |
|  Soybean Meal | (14) | 03/13/26 | (419440) | 9474 |
|  Soybean Oil | (3) | 03/13/26 | (87390) | 1592 |
|  Sugar No. 11 | (50) | 02/27/26 | (840560) | 50164 |
|  TurkDEX ISE 30 | (210) | 02/27/26 | (624980) | (259) |
|  Wheat | (45) | 03/13/26 | (1139625) | 69116 |
|  WTI Crude Oil | (101) | 01/20/26 | (5801440) | (101509) |
|  **Total** |  |  |  | $(341654) |
| Total Futures Contracts |  |  |  | $693246 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS— At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | BRL | 40000 | USD | 7217 | 1/5/2026 | $77 |
|  | USD | 322909 | BRL | 1760000 | 1/5/2026 | 1986 |
|  | BRL | 12700000 | USD | 2272461 | 2/3/2026 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25669 |
|  | AUD | 6540000 | USD | 4327838 | 3/18/2026 | 36930 |
|  | CAD | 17029000 | USD | 12406660 | 3/18/2026 | 40329 |
|  | CLP | 2130000000 | USD | 2328351 | 3/18/2026 | 39631 |
|  | COP | 176000000 | USD | 44878 | 3/18/2026 | 553 |

---

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc.<br> (continued) |  |  |  |  |  |  |
|  | CZK | 60544000 | USD | 2936174 | 3/18/2026 | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12359 |
|  | EUR | 16050000 | USD | 18834372 | 3/18/2026 | 94205 |
|  | GBP | 6425750 | USD | 8586035 | 3/18/2026 | 73857 |
|  | HUF | 28000000 | USD | 84972 | 3/18/2026 | 214 |
|  | INR | 26000000 | USD | 287033 | 3/18/2026 | 268 |
|  | MXN | 61891000 | USD | 3351363 | 3/18/2026 | 60253 |
|  | NOK | 2500000 | USD | 247435 | 3/18/2026 | 515 |
|  | PLN | 8839000 | USD | 2439557 | 3/18/2026 | 21547 |
|  | SEK | 74354400 | USD | 7978018 | 3/18/2026 | 130343 |
|  | USD | 388999 | COP | 1496000000 | 3/18/2026 | 2833 |
|  | USD | 1323241 | EUR | 1120000 | 3/18/2026 | 2368 |
|  | USD | 590899 | HUF | 194078000 | 3/18/2026 | 438 |
|  | USD | 3718184 | INR | 336000000 | 3/18/2026 | 5363 |
|  | USD | 19913663 | JPY | 3060949000 | 3/18/2026 | 245132 |
|  | USD | 96698 | MXN | 1750000 | 3/18/2026 | 233 |
|  | USD | 1194410 | NOK | 12000000 | 3/18/2026 | 4250 |
|  | USD | 14179361 | NZD | 24460000 | 3/18/2026 | 56412 |
|  | USD | 83538 | PLN | 300000 | 3/18/2026 | 7 |
|  | ZAR | 48160000 | USD | 2804991 | 3/18/2026 | 87752 |
|  | IDR | 3600000000 | USD | 214175 | 3/25/2026 | 933 |
|  | USD | 3775354 | IDR | 63000000000 | 3/25/2026 | 10978 |
| TOTAL |  |  |  |  |  | $955435 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | BRL | 14420000 | USD | 2651928 | 1/5/2026 | (22541) |
|  | USD | 2289654 | BRL | 12700000 | 1/5/2026 | (26103) |
|  | USD | 296080 | BRL | 1640000 | 2/3/2026 | (687) |
|  | AUD | 9060000 | USD | 6066395 | 3/18/2026 | (19791) |
|  | CAD | 13440000 | USD | 9849848 | 3/18/2026 | (26164) |
|  | COP | 8426000000 | USD | 2178473 | 3/18/2026 | (3453) |
|  | EUR | 1260000 | USD | 1486960 | 3/18/2026 | (979) |
|  | GBP | 2530000 | USD | 3415481 | 3/18/2026 | (5836) |
|  | HUF | 940000000 | USD | 2861966 | 3/18/2026 | (2123) |
|  | JPY | 316276000 | USD | 2040238 | 3/18/2026 | (7966) |
|  | KRW | 860000000 | USD | 601996 | 3/18/2026 | (4815) |
|  | NOK | 68900000 | USD | 6844497 | 3/18/2026 | (10999) |
|  | NZD | 7600000 | USD | 4423459 | 3/18/2026 | (35298) |
|  | PLN | 3120000 | USD | 869199 | 3/18/2026 | (476) |
|  | SEK | 31950000 | USD | 3496079 | 3/18/2026 | (11925) |
|  | USD | 457021 | AUD | 692000 | 3/18/2026 | (4817) |
|  | USD | 26242545 | CAD | 36425000 | 3/18/2026 | (381540) |
|  | USD | 1714409 | CHF | 1355000 | 3/18/2026 | (9973) |
|  | USD | 97168 | CZK | 2000000 | 3/18/2026 | (233) |
|  | USD | 1399165 | EUR | 1193000 | 3/18/2026 | (7801) |
|  | USD | 3412873 | GBP | 2557000 | 3/18/2026 | (33159) |
|  | USD | 351633 | HUF | 116000000 | 3/18/2026 | (1283) |
|  | USD | 142701 | INR | 13000000 | 3/18/2026 | (949) |
|  | USD | 3602826 | KRW | 5280000000 | 3/18/2026 | (63590) |
|  | USD | 27552 | MXN | 500000 | 3/18/2026 | (9) |
|  | USD | 252686 | SEK | 2343000 | 3/18/2026 | (2818) |
|  | USD | 525134 | ZAR | 8970000 | 3/18/2026 | (13652) |
|  | USD | 42910 | IDR | 720000000 | 3/25/2026 | (111) |
| TOTAL |  |  |  |  |  | $(699091) |

---

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** | **CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** |  |
| Payments Made by the<br>Fund<sup>(a)</sup> | **Payments Received**<br> **by the Fund** | **Termination**<br> **Date** | **Notional Amounts**<br> **(000's)** | **Notional Amounts**<br> **(000's)** | Value | **Upfront Premium**<br> (Received) Paid | **Unrealized<br>Appreciation/**<br> (Depreciation) |
|  3 Month BBSW<sup>(b)</sup> | 3.250% | 3/18/2027 | AUD | 210080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016133 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016133 |
|  0.250%<sup>(c)</sup> | 1 Day SOFR | 3/18/2027 | CHF | 22740 | 80791 | 77544 | 3247 |
| 4.000 <sup>(c)</sup> | 1 Day SONIO | 3/18/2027 | GBP | 23410 | 164389 | 152416 | 11973 |
|  12 Month BOJDTR<sup>(c)</sup> | 0.750 | 3/18/2027 | JPY | 39699090 | 632413 |  | 632413 |
| 2.000 <sup>(b)</sup> | 3 Month STIBOR | 3/18/2027 | SEK | 71420 | (5932) |  | (5932) |
|  1 Day SOFR<sup>(c)</sup> | 3.500 | 3/18/2027 | USD | 39280 | (70307) | (53554) | (16753) |
| 2.250 <sup>(c)</sup> | 1 Day ESTRON | 3/18/2028 | EUR | 10570 | 49041 | 49513 | (472) |
| 4.000 <sup>(c)</sup> | 1 Day SONIO | 3/18/2028 | GBP | 35070 | 478617 | 430630 | 47987 |
| 1.000 <sup>(c)</sup> | 12 Month BOJDTR | 3/18/2028 | JPY | 22869420 | (696682) |  | (696682) |
|  1 Day SOFR<sup>(c)</sup> | 3.500 | 3/18/2028 | USD | 970 | (4319) | (3430) | (889) |
|  6 Month PRIBOR<sup>(e)</sup> | 3.750 | 3/18/2031 | CZK | 445000 | 95003 |  | 95003 |
| 7.500 <sup>(d)</sup> | 1 Month MXIBTIEF | 3/18/2031 | MXN | 130660 | (85028) |  | (85028) |
| 4.250 <sup>(c)</sup> | 6 Month WIBOR | 3/18/2031 | PLN | 74000 | 468125 | 451373 | 16752 |
| 7.250 <sup>(b)</sup> | 3 Month JIBAR | 3/18/2031 | ZAR | 486800 | 739698 | 37749 | 701949 |
|  CORRA<sup>(e)</sup> | 3.250 | 3/18/2036 | CAD | 4010 | (12550) | (2484) | (10066) |
|  1 Day SOFR<sup>(c)</sup> | 0.500 | 3/18/2036 | CHF | 2500 | 58776 |  | 58776 |
| 2.750 <sup>(c)</sup> | 1 Day ESTRON | 3/18/2036 | EUR | 22630 | 93119 | 39358 | 53761 |
| 4.250 <sup>(c)</sup> | 1 Day SONIO | 3/18/2036 | GBP | 19530 | 503188 | 411509 | 91679 |
|  12 Month BOJDTR<sup>(c)</sup> | 1.500 | 3/18/2036 | JPY | 3622440 | 882752 |  | 882752 |
|  3 Month STIBOR<sup>(b)</sup> | 2.750 | 3/18/2036 | SEK | 84000 | 175419 |  | 175419 |
| 3.750 <sup>(c)</sup> | 1 Day SOFR | 3/18/2036 | USD | 43690 | (210577) |  | (210577) |
|  1 Day ESTRON<sup>(c)</sup> | 3.000 | 3/18/2056 | EUR | 16350 | 267045 |  | 267045 |
|  1 Day SONIO<sup>(c)</sup> | 4.750 | 3/18/2056 | GBP | 13680 | (865974) | (719840) | (146134) |
|  12 Month BOJDTR<sup>(c)</sup> | 2.500 | 3/18/2056 | JPY | 1166700 | 544883 |  | 544883 |
|  1 Day SOFR<sup>(c)</sup> | 4.000 | 3/18/2056 | USD | 20770 | 582933 |  | 582933 |
| TOTAL |  |  |  |  | $4880956 | $870784 | $4010172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

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

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

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

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

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| BBSW | —Bank Bill Swap Rate |
| BOJDTR | —Bank of Japan Target Rate |
| CORRA | —Canadian Overnight Repo Rate Average |
| ESTRON | —Euro Short-Term Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| MXIBTIEF | —Mexican MXN/F-TIIE Overnight Index Swap |
| PRIBOR | —Prague Interbank Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| SONIO | —Sterling Overnight Index Average |
| STIBOR | —Stockholm Interbank Offered Rate |
| WIBOR | —Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |

---

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| **Currency Abbreviations: (continued)** | **Currency Abbreviations: (continued)** |
| SEK | Swedish Krona |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Statement of Assets and Liabilities<sup>(a)</sup> *December 31, 2025*

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

---

| | |
|:---|:---|
|  | **Managed Futures**<br> **Strategy Fund<sup>(a)</sup>** |
| Assets: |  |
| Investments in affiliated issuers, at value (cost $139,973,028) | $139973028 |
|  Cash | 5612537 |
|  Foreign Currency, at value (cost $363,663) | 365243 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 19305100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 141072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 18403 |
|  Unrealized gain on forward foreign currency exchange contracts | 955435 |
|  Unrealized appreciation on futures contracts | 1340323 |
|  Other assets | 78114 |
|  **Total assets** | 167789255 |
| Liabilities: |  |
|  Variation margin on futures contracts | 571631 |
|  Variation margin on swaps | 373645 |
|  Unrealized loss on forward foreign currency exchange contracts | 699091 |
|  Unrealized depreciation on futures contracts | 819085 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 274105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 51300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 9549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 231641 |
|  **Total liabilities** | 3030047 |
| Net Assets: |  |
|  Paid-in capital | 166535974 |
|  Total distributable loss | (1776766) |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164759208 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $18951387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1182037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 41117796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 62026626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 38517358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 431170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2532834 |
|  Total Net Assets | $164759208 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2121294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 147300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 4380103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 6719248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4100288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 50022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 269984 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.38 |

---

<sup>(a)</sup> Statement of Assets and Liabilities for the Managed Futures Strategy Fund is consolidated and includes the balances of Cayman Commodity-MFS, LLC, (wholly-owned subsidiary). Accordingly, all interfund balances and transactions have been eliminated.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Forwards** | **Swaps** |
|  Managed Futures Strategy Fund | $11703801 | $3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4501299 |

---

<sup>(c)</sup> Maximum public offering price per share for Class A Shares of the Managed Futures Strategy Fund is $9.45. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Statement of Operations<sup>(a)</sup> *For the Fiscal Year Ended December 31, 2025*

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

---

| | |
|:---|:---|
|  | **Managed Futures<br>Strategy Fund<sup>(a)</sup>** |
| Investment income: |  |
|  Dividends — affiliated issuers | $6087264 |
|  Interest | 296020 |
|  **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383284 |
| Expenses: |  |
|  Management fees | 1983914 |
|  Professional fees | 183098 |
|  Transfer Agency fees<sup>(b)</sup> | 159948 |
|  Custody, accounting and administrative services | 125432 |
|  Registration fees | 115680 |
|  Distribution and/or Service (12b-1) fees<sup>(b)</sup> | 55386 |
|  Printing and mailing costs | 48997 |
|  Trustee fees | 28128 |
|  Service fees — Class C | 3565 |
|  Other | 17131 |
|  **Total expenses** | 2721279 |
|  Less — expense reductions | (792619) |
|  **Net expenses** | 1928660 |
|  **NET INVESTMENT INCOME** | 4454624 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1326588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (565053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (1753896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1795665) |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3610872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1521214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (1706288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (4715468) |
|  **Net realized and unrealized loss** | (7120124) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(2665500) |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1)<br>Fees | Distribution and/or Service (12b-1)<br>Fees | Distribution and/or Service (12b-1)<br>Fees | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Managed Futures Strategy Fund | $42168 | $10696 | $2522 | $25301 | $2139 | $15938 | $98140 | $11350 | $756 | $6324 |

---

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Managed Futures Strategy Fund<sup>(a)</sup>** | **Managed Futures Strategy Fund<sup>(a)</sup>** |
|  | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** |
| From operations: |  |  |
|  Net investment income | $4454624 | $7461727 |
|  Net realized loss | (2788026) | (27580972) |
|  Net change in unrealized gain (loss) | (4332098) | 4455210 |
|  **Net decrease in net assets resulting from operations** | (2665500) | (15664035) |
| From share transactions: |  |  |
| Proceeds from sales of shares | 76487994 | 117689294 |
|  Cost of shares redeemed | (134638380) | (164316780) |
|  **Net decrease in net assets resulting from share transactions** | (58150386) | (46627486) |
|  **TOTAL DECREASE** | (60815886) | (62291521) |
| Net Assets: |  |  |
|  Beginning of year | $225575094 | $287866615 |
|  End of year | $164759208 | $225575094 |

---

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated Financial Highlights *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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.91 | $9.41 | $9.82 | $9.85 | $10.12 |
|  Net investment income (loss)<sup>(a)</sup> | 0.19 | 0.23 | 0.23 | (0.04) | (0.19) |
|  Net realized and unrealized gain (loss) | (0.17) | (0.73) | (0.64) | 2.00 | 0.64 |
|  Total from investment operations | 0.02 | (0.50) | (0.41) | 1.96 | 0.45 |
|  Distributions to shareholders from net investment income |  |  |  | (1.14) | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  |  | (1.99) | (0.72) |
|  Net asset value, end of year | $8.93 | $8.91 | $9.41 | $9.82 | $9.85 |
|  **Total Return<sup>(b)</sup>** | 0.22% | (5.31)% | (4.18)% | 20.08% | 4.64% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922 |
|  Ratio of net expenses to average net assets | 1.30% | 1.48% | 1.43% | 1.58% | 1.83% |
|  Ratio of total expenses to average net assets | 1.69% | 1.62% | 1.58% | 1.71% | 1.89% |
|  Ratio of net investment income (loss) to average net assets | 2.20% | 2.42% | 2.44% | (0.31)% | (1.79)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.06 | $8.59 | $9.02 | $9.21 | $9.52 |
|  Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.14 | 0.15 | (0.10) | (0.25) |
|  Net realized and unrealized gain (loss) | (0.15) | (0.67) | (0.58) | 1.85 | 0.59 |
|  Total from investment operations | (0.04) | (0.53) | (0.43) | 1.75 | 0.34 |
|  Distributions to shareholders from net investment income |  |  |  | (1.09) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.65) |
|  Total distributions |  |  |  | (1.94) | (0.65) |
|  Net asset value, end of year | $8.02 | $8.06 | $8.59 | $9.02 | $9.21 |
|  **Total Return<sup>(b)</sup>** | (0.50)% | (6.17)% | (4.77)% | 19.26% | 3.71% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 |
|  Ratio of net expenses to average net assets | 2.10% | 2.24% | 2.18% | 2.33% | 2.58% |
|  Ratio of total expenses to average net assets | 2.43% | 2.37% | 2.32% | 2.46% | 2.64% |
|  Ratio of net investment income (loss) to average net assets | 1.39% | 1.67% | 1.69% | (0.95)% | (2.54)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.33 | $9.82 | $10.22 | $10.19 | $10.43 |
|  Net investment income (loss)<sup>(a)</sup> | 0.22 | 0.27 | 0.28 | 0.05 | (0.15) |
|  Net realized and unrealized gain (loss) | (0.16) | (0.76) | (0.67) | 2.02 | 0.66 |
|  Total from investment operations | 0.06 | (0.49) | (0.39) | 2.07 | 0.51 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) |
|  Net asset value, end of year | $9.39 | $9.33 | $9.82 | $10.22 | $10.19 |
|  **Total Return<sup>(b)</sup>** | 0.64% | (4.99)% | (3.80)% | 20.59% | 4.99% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51494 |
|  Ratio of net expenses to average net assets | 0.98% | 1.12% | 1.06% | 1.20% | 1.46% |
|  Ratio of total expenses to average net assets | 1.32% | 1.25% | 1.21% | 1.33% | 1.52% |
|  Ratio of net investment income (loss) to average net assets | 2.52% | 2.78% | 2.80% | 0.39% | (1.42)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

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

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.18 | $9.68 | $10.07 | $10.06 | $10.32 |
|  Net investment income (loss)<sup>(a)</sup> | 0.21 | 0.26 | 0.26 | 0.01 | (0.16) |
|  Net realized and unrealized gain (loss) | (0.16) | (0.76) | (0.65) | 2.03 | 0.64 |
|  Total from investment operations | 0.05 | (0.50) | (0.39) | 2.04 | 0.48 |
|  Distributions to shareholders from net investment income |  |  |  | (1.18) | (0.05) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  |  | (2.03) | (0.74) |
|  Net asset value, end of year | $9.23 | $9.18 | $9.68 | $10.07 | $10.06 |
|  **Total Return<sup>(b)</sup>** | 0.54% | (5.17)% | (3.87)% | 20.43% | 4.83% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146008 |
|  Ratio of net expenses to average net assets | 1.10% | 1.23% | 1.18% | 1.33% | 1.57% |
|  Ratio of total expenses to average net assets | 1.43% | 1.37% | 1.32% | 1.46% | 1.64% |
|  Ratio of net investment income (loss) to average net assets | 2.39% | 2.67% | 2.69% | 0.10% | (1.54)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.33 | $9.83 | $10.22 | $10.19 | $10.44 |
|  Net investment income (loss)<sup>(a)</sup> | 0.22 | 0.27 | 0.28 | 0.01 | (0.15) |
|  Net realized and unrealized gain (loss) | (0.16) | (0.77) | (0.66) | 2.06 | 0.65 |
|  Total from investment operations | 0.06 | (0.50) | (0.38) | 2.07 | 0.50 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) |
|  Net asset value, end of year | $9.39 | $9.33 | $9.83 | $10.22 | $10.19 |
|  **Total Return<sup>(b)</sup>** | 0.64% | (5.09)% | (3.68)% | 20.47% | 5.00% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57900 |
|  Ratio of net expenses to average net assets | 0.96% | 1.11% | 1.06% | 1.20% | 1.45% |
|  Ratio of total expenses to average net assets | 1.31% | 1.24% | 1.20% | 1.33% | 1.51% |
|  Ratio of net investment income (loss) to average net assets | 2.51% | 2.79% | 2.81% | 0.07% | (1.41)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.62 | $9.13 | $9.54 | $9.64 | $9.92 |
|  Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.20 | 0.20 | (0.04) | (0.21) |
|  Net realized and unrealized gain (loss) | (0.16) | (0.71) | (0.61) | 1.93 | 0.62 |
|  Total from investment operations | – <sup>(b)</sup> | (0.51) | (0.41) | 1.89 | 0.41 |
|  Distributions to shareholders from net investment income |  |  |  | (1.14) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  |  | (1.99) | (0.69) |
|  Net asset value, end of year | $8.62 | $8.62 | $9.13 | $9.54 | $9.64 |
|  **Total Return<sup>(c)</sup>** | – % | (5.59)% | (4.30)% | 19.77% | 4.33% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
|  Ratio of net expenses to average net assets | 1.56% | 1.73% | 1.68% | 1.83% | 2.08% |
|  Ratio of total expenses to average net assets | 1.94% | 1.87% | 1.82% | 1.96% | 2.14% |
|  Ratio of net investment income (loss) to average net assets | 1.95% | 2.17% | 2.18% | (0.36)% | (2.04)% |
|  Portfolio turnover rate<sup>(d)</sup> | – % | –% | –% | –% | –% |

---

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

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

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

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

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

---

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

---

------

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

Consolidated 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.32 | $9.81 | $10.21 | $10.17 | $10.42 |
|  Net investment income (loss)<sup>(a)</sup> | 0.23 | 0.27 | 0.28 | 0.01 | (0.15) |
|  Net realized and unrealized gain (loss) | (0.17) | (0.76) | (0.67) | 2.07 | 0.65 |
|  Total from investment operations | 0.06 | (0.49) | (0.39) | 2.08 | 0.50 |
|  Distributions to shareholders from net investment income |  |  | (0.01) | (1.19) | (0.06) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.85) | (0.69) |
|  Total distributions |  |  | (0.01) | (2.04) | (0.75) |
|  Net asset value, end of year | $9.38 | $9.32 | $9.81 | $10.21 | $10.17 |
|  **Total Return<sup>(b)</sup>** | 0.64% | (5.00)% | (3.78)% | 20.62% | 4.98% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  Ratio of net expenses to average net assets | 0.95% | 1.09% | 1.05% | 1.20% | 1.44% |
|  Ratio of total expenses to average net assets | 1.32% | 1.23% | 1.19% | 1.32% | 1.51% |
|  Ratio of net investment income (loss) to average net assets | 2.56% | 2.80% | 2.81% | 0.10% | (1.40)% |
|  Portfolio turnover rate<sup>(c)</sup> | –% | –% | –% | –% | –% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

Notes to Financial Statements *December 31, 2025*

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

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

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

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

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Goldman Sachs Managed Futures Strategy Fund (the "Fund") is a diversified portfolio and currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class R6, Class R, and Class P Shares.

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

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Fund pursuant to a management agreement (the "Agreement") with the Trust.

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

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of Consolidation for Managed Futures Strategy Fund — Cayman Commodity-MFS, LLC. (the "Subsidiary"), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of December 31, 2025, the Fund's net assets were $164,759,208, of which $32,879,558 or 20%, represented the Subsidiary's net assets.

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

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

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

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

&nbsp;&nbsp;&nbsp;&nbsp;E. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

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

18.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

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

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

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

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

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

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Fund follows Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the 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 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

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**19**

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GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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20.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

&nbsp;&nbsp;&nbsp;&nbsp;iii. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Fund's investments classified in the fair value hierarchy as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Managed Futures Strategy Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Investment Companies | $139973028 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $955435 | $— |
|  Futures Contracts | 2832722 |  |  |
|  Interest Rate Swap Contracts |  | 5182705 |  |
|  **Total** | $2832722 | $6138140 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699091) | $— |
|  Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2139476) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1172533) |  |
|  **Total** | $(2139476) | $(1871624) | $— |

---

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

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

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

**21**

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GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2025. These instruments were used as part of the Fund's investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |  |  |  |
| **Risk** | **Consolidated Statement of Assets and<br>Liabilities** | **Assets** | **Consolidated Statement of Assets and<br>Liabilities** | **Liabilities** |
| Commodity | Variation margin on futures contracts | $1929528 <sup>(a)</sup> | Variation margin on futures contracts | $(1000689)<sup>(a)</sup> |
| Currency | Receivables for unrealized gain on forward<br> foreign currency exchange contracts | $955435 | Payable for unrealized loss on forward<br> foreign currency exchange contracts | $(699091) |
| Equity | Variation margin on futures contracts | $902081 <sup>(a)</sup> | Variation margin on futures contracts | $(1131883)<sup>(a)</sup> |
| Interest Rate | Variation margin on futures and swaps<br> contracts | $5183818 <sup>(a)</sup> | Variation margin on futures and swaps<br> contracts | $(1179437)<sup>(a)</sup> |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970862 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4011100) |

---

<sup>(a)</sup> Includes unrealized gain (loss) on futures and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation margin as of December 31, 2025, is reported within the Consolidated Statements of Assets and Liabilities. 

The following tables set forth, by certain risk types, the Fund's gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Managed Futures Strategy Fund** | **Managed Futures Strategy Fund** |  |  |
| **Risk** | **Consolidated Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $(1795665) | $(4715468) |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (3645513) | 2455149 |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 6745986 | 890073 |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (3527781) | (1440638) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2222973) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2810884) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** | **Swap Contracts** |
|  Managed Futures Strategy Fund | 5612 | 561040829 | 11930262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended December 31, 2025.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and

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22.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/ or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

The following table sets forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **<u>Derivative Assets</u>**<br> **Forwards<sup>(1)</sup>** | **<u>Derivative Liabilities</u>**<br> **Forwards<sup>(1)</sup>** | **Net Derivative**<br> **Assets**<br> (Liabilities) | **Collateral**<br> (Received)<br> **Pledged<sup>(1)</sup>** | **Net**<br> **Amount<sup>(2)</sup>** |
|  Morgan Stanley Co., Inc. | $955435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699091) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256344 |

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

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

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

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

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

For the fiscal year ended December 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** |
|  Managed Futures Strategy Fund | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% 0.76%<sup>\*</sup> |

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^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

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

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**23**

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GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

<sup>\*</sup> Effective August 5, 2025, GSAM agreed to waive a portion of its management fee with respect to the Fund to achieve an effective net management fee rate of 0.70% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. 

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary's average daily net assets. In consideration of the Subsidiary's management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. With respect to the Subsidiary, for the fiscal year December 31, 2025, GSAM waived $154,261 of the Fund's management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund's investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. With respect to the affiliated Underlying Fund, for the fiscal year ended December 31, 2025, GSAM waived $235,915 of the Fund's management fees.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A, Class C and Class R Shares of the Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A, Class C or Class R Shares of the Fund, as set forth below.

---

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

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained $553 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.04% of the average daily net assets of Institutional Shares; and 0.03% of the average daily net assets of Class R6 and P Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated

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24.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. The Other Expense limitation will remain in place through at least April 30, 2027, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to August 5, 2025, the Other Expense limitation was 0.254%. The Subsidiary also pays certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit the Subsidiary's expenses (excluding management fees) to 0.004% of the Subsidiary's average daily net assets for the Fund. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense <br>Reductions** |
|  Managed Futures Strategy Fund | $599139 | $193480 | $792619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2025, the Fund participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The following table provides information about the Fund's investment in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value**<br> **as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Ending value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend Income** |
|  Managed Futures Strategy Fund | $173722551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182506646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216256169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139973028 | 139973028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087264 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Managed Futures <br>Strategy Fund** | **Managed Futures <br>Strategy Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | |
|:---|:---|:---|
|  | **Managed Futures** <br> **Strategy Fund** | **Managed Futures** <br> **Strategy Fund** |
|  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;

**25**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

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

As of December 31, 2025, the components of accumulated earnings (loss) on a tax-basis were as follows:

---

| | |
|:---|:---|
|  | **Managed Futures <br>Strategy Fund** |
|  Capital loss carryforwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(424910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (1002020) |
|  Total capital loss carryforwards | (1426930) |
|  Timing differences — (Post October Capital Loss Deferral and Straddles) | (792953) |
|  Unrealized gains (losses) — net | 443117 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1776766) |

---

For the year ended December 31, 2025, the Managed Futures Strategy Fund utilized $5,597,000 in Capital Loss Carryforwards.

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

---

| | |
|:---|:---|
|  | **Managed Futures <br>Strategy Fund** |
|  Tax Cost | $140023917 |
|  Gross unrealized gain | 443117 |
|  Gross unrealized loss |  |
|  Net unrealized gain (loss) | $443117 |

---

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

The Managed Futures Strategy Fund reclassified $10,482,572 from paid-in-capital to distributable earnings for the fiscal year ending December 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses and differences in the tax treatment of underlying fund investments.

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

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

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

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The

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

26.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

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

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

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

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

prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiary's, and therefore the Fund's, share value to fluctuate.

Derivatives Risk — The Fund's use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

**27**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

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

rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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

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

Tax Risk — The Fund seeks to gain exposure to the commodity markets primarily through investments in the Subsidiary. The tax treatment of the Fund's investments in the Subsidiary could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or

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

28.0 ------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

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

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

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

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

any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund's income from such investments was not "qualifying income," the Fund may fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. INDEMNIFICATIONS

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 660961 | $5570185 | 449681 | $4213968 |
|  Shares redeemed | (296737) | (2549090) | (405416) | (3781794) |
|  | 364224 | 3021095 | 44265 | 432174 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 2843 | 21663 | 5723 | 47269 |
|  Shares redeemed | (104852) | (797002) | (291092) | (2490641) |
|  | (102009) | (775339) | (285369) | (2443372) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3226189 | 28781444 | 3209747 | 31428119 |
|  Shares redeemed | (3695676) | (32449193) | (4490380) | (43371078) |
|  | (469487) | (3667749) | (1280633) | (11942959) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 3746230 | 32776668 | 4912228 | 47413120 |
|  Shares redeemed | (6992341) | (60641365) | (10290358) | (97986670) |
|  | (3246111) | (27864697) | (5378130) | (50573550) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1052832 | 9294791 | 1044568 | 10382076 |
|  Shares redeemed | (2140595) | (18243221) | (1740165) | (16607639) |
|  | (1087763) | (8948430) | (695597) | (6225563) |

---

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

**29**

------

GOLDMAN SACHS ALTERNATIVE FUNDS I

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  | **Managed Futures Strategy Fund**  |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 6197 | $49431 | 7095 | $63591 |
|  Shares redeemed | (16054) | (136522) | (8326) | (78958) |
|  | (9857) | (87091) | (1231) | (15367) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold |  | (6188) | 2381948 | 24141151 |
|  Shares redeemed | (2113314) | (19821987) |  |  |
|  | (2113314) | (19828175) | 2381948 | 24141151 |
|  **NET DECREASE IN SHARES** | (6664317) | $(58150386) | (5214747) | $(46627486) |

---

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

30.0 ------

&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
*December 31, 2025* 

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

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Goldman Sachs Managed Futures Strategy Fund and its subsidiary (one of the Funds constituting Goldman Sachs Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 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;

**31**

------

![LOGO](g54501dsp032.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© 2026 Goldman Sachs. All rights reserved. SELSATAR-26

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![LOGO](g55608dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Goldman Sachs Real Estate Securities and Global Infrastructure Funds Goldman Sachs Global Infrastructure Fund Goldman Sachs Real Estate Securities Fund

------

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

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

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

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

## Goldman Sachs Real Estate Securities and Global Infrastructure Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#resgi55608_1)** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Infrastructure Fund](#resgi55608_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Real Estate Securities Fund](#resgi55608_3) | 5 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#resgi55608_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#resgi55608_5) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#resgi55608_6) | 8 |
|  **[Financial Highlights](#resgi55608_7)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Infrastructure Fund](#resgi55608_8) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Real Estate Securities Fund](#resgi55608_9) | 15 |
|  **[Notes to Financial Statements](#resgi55608_10)** | 23 |
|  **[Report of Independent Registered Public Accounting Firm](#resgi55608_11)** | 35 |
|  **[Other Information](#resgi55608_12)** | 36 |

---

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.7% | Common Stocks – 97.7% | Common Stocks – 97.7% |
| Australia – 3.7% | Australia – 3.7% | Australia – 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247007 | APA Group (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475920 |
| 274430 | Atlas Arteria Ltd. (Transportation) | 892592 |
| 137236 | Transurban Group (Transportation) | 1298747 |
|  |  | 3667259 |
| Canada – 15.8% | Canada – 15.8% | Canada – 15.8% |
| 166496 | Enbridge, Inc. (Energy) | 7967256 |
| 16747 | Fortis, Inc. (Utilities) | 870690 |
| 40006 | Hydro One Ltd. (Utilities)<sup>(a)</sup> | 1592604 |
| 54285 | Pembina Pipeline Corp. (Energy) | 2068094 |
| 26892 | Rockpoint Gas Storage, Inc., Class A (Energy) | 548596 |
| 50651 | TC Energy Corp. (Energy) | 2789117 |
|  |  | 15836357 |
| China – 1.2% | China – 1.2% | China – 1.2% |
| 132800 | ENN Energy Holdings Ltd. (Utilities) | 1181241 |
| France – 7.6% | France – 7.6% | France – 7.6% |
| 36438 | Engie SA (Utilities) | 957203 |
| 25116 | Veolia Environnement SA (Utilities) | 873975 |
| 41142 | Vinci SA (Capital Goods) | 5787987 |
|  |  | 7619165 |
| Germany – 2.7% | Germany – 2.7% | Germany – 2.7% |
| 90359 | E.ON SE (Utilities) | 1710941 |
| 11407 | Fraport AG Frankfurt Airport Services Worldwide (Transportation) | 932781 |
|  |  | 2643722 |
| Italy – 3.4% | Italy – 3.4% | Italy – 3.4% |
| 220870 | Enav SpA (Transportation)<sup>(a)</sup> | 1220613 |
| 331505 | Snam SpA (Utilities) | 2202810 |
|  |  | 3423423 |
| Japan – 0.3% | Japan – 0.3% | Japan – 0.3% |
| 8600 | Osaka Gas Co. Ltd. (Utilities) | 298823 |
| Mexico – 1.3% | Mexico – 1.3% | Mexico – 1.3% |
| 50290 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 1321127 |
| Spain – 3.1% | Spain – 3.1% | Spain – 3.1% |
| 23461 | Aena SME SA (Transportation)<sup>(a)</sup> | 655521 |
| 77054 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 2481268 |
|  |  | 3136789 |
| Thailand – 0.8% | Thailand – 0.8% | Thailand – 0.8% |
| 194700 | Airports of Thailand PCL (Transportation) | 326640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17007 | BKV Corp. (Energy)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461740 |
|  |  |  | 788380 |
| United Kingdom – 8.1% | United Kingdom – 8.1% | United Kingdom – 8.1% | United Kingdom – 8.1% |
| 419434 | National Grid PLC (Utilities) |  | 6433488 |
| 44143 | Severn Trent PLC (Utilities) |  | 1657618 |
|  |  |  | 8091106 |
| United States – 49.7% | United States – 49.7% | United States – 49.7% | United States – 49.7% |
| 10390 | Ameren Corp. (Utilities) |  | 1037545 |
| 35114 | American Tower Corp. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 6164965 |
| 6987 | American Water Works Co., Inc. (Utilities) |  | 911803 |
| 12689 | Atmos Energy Corp. (Utilities) |  | 2127057 |
| 53446 | CenterPoint Energy, Inc. (Utilities) |  | 2049120 |
| 15762 | Cheniere Energy, Inc. (Energy) |  | 3063975 |
| 19827 | CMS Energy Corp. (Utilities) |  | 1386502 |
| 12780 | Consolidated Edison, Inc. (Utilities) |  | 1269310 |
| 11419 | Crown Castle, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1014807 |
| 18866 | DT Midstream, Inc. (Energy) |  | 2257883 |
| 10717 | Edison International (Utilities) |  | 643234 |
| 1297 | Equinix, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 993710 |
| 10706 | Eversource Energy (Utilities) |  | 720835 |
| 41725 | Exelon Corp. (Utilities) |  | 1818793 |
| 46655 | Ferrovial SE (Capital Goods) |  | 3022812 |
| 68402 | Kinder Morgan, Inc. (Energy) |  | 1880371 |
| 13311 | Kinetik Holdings, Inc. (Energy) |  | 479862 |
| 12226 | NextEra Energy, Inc. (Utilities) |  | 981503 |
| 18297 | NiSource, Inc. (Utilities) |  | 764083 |
| 21105 | ONEOK, Inc. (Energy) |  | 1551217 |
| 179221 | PG&E Corp. (Utilities) |  | 2880081 |
| 11960 | SBA Communications Corp. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 2313423 |
| 32419 | Sempra (Utilities) |  | 2862273 |
| 17379 | Targa Resources Corp. (Energy) |  | 3206425 |
| 56123 | Williams Cos., Inc. (The) (Energy) |  | 3373554 |
| 13346 | Xcel Energy, Inc. (Utilities) |  | 985736 |
|  |  |  | 49760879 |
| TOTAL COMMON STOCKS<br>(Cost $63,913,208) | TOTAL COMMON STOCKS<br>(Cost $63,913,208) |  | 97768271 |

---

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.4%<sup>(b)</sup> | Investment Company – 1.4%<sup>(b)</sup> | Investment Company – 1.4%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445968 | 3.686% | $1445968 |
| **(Cost $1,445,968)** | **(Cost $1,445,968)** |  |
| TOTAL INVESTMENTS – 99.1%<br>(Cost $65,359,176) | TOTAL INVESTMENTS – 99.1%<br>(Cost $65,359,176) | $99214239 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | 875403 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100089642 |

---

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

\* Non-income producing security.

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

(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of** <br> **Market**<br> **Value** |
|  Utilities | 40.0% |
|  Energy | 29.9 |
|  Industrials | 15.6 |
|  Real Estate | 10.5 |
|  Communication Services | 2.5 |
|  Investment Company | 1.5 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.0% | Common Stocks – 98.0% | Common Stocks – 98.0% |
| Health Care REITs – 15.0% | Health Care REITs – 15.0% | Health Care REITs – 15.0% |
| 16045 | Omega Healthcare Investors, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711436 |
| 25703 | Ventas, Inc. REIT | 1988898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27491 | Welltower, Inc. REIT | 5102604 |
|  |  | 7802938 |
| Hotel & Resort REITs – 1.6% | Hotel & Resort REITs – 1.6% | Hotel & Resort REITs – 1.6% |
| 8774 | Ryman Hospitality Properties, Inc. REIT | 830196 |
| Hotels, Restaurants & Leisure – 0.6% | Hotels, Restaurants & Leisure – 0.6% | Hotels, Restaurants & Leisure – 0.6% |
| 1202 | Hilton Worldwide Holdings, Inc. | 345275 |
| Industrial REITs – 12.6% | Industrial REITs – 12.6% | Industrial REITs – 12.6% |
| 50054 | Americold Realty Trust, Inc. REIT | 643694 |
| 41462 | Prologis, Inc. REIT | 5293039 |
| 17972 | Rexford Industrial Realty, Inc. REIT | 695876 |
|  |  | 6632609 |
| Office REITs – 3.2% | Office REITs – 3.2% | Office REITs – 3.2% |
| 21575 | Cousins Properties, Inc. REIT | 556203 |
| 16277 | Kilroy Realty Corp. REIT | 608271 |
| 10145 | SL Green Realty Corp. REIT | 465351 |
|  |  | 1629825 |
| Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% | Real Estate Management & Development – 1.0% |
| 3141 | CBRE Group, Inc., Class A\* | 505041 |
| Residential REITs – 14.1% | Residential REITs – 14.1% | Residential REITs – 14.1% |
| 22690 | American Homes 4 Rent, Class A REIT | 728349 |
| 9929 | AvalonBay Communities, Inc. REIT | 1800227 |
| 15687 | Equity LifeStyle Properties, Inc. REIT | 950789 |
| 5813 | Essex Property Trust, Inc. REIT | 1521146 |
| 32400 | Invitation Homes, Inc. REIT | 900396 |
| 10463 | Mid-America Apartment Communities, Inc. REIT | 1453415 |
|  |  | 7354322 |
| Retail REITs – 15.1% | Retail REITs – 15.1% | Retail REITs – 15.1% |
| 28488 | Acadia Realty Trust REIT | 585144 |
| 10923 | Agree Realty Corp. REIT | 786784 |
| 16985 | Curbline Properties Corp. REIT | 394222 |
| 9140 | Federal Realty Investment Trust REIT | 921312 |
| 44622 | Kimco Realty Corp. REIT | 904488 |
| 25414 | Realty Income Corp. REIT | 1432587 |
| 15460 | Simon Property Group, Inc. REIT | 2861801 |
|  |  | 7886338 |
| Specialized REITs – 34.8% | Specialized REITs – 34.8% | Specialized REITs – 34.8% |
| 22494 | American Tower Corp. REIT | 3949272 |
| 8421 | Crown Castle, Inc. REIT | 748374 |
| 15512 | Digital Realty Trust, Inc. REIT | 2399862 |
| 4755 | Equinix, Inc. REIT | 3643091 |
| 14978 | Extra Space Storage, Inc. REIT | 1950435 |
| 6761 | Iron Mountain, Inc. REIT | 560825 |
| 5080 | Public Storage REIT | 1318260 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 8656 | SBA Communications Corp. REIT | $1674330 |
| 58218 | VICI Properties, Inc. REIT | 1637090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13955 | Weyerhaeuser Co. REIT | 330594 |
|  |  | 18212133 |
| TOTAL COMMON STOCKS<br>(Cost $34,856,519) | TOTAL COMMON STOCKS<br>(Cost $34,856,519) | 51198677 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 400967 | 3.686% | 400967 |
| **(Cost $400,967)** | **(Cost $400,967)** |  |
| TOTAL INVESTMENTS – 98.8%<br>(Cost $35,257,486) | TOTAL INVESTMENTS – 98.8%<br>(Cost $35,257,486) | $51599644 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%** | 628960 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52228604 |

---

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

\* Non-income producing security.

(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

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

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

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Statements of Assets and Liabilities *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure<br>Fund** | **Real Estate Securities<br>Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $63,913,208 and $34,856,519, respectively) | $97768271 | $51198677 |
|  Investments in affiliated issuers, at value (cost $1,445,968 and $400,967, respectively) | 1445968 | 400967 |
|  Cash | 529523 | 614153 |
|  Foreign Currency, at value (cost $70,605 and $–, respectively) | 70901 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 353050 | 195081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 243676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 12016 | 13608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 11164 |
|  Other assets | 36264 | 49528 |
|  **Total assets** | 100473962 | 52483178 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 253666 | 164168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 46225 | 42896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 39335 | 17702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 31856 | 10856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 10417 | 15455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1463 | 2796 |
|  Accrued expenses | 1358 | 701 |
|  **Total liabilities** | 384320 | 254574 |
| Net Assets: |  |  |
|  Paid-in capital | 68187821 | 32068880 |
|  Total distributable earnings | 31901821 | 20159724 |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100089642 | $52228604 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $521488 | $10873410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 186326 | 469247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1537738 | 6917907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 646096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 438165 | 1088510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 31582995 | 2759628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 445162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 65822930 | 29028644 |
|  Total Net Assets | $100089642 | $52228604 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 40127 | 1354238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 14557 | 67184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 118793 | 789701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 79070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 33926 | 131709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2446880 | 315043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 57310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5104347 | 3315718 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $13.00 | $8.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.80 | 6.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12.94 | 8.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 8.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 12.92 | 8.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.91 | 8.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12.90 | 8.75 |

---

<sup>(a)</sup> Maximum public offering price per share for Class A Shares of the Global Infrastructure Fund and Real Estate Securities Fund is $13.76 and $8.50, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Global<br>Infrastructure Fund** | **Real Estate<br>Securities Fund** |
| Investment income: |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $337,252 and $–, respectively) | $3177656 | $2156953 |
|  Dividends — affiliated issuers | 33555 | 9895 |
|  **Total Investment Income** | 3211211 | 2166848 |
| Expenses: |  |  |
|  Management fees | 896768 | 643002 |
|  Professional fees | 129086 | 111616 |
|  Registration fees | 77876 | 112710 |
|  Custody, accounting and administrative services | 46076 | 44803 |
|  Printing and mailing costs | 31845 | 19071 |
|  Transfer Agency fees<sup>(a)</sup> | 31587 | 40677 |
|  Trustee fees | 27420 | 27919 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 2831 | 37267 |
|  Service fees — Class C | 566 | 1375 |
|  Shareholder Administration fees — Service Shares |  | 953 |
|  Other | 1450 | 379 |
|  **Total expenses** | 1245505 | 1039772 |
|  Less — expense reductions | (282597) | (365661) |
|  **Net expenses** | 962908 | 674111 |
|  **NET INVESTMENT INCOME** | 2248303 | 1492737 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 5724539 | 9013150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7049) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 6440880 | (10561971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 24998 |  |
|  **Net realized and unrealized gain (loss)** | 12186404 | (1548821) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14434707 | $(56084) |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Global Infrastructure Fund | $1135 | $1696 | $– | $– | $681 | $339 | $794 | $– | $851 | $9617 | $– | $19305 |
|  Real Estate Securities Fund | 30119 | 4126 | 953 | 2069 | 18071 | 825 | 5960 | 153 | 1703 | 851 | 621 | 12493 |

---

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

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

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025**  | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  |
| From operations: |  |  |  |  |
|  Net investment income | $2248303 | $2930393 | $1492737 | $1793488 |
|  Net realized gain | 5720526 | 19332736 | 9013150 | 14005999 |
|  Net change in unrealized gain (loss) | 6465878 | (13860035) | (10561971) | (10110415) |
| **Net increase (decrease) in net assets resulting from operations** | 14434707 | 8403094 | (56084) | 5689072 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (31082) | (33403) | (3312509) | (921577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (10274) | (33244) | (154885) | (50383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (117864) | (340812) | (2154974) | (1497009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (184070) | (19066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (26741) | (214451) | (283043) | (79849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2004993) | (5266834) | (761475) | (197539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (128459) | (31485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4170198) | (9269598) | (8147795) | (3460872) |
|  From return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (1259) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (792) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (19453) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (34237) |  |  |
|  **Total distributions to shareholders** | (6361152) | (15214329) | (15127210) | (6257780) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 7754885 | 13041935 | 11638027 | 11076770 |
|  Reinvestment of distributions | 6361544 | 15213606 | 14948632 | 6206101 |
|  Cost of shares redeemed | (18896880) | (127072663) | (44524955) | (33239865) |
| **Net decrease in net assets resulting from share transactions** | (4780451) | (98817122) | (17938296) | (15956994) |
|  **TOTAL INCREASE (DECREASE)** | 3293104 | (105628357) | (33121590) | (16525702) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $96796538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202424895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85350194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101875896 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100089642 | $96796538 | $52228604 | $85350194 |

---

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.00 | $12.54 | $12.27 | $13.45 | $11.78 |
|  Net investment income<sup>(a)</sup> | 0.28 | 0.26 | 0.25 | 0.18 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.54 | 1.14 | 0.32 | (1.20) | 1.74 |
|  Total from investment operations | 1.82 | 1.40 | 0.57 | (1.02) | 1.89 |
|  Distributions to shareholders from net investment income | (0.26) | (0.29) | (0.29) | (0.14) | (0.18) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.01) | (0.02) |  |
|  Total distributions | (0.82) | (1.94) | (0.30) | (0.16) | (0.22) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 |
|  **Total Return<sup>(b)</sup>** | 15.23% | 10.93% | 4.78% | (7.62)% | 16.15% |
|  Net assets, end of year (in 000's) | $521 | $239 | $185 | $296 | $1302 |
|  Ratio of net expenses to average net assets | 1.22% | 1.24% | 1.31% | 1.35% | 1.35% |
|  Ratio of total expenses to average net assets | 1.62% | 1.62% | 1.49% | 1.41% | 1.45% |
|  Ratio of net investment income to average net assets | 2.10% | 2.03% | 2.06% | 1.44% | 1.14% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.16 | 0.16 | 0.09 | 0.05 |
|  Net realized and unrealized gain (loss) | 1.53 | 1.13 | 0.31 | (1.20) | 1.73 |
|  Total from investment operations | 1.68 | 1.29 | 0.47 | (1.11) | 1.78 |
|  Distributions to shareholders from net investment income | (0.15) | (0.19) | (0.19) | (0.11) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.01) | (0.01) |  |
|  Total distributions | (0.71) | (1.84) | (0.20) | (0.12) | (0.14) |
|  Net asset value, end of year | $12.80 | $11.83 | $12.38 | $12.11 | $13.34 |
|  **Total Return<sup>(b)</sup>** | 14.26% | 10.19% | 3.95% | (8.29)% | 15.28% |
|  Net assets, end of year (in 000's) | $186 | $242 | $257 | $454 | $622 |
|  Ratio of net expenses to average net assets | 1.97% | 1.99% | 2.06% | 2.10% | 2.10% |
|  Ratio of total expenses to average net assets | 2.36% | 2.36% | 2.24% | 2.17% | 2.20% |
|  Ratio of net investment income to average net assets | 1.21% | 1.29% | 1.35% | 0.71% | 0.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.96 | $12.50 | $12.23 | $13.47 | $11.80 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.26 | 0.27 | 0.25 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.53 | 1.17 | 0.34 | (1.22) | 1.74 |
|  Total from investment operations | 1.83 | 1.43 | 0.61 | (0.97) | 1.93 |
|  Distributions to shareholders from net investment income | (0.29) | (0.32) | (0.32) | (0.23) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.04) |  |
|  Total distributions | (0.85) | (1.97) | (0.34) | (0.27) | (0.26) |
|  Net asset value, end of year | $12.94 | $11.96 | $12.50 | $12.23 | $13.47 |
|  **Total Return<sup>(b)</sup>** | 15.36% | 11.25% | 5.13% | (7.24)% | 16.50% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8983 |
|  Ratio of net expenses to average net assets | 0.97% | 0.98% | 0.99% | 0.99% | 0.99% |
|  Ratio of total expenses to average net assets | 1.26% | 1.23% | 1.12% | 1.04% | 1.08% |
|  Ratio of net investment income to average net assets | 2.34% | 2.04% | 2.25% | 1.94% | 1.50% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.93 | $12.47 | $12.21 | $13.46 | $11.78 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.29 | 0.29 | 0.27 | 0.18 |
|  Net realized and unrealized gain (loss) | 1.59 | 1.14 | 0.30 | (1.27) | 1.75 |
|  Total from investment operations | 1.83 | 1.43 | 0.59 | (1.00) | 1.93 |
|  Distributions to shareholders from net investment income | (0.28) | (0.32) | (0.31) | (0.21) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.04) |  |
|  Total distributions | (0.84) | (1.97) | (0.33) | (0.25) | (0.25) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 |
|  **Total Return<sup>(b)</sup>** | 15.47% | 11.26% | 5.00% | (7.41)% | 16.49% |
|  Net assets, end of year (in 000's) | $438 | $1534 | $1195 | $1720 | $248 |
|  Ratio of net expenses to average net assets | 0.97% | 0.99% | 1.06% | 1.10% | 1.10% |
|  Ratio of total expenses to average net assets | 1.36% | 1.37% | 1.24% | 1.16% | 1.20% |
|  Ratio of net investment income to average net assets | 1.90% | 2.27% | 2.41% | 2.17% | 1.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.92 | $12.46 | $12.20 | $13.44 | $11.77 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.30 | 0.31 | 0.24 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.55 | 1.13 | 0.29 | (1.21) | 1.74 |
|  Total from investment operations | 1.84 | 1.43 | 0.60 | (0.97) | 1.93 |
|  Distributions to shareholders from net investment income | (0.29) | (0.32) | (0.32) | (0.24) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.03) |  |
|  Total distributions | (0.85) | (1.97) | (0.34) | (0.27) | (0.26) |
|  Net asset value, end of year | $12.91 | $11.92 | $12.46 | $12.20 | $13.44 |
|  **Total Return<sup>(b)</sup>** | 15.52% | 11.29% | 5.09% | (7.25)% | 16.55% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166430 |
|  Ratio of net expenses to average net assets | 0.96% | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.24% | 1.20% | 1.12% | 1.04% | 1.07% |
|  Ratio of net investment income to average net assets | 2.23% | 2.42% | 2.55% | 1.86% | 1.51% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

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

------

GOLDMAN SACHS GLOBAL INFRASTRUCTURE 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.91 | $12.46 | $12.19 | $13.44 | $11.76 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.29 | 0.30 | 0.24 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.55 | 1.13 | 0.31 | (1.22) | 1.75 |
|  Total from investment operations | 1.84 | 1.42 | 0.61 | (0.98) | 1.94 |
|  Distributions to shareholders from net investment income | (0.29) | (0.32) | (0.32) | (0.24) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.56) | (1.65) |  |  | (0.04) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.03) |  |
|  Total distributions | (0.85) | (1.97) | (0.34) | (0.27) | (0.26) |
|  Net asset value, end of year | $12.90 | $11.91 | $12.46 | $12.19 | $13.44 |
|  **Total Return<sup>(b)</sup>** | 15.53% | 11.21% | 5.17% | (7.32)% | 16.66% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117473 |
|  Ratio of net expenses to average net assets | 0.96% | 0.97% | 0.98% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.24% | 1.24% | 1.12% | 1.04% | 1.07% |
|  Ratio of net investment income to average net assets | 2.28% | 2.26% | 2.50% | 1.87% | 1.51% |
|  Portfolio turnover rate<sup>(c)</sup> | 19% | 32% | 26% | 36% | 50% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.30 | $11.44 | $10.23 | $14.90 | $11.03 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.19 | 0.21 | 0.13 | 0.07 |
|  Net realized and unrealized gain (loss) | (0.26) | 0.52 | 1.45 | (4.29) | 4.75 |
|  Total from investment operations | (0.06) | 0.71 | 1.66 | (4.16) | 4.82 |
|  Distributions to shareholders from net investment income | (0.23) | (0.25) | (0.16) | (0.15) | (0.13) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.21) | (0.85) | (0.45) | (0.51) | (0.95) |
|  Net asset value, end of year | $8.03 | $11.30 | $11.44 | $10.23 | $14.90 |
|  **Total Return<sup>(b)</sup>** | (0.56)% | 6.05% | 16.58% | (28.07)% | 44.33% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23278 |
|  Ratio of net expenses to average net assets | 1.20% | 1.21% | 1.22% | 1.26% | 1.28% |
|  Ratio of total expenses to average net assets | 1.71% | 1.57% | 1.55% | 1.57% | 1.55% |
|  Ratio of net investment income to average net assets | 1.81% | 1.65% | 1.94% | 1.03% | 0.55% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.26 | $10.49 | $9.44 | $13.82 | $10.31 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.10 | 0.12 | 0.03 | (0.02) |
|  Net realized and unrealized gain (loss) | (0.23) | 0.46 | 1.33 | (3.96) | 4.41 |
|  Total from investment operations | (0.13) | 0.56 | 1.45 | (3.93) | 4.39 |
|  Distributions to shareholders from net investment income | (0.17) | (0.19) | (0.11) | (0.09) | (0.06) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.15) | (0.79) | (0.40) | (0.45) | (0.88) |
|  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;6.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.82 |
|  **Total Return<sup>(b)</sup>** | (1.41)% | 5.29% | 15.63% | (28.54)% | 43.12% |
|  Net assets, end of year (in 000's) | $469 | $677 | $730 | $807 | $1540 |
|  Ratio of net expenses to average net assets | 1.95% | 1.96% | 1.97% | 2.01% | 2.03% |
|  Ratio of total expenses to average net assets | 2.45% | 2.32% | 2.30% | 2.32% | 2.29% |
|  Ratio of net investment income (loss) to average net assets | 1.00% | 0.90% | 1.18% | 0.24% | (0.20)% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.02 | $12.11 | $10.80 | $15.67 | $11.56 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.24 | 0.27 | 0.18 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.26) | 0.54 | 1.52 | (4.51) | 4.97 |
|  Total from investment operations | (0.02) | 0.78 | 1.79 | (4.33) | 5.10 |
|  Distributions to shareholders from net investment income | (0.26) | (0.27) | (0.19) | (0.18) | (0.17) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.24) | (0.87) | (0.48) | (0.54) | (0.99) |
|  Net asset value, end of year | $8.76 | $12.02 | $12.11 | $10.80 | $15.67 |
|  **Total Return<sup>(b)</sup>** | (0.21)% | 6.37% | 16.92% | (27.77)% | 44.74% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37235 |
|  Ratio of net expenses to average net assets | 0.84% | 0.86% | 0.89% | 0.91% | 0.91% |
|  Ratio of total expenses to average net assets | 1.32% | 1.21% | 1.19% | 1.20% | 1.17% |
|  Ratio of net investment income to average net assets | 1.99% | 1.96% | 2.38% | 1.42% | 0.92% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.45 | $11.58 | $10.36 | $15.07 | $11.15 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.16 | 0.20 | 0.08 | 0.05 |
|  Net realized and unrealized gain (loss) | (0.30) | 0.53 | 1.46 | (4.30) | 4.80 |
|  Total from investment operations | (0.07) | 0.69 | 1.66 | (4.22) | 4.85 |
|  Distributions to shareholders from net investment income | (0.23) | (0.22) | (0.15) | (0.13) | (0.11) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.21) | (0.82) | (0.44) | (0.49) | (0.93) |
|  Net asset value, end of year | $8.17 | $11.45 | $11.58 | $10.36 | $15.07 |
|  **Total Return<sup>(b)</sup>** | (0.68)% | 5.87% | 16.34% | (28.12)% | 44.13% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 |
|  Ratio of net expenses to average net assets | 1.34% | 1.36% | 1.39% | 1.41% | 1.41% |
|  Ratio of total expenses to average net assets | 1.88% | 1.73% | 1.69% | 1.70% | 1.68% |
|  Ratio of net investment income to average net assets | 2.07% | 1.40% | 1.84% | 0.66% | 0.42% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.53 | $11.65 | $10.40 | $15.13 | $11.19 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.25 | 0.22 | 0.15 | 0.11 |
|  Net realized and unrealized gain (loss) | (0.28) | 0.50 | 1.50 | (4.35) | 4.81 |
|  Total from investment operations | (0.04) | 0.75 | 1.72 | (4.20) | 4.92 |
|  Distributions to shareholders from net investment income | (0.25) | (0.27) | (0.18) | (0.17) | (0.16) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.23) | (0.87) | (0.47) | (0.53) | (0.98) |
|  Net asset value, end of year | $8.26 | $11.53 | $11.65 | $10.40 | $15.13 |
|  **Total Return<sup>(b)</sup>** | (0.38)% | 6.30% | 16.91% | (27.90)% | 44.58% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 |
|  Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.98% | 1.01% | 1.03% |
|  Ratio of total expenses to average net assets | 1.45% | 1.31% | 1.31% | 1.32% | 1.30% |
|  Ratio of net investment income to average net assets | 2.09% | 2.10% | 2.03% | 1.22% | 0.80% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.02 | $12.11 | $10.79 | $15.67 | $11.56 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.25 | 0.26 | 0.30 | 0.12 |
|  Net realized and unrealized gain (loss) | (0.28) | 0.53 | 1.54 | (4.64) | 4.98 |
|  Total from investment operations | (0.02) | 0.78 | 1.80 | (4.34) | 5.10 |
|  Distributions to shareholders from net investment income | (0.26) | (0.27) | (0.19) | (0.18) | (0.17) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.24) | (0.87) | (0.48) | (0.54) | (0.99) |
|  Net asset value, end of year | $8.76 | $12.02 | $12.11 | $10.79 | $15.67 |
|  **Total Return<sup>(b)</sup>** | (0.19)% | 6.38% | 17.04% | (27.82)% | 44.74% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
|  Ratio of net expenses to average net assets | 0.83% | 0.84% | 0.88% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.34% | 1.19% | 1.18% | 1.23% | 1.18% |
|  Ratio of net investment income to average net assets | 2.20% | 2.05% | 2.31% | 2.47% | 0.93% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

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

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.04 | $11.21 | $10.04 | $14.64 | $10.87 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.17 | 0.17 | 0.10 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.25) | 0.49 | 1.43 | (4.21) | 4.66 |
|  Total from investment operations | (0.08) | 0.66 | 1.60 | (4.11) | 4.70 |
|  Distributions to shareholders from net investment income | (0.21) | (0.23) | (0.14) | (0.13) | (0.11) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.19) | (0.83) | (0.43) | (0.49) | (0.93) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.64 |
|  **Total Return<sup>(b)</sup>** | (0.75)% | 5.74% | 16.26% | (28.22)% | 43.82% |
|  Net assets, end of year (in 000's) | $445 | $402 | $512 | $841 | $1134 |
|  Ratio of net expenses to average net assets | 1.45% | 1.45% | 1.47% | 1.51% | 1.53% |
|  Ratio of total expenses to average net assets | 1.96% | 1.81% | 1.81% | 1.82% | 1.79% |
|  Ratio of net investment income to average net assets | 1.61% | 1.48% | 1.63% | 0.84% | 0.93% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

---

------

GOLDMAN SACHS REAL ESTATE SECURITIES 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.01 | $12.10 | $10.79 | $15.66 | $11.55 |
|  Net investment income<sup>(a)</sup> | 0.25 | 0.24 | 0.25 | 0.18 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.27) | 0.54 | 1.54 | (4.51) | 4.97 |
|  Total from investment operations | (0.02) | 0.78 | 1.79 | (4.33) | 5.10 |
|  Distributions to shareholders from net investment income | (0.26) | (0.27) | (0.19) | (0.18) | (0.17) |
|  Distributions to shareholders from net realized gains | (2.98) | (0.60) | (0.29) | (0.36) | (0.82) |
|  Total distributions | (3.24) | (0.87) | (0.48) | (0.54) | (0.99) |
|  Net asset value, end of year | $8.75 | $12.01 | $12.10 | $10.79 | $15.66 |
|  **Total Return<sup>(b)</sup>** | (0.17)% | 6.47% | 16.94% | (27.78)% | 44.79% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109444 |
|  Ratio of net expenses to average net assets | 0.83% | 0.85% | 0.88% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.33% | 1.20% | 1.18% | 1.19% | 1.16% |
|  Ratio of net investment income to average net assets | 2.09% | 1.99% | 2.22% | 1.42% | 0.93% |
|  Portfolio turnover rate<sup>(c)</sup> | 27% | 39% | 35% | 35% | 37% |

---

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

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

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

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

---

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

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------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

Notes to Financial Statements *December 31, 2025*

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

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

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

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

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Global Infrastructure Fund | A, C, Institutional, Investor, R6 and P | Non-Diversified |
| Goldman Sachs Real Estate Securities Fund | A, C, Institutional, Service, Investor, R6, R and P | Non-Diversified |

---

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

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

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

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in United States ("U.S.") real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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

**23**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Global Infrastructure Fund | Quarterly | Annually |
| Real Estate Securities Fund | Quarterly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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).

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

24.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

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

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of December 31, 2025:

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

**25**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Global Infrastructure Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $461740 | $1806704 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 24914205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 63895551 | 3022812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 3667259 |  |
|  Investment Company | 1445968 |  |  |
|  **Total** | $65803259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33410980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Real Estate Securities Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $51198677 | $— | $— |
|  Investment Company | 400967 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51599644 | $— | $— |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

For the year ended December 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |  |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective**<br> **Rate** | **Effective Net<br>Management<br>Rate<sup>^</sup>** |
|  Global Infrastructure Fund | 0.90% | 0.81% | 0.77% | 0.75% | 0.74% | 0.90% | 0.90% |
|  Real Estate Securities Fund | 0.87 | 0.78 | 0.74 | 0.73 | 0.71 | 0.87 | 0.80\* |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.80% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. 

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

26.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund.

For the fiscal year ended December 31, 2025, GSAM waived $1,350 and $385 of the Global Infrastructure and Real Estate Securities Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

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

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br> **Sales Charge** | **Contingent Deferred**<br> **Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Real Estate Securities Fund | $619 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net

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

**27**

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.11% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Infrastructure Fund. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Global Infrastructure Fund and Real Estate Securities Fund are 0.034% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency**<br> **Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Global Infrastructure Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282597 |
|  Real Estate Securities Fund | 52121 |  | 313540 | 365661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the year ended December 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the year ended December 31, 2025, Goldman Sachs earned $37 in brokerage commissions from portfolio transactions on behalf of the Real Estate Securities Fund. The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Global Infrastructure Fund | Global Infrastructure Fund | Global Infrastructure Fund | Global Infrastructure Fund | Global Infrastructure Fund | Global Infrastructure Fund |  |
| **Underlying Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20458905 | $(19635053) | $1445968 | 1445968 | $33555 |

---

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

28.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | |
| **Underlying Fund** | **Beginning value**<br> **as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **December 31, 2025** | **Shares as of<br>December 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451273 | $(9373827) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400967 | 400967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 |

---

As of December 31, 2025, the following Goldman Sachs Funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs**<br> **Balanced Strategy**<br> **Portfolio** | **Goldman Sachs Growth**<br> **and Income Strategy**<br> **Portfolio** | **Goldman Sachs Growth**<br> **Strategy Portfolio** | **Goldman Sachs Dynamic**<br> **Global Equity Fund** |
|  Global Infrastructure Fund | 6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | 9% | 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Global Infrastructure Fund | $18922819 | $28380119 |
| Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20209882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51297915 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure**<br> **Fund** | **Real Estate**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Fund**  |
| Distributions paid from: |  |  |
| Ordinary Income | $2830222 | $1626879 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $6361152 | $15127210 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure**<br> **Fund** | **Real Estate**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Fund**  |
| Distributions paid from: |  |  |
| Ordinary Income | $3639227 | $2059751 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11519115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $15158342 | $6257780 |
| Return of Capital | $55987 | $— |

---

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

**29**

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XGOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Global**<br> **Infrastructure**<br> **Fund** | **Real Estate**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Fund**  |
| Undistributed ordinary income — net | $&nbsp;&nbsp;&nbsp;&nbsp;473390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158749 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294859 |
| Total undistributed earnings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453608 |
| Timing differences — (Real Estate Investment Trusts and Post October Capital Loss Deferral) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93789 |
| Unrealized gains (losses) — net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30519866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15612327 |
| Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31901821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20159724 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Global Infrastructure**<br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Securities** <br> **Fund** |
| Tax Cost | $68696515 | $35987317 |
| Gross unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31524053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16987557 |
| Gross unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375230) |
| Net unrealized gain (loss) | $30519866 | $15612327 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment companies.

The Global Infrastructure Fund reclassified $55,987 from distributable earnings to paid-in capital for the year ending December 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from a tax return of capital.

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

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

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

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund

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

30.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

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

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

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

invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to

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

**31**

------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. INDEMNIFICATIONS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER MATTERS

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

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

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

32.0 ------

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

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

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

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** | **Global Infrastructure Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 34511 | $447506 | 6885 | $94421 |
|  Reinvestment of distributions | 2396 | 31082 | 2653 | 32803 |
|  Shares redeemed | (16687) | (219883) | (4353) | (54967) |
|  | 20220 | 258705 | 5185 | 72257 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 2 | 12 | 175 | 2172 |
|  Reinvestment of distributions | 817 | 10274 | 2744 | 33367 |
|  Shares redeemed | (6717) | (86154) | (3225) | (41570) |
|  | (5898) | (75868) | (306) | (6031) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 19208 | 243106 | 162574 | 1983437 |
|  Reinvestment of distributions | 9208 | 117871 | 27719 | 342071 |
|  Shares redeemed | (70370) | (918924) | (717040) | (8811696) |
|  | (41954) | (557947) | (526747) | (6486188) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9931 | 130427 | 49075 | 641078 |
|  Reinvestment of distributions | 2154 | 26747 | 17480 | 215243 |
|  Shares redeemed | (106723) | (1311540) | (33821) | (422085) |
|  | (94638) | (1154366) | 32734 | 434236 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 332343 | 4418014 | 517219 | 7215870 |
|  Reinvestment of distributions | 156904 | 2005120 | 429789 | 5286287 |
|  Shares redeemed | (752394) | (9911996) | (7244548) | (89092416) |
|  | (263147) | (3488862) | (6297540) | (76590259) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 195038 | 2515820 | 238621 | 3104957 |
|  Reinvestment of distributions | 326478 | 4170450 | 756614 | 9303835 |
|  Shares redeemed | (500075) | (6448383) | (2329457) | (28649929) |
|  | 21441 | 237887 | (1334222) | (16241137) |
|  **NET DECREASE IN SHARES** | (363976) | $(4780451) | (8120896) | $(98817122) |

---

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

**33**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

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

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

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

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

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** | **Real Estate Securities Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 84128 | $891882 | 60513 | $692707 |
|  Reinvestment of distributions | 388706 | 3185285 | 75928 | 882651 |
|  Shares redeemed | (230071) | (2391900) | (263921) | (3036541) |
|  | 242763 | 1685267 | (127480) | (1461183) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 3119 | 30936 | 3541 | 37380 |
|  Reinvestment of distributions | 21777 | 154884 | 4753 | 50383 |
|  Shares redeemed | (23661) | (232383) | (11980) | (124702) |
|  | 1235 | (46563) | (3686) | (36939) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 395972 | 4680263 | 252793 | 2954151 |
|  Reinvestment of distributions | 235380 | 2149157 | 121180 | 1494742 |
|  Shares redeemed | (1552230) | (18278264) | (819678) | (10174675) |
|  | (920878) | (11448844) | (445705) | (5725782) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 38202 | 433597 | 6247 | 75450 |
|  Reinvestment of distributions | 22288 | 183977 | 1614 | 19029 |
|  Shares redeemed | (5621) | (56652) | (14953) | (163757) |
|  | 54869 | 560922 | (7092) | (69278) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 60278 | 603545 | 86140 | 1065062 |
|  Reinvestment of distributions | 33427 | 283043 | 6722 | 79849 |
|  Shares redeemed | (65210) | (705661) | (62020) | (741064) |
|  | 28495 | 180927 | 30842 | 403847 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 27383 | 306711 | 57534 | 717509 |
|  Reinvestment of distributions | 80058 | 716032 | 15119 | 187090 |
|  Shares redeemed | (33333) | (393931) | (43474) | (547615) |
|  | 74108 | 628812 | 29179 | 356984 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 9504 | 101012 | 12760 | 142213 |
|  Reinvestment of distributions | 16262 | 128459 | 2770 | 31485 |
|  Shares redeemed | (4870) | (53878) | (24800) | (292127) |
|  | 20896 | 175593 | (9270) | (118429) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 466638 | 4590081 | 456715 | 5392298 |
|  Reinvestment of distributions | 903668 | 8147795 | 280357 | 3460872 |
|  Shares redeemed | (1949278) | (22412286) | (1517713) | (18159384) |
|  | (578972) | (9674410) | (780641) | (9306214) |
|  **NET DECREASE IN SHARES** | (1077484) | $(17938296) | (1313853) | $(15956994) |

---

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

34.0 ------

&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 Global Infrastructure Fund and Goldman Sachs Real Estate Securities Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Global Infrastructure Fund and Goldman Sachs Real Estate Securities Fund (two of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 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;

**35**

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GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

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

#### Goldman Sachs Trust — Real Estate Securities and Global Infrastructure Funds — Tax Information (Unaudited)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended December 31, 2025, 28.49% and 0.11% of the dividends paid from net investment company taxable income by the Global Infrastructure and Real Estate Securities Funds, respectively, qualify for the dividends received deduction available to corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended December 31, 2025, 7% and 97.49% of the dividends paid from net investment company taxable income by the Global Infrastructure and Real Estate Securities Funds, respectively, qualify as section 199A dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended December 31, 2025, 93% and 2.51% of the dividends paid from net investment company taxable income by the Global Infrastructure and Real Estate Securities Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 852 of the Internal Revenue Code, the Global Infrastructure and Real Estate Securities Funds designate $3,530,930 and $13,500,331 respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the year ended December 31, 2025, the Global Infrastructure Fund designates $635,955 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

#### 36

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![LOGO](g55608dsp040.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 2026 Goldman Sachs. All rights reserved. RESAR-26

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![LOGO](g559068dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Tax-Advantaged Equity Funds I Goldman Sachs International Tax-Managed Equity Fund Goldman Sachs U.S. Tax-Managed Equity Fund

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

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

## Goldman Sachs Tax-Advantaged Equity Funds

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#tae1559068_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Tax-Managed Equity Fund](#tae1559068_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Tax-Managed Equity Fund](#tae1559068_3) | 10 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tae1559068_4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tae1559068_5) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tae1559068_6) | 17 |
|  **[Financial Highlights](#tae1559068_7)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Tax-Managed Equity Fund](#tae1559068_8) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Tax-Managed Equity Fund](#tae1559068_9) | 24 |
|  **[Notes to Financial Statements](#tae1559068_10)** | 31 |
|  **[Report of Independent Registered Public Accounting Firm](#tae1559068_11)** | 47 |
|  **[Other Information](#tae1559068_12)** | 48 |

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

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GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.8% | Common Stocks – 97.8% | Common Stocks – 97.8% |
| Australia – 7.1% | Australia – 7.1% | Australia – 7.1% |
| 31073 | ANZ Group Holdings Ltd. (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751271 |
| 19845 | Capricorn Metals Ltd. (Materials)\* | 187765 |
| 17000 | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | 276512 |
| 29024 | Commonwealth Bank of Australia (Banks) | 3097996 |
| 8837 | Computershare Ltd. (Commercial & Professional Services) | 200278 |
| 790719 | Evolution Mining Ltd. (Materials) | 6617325 |
| 1212590 | Glencore PLC (Materials)\* | 6628826 |
| 517876 | Insurance Australia Group Ltd. (Insurance) | 2748480 |
| 269305 | Metals X Ltd. (Materials)\* | 199447 |
| 94691 | National Australia Bank Ltd. (Banks) | 2662404 |
| 451717 | Northern Star Resources Ltd. (Materials) | 7949161 |
| 35233 | Perseus Mining Ltd. (Materials) | 132454 |
| 27583 | Pro Medicus Ltd. (Health Care Equipment & Services) | 4050929 |
| 815447 | Qantas Airways Ltd. (Transportation) | 5633670 |
| 147665 | QBE Insurance Group Ltd. (Insurance) | 1955003 |
| 176523 | Regis Resources Ltd. (Materials) | 880406 |
| 193618 | Resolute Mining Ltd. (Materials)\* | 156818 |
| 115883 | Rio Tinto Ltd. (Materials) | 11305048 |
| 70571 | Sandfire Resources Ltd. (Materials)\* | 838264 |
| 170680 | Wesfarmers Ltd. (Consumer Discretionary Distribution & Retail) | 9195060 |
| 310946 | Westpac Banking Corp. (Banks) | 7979352 |
|  |  | 73446469 |
| Austria – 0.6% | Austria – 0.6% | Austria – 0.6% |
| 45409 | Erste Group Bank AG (Banks) | 5444972 |
| 7957 | Strabag SE (Capital Goods) | 756131 |
| 3694 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Insurance) | 290926 |
|  |  | 6492029 |
| Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% |
| 28887 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 8048691 |
| China – 1.2% | China – 1.2% | China – 1.2% |
| 1577000 | Nexteer Automotive Group Ltd. (Automobiles & Components) | 1299139 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 171762 | Prosus NV (Consumer Discretionary Distribution & Retail)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635334 |
|  |  |  | 11934473 |
| Denmark – 2.4% | Denmark – 2.4% | Denmark – 2.4% | Denmark – 2.4% |
| 105767 | Danske Bank A/S (Banks) |  | 5281612 |
| 11677 | Jyske Bank A/S (Banks) |  | 1598110 |
| 123062 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) |  | 6241517 |
| 7812 | Pandora A/S (Consumer Durables & Apparel) |  | 863898 |
| 385094 | Vestas Wind Systems A/S (Capital Goods) |  | 10415723 |
|  |  |  | 24400860 |
| Finland – 1.9% | Finland – 1.9% | Finland – 1.9% | Finland – 1.9% |
| 564728 | Nordea Bank Abp (Banks) |  | 10624947 |
| 252359 | Wartsila OYJ Abp (Capital Goods) |  | 8934679 |
|  |  |  | 19559626 |
| France – 10.4% | France – 10.4% | France – 10.4% | France – 10.4% |
| 46126 | Air Liquide SA (Materials) |  | 8669570 |
| 8072 | Airbus SE (Capital Goods) |  | 1874513 |
| 255979 | AXA SA (Insurance) |  | 12282147 |
| 64671 | Cie de Saint-Gobain SA (Capital Goods) |  | 6576521 |
| 11049 | Covivio SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 733439 |
| 95275 | Danone SA (Food, Beverage & Tobacco) |  | 8593724 |
| 12738 | Dassault Aviation SA (Capital Goods) |  | 4083877 |
| 449607 | Engie SA (Utilities) |  | 11810891 |
| 31094 | EssilorLuxottica SA (Health Care Equipment & Services) |  | 9831864 |
| 7067 | Gaztransport Et Technigaz SA (Energy) |  | 1296701 |
| 1708 | Hermes International SCA (Consumer Durables & Apparel) |  | 4240711 |
| 48289 | Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1910570 |
| 17301 | Legrand SA (Capital Goods) |  | 2572016 |
| 9037 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) |  | 6811514 |
| 19184 | Rubis SCA (Utilities) |  | 720311 |
| 43110 | Safran SA (Capital Goods) |  | 15015958 |
| 4085 | SMCP SA (Consumer Discretionary Distribution & Retail)\*<sup>(a)</sup> |  | 30032 |
| 31317 | Thales SA (Capital Goods) |  | 8448261 |
| 9106 | Unibail-Rodamco-Westfield REIT (Equity Real Estate Investment Trusts (REITs))\* |  | 990250 |

---

&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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GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| 4659 | Vicat SACA (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414606 |
| 2165 | Viridien (Energy)\* |  | 248886 |
|  |  |  | 107156362 |
| Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% |
| 20345 | TBC Bank Group PLC (Banks) |  | 1111858 |
| Germany – 8.0% | Germany – 8.0% | Germany – 8.0% | Germany – 8.0% |
| 10606 | Allianz SE (Insurance) |  | 4903976 |
| 21667 | Continental AG (Automobiles & Components) |  | 1719558 |
| 251453 | Deutsche Bank AG (Financial Services) |  | 9690787 |
| 8166 | DWS Group GmbH & Co. KGaA (Financial Services)<sup>(a)</sup> |  | 536702 |
| 440524 | E.ON SE (Utilities) |  | 8341292 |
| 10971 | Fresenius Medical Care AG (Health Care Equipment & Services) |  | 524036 |
| 157859 | Fresenius SE & Co. KGaA (Health Care Equipment & Services) |  | 9044032 |
| 13767 | GEA Group AG (Capital Goods) |  | 930405 |
| 12330 | Hannover Rueck SE (Insurance) |  | 3836868 |
| 3584 | Indus Holding AG (Capital Goods) |  | 118185 |
| 122082 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 5326558 |
| 808 | JOST Werke SE (Capital Goods)<sup>(a)</sup> |  | 51139 |
| 31255 | Knorr-Bremse AG (Capital Goods) |  | 3467504 |
| 5596 | Mercedes-Benz Group AG (Automobiles & Components) |  | 387927 |
| 2401 | MTU Aero Engines AG (Capital Goods) |  | 995283 |
| 17724 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) |  | 11663931 |
| 19985 | Nordex SE (Capital Goods)\* |  | 677391 |
| 596 | Rheinmetall AG (Capital Goods) |  | 1087340 |
| 43675 | SAP SE (Software & Services) |  | 10611657 |
| 48755 | Scout24 SE (Media & Entertainment)<sup>(a)</sup> |  | 4896952 |
| 16122 | Siemens Energy AG (Capital Goods)\* |  | 2261734 |
| 20409 | Siemens Healthineers AG (Health Care Equipment & Services)<sup>(a)</sup> |  | 1069792 |
|  |  |  | 82143049 |
| Hong Kong – 2.4% | Hong Kong – 2.4% | Hong Kong – 2.4% | Hong Kong – 2.4% |
| 95600 | AIA Group Ltd. (Insurance) |  | 984020 |
| 605600 | Bank of East Asia Ltd. (The) (Banks) |  | 1035808 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 1516800 | Dah Sing Banking Group Ltd. (Banks) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081498 |
| 213200 | Dah Sing Financial Holdings Ltd. (Banks) |  | 968657 |
| 196000 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) |  | 10254986 |
| 48000 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 584462 |
| 8205000 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 9140485 |
|  |  |  | 25049916 |
| Italy – 3.7% | Italy – 3.7% | Italy – 3.7% | Italy – 3.7% |
| 4870 | Banca Generali SpA (Financial Services) |  | 325091 |
| 88201 | Banca Mediolanum SpA (Financial Services) |  | 2002739 |
| 509190 | Banca Monte dei Paschi di Siena SpA (Banks) |  | 5421451 |
| 359610 | Banco BPM SpA (Banks) |  | 5460657 |
| 75180 | Banco di Desio e della Brianza SpA (Banks) |  | 830819 |
| 47204 | BPER Banca SpA (Banks) |  | 637844 |
| 60234 | Coca-Cola HBC AG (Food, Beverage & Tobacco)\* |  | 3116124 |
| 36426 | Credito Emiliano SpA (Banks) |  | 650790 |
| 7559 | Leonardo SpA (Capital Goods) |  | 432379 |
| 76362 | OVS SpA (Consumer Durables & Apparel)<sup>(a)</sup> |  | 433336 |
| 79124 | Sogefi SpA (Automobiles & Components) |  | 313787 |
| 48132 | Technogym SpA (Consumer Durables & Apparel)<sup>(a)</sup> |  | 908340 |
| 179387 | UniCredit SpA (Banks) |  | 14858042 |
| 103802 | Unipol Assicurazioni SpA (Insurance) |  | 2490383 |
|  |  |  | 37881782 |
| Ivory Coast – 0.1% | Ivory Coast – 0.1% | Ivory Coast – 0.1% | Ivory Coast – 0.1% |
| 30379 | Endeavour Mining PLC (Materials) |  | 1587228 |
| Japan – 22.6% | Japan – 22.6% | Japan – 22.6% | Japan – 22.6% |
| 49200 | Advantest Corp. (Semiconductors & Semiconductor Equipment) |  | 6221238 |
| 118200 | AGC, Inc. (Capital Goods) |  | 3919953 |
| 122100 | Aisin Corp. (Automobiles & Components) |  | 2287697 |
| 18900 | ANA Holdings, Inc. (Transportation) |  | 358943 |
| 50100 | Asia Pile Holdings Corp. (Materials) |  | 450784 |
| 2100 | Astena Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 6470 |
| 15800 | Awa Bank Ltd. (The) (Banks) |  | 441979 |

---

&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.** |

---

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GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 114800 | Central Japan Railway Co. (Transportation) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179960 |
| 26800 | Chudenko Corp. (Capital Goods) | 771111 |
| 94000 | Chugin Financial Group, Inc. (Banks) | 1484331 |
| 27100 | Credit Saison Co. Ltd. (Financial Services) | 726967 |
| 128600 | Daido Metal Co. Ltd. (Automobiles & Components) | 804584 |
| 292800 | Dai-ichi Life Holdings, Inc. (Insurance) | 2433335 |
| 393600 | Daiwa Securities Group, Inc. (Financial Services) | 3449430 |
| 261200 | Electric Power Development Co. Ltd. (Utilities) | 5281991 |
| 1033300 | ENEOS Holdings, Inc. (Energy) | 7310706 |
| 76600 | EXEO Group, Inc. (Capital Goods) | 1271795 |
| 71500 | FANUC Corp. (Capital Goods) | 2782477 |
| 122900 | Fuji Electric Co. Ltd. (Capital Goods) | 9320131 |
| 9500 | Fujita Kanko, Inc. (Consumer Services) | 159827 |
| 65700 | Fujitsu Ltd. (Software & Services) | 1805628 |
| 18300 | Futaba Industrial Co. Ltd. (Automobiles & Components) | 122396 |
| 33000 | Hitachi Construction Machinery Co. Ltd. (Capital Goods) | 975471 |
| 4400 | Hokuhoku Financial Group, Inc. (Banks) | 128844 |
| 14100 | Inpex Corp. (Energy) | 282008 |
| 6600 | Iriso Electronics Co. Ltd. (Technology Hardware & Equipment) | 135495 |
| 461800 | Isuzu Motors Ltd. (Automobiles & Components) | 7207371 |
| 55300 | Iyogin Holdings, Inc. (Banks) | 901097 |
| 8900 | Japan Post Bank Co. Ltd. (Banks) | 125286 |
| 246300 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 8852590 |
| 258400 | JX Advanced Metals Corp. (Materials) | 3230276 |
| 40100 | Kansai Electric Power Co., Inc. (The) (Utilities) | 629758 |
| 15800 | KDDI Corp. (Telecommunication Services) | 273462 |
| 31300 | Kinden Corp. (Capital Goods) | 1357711 |
| 33900 | Konami Group Corp. (Media & Entertainment) | 4603867 |
| 5800 | Kurabo Industries Ltd. (Consumer Durables & Apparel) | 314129 |
| 600 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 114326 |
| 34400 | Maxell Ltd. (Technology Hardware & Equipment) | 527425 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 350000 | Mitsubishi Corp. (Capital Goods) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005440 |
| 301400 | Mitsubishi Electric Corp. (Capital Goods) | 8787876 |
| 429100 | Mitsubishi HC Capital, Inc. (Financial Services) | 3589528 |
| 82800 | Mitsui E&S Co. Ltd. (Capital Goods) | 2955922 |
| 35600 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 404568 |
| 29600 | Mizuho Financial Group, Inc. (Banks) | 1080239 |
| 129800 | Modec, Inc. (Energy) | 9853714 |
| 412200 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 9677230 |
| 246800 | Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 5100852 |
| 4000 | Musashino Bank Ltd. (The) (Banks) | 124274 |
| 14100 | Namura Shipbuilding Co. Ltd. (Capital Goods) | 318264 |
| 246500 | NEC Corp. (Software & Services) | 8340452 |
| 319500 | NGK Insulators Ltd. (Capital Goods) | 6856237 |
| 14400 | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | 566154 |
| 76300 | Nippon Thompson Co. Ltd. (Capital Goods) | 398373 |
| 7200 | Nitto Kogyo Corp. (Capital Goods) | 189313 |
| 56100 | Nojima Corp. (Consumer Discretionary Distribution & Retail) | 426152 |
| 38000 | NOK Corp. (Automobiles & Components) | 681938 |
| 650500 | Nomura Holdings, Inc. (Financial Services) | 5418971 |
| 16800 | Noritsu Koki Co. Ltd. (Consumer Durables & Apparel) | 199433 |
| 33800 | North Pacific Bank Ltd. (Banks) | 182842 |
| 286600 | Obayashi Corp. (Capital Goods) | 5997940 |
| 20100 | Panasonic Holdings Corp. (Consumer Durables & Apparel) | 260577 |
| 43500 | Press Kogyo Co. Ltd. (Automobiles & Components) | 225642 |
| 39800 | Procrea Holdings, Inc. (Banks) | 553688 |
| 510400 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)\* | 6990874 |
| 21600 | Resorttrust, Inc. (Consumer Services) | 270254 |
| 43000 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 378358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 4500 | San ju San Financial Group, Inc. (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126502 |
| 10900 | San-In Godo Bank Ltd. (The) (Banks) | 103607 |
| 124400 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1290360 |
| 32400 | Seikitokyu Kogyo Co. Ltd. (Capital Goods) | 340955 |
| 100900 | SG Holdings Co. Ltd. (Transportation) | 923392 |
| 13800 | Shikoku Bank Ltd. (The) (Banks) | 155042 |
| 7500 | Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 161245 |
| 14500 | Shinmaywa Industries Ltd. (Capital Goods) | 177359 |
| 163500 | Shizuoka Financial Group, Inc. (Banks) | 2538619 |
| 78000 | SoftBank Group Corp. (Telecommunication Services) | 2188160 |
| 183600 | Sompo Holdings, Inc. (Insurance) | 6231791 |
| 82700 | Sumida Corp. (Technology Hardware & Equipment) | 604929 |
| 36300 | Sumitomo Corp. (Capital Goods) | 1256434 |
| 269400 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 10850701 |
| 174500 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 5612167 |
| 153100 | Sumitomo Mitsui Trust Group, Inc. (Banks) | 4665702 |
| 17800 | Suzuki Co. Ltd. (Technology Hardware & Equipment) | 273869 |
| 268400 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 8337918 |
| 360900 | TDK Corp. (Technology Hardware & Equipment) | 5105924 |
| 10600 | Toa Corp. (Capital Goods) | 191834 |
| 17200 | Toda Corp. (Capital Goods) | 139182 |
| 9700 | Toenec Corp. (Capital Goods) | 119824 |
| 21300 | Tokio Marine Holdings, Inc. (Insurance) | 787378 |
| 80000 | TPR Co. Ltd. (Automobiles & Components) | 659672 |
| 13300 | Tsugami Corp. (Capital Goods) | 244401 |
| 14000 | Tsukishima Holdings Co. Ltd. (Capital Goods) | 252330 |
| 145500 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) | 2673321 |
| 14800 | Yahagi Construction Co. Ltd. (Capital Goods) | 220266 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 77100 | Yokogawa Electric Corp. (Technology Hardware & Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472641 |
| 246300 | Yokohama Financial Group, Inc. (Banks) |  | 2036167 |
| 12700 | Yurtec Corp. (Capital Goods) |  | 223337 |
|  |  |  | 233050983 |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| 27624 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2020101 |
| Netherlands – 3.4% | Netherlands – 3.4% | Netherlands – 3.4% | Netherlands – 3.4% |
| 7761 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 4698476 |
| 24449 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 26344306 |
| 7255 | Eurocommercial Properties NV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 221977 |
| 87056 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) |  | 3569898 |
|  |  |  | 34834657 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 76608 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) |  | 1664457 |
| Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% |
| 285297 | Airtel Africa PLC (Telecommunication Services)<sup>(a)</sup> |  | 1366646 |
| Norway – 1.4% | Norway – 1.4% | Norway – 1.4% | Norway – 1.4% |
| 64553 | DNB Bank ASA (Banks) |  | 1798497 |
| 21556 | DOF Group ASA (Energy) |  | 202954 |
| 241468 | Kongsberg Gruppen ASA (Capital Goods) |  | 6187686 |
| 97402 | Mowi ASA (Food, Beverage & Tobacco) |  | 2342998 |
| 37277 | Odfjell Drilling Ltd. (Energy) |  | 322530 |
| 316453 | Orkla ASA (Food, Beverage & Tobacco) |  | 3523939 |
| 22109 | SpareBank 1 SMN (Banks) |  | 451538 |
|  |  |  | 14830142 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 819982 | Banco Comercial Portugues SA, Class R (Banks) |  | 863161 |
| 28929 | REN - Redes Energeticas Nacionais SGPS SA (Utilities) |  | 109302 |
|  |  |  | 972463 |
| Singapore – 1.1% | Singapore – 1.1% | Singapore – 1.1% | Singapore – 1.1% |
| 37600 | Oversea-Chinese Banking Corp. Ltd. (Banks) |  | 577657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| 380800 | Singapore Exchange Ltd. (Financial Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012827 |
| 29800 | Singapore Technologies Engineering Ltd. (Capital Goods) |  | 194716 |
| 904900 | Singapore Telecommunications Ltd. (Telecommunication Services) |  | 3201535 |
| 77400 | United Overseas Bank Ltd. (Banks) |  | 2108030 |
|  |  |  | 11094765 |
| Spain – 1.7% | Spain – 1.7% | Spain – 1.7% | Spain – 1.7% |
| 65763 | Aena SME SA (Transportation)<sup>(a)</sup> |  | 1837476 |
| 28404 | Banco Bilbao Vizcaya Argentaria SA (Banks) |  | 666279 |
| 105372 | Bankinter SA (Banks) |  | 1746562 |
| 6376 | Befesa SA (Commercial & Professional Services)<sup>(a)</sup> |  | 220349 |
| 114769 | CaixaBank SA (Banks) |  | 1403181 |
| 10120 | Distribuidora Internacional de Alimentacion SA (Consumer Staples Distribution & Retail)\* |  | 435412 |
| 81794 | Gestamp Automocion SA (Automobiles & Components)<sup>(a)</sup> |  | 291139 |
| 148200 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail) |  | 9775972 |
| 314104 | Unicaja Banco SA (Banks)<sup>(a)</sup> |  | 1022096 |
|  |  |  | 17398466 |
| Sweden – 4.0% | Sweden – 4.0% | Sweden – 4.0% | Sweden – 4.0% |
| 16465 | AcadeMedia AB (Consumer Services)<sup>(a)</sup> |  | 176462 |
| 16336 | AddTech AB, Class B (Capital Goods) |  | 575331 |
| 20301 | AQ Group AB (Capital Goods) |  | 432275 |
| 186765 | Boliden AB (Materials)\* |  | 10346085 |
| 7946 | Clas Ohlson AB, Class B (Consumer Discretionary Distribution & Retail) |  | 261253 |
| 64718 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail) |  | 1297200 |
| 21340 | Mycronic AB (Technology Hardware & Equipment) |  | 512596 |
| 228237 | Sandvik AB (Capital Goods) |  | 7372304 |
| 47217 | SKF AB, Class B (Capital Goods) |  | 1249779 |
| 492415 | Svenska Handelsbanken AB, Class A (Banks) |  | 7133883 |
| 24300 | Swedbank AB, Class A (Banks) |  | 843090 |
| 11971 | Tele2 AB, Class B (Telecommunication Services) |  | 200593 |
| 734463 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) |  | 7147823 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 41487 | Trelleborg AB, Class B (Capital Goods) | $| 1753720 |
| 68744 | Volvo AB, Class B (Capital Goods) |  | 2187753 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41490147 |
| Switzerland – 4.2% | Switzerland – 4.2% | Switzerland – 4.2% | Switzerland – 4.2% |
| 193017 | ABB Ltd. (Capital Goods) |  | 14228740 |
| 48704 | Avolta AG (Consumer Discretionary Distribution & Retail)\* |  | 2872555 |
| 6265 | Cembra Money Bank AG (Financial Services) |  | 784650 |
| 3855 | Cie Financiere Richemont SA (Consumer Durables & Apparel) |  | 831335 |
| 1481 | Galenica AG (Health Care Equipment & Services)<sup>(a)</sup> |  | 182671 |
| 575 | Jungfraubahn Holding AG (Transportation) |  | 207120 |
| 8643 | PSP Swiss Property AG (Real Estate Management & Development) |  | 1563837 |
| 18712 | Schindler Holding AG Participation Certificates (Capital Goods) |  | 7036931 |
| 334514 | UBS Group AG (Financial Services) |  | 15446051 |
|  |  |  | 43153890 |
| United Kingdom – 10.6% | United Kingdom – 10.6% | United Kingdom – 10.6% | United Kingdom – 10.6% |
| 47485 | Admiral Group PLC (Insurance) |  | 2031310 |
| 122541 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(b)</sup> |  | 22677381 |
| 1722 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(b)</sup> |  | 158303 |
| 665007 | Aviva PLC (Insurance) |  | 6114695 |
| 31712 | Babcock International Group PLC (Capital Goods) |  | 528475 |
| 193225 | BAE Systems PLC (Capital Goods)<sup>(b)</sup> |  | 4447089 |
| 17229 | Beazley PLC (Insurance) |  | 192665 |
| 105386 | Compass Group PLC (Consumer Services) |  | 3339164 |
| 194920 | Currys PLC (Consumer Discretionary Distribution & Retail) |  | 330164 |
| 6346 | DCC PLC (Capital Goods) |  | 395348 |
| 187218 | Dowlais Group PLC (Automobiles & Components) |  | 211590 |
| 167525 | Halma PLC (Technology Hardware & Equipment) |  | 7951561 |
| 71759 | HSBC Holdings PLC (Banks) |  | 1129197 |
| 236123 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 9914858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 2699 | InterContinental Hotels Group PLC (Consumer Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379288 |
| 303479 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) |  | 1277512 |
| 6782525 | Lloyds Banking Group PLC (Banks) |  | 8971348 |
| 1529090 | NatWest Group PLC (Banks) |  | 13413623 |
| 15449 | Next PLC (Consumer Discretionary Distribution & Retail) |  | 2844166 |
| 130443 | Smiths Group PLC (Capital Goods) |  | 4125950 |
| 1793840 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 10667671 |
| 61036 | TP ICAP Group PLC (Financial Services) |  | 213133 |
| 6086686 | Vodafone Group PLC (Telecommunication Services) |  | 8113618 |
|  |  |  | 109428109 |
| United States – 9.5% | United States – 9.5% | United States – 9.5% | United States – 9.5% |
| 99359 | Alcon AG (Health Care Equipment & Services) |  | 7862090 |
| 322623 | GSK PLC (Pharmaceuticals, Biotechnology & Life Sciences) |  | 7909826 |
| 5592 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 274232 |
| 92636 | Holcim AG (Materials)\* |  | 9018144 |
| 170664 | Nestle SA (Food, Beverage & Tobacco) |  | 16939959 |
| 151755 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 20911231 |
| 9633 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3978143 |
| 119082 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) |  | 11521813 |
| 243461 | Shell PLC (Energy) |  | 9018789 |
| 8033 | Spotify Technology SA (Media & Entertainment)\*<sup>(b)</sup> |  | 4664843 |
| 285823 | Tenaris SA (Energy) |  | 5515204 |
|  |  |  | 97614274 |
| TOTAL COMMON STOCKS<br>(Cost $715,324,866) | TOTAL COMMON STOCKS<br>(Cost $715,324,866) |  | 1007731443 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 3.2%<sup>(c)</sup> | Investment Company – 3.2%<sup>(c)</sup> |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 32683396 | 3.686% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32683396 |
| **(Cost $32,683,396)** | **(Cost $32,683,396)** |  |
| TOTAL INVESTMENTS – 101.0%<br>(Cost $748,008,262) | TOTAL INVESTMENTS – 101.0%<br>(Cost $748,008,262) | $1040414839 |
|  **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (1.0)%** | (10788888) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1029625951 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is segregated as collateral for initial margin requirements on futures transactions. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market** <br> **Value** |
|  Financials | 24.9% |
|  Industrials | 18.2 |
|  Health Care | 12.3 |
|  Information Technology | 9.8 |
|  Consumer Discretionary | 8.1 |
|  Consumer Staples | 7.7 |
|  Materials | 6.6 |
|  Energy | 3.3 |
|  Investment Company | 3.1 |
|  Communication Services | 2.8 |
|  Utilities | 2.6 |
|  Real Estate | 0.6 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&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 INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. | Morgan Stanley Co., Inc. |  |  |  |  |  |
|  | AUD | 2819000 | USD | 1889570 | 1/2/2026 | $&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;(8310) |
|  | EUR | 11240000 | USD | 13215621 | 1/2/2026 | (6365) |
|  | CHF | 344000 | USD | 434854 | 1/5/2026 | (419) |
|  | DKK | 13313000 | USD | 2096304 | 1/5/2026 | (1248) |
|  | EUR | 184000 | USD | 216373 | 1/5/2026 | (105) |
|  | NOK | 16868000 | USD | 1681904 | 1/5/2026 | (8475) |
|  | SEK | 22028000 | USD | 2396432 | 1/5/2026 | (3381) |
|  | JPY | 2378748000 | USD | 15213909 | 1/6/2026 | (22228) |
|  TOTAL |  |  |  |  |  | $(50531) |

---

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Unrealized**<br> **Appreciation/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 93 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383843 | $88911 |
|  FTSE 100 Index | 17 | 03/20/26 | 2277997 | 13849 |
|  Hang Seng Index | 3 | 01/29/26 | 494327 | (4718) |
|  MSCI Singapore Index | 5 | 01/29/26 | 173390 | (692) |
|  SPI 200 Index | 7 | 03/19/26 | 1013238 | 729 |
|  TOPIX Index | 15 | 03/12/26 | 3268801 | 8126 |
| Total Futures Contracts |  |  |  | $106205 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – 99.2% | Common Stocks – 99.2% |  |  |
| Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% |  |  |
| 69143 | Carpenter Technology Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21768982 |
| 3982 | Curtiss-Wright Corp. |  | 2195157 |
| 133943 | General Electric Co. |  | 41258462 |
| 38727 | HEICO Corp., Class A |  | 9775857 |
| 12658 | Hexcel Corp. |  | 935426 |
| 22441 | Moog, Inc., Class A |  | 5465505 |
| 225390 | RTX Corp. |  | 41336526 |
|  |  |  | 122735915 |
| Automobile Components – 0.6% | Automobile Components – 0.6% | Automobile Components – 0.6% | Automobile Components – 0.6% |
| 138837 | BorgWarner, Inc. |  | 6255995 |
| 1918862 | Mobileye Global, Inc., Class A (Israel)\* |  | 20032919 |
|  |  |  | 26288914 |
| Automobiles – 3.0% | Automobiles – 3.0% | Automobiles – 3.0% | Automobiles – 3.0% |
| 3149115 | Ford Motor Co. |  | 41316389 |
| 97923 | General Motors Co. |  | 7963098 |
| 174855 | Tesla, Inc.\* |  | 78635791 |
|  |  |  | 127915278 |
| Banks – 3.2% | Banks – 3.2% | Banks – 3.2% | Banks – 3.2% |
| 945100 | Bank of America Corp. |  | 51980500 |
| 1 | Cadence Bank |  | 43 |
| 243688 | Citigroup, Inc. |  | 28435953 |
| 248640 | Citizens Financial Group, Inc. |  | 14523062 |
| 76523 | Cullen/Frost Bankers, Inc. |  | 9690107 |
| 60509 | FNB Corp. |  | 1034704 |
| 35636 | International Bancshares Corp. |  | 2367656 |
| 67444 | JPMorgan Chase & Co. |  | 21731806 |
| 78454 | Prosperity Bancshares, Inc. |  | 5421956 |
| 18453 | United Bankshares, Inc. |  | 708595 |
| 37464 | United Community Banks, Inc. |  | 1169626 |
|  |  |  | 137064008 |
| Beverages – 0.8% | Beverages – 0.8% | Beverages – 0.8% | Beverages – 0.8% |
| 483981 | Coca-Cola Co. (The) |  | 33835112 |
| Biotechnology – 3.7% | Biotechnology – 3.7% | Biotechnology – 3.7% | Biotechnology – 3.7% |
| 216201 | AbbVie, Inc. |  | 49399767 |
| 28872 | Alnylam Pharmaceuticals, Inc.\* |  | 11480951 |
| 254997 | Gilead Sciences, Inc. |  | 31298332 |
| 51920 | Regeneron Pharmaceuticals, Inc. |  | 40075490 |
| 119751 | TG Therapeutics, Inc.\* |  | 3569777 |
| 50265 | Vertex Pharmaceuticals, Inc.\* |  | 22788140 |
|  |  |  | 158612457 |
| Broadline Retail – 3.1% | Broadline Retail – 3.1% | Broadline Retail – 3.1% | Broadline Retail – 3.1% |
| 526598 | Amazon.com, Inc.\* |  | 121549350 |
| 5605 | MercadoLibre, Inc. (Brazil)\* |  | 11289927 |
|  |  |  | 132839277 |
| Capital Markets – 3.4% | Capital Markets – 3.4% | Capital Markets – 3.4% | Capital Markets – 3.4% |
| 179279 | CME Group, Inc. |  | 48957509 |
| 4878 | Coinbase Global, Inc., Class A\* |  | 1103111 |
| 63671 | GCM Grosvenor, Inc., Class A |  | 720756 |
| 47508 | Interactive Brokers Group, Inc., Class A |  | 3055240 |
| 1154438 | Invesco Ltd. |  | 30327086 |
| 19239 | Jefferies Financial Group, Inc. |  | 1192241 |
| 128927 | Morgan Stanley |  | 22888410 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Capital Markets – (continued) | Capital Markets – (continued) |  |
| 189278 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18384572 |
| 147039 | Northern Trust Corp. | 20084057 |
|  |  | 146712982 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
| 71307 | Element Solutions, Inc. | 1781962 |
| 57103 | Innospec, Inc. | 4370664 |
|  |  | 6152626 |
| Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% |
| 43757 | Rollins, Inc. | 2626295 |
| 65995 | Waste Connections, Inc. | 11572883 |
|  |  | 14199178 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 179145 | Arista Networks, Inc.\* | 23473369 |
| 13316 | Cisco Systems, Inc. | 1025732 |
| 197333 | CommScope Holding Co., Inc.\* | 3577647 |
| 16083 | Motorola Solutions, Inc. | 6164936 |
|  |  | 34241684 |
| Construction & Engineering – 0.5% | Construction & Engineering – 0.5% | Construction & Engineering – 0.5% |
| 10335 | Comfort Systems USA, Inc. | 9645552 |
| 59807 | MasTec, Inc.\* | 13000248 |
|  |  | 22645800 |
| Construction Materials – 0.4% | Construction Materials – 0.4% | Construction Materials – 0.4% |
| 20785 | Eagle Materials, Inc. | 4295844 |
| 6646 | Martin Marietta Materials, Inc. | 4138198 |
| 1719 | United States Lime & Minerals, Inc. | 205833 |
| 35514 | Vulcan Materials Co. | 10129303 |
|  |  | 18769178 |
| Consumer Finance – 1.9% | Consumer Finance – 1.9% | Consumer Finance – 1.9% |
| 3867 | American Express Co. | 1430597 |
| 234665 | Capital One Financial Corp. | 56873409 |
| 3172 | FirstCash Holdings, Inc. | 505553 |
| 121058 | OneMain Holdings, Inc. | 8177468 |
| 26162 | PROG Holdings, Inc. | 771517 |
| 196276 | Synchrony Financial | 16375307 |
|  |  | 84133851 |
| Consumer Staples Distribution & Retail – 1.1% | Consumer Staples Distribution & Retail – 1.1% | Consumer Staples Distribution & Retail – 1.1% |
| 29065 | Casey's General Stores, Inc. | 16064516 |
| 36700 | Costco Wholesale Corp. | 31647878 |
|  |  | 47712394 |
| Diversified Consumer Services – 0.5% | Diversified Consumer Services – 0.5% | Diversified Consumer Services – 0.5% |
| 91419 | Bright Horizons Family Solutions, Inc.\* | 9269887 |
| 397 | Graham Holdings Co., Class B | 436144 |
| 17414 | Grand Canyon Education, Inc.\* | 2896122 |
| 200344 | Laureate Education, Inc.\* | 6745582 |
| 42877 | Service Corp. International | 3343120 |
|  |  | 22690855 |
| Electric Utilities – 0.2% | Electric Utilities – 0.2% | Electric Utilities – 0.2% |
| 123201 | Xcel Energy, Inc. | 9099626 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |
| 195946 | AMETEK, Inc. | 40229673 |
| 32308 | Emerson Electric Co. | 4287918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Electrical Equipment – (continued) | Electrical Equipment – (continued) |  |  |
| 101797 | nVent Electric PLC | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10380240 |
| 125708 | Sunrun, Inc.\* |  | 2313027 |
|  |  |  | 57210858 |
| Electronic Equipment, Instruments & Components – 1.8% | Electronic Equipment, Instruments & Components – 1.8% | Electronic Equipment, Instruments & Components – 1.8% | Electronic Equipment, Instruments & Components – 1.8% |
| 358494 | Amphenol Corp., Class A |  | 48446879 |
| 94239 | Keysight Technologies, Inc.\* |  | 19148422 |
| 117313 | Knowles Corp.\* |  | 2514018 |
| 6633 | PC Connection, Inc. |  | 383122 |
| 15913 | Sanmina Corp.\* |  | 2388064 |
| 2989 | Teledyne Technologies, Inc.\* |  | 1526572 |
| 48119 | TTM Technologies, Inc.\* |  | 3320211 |
| 1 | Vontier Corp. |  | 37 |
|  |  |  | 77727325 |
| Energy Equipment & Services – 0.7% | Energy Equipment & Services – 0.7% | Energy Equipment & Services – 0.7% | Energy Equipment & Services – 0.7% |
| 288855 | NOV, Inc. |  | 4514804 |
| 94650 | SLB Ltd. |  | 3632667 |
| 476743 | TechnipFMC PLC (United Kingdom) |  | 21243668 |
|  |  |  | 29391139 |
| Entertainment – 0.6% | Entertainment – 0.6% | Entertainment – 0.6% | Entertainment – 0.6% |
| 241730 | Netflix, Inc.\* |  | 22664605 |
| 30022 | Roku, Inc.\* |  | 3257087 |
|  |  |  | 25921692 |
| Financial Services – 4.5% | Financial Services – 4.5% | Financial Services – 4.5% | Financial Services – 4.5% |
| 50054 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 2232408 |
| 207524 | Berkshire Hathaway, Inc., Class B\* |  | 104311939 |
| 343958 | Equitable Holdings, Inc. |  | 16389599 |
| 53766 | MGIC Investment Corp. |  | 1571042 |
| 54497 | Pagseguro Digital Ltd., Class A (Brazil) |  | 525351 |
| 176903 | Visa, Inc., Class A |  | 62041651 |
| 151165 | Voya Financial, Inc. |  | 11260281 |
|  |  |  | 198332271 |
| Food Products – 0.0% | Food Products – 0.0% | Food Products – 0.0% | Food Products – 0.0% |
| 39591 | Darling Ingredients, Inc.\* |  | 1425276 |
| Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% |
| 31810 | Lyft, Inc., Class A\* |  | 616160 |
| 12022 | Norfolk Southern Corp. |  | 3470992 |
| 43995 | Union Pacific Corp. |  | 10176923 |
|  |  |  | 14264075 |
| Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% |
| 507954 | Boston Scientific Corp.\* |  | 48433414 |
| 52822 | Establishment Labs Holdings, Inc. (Costa Rica)\* |  | 3849667 |
| 81374 | Glaukos Corp.\* |  | 9187938 |
| 35822 | Intuitive Surgical, Inc.\* |  | 20288148 |
| 6507 | LeMaitre Vascular, Inc. |  | 527718 |
| 85110 | Medtronic PLC |  | 8175667 |
| 65652 | TransMedics Group, Inc.\* |  | 7986566 |
|  |  |  | 98449118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% |  |  |
| 2060 | Chemed Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881391 |
| 21748 | Cigna Group (The) |  | 5985702 |
| 6544 | Encompass Health Corp. |  | 694580 |
| 9227 | Fulgent Genetics, Inc.\* |  | 242393 |
| 12236 | Guardant Health, Inc.\* |  | 1249785 |
| 43802 | HCA Healthcare, Inc. |  | 20449402 |
| 173203 | OPKO Health, Inc.\* |  | 218236 |
| 95677 | Quest Diagnostics, Inc. |  | 16602830 |
| 65416 | UnitedHealth Group, Inc. |  | 21594476 |
| 52802 | Universal Health Services, Inc., Class B |  | 11511892 |
|  |  |  | 79430687 |
| Health Care REITs – 0.4% | Health Care REITs – 0.4% | Health Care REITs – 0.4% | Health Care REITs – 0.4% |
| 922129 | Healthpeak Properties, Inc. REIT |  | 14827834 |
| 10269 | Omega Healthcare Investors, Inc. REIT |  | 455328 |
| 28435 | Ventas, Inc. REIT |  | 2200300 |
| 1463 | Welltower, Inc. REIT |  | 271547 |
|  |  |  | 17755009 |
| Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% |
| 49485 | Airbnb, Inc., Class A\* |  | 6716104 |
| 53406 | Brightstar Lottery PLC |  | 826725 |
| 23667 | Choice Hotels International, Inc. |  | 2254519 |
| 125301 | Dutch Bros, Inc., Class A\* |  | 7670927 |
| 168356 | Expedia Group, Inc. |  | 47696938 |
| 39839 | Royal Caribbean Cruises Ltd. |  | 11111894 |
| 4108 | Travel + Leisure Co. |  | 289737 |
| 262413 | Viking Holdings Ltd.\* |  | 18738912 |
|  |  |  | 95305756 |
| Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% |
| 16116 | Champion Homes, Inc.\* |  | 1361802 |
| 180840 | M/I Homes, Inc.\* |  | 23138478 |
| 2048 | NVR, Inc.\* |  | 14935593 |
| 40583 | PulteGroup, Inc. |  | 4758763 |
|  |  |  | 44194636 |
| Household Products – 1.5% | Household Products – 1.5% | Household Products – 1.5% | Household Products – 1.5% |
| 61331 | Energizer Holdings, Inc. |  | 1219874 |
| 447385 | Procter & Gamble Co. (The) |  | 64114744 |
|  |  |  | 65334618 |
| Independent Power and Renewable Electricity Producers – 0.5% | Independent Power and Renewable Electricity Producers – 0.5% | Independent Power and Renewable Electricity Producers – 0.5% | Independent Power and Renewable Electricity Producers – 0.5% |
| 818804 | AES Corp. (The) |  | 11741649 |
| 81299 | Ormat Technologies, Inc. |  | 8981101 |
|  |  |  | 20722750 |
| Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% |
| 61283 | First Industrial Realty Trust, Inc. REIT |  | 3509677 |
| 65403 | Prologis, Inc. REIT |  | 8349347 |
|  |  |  | 11859024 |
| Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% |
| 35396 | American Financial Group, Inc. |  | 4837925 |
| 12251 | AMERISAFE, Inc. |  | 470561 |
| 41281 | CNO Financial Group, Inc. |  | 1753204 |
| 14513 | Goosehead Insurance, Inc., Class A |  | 1068883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 106759 | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242790 |
| 147543 | MetLife, Inc. | 11647044 |
| 19879 | Progressive Corp. (The) | 4526846 |
| 6559 | Reinsurance Group of America, Inc. | 1334494 |
| 17550 | Safety Insurance Group, Inc. | 1367321 |
| 65766 | Travelers Cos., Inc. (The) | 19076086 |
| 98156 | W R Berkley Corp. | 6882699 |
|  |  | 64207853 |
| Interactive Media & Services – 7.3% | Interactive Media & Services – 7.3% | Interactive Media & Services – 7.3% |
| 674678 | Alphabet, Inc., Class A | 211174214 |
| 21161 | Alphabet, Inc., Class C | 6640322 |
| 129216 | Meta Platforms, Inc., Class A | 85294190 |
| 59120 | Reddit, Inc., Class A\* | 13589914 |
|  |  | 316698640 |
| IT Services – 0.8% | IT Services – 0.8% | IT Services – 0.8% |
| 5072 | EPAM Systems, Inc.\* | 1039151 |
| 8663 | Gartner, Inc.\* | 2185502 |
| 89601 | International Business Machines Corp. | 26540712 |
| 11885 | MongoDB, Inc.\* | 4988016 |
|  |  | 34753381 |
| Leisure Products – 0.1% | Leisure Products – 0.1% | Leisure Products – 0.1% |
| 283466 | Topgolf Callaway Brands Corp.\* | 3308048 |
| Life Sciences Tools & Services – 0.7% | Life Sciences Tools & Services – 0.7% | Life Sciences Tools & Services – 0.7% |
| 72509 | 10X Genomics, Inc., Class A\* | 1182622 |
| 7809 | IQVIA Holdings, Inc.\* | 1760227 |
| 34200 | Medpace Holdings, Inc.\* | 19208430 |
| 5950 | Mettler-Toledo International, Inc.\* | 8295430 |
|  |  | 30446709 |
| Machinery – 1.9% | Machinery – 1.9% | Machinery – 1.9% |
| 5761 | AGCO Corp. | 600988 |
| 55528 | Caterpillar, Inc. | 31810325 |
| 1 | Fortive Corp. | 55 |
| 57778 | Illinois Tool Works, Inc. | 14230722 |
| 237164 | Mueller Industries, Inc. | 27226427 |
| 77536 | PACCAR, Inc. | 8490967 |
| 15786 | Trinity Industries, Inc. | 417382 |
| 8389 | Xylem, Inc. | 1142414 |
|  |  | 83919280 |
| Marine Transportation – 0.8% | Marine Transportation – 0.8% | Marine Transportation – 0.8% |
| 320804 | Kirby Corp.\* | 35346185 |
| Media – 1.3% | Media – 1.3% | Media – 1.3% |
| 336657 | Fox Corp., Class A | 24599527 |
| 538116 | News Corp., Class A | 14055590 |
| 172079 | Omnicom Group, Inc. | 13895379 |
| 366410 | Paramount Skydance Corp., Class B<sup>(a)</sup> | 4909894 |
|  |  | 57460390 |
| Metals & Mining – 2.5% | Metals & Mining – 2.5% | Metals & Mining – 2.5% |
| 56430 | Anglogold Ashanti PLC (Australia) | 4812350 |
| 2011178 | Hecla Mining Co. | 38594506 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) |
| 162497 | Novagold Resources, Inc. (Canada)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514472 |
| 447146 | Southern Copper Corp. (Mexico) |  | 64152037 |
|  |  |  | 109073365 |
| Multi-Utilities – 0.0% | Multi-Utilities – 0.0% | Multi-Utilities – 0.0% | Multi-Utilities – 0.0% |
| 6538 | Black Hills Corp. |  | 453868 |
| Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% | Office REITs – 0.0% |
| 1 | Vornado Realty Trust REIT |  | 33 |
| Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% |
| 18571 | Antero Resources Corp.\* |  | 639956 |
| 602031 | APA Corp. |  | 14725678 |
| 10830 | Cheniere Energy, Inc. |  | 2105244 |
| 12570 | Chevron Corp. |  | 1915794 |
| 207543 | ConocoPhillips |  | 19428100 |
| 86172 | EOG Resources, Inc. |  | 9048922 |
| 43600 | Kinder Morgan, Inc. |  | 1198564 |
| 14840 | Marathon Petroleum Corp. |  | 2413429 |
| 149086 | Nordic American Tankers Ltd. |  | 512856 |
| 6173 | Valero Energy Corp. |  | 1004903 |
|  |  |  | 52993446 |
| Passenger Airlines – 0.0% | Passenger Airlines – 0.0% | Passenger Airlines – 0.0% | Passenger Airlines – 0.0% |
| 340756 | JetBlue Airways Corp.\* |  | 1550440 |
| 5878 | SkyWest, Inc.\* |  | 590210 |
|  |  |  | 2140650 |
| Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% |
| 53268 | Eli Lilly & Co. |  | 57246054 |
| 389680 | Johnson & Johnson |  | 80644276 |
| 26154 | Merck & Co., Inc. |  | 2752970 |
| 65972 | Ventyx Biosciences, Inc.\* |  | 595727 |
|  |  |  | 141239027 |
| Professional Services – 1.1% | Professional Services – 1.1% | Professional Services – 1.1% | Professional Services – 1.1% |
| 6848 | CACI International, Inc., Class A\* |  | 3648683 |
| 122895 | Equifax, Inc. |  | 26665757 |
| 163141 | ExlService Holdings, Inc.\* |  | 6923704 |
| 60126 | Parsons Corp.\* |  | 3715787 |
| 41629 | SS&C Technologies Holdings, Inc. |  | 3639207 |
|  |  |  | 44593138 |
| Residential REITs – 1.6% | Residential REITs – 1.6% | Residential REITs – 1.6% | Residential REITs – 1.6% |
| 94597 | American Homes 4 Rent, Class A REIT |  | 3036564 |
| 1 | Apartment Investment and Management Co., Class A REIT |  | 6 |
| 401588 | Camden Property Trust REIT |  | 44206807 |
| 42892 | Equity LifeStyle Properties, Inc. REIT |  | 2599684 |
| 1904 | Essex Property Trust, Inc. REIT |  | 498239 |
| 518300 | Invitation Homes, Inc. REIT |  | 14403557 |
| 37390 | NexPoint Residential Trust, Inc. REIT |  | 1125439 |
| 125483 | UMH Properties, Inc. REIT |  | 1996435 |
|  |  |  | 67866731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% |
| 2 | Simon Property Group, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| Semiconductors & Semiconductor Equipment – 11.2% | Semiconductors & Semiconductor Equipment – 11.2% | Semiconductors & Semiconductor Equipment – 11.2% |
| 357941 | Broadcom, Inc. | 123883380 |
| 3264 | KLA Corp. | 3966021 |
| 49590 | Lam Research Corp. | 8488816 |
| 58972 | Micron Technology, Inc. | 16831199 |
| 1604795 | NVIDIA Corp.<sup>(b)</sup> | 299294268 |
| 8380 | Silicon Laboratories, Inc.\* | 1095266 |
| 177815 | Texas Instruments, Inc. | 30849124 |
|  |  | 484408074 |
| Software – 8.3% | Software – 8.3% | Software – 8.3% |
| 33320 | Adobe, Inc.\* | 11661667 |
| 7544 | Appian Corp., Class A\* | 267209 |
| 14713 | Arteris, Inc.\* | 228052 |
| 44064 | Datadog, Inc., Class A\* | 5992263 |
| 481517 | Fortinet, Inc.\* | 38237265 |
| 2905 | Intuit, Inc. | 1924330 |
| 21680 | Manhattan Associates, Inc.\* | 3757361 |
| 475326 | Microsoft Corp.<sup>(b)</sup> | 229877160 |
| 138857 | Palo Alto Networks, Inc.\* | 25577459 |
| 39731 | Pegasystems, Inc. | 2372735 |
| 188667 | Samsara, Inc., Class A\* | 6688245 |
| 171659 | ServiceNow, Inc.\* | 26296442 |
| 3843 | Strategy, Inc.\* | 583944 |
| 86935 | Teradata Corp.\* | 2646301 |
| 214311 | Zeta Global Holdings Corp., Class A\* | 4361229 |
|  |  | 360471662 |
| Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% |
| 16410 | Four Corners Property Trust, Inc. REIT | 378415 |
| 9634 | Lamar Advertising Co., Class A REIT | 1219472 |
| 763203 | VICI Properties, Inc. REIT | 21461268 |
|  |  | 23059155 |
| Specialty Retail – 1.8% | Specialty Retail – 1.8% | Specialty Retail – 1.8% |
| 688266 | American Eagle Outfitters, Inc. | 18149574 |
| 87064 | Buckle, Inc. (The) | 4650959 |
| 2250 | Carvana Co.\* | 949545 |
| 55432 | Chewy, Inc., Class A\* | 1832028 |
| 324965 | TJX Cos., Inc. (The) | 49917874 |
| 1 | Victoria's Secret & Co.\* | 54 |
|  |  | 75500034 |
| Technology Hardware, Storage & Peripherals – 6.0% | Technology Hardware, Storage & Peripherals – 6.0% | Technology Hardware, Storage & Peripherals – 6.0% |
| 803345 | Apple, Inc.<sup>(b)</sup> | 218397372 |
| 219128 | Dell Technologies, Inc., Class C | 27583833 |
| 247104 | Eastman Kodak Co.\* | 2090500 |
| 35278 | Seagate Technology Holdings PLC | 9715208 |
|  |  | 257786913 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Textiles, Apparel & Luxury Goods – 0.4% | Textiles, Apparel & Luxury Goods – 0.4% | Textiles, Apparel & Luxury Goods – 0.4% |
| 233756 | Levi Strauss & Co., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848099 |
| 31116 | Ralph Lauren Corp. | 11002929 |
|  |  | 15851028 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| 71140 | Philip Morris International, Inc. | 11410856 |
| Trading Companies & Distributors – 0.8% | Trading Companies & Distributors – 0.8% | Trading Companies & Distributors – 0.8% |
| 147246 | FTAI Aviation Ltd. | 28985375 |
| 45676 | Rush Enterprises, Inc., Class A | 2463764 |
| 5515 | United Rentals, Inc. | 4463400 |
| 1376 | Watsco, Inc. | 463643 |
|  |  | 36376182 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 51139 | Telephone and Data Systems, Inc. | 2096699 |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,706,657,234) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,706,657,234) | 4294435086 |

---

---

| | | |
|:---|:---|:---|
|  | **Dividend Rate** | |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989400 | 3.686% | $1989400 |
| **(Cost $1,989,400)** | **(Cost $1,989,400)** |  |
| TOTAL INVESTMENTS – 99.2%<br>(Cost $2,708,646,634) | TOTAL INVESTMENTS – 99.2%<br>(Cost $2,708,646,634) | $4296424486 |
| OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8% | OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8% | 32760270 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329184756 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

(a) All or a portion of security is on loan.

(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 13 | 03/20/26 | $1623700 | $(49035) |
|  S&P 500 E-Mini Index | 47 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16197375 | 8215 |
| Total Futures Contracts |  |  |  | $(40820) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $715,324,866 and $2,706,657,234, respectively)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007731443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294435086 |
|  Investments in affiliated issuers, at value (cost $32,683,396 and $–, respectively) | 32683396 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 1989400 |
|  Cash | 15633661 | 34926266 |
|  Foreign Currency, at value (cost $6,896,395 and $–, respectively) | 6983874 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 17015224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 4173049 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 634631 | 2135305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 33975 | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 29677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 846 |
|  Other assets | 35873 | 29404 |
|  **Total assets** | 1084954803 | 4333523290 |
| Liabilities: |  |  |
|  Variation margin on futures contracts | 19702 | 37288 |
|  Unrealized loss on forward foreign currency exchange contracts | 50531 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 54028050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 694505 | 810502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 375429 | 1198394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 17009 | 81715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 360 | 97133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 1989400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 143266 | 124102 |
|  **Total liabilities** | 55328852 | 4338534 |
| Net Assets: |  |  |
|  Paid-in capital | 764045908 | 2775798849 |
|  Total distributable earnings | 265580043 | 1553385907 |
|  **NET ASSETS** | $1029625951 | $4329184756 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8390343 | $115589543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1366961 | 18496083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 29011729 | 83439653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 2183678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 72238842 | 28158524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 825696357 | 3755643199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 92921719 | 325674076 |
|  Total Net Assets | $1029625951 | $4329184756 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 499619 | 2180135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 83405 | 380807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1722825 | 1532345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 40998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 4288260 | 521998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 49407238 | 69614508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5556997 | 6034742 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $16.79 | $53.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 16.39 | 48.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 16.84 | 54.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 53.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16.85 | 53.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16.71 | 53.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 16.72 | 53.97 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $– and $1,904,140 for International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund is $17.77 and $56.11, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
| Investment income: |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,113,620 and $4,269, respectively) | $26723958 | $45408141 |
|  Dividends — affiliated issuers | 46436 | 129235 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 546 | 22183 |
|  **Total Investment Income** | 26770940 | 45559559 |
| Expenses: |  |  |
|  Management fees | 7922022 | 24438007 |
|  Custody, accounting and administrative services | 339407 | 248271 |
|  Transfer Agency fees<sup>(a)</sup> | 321745 | 1342461 |
|  Professional fees | 225856 | 120600 |
|  Registration fees | 87758 | 119206 |
|  Printing and mailing costs | 33618 | 37511 |
|  Trustee fees | 29582 | 35088 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 22843 | 392416 |
|  Service fees — Class C | 2257 | 43487 |
|  Service fees — Service |  | 17881 |
|  Other | 32569 | 74541 |
|  **Total expenses** | 9017657 | 26869469 |
|  Less — expense reductions | (636860) | (63932) |
|  **Net expenses** | 8380797 | 26805537 |
|  **NET INVESTMENT INCOME** | 18390143 | 18754022 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 17794175 | (28327629) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 107835754 | 694642126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 195853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2524632 | (1102796) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 164384132 | (161812368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 234379 | 1295712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (50531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 758262 |  |
|  **Net realized and unrealized gain** | 293676656 | 504695045 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $312066799 | $523449067 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or<br>Service (12b-1) Fees** | **Distribution and/or<br>Service (12b-1) Fees** | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  |
| **Fund** | **Class A** | **Class C** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
| International Tax-Managed Equity Fund | $16072 | $6771 | $9643 | $1354 | $9097 | $– | $38638 | $238675 | $24338 |
| U.S. Tax-Managed Equity Fund | 261954 | 130462 | 157173 | 26092 | 30002 | 1431 | 38863 | 1000387 | 88513 |

---

&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 TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $18390143 | $18548037 | $18754022 | $12280771 |
|  Net realized gain | 128350414 | 48666804 | 665211701 | 168219122 |
|  Net change in unrealized gain (loss) | 165326242 | (16996333) | (160516656) | 536156888 |
| **Net increase in net assets resulting from operations** | 312066799 | 50218508 | 523449067 | 716656781 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (154388) | (94950) | (271816) | (1440051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (20057) | (7466) |  | (266024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (638346) | (334877) | (436905) | (1218711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  |  | (59643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (729762) | (402396) | (126699) | (418582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (17749385) | (17309410) | (19665805) | (53286000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2009637) | (1502550) | (1701888) | (4747824) |
|  **Total distributions to shareholders** | (21301575) | (19651649) | (22203113) | (61436835) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 122346600 | 122234394 | 1176766900 | 203011084 |
|  Proceeds paid in connection with in-kind transactions | (293390000) | (36860000) | (888703001) | (132396067) |
|  Reinvestment of distributions | 21301497 | 19651584 | 22067878 | 61006981 |
|  Cost of shares redeemed | (23748081) | (14599746) | (36377527) | (39262904) |
| **Net increase (decrease) in net assets resulting from share transactions** | (173489984) | 90426232 | 273754250 | 92359094 |
|  **TOTAL INCREASE** | 117275240 | 120993091 | 775000204 | 747579040 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $912350711 | $791357620 | $3554184552 | $2806605512 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029625951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912350711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329184756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554184552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.32 | $11.84 | $10.07 | $12.28 | $11.32 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.22 <sup>(b)</sup> | 0.24 | 0.29 | 0.28 |
|  Net realized and unrealized gain (loss) | 4.56 | 0.49 | 1.76 | (2.18) | 1.07 |
|  Total from investment operations | 4.80 | 0.71 | 2.00 | (1.89) | 1.35 |
|  Distributions to shareholders from net investment income | (0.33) | (0.23) | (0.23) | (0.32) | (0.39) |
|  Net asset value, end of year | $16.79 | $12.32 | $11.84 | $10.07 | $12.28 |
|  **Total Return<sup>(e)</sup>** | 38.95% | 5.99% | 19.96 | (15.36)% | 12.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.22 | 1.22% | 1.22% |
|  Ratio of total expenses to average net assets | 1.33% | 1.33% | 1.35 | 1.32% | 1.33% |
|  Ratio of net investment income to average net assets | 1.61% | 1.74 %<sup>(b)</sup> | 2.15 | 2.74% | 2.33% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.06 | $11.60 | $9.87 | $12.03 | $11.04 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.12 <sup>(b)</sup> | 0.16 | 0.21 | 0.20 |
|  Net realized and unrealized gain (loss) | 4.45 | 0.48 | 1.72 | (2.13) | 1.03 |
|  Total from investment operations | 4.58 | 0.60 | 1.88 | (1.92) | 1.23 |
|  Distributions to shareholders from net investment income | (0.25) | (0.14) | (0.15) | (0.24) | (0.24) |
|  Net asset value, end of year | $16.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 |
|  **Total Return<sup>(e)</sup>** | 38.00% | 5.23% | 18.98 | (15.96)% | 11.19% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | $705 | $696 | $728 | $1009 |
|  Ratio of net expenses to average net assets | 1.96% | 1.96% | 1.97 | 1.97% | 1.96% |
|  Ratio of total expenses to average net assets | 2.08% | 2.08% | 2.10 | 2.07% | 2.07% |
|  Ratio of net investment income to average net assets | 0.87% | 0.95 %<sup>(b)</sup> | 1.46 | 2.01% | 1.59% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.34 | $11.86 | $10.10 | $12.31 | $11.29 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.27 <sup>(b)</sup> | 0.27 | 0.32 | 0.32 |
|  Net realized and unrealized gain (loss) | 4.58 | 0.48 | 1.77 | (2.17) | 1.07 |
|  Total from investment operations | 4.87 | 0.75 | 2.04 | (1.85) | 1.39 |
|  Distributions to shareholders from net investment income | (0.37) | (0.27) | (0.28) | (0.36) | (0.37) |
|  Net asset value, end of year | $16.84 | $12.34 | $11.86 | $10.10 | $12.31 |
|  **Total Return<sup>(e)</sup>** | 39.48% | 6.31% | 20.23 | (15.02)% | 12.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11247 |
|  Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90 | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 0.97% | 0.97% | 0.99 | 0.95% | 0.96% |
|  Ratio of net investment income to average net assets | 1.91% | 2.08 %<sup>(b)</sup> | 2.45 | 3.01% | 2.65% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.35 | $11.87 | $10.10 | $12.32 | $11.30 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.26 <sup>(b)</sup> | 0.26 | 0.32 | 0.31 |
|  Net realized and unrealized gain (loss) | 4.59 | 0.48 | 1.78 | (2.19) | 1.07 |
|  Total from investment operations | 4.86 | 0.74 | 2.04 | (1.87) | 1.38 |
|  Distributions to shareholders from net investment income | (0.36) | (0.26) | (0.27) | (0.35) | (0.36) |
|  Net asset value, end of year | $16.85 | $12.35 | $11.87 | $10.10 | $12.32 |
|  **Total Return<sup>(e)</sup>** | 39.39% | 6.25% | 20.26 | (15.15)% | 12.31% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7290 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.97 | 0.97% | 0.97% |
|  Ratio of total expenses to average net assets | 1.08% | 1.07% | 1.10 | 1.08% | 1.08% |
|  Ratio of net investment income to average net assets | 1.75% | 2.01 %<sup>(b)</sup> | 2.33 | 3.08% | 2.58% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.25 | $11.78 | $10.02 | $12.23 | $11.22 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.26 <sup>(b)</sup> | 0.27 | 0.32 | 0.32 |
|  Net realized and unrealized gain (loss) | 4.54 | 0.48 | 1.77 | (2.17) | 1.06 |
|  Total from investment operations | 4.83 | 0.74 | 2.04 | (1.85) | 1.38 |
|  Distributions to shareholders from net investment income | (0.37) | (0.27) | (0.28) | (0.36) | (0.37) |
|  Net asset value, end of year | $16.71 | $12.25 | $11.78 | $10.02 | $12.23 |
|  **Total Return<sup>(e)</sup>** | 39.45% | 6.37% | 20.30 | (15.11)% | 12.43% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730126 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.89 | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 0.96% | 0.96% | 0.98 | 0.94% | 0.95% |
|  Ratio of net investment income to average net assets | 1.98% | 2.04 %<sup>(b)</sup> | 2.44 | 3.06% | 2.66% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&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 INTERNATIONAL TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.26 | $11.78 | $10.03 | $12.23 | $11.22 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.26 <sup>(b)</sup> | 0.27 | 0.33 | 0.32 |
|  Net realized and unrealized gain (loss) | 4.53 | 0.49 | 1.76 | (2.17) | 1.06 |
|  Total from investment operations | 4.83 | 0.75 | 2.03 | (1.84) | 1.38 |
|  Distributions to shareholders from net investment income | (0.37) | (0.27) | (0.28) | (0.36) | (0.37) |
|  Net asset value, end of year | $16.72 | $12.26 | $11.78 | $10.03 | $12.23 |
|  **Total Return<sup>(e)</sup>** | 39.42% | 6.37% | 20.28 | (15.03)% | 12.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81775 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.89 | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 0.96% | 0.96% | 0.98 | 0.94% | 0.95% |
|  Ratio of net investment income to average net assets | 2.02% | 2.06 %<sup>(b)</sup> | 2.47 | 3.10% | 2.66% |
|  Portfolio turnover rate<sup>(f)</sup> | 175% | 191% | 132 | 226% | 162% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounts to $0.02 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $46.22 | $37.33 | $30.32 | $38.29 | $29.78 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.03 | 0.10 | 0.10 | 0.05 |
|  Net realized and unrealized gain (loss) | 6.85 | 9.54 | 7.00 | (7.95) | 8.52 |
|  Total from investment operations | 6.93 | 9.57 | 7.10 | (7.85) | 8.57 |
|  Distributions to shareholders from net investment income | (0.13) | (0.05) | (0.09) | (0.12) | (0.06) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions | (0.13) | (0.68) | (0.09) | (0.12) | (0.06) |
|  Net asset value, end of year | $53.02 | $46.22 | $37.33 | $30.32 | $38.29 |
|  **Total Return<sup>(b)</sup>** | 14.99% | 25.58% | 23.41% | (20.51)% | 28.80% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111821 |
|  Ratio of net expenses to average net assets | 1.01% | 1.01% | 1.03% | 1.03% | 1.06% |
|  Ratio of total expenses to average net assets | 1.05% | 1.05% | 1.07% | 1.10% | 1.11% |
|  Ratio of net investment income to average net assets | 0.17% | 0.07% | 0.29% | 0.29% | 0.16% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $42.56 | $34.63 | $28.27 | $35.84 | $28.04 |
|  Net investment loss<sup>(a)</sup> | (0.26) | (0.27) | (0.14) | (0.14) | (0.19) |
|  Net realized and unrealized gain (loss) | 6.27 | 8.83 | 6.50 | (7.43) | 7.99 |
|  Total from investment operations | 6.01 | 8.56 | 6.36 | (7.57) | 7.80 |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Net asset value, end of year | $48.57 | $42.56 | $34.63 | $28.27 | $35.84 |
|  **Total Return<sup>(b)</sup>** | 14.12% | 24.65% | 22.50% | (21.12)% | 27.82% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21720 |
|  Ratio of net expenses to average net assets | 1.76% | 1.76% | 1.78% | 1.78% | 1.81% |
|  Ratio of total expenses to average net assets | 1.80% | 1.80% | 1.82% | 1.85% | 1.86% |
|  Ratio of net investment loss to average net assets | (0.58)% | (0.68)% | (0.46)% | (0.46)% | (0.59)% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $47.45 | $38.30 | $31.10 | $39.28 | $30.53 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.17 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 7.04 | 9.81 | 7.19 | (8.17) | 8.74 |
|  Total from investment operations | 7.28 | 9.98 | 7.40 | (7.96) | 8.91 |
|  Distributions to shareholders from net investment income | (0.28) | (0.20) | (0.20) | (0.22) | (0.16) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions | (0.28) | (0.83) | (0.20) | (0.22) | (0.16) |
|  Net asset value, end of year | $54.45 | $47.45 | $38.30 | $31.10 | $39.28 |
|  **Total Return<sup>(b)</sup>** | 15.35% | 25.99% | 23.81% | (20.26)% | 29.23% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56035 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.71% | 0.70% | 0.74% |
|  Ratio of total expenses to average net assets | 0.69% | 0.69% | 0.71% | 0.72% | 0.75% |
|  Ratio of net investment income to average net assets | 0.49% | 0.39% | 0.62% | 0.64% | 0.48% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $46.40 | $37.50 | $30.48 | $38.52 | $29.96 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | (0.05) | 0.04 | 0.04 | – <sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 6.86 | 9.58 | 7.02 | (7.99) | 8.56 |
|  Total from investment operations | 6.86 | 9.53 | 7.06 | (7.95) | 8.56 |
|  Distributions to shareholders from net investment income |  |  | (0.04) | (0.09) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions |  | (0.63) | (0.04) | (0.09) | – <sup>(b)</sup> |
|  Net asset value, end of year | $53.26 | $46.40 | $37.50 | $30.48 | $38.52 |
|  **Total Return<sup>(c)</sup>** | 14.78% | 25.35% | 23.17% | (20.65)% | 28.58% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
|  Ratio of net expenses to average net assets | 1.19% | 1.19% | 1.21% | 1.22% | 1.23% |
|  Ratio of total expenses to average net assets | 1.19% | 1.19% | 1.21% | 1.25% | 1.24% |
|  Ratio of net investment income (loss) to average net assets | – %<sup>(d)</sup> | (0.11)% | 0.12% | 0.13% | 0.01% |
|  Portfolio turnover rate<sup>(e)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $47.01 | $37.96 | $30.83 | $38.93 | $30.26 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.14 | 0.19 | 0.18 | 0.14 |
|  Net realized and unrealized gain (loss) | 6.96 | 9.71 | 7.12 | (8.09) | 8.67 |
|  Total from investment operations | 7.17 | 9.85 | 7.31 | (7.91) | 8.81 |
|  Distributions to shareholders from net investment income | (0.24) | (0.17) | (0.18) | (0.19) | (0.14) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions | (0.24) | (0.80) | (0.18) | (0.19) | (0.14) |
|  Net asset value, end of year | $53.94 | $47.01 | $37.96 | $30.83 | $38.93 |
|  **Total Return<sup>(b)</sup>** | 15.27% | 25.88% | 23.71% | (20.31)% | 29.13% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20599 |
|  Ratio of net expenses to average net assets | 0.76% | 0.76% | 0.78% | 0.78% | 0.82% |
|  Ratio of total expenses to average net assets | 0.80% | 0.80% | 0.82% | 0.85% | 0.87% |
|  Ratio of net investment income to average net assets | 0.42% | 0.32% | 0.54% | 0.54% | 0.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $47.01 | $37.96 | $30.82 | $38.93 | $30.26 |
|  Net investment income<sup>(a)</sup> | 0.25 | 0.17 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 6.97 | 9.71 | 7.14 | (8.10) | 8.67 |
|  Total from investment operations | 7.22 | 9.88 | 7.35 | (7.89) | 8.84 |
|  Distributions to shareholders from net investment income | (0.28) | (0.20) | (0.21) | (0.22) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions | (0.28) | (0.83) | (0.21) | (0.22) | (0.17) |
|  Net asset value, end of year | $53.95 | $47.01 | $37.96 | $30.82 | $38.93 |
|  **Total Return<sup>(b)</sup>** | 15.37% | 25.97% | 23.85% | (20.26)% | 29.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111315 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.70% | 0.69% | 0.73% |
|  Ratio of total expenses to average net assets | 0.68% | 0.68% | 0.70% | 0.72% | 0.74% |
|  Ratio of net investment income to average net assets | 0.50% | 0.40% | 0.63% | 0.65% | 0.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $47.02 | $37.97 | $30.83 | $38.94 | $30.27 |
|  Net investment income<sup>(a)</sup> | 0.25 | 0.17 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 6.98 | 9.71 | 7.14 | (8.10) | 8.67 |
|  Total from investment operations | 7.23 | 9.88 | 7.35 | (7.89) | 8.84 |
|  Distributions to shareholders from net investment income | (0.28) | (0.20) | (0.21) | (0.22) | (0.17) |
|  Distributions to shareholders from net realized gains |  | (0.63) |  |  |  |
|  Total distributions | (0.28) | (0.83) | (0.21) | (0.22) | (0.17) |
|  Net asset value, end of year | $53.97 | $47.02 | $37.97 | $30.83 | $38.94 |
|  **Total Return<sup>(b)</sup>** | 15.39% | 25.97% | 23.84% | (20.25)% | 29.23% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221902 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.70% | 0.69% | 0.73% |
|  Ratio of total expenses to average net assets | 0.68% | 0.68% | 0.70% | 0.72% | 0.74% |
|  Ratio of net investment income to average net assets | 0.50% | 0.40% | 0.63% | 0.64% | 0.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 188% | 96% | 184% | 246% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| International Tax-Managed Equity Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| U.S. Tax-Managed Equity Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in United States ("U.S.") real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| International Tax-Managed Equity Fund | Annually | Annually |
| U.S. Tax-Managed Equity Fund | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's Valuation Procedures (defined below), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Fund's Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statement at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $2953874 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 3596713 | 278645282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 450276 | 549360098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 4939075 | 92675199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 75110926 |  |
|  Investment Company | 32683396 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41669460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998745379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $111615 | $— | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(50531) | $— |
|  Futures Contracts<sup>(b)</sup> | (5410) |  |  |
|  **Total** | $(5410) | $(50531) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Tax-Managed Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $20032919 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 21243668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 4236530871 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 4812350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 11815278 |  |  |
|  Securities Lending Reinvestment Vehicle | 1989400 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296424486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $8215 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(49035) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | $— | Payable for unrealized loss on forward foreign currency exchange contracts | $(50531) |
| Equity | Variation margin on futures contracts | 111615 | Variation margin on futures contracts | (5410) |
| Total |  | $111615 |  | $(55941) |
| **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $8215 | Variation margin on futures contracts | $(49035) |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of December 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the year ended December 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50531) |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 2524632 | 234379 |
| Total |  | $2720485 | $183848 |
| **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (1102796) | 1295712 |

---

For the year ended December 31, 2025, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** |
| International Tax-Managed Equity Fund | 159 | 37144967 |
| U.S. Tax-Managed Equity Fund | 109 | – |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts and notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended December 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |  |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  International Tax-Managed Equity Fund | 0.85% | 0.77% | 0.73% | 0.72% | 0.71% | 0.85% | 0.85% |
|  U.S. Tax-Managed Equity Fund | 0.70 | 0.63 | 0.60 | 0.59 | 0.58 | 0.63 | 0.63 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The International Tax-Managed Equity and U.S. Tax-Managed Equity Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended December 31, 2025, GSAM waived $2,080 and $4,698 of the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% |

---

\* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front-end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br> Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  International Tax-Managed Equity Fund | $346 | $— |
|  U.S. Tax-Managed Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.05% and 0.04% as an annual percentage rate of the average daily net assets attributable to the Class A, Class C and Investor Shares of the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund, respectively. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund are 0.014% and 0.044%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

(as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  International Tax-Managed Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618235 | $636860 |
|  U.S. Tax-Managed Equity Fund | 4698 | 59234 |  | 63932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended December 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |  |  |
| **Underlying Fund** | **Beginning value as of<br>December 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 2025** | **Dividend**<br> **Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |
|  | $– | $76623280 | $(43939884) | $32683396 | 32683396 | $46436 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |  |  |
| **Underlying Fund** | **Beginning value as of<br>December 31, 2024** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 2025** | **Dividend**<br> **Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |
|  | $68087 | $155260599 | $(155328686) | $– |  | $129235 |

---

As of December 31, 2025, the Goldman Sachs Global Tax-Aware Equity Portfolio was beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Goldman Sachs<br>Global Tax-Aware<br>Equity Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Tax-Managed Equity Fund | 79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Tax-Managed Equity Fund | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Purchases In-Kind** | **Sales In-Kind** |
|  International Tax-Managed Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700740415 | $1593540912 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281458169 |
|  U.S. Tax-Managed Equity Fund | 8421856733 | 7262907636 | – | 864643094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-Advantaged Equity Fund may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-Advantaged Equity Fund invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended December 31, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year ended December 31, 2025** | **For the Fiscal Year ended December 31, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received<br>by the Funds**<br> **from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs Upon<br>Return of<br>Securities Loaned as of**<br> **December 31, 2025** |
|  International Tax-Managed Equity Fund | $52 | $— | $— |
|  U.S. Tax-Managed Equity Fund | 2224 |  |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of December 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases** <br> **at Cost** | **Proceeds**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from Sales**  | **Ending value as<br>of December 31, 2025** |
|  International Tax-Managed Equity Fund | $— | $5120945 | $(5120945) | $— |
|  U.S. Tax-Managed Equity Fund | 1350000 | 67847055 | (67207655) | 1989400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $21301575 | $22203113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $21301575 | $22203113 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $19651649 | $15267309 |
|  Long-term capital gains |  | 46169526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $19651649 | $61436835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

As of December 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  Undistributed ordinary income — net | $132429 | $— |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (24735618) | (17956320) |
|  Timing differences — (Real Estate Investment Trusts, Qualified Late Year Loss, Post October Loss Deferral and Straddle Loss Deferral) | (503452) | (11936221) |
|  Unrealized gains (losses) — net | 290686684 | 1583278448 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265580043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553385907 |

---

For the year ended December 31, 2025, the International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund utilized $18,333,313 and $0, respectively, in Capital Loss Carryforwards.

As of December 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

---

| | | |
|:---|:---|:---|
|  | **International Tax-<br>Managed Equity Fund** | **U.S. Tax-Managed<br>Equity Fund** |
|  Tax Cost | $750203662 | $2713105218 |
|  Gross unrealized gain | 291352465 | 1601271860 |
|  Gross unrealized loss | (665781) | (17993412) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290686684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583278448 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

The International Tax-Managed Equity and U.S. Tax-Managed Equity Funds reclassified $107,801,214 and $693,348,164, respectively, from distributable earnings to paid in capital for the year ending December 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from taxable overdistributions and redemptions in-kind transactions.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 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;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 149665 | $2311644 | 84896 | $1085066 |
|  Reinvestment of distributions | 9312 | 154388 | 7713 | 94950 |
|  Shares redeemed | (83624) | (1210807) | (78130) | (982351) |
|  | 75353 | 1255225 | 14479 | 197665 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 33583 | 520004 | 8586 | 105897 |
|  Reinvestment of distributions | 1240 | 20057 | 619 | 7466 |
|  Shares redeemed | (9877) | (142723) | (10800) | (133079) |
|  | 24946 | 397338 | (1595) | (19716) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 878533 | 13440147 | 357172 | 4537807 |
|  Reinvestment of distributions | 38403 | 638268 | 27132 | 334812 |
|  Shares redeemed | (437653) | (6992197) | (205960) | (2598668) |
|  | 479283 | 7086218 | 178344 | 2273951 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 3214809 | 52282446 | 800245 | 10040363 |
|  Reinvestment of distributions | 43909 | 729762 | 32609 | 402396 |
|  Shares redeemed | (525512) | (7337274) | (251620) | (3244983) |
|  | 2733206 | 45674934 | 581234 | 7197776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** | **International Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 3877018 | $51030428 | 8123901 | $103540510 |
|  Reinvestment of distributions | 1076372 | 17749385 | 1414168 | 17309410 |
|  Shares redeemed | (165938) | (2457749) | (70129) | (900719) |
| Shares redeemed in connection with in-kind transactions | (20916822) | (293390000) | (2777694) | (36860000) |
|  | (16129370) | (227067936) | 6690246 | 83089201 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 183853 | 2761931 | 233377 | 2924751 |
|  Reinvestment of distributions | 121796 | 2009637 | 122657 | 1502550 |
|  Shares redeemed | (397299) | (5607331) | (533960) | (6739946) |
|  | (91650) | (835763) | (177926) | (2312645) |
|  **NET INCREASE (DECREASE) IN SHARES** | (12908232) | $(173489984) | 7284782 | $90426232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 164436 | $7880428 | 83918 | $3699833 |
|  Reinvestment of distributions | 4958 | 260066 | 28737 | 1369183 |
|  Shares redeemed | (140227) | (6825346) | (316122) | (13693613) |
|  | 29167 | 1315148 | (203467) | (8624597) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 52501 | 2350994 | 40545 | 1569988 |
|  Reinvestment of distributions |  |  | 6052 | 266024 |
|  Shares redeemed | (86642) | (3756913) | (82223) | (3300480) |
|  | (34141) | (1405919) | (35626) | (1464468) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 207301 | 10396793 | 181310 | 8075483 |
|  Reinvestment of distributions | 5819 | 313420 | 17639 | 859726 |
|  Shares redeemed | (157110) | (7973836) | (178587) | (7812511) |
|  | 56010 | 2736377 | 20362 | 1122698 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 6370 | 286224 | 10552 | 449672 |
|  Reinvestment of distributions |  |  | 1245 | 59643 |
|  Shares redeemed | (61657) | (3034672) | (8820) | (372852) |
|  | (55287) | (2748448) | 2977 | 136463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** | **U.S. Tax-Managed Equity Fund** |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 43135 | $2121587 | 60976 | $2664009 |
|  Reinvestment of distributions | 2374 | 126699 | 8662 | 418582 |
|  Shares redeemed | (54564) | (2685252) | (42506) | (1924482) |
|  | (9055) | (436966) | 27132 | 1158109 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 24644546 | 1133217882 | 4016667 | 175362628 |
|  Reinvestment of distributions | 368550 | 19665805 | 1103545 | 53286000 |
|  Shares redeemed | (5078) | (244409) | (3818) | (165994) |
|  Shares redeemed in connection with in-kind transactions | (20573498) | (888703001) | (3353104) | (132396067) |
|  | 4434520 | 263936277 | 1763290 | 96086567 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 426534 | 20512992 | 258346 | 11189471 |
|  Reinvestment of distributions | 31883 | 1701888 | 98289 | 4747823 |
|  Shares redeemed | (237863) | (11857099) | (273635) | (11992972) |
|  | 220554 | 10357781 | 83000 | 3944322 |
|  **NET INCREASE IN SHARES** | 4641768 | $273754250 | 1657668 | $92359094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46.0 ------

&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 International Tax- Managed Equity Fund and Goldman Sachs U.S. Tax-Managed Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs International Tax-Managed Equity Fund and Goldman Sachs U.S. Tax-Managed Equity Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the

#### PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Boston, Massachusetts |
| February 24, 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;

**47**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust — Tax-Advantaged Equity Funds I — Tax Information (Unaudited)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, 100% of the dividends paid from net investment company taxable income by the U.S. Tax-Managed Equity Fund qualifies for the dividends received deduction available to corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, the International Tax-Managed Equity Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Tax-Managed Equity Fund from sources within foreign countries and possessions of the United States was $0.3655 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the International Tax-Managed Equity Fund during the year from foreign sources was 90.74%. The total amount of taxes paid by the International Tax-Managed Equity Fund to such countries was $0.0368 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, 100% and 100% of the dividends paid from net investment company taxable income by the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48.0 ------

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![LOGO](g559068dsp052.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© 2026 Goldman Sachs. All rights reserved. TAXADVAR-26

------

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.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d54501dex99cert.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.](d54501dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | March 4, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | March 4, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | March 4, 2026 |

---

## 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: March 4, 2026

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: March 4, 2026

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: March 4, 2026 | Date: March 4, 2026 |

---

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.