N-CSRS

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:

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

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Fund of Funds Portfolios
	Balanced Strategy
	Growth and Income Strategy
	Growth Strategy
	Satellite Strategies

Goldman Sachs Fund of Funds Portfolios

∎ BALANCED STRATEGY

∎ GROWTH AND INCOME STRATEGY

∎ GROWTH STRATEGY

∎ SATELLITE STRATEGIES

TABLE OF CONTENTS
Market Review	1
Fund Basics	3
Schedules of Investments	15
Financial Statements	28
Financial Highlights	34
Balanced Strategy	34
Growth and Income Strategy	42
Growth Strategy	50
Satellite Strategies	58
Notes to Financial Statements	66
Other Information	96

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Fund of Funds Portfolios

The following are highlights both of key factors affecting the global capital markets and satellite asset classes and of any key changes made to the Goldman Sachs Fund of Funds Portfolios (“Portfolios”) during the six months ended June 30, 2022 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Portfolios’ annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

Global Capital Markets

• Overall, the global capital markets struggled during the Reporting Period.

• Economic uncertainty and market volatility was largely fueled by a rapid change in perceptions of upside inflation risk and the U.S. Federal Reserve’s (“Fed”) efforts to head off a potential recession.

• Global equities, as represented by the MSCI All Country World Index, returned -20.18%.

• Global fixed income, as represented by the Bloomberg Global Aggregate Bond Index, returned -13.91%.

• In the first quarter of 2022, when the Reporting Period began, rapidly evolving expectations for inflation and Fed policy had already complicated the macro outlook, but the February Russian invasion of Ukraine significantly increased market uncertainty and volatility.

• Valuations broadly fell across multiple asset classes, with global equities suffering substantial declines.

• Credit spreads (i.e., yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity) widened as bond yields rose in response to inflationary pressures.

• During the second quarter of 2022, investor concerns around slower economic growth accelerated; the Russia/Ukraine conflict led to a surge in commodity prices; and the risks of a potential policy miscalculation by the Fed increased.

• Unexpectedly higher inflation data, released in early June, brought consumer confidence into focus and eroded the narrative in some parts of the market that suggested the U.S. economy had experienced peak inflation.

• Most global equity markets fell into bear market territory during the second calendar quarter. (A bear market is a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.)

• Bond yields rose as Fed interest rate hikes came faster than investors had previously anticipated. Rising short-term interest rates and expectations for further monetary policy tightening hurt duration-sensitive assets, while concerns about the economic outlook pushed credit spreads wider.

Satellite Asset Classes

• Satellite asset classes generally produced negative returns during the Reporting Period overall and underperformed traditional equity and fixed income asset classes.

• In the first quarter of 2022, the performance of satellite asset classes was largely negative, with emerging markets equities and emerging markets debt the weakest performers overall due to region-specific risks, including the Russia/Ukraine conflict.

• The notable exceptions were energy infrastructure and global infrastructure securities, which posted gains for the quarter as energy prices moved sharply higher after Russia’s invasion of Ukraine.

• Among fixed income satellite asset classes, high yield floating rate securities held up best, benefiting from rising interest rates.

1

MARKET REVIEW

• During the second calendar quarter, all satellite asset classes posted negative returns, as global risk assets broadly declined. However, emerging markets equities, energy master limited partnerships (“MLPs”) and global infrastructure securities performed better than traditional asset classes.

• Emerging markets equities outpaced developed markets equities, as Chinese stocks benefited from a combination of supportive monetary and fiscal policy and some easing of lockdown restrictions near quarter end.

• Commodity prices increased, helping energy-related equities, such as MLPs and energy infrastructure securities, outperform the broader global equity market.

• Laggards included non-U.S. small-cap equities and global real estate securities, both of which underperformed the broader global equity market.

• Among fixed income satellite asset classes, emerging markets debt and high yield corporate bonds underperformed the broad U.S. fixed income market, as geopolitical risks persisted and credit spreads widened.

Portfolio Changes and Highlights

Fund of Funds Portfolios

• Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for all of the Portfolios, joining Neill Nuttall and Siwen Wu.

2

FUND BASICS

Balanced Strategy

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Portfolio Total Return (based on NAV)1			Balanced Strategy Composite Index2			Bloomberg Global Aggregate Bond Index2			MSCI ACWI Index2
Class A		-13.36	%		-13.52	%		-9.06	%		-20.18	%
Class C		-13.74			-13.52			-9.06			-20.18
Institutional		-13.21			-13.52			-9.06			-20.18
Service		-13.40			-13.52			-9.06			-20.18
Investor		-13.25			-13.52			-9.06			-20.18
Class R6		-13.20			-13.52			-9.06			-20.18
Class R		-13.53			-13.52			-9.06			-20.18
Class P		-13.20			-13.52			-9.06			-20.18

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Balanced Strategy Composite Index (“Balanced Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Composite is comprised of a blend of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Global Index”) (60%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (40%). The Bloomberg Global Index is an unmanaged index, provides a broad-based measure of the global investment grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

3

FUND BASICS

4

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2022. Actual Fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

5

FUND BASICS

Growth and Income Strategy

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Portfolio Total Return (based on NAV)1			Growth and Income Strategy Composite Index2			Bloomberg Global Aggregate Bond Index2			MSCI ACWI Index2
Class A		-15.79	%		-15.74	%		-9.06	%		-20.18	%
Class C		-16.11			-15.74			-9.06			-20.18
Institutional		-15.59			-15.74			-9.06			-20.18
Service		-15.77			-15.74			-9.06			-20.18
Investor		-15.65			-15.74			-9.06			-20.18
Class R6		-15.58			-15.74			-9.06			-20.18
Class R		-15.85			-15.74			-9.06			-20.18
Class P		-15.59			-15.74			-9.06			-20.18

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Growth and Income Strategy Composite Index (“Growth and Income Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth and Income Composite is comprised of a blend of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Global Index”) (40%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (60%). The Growth and Income Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

6

FUND BASICS

7

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2022. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

8

FUND BASICS

Growth Strategy

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Portfolio Total Return (based on NAV)1			Growth Strategy Composite Index2			Bloomberg Global Aggregate Bond Index2			MSCI ACWI Index2
Class A		-17.89	%		-17.96	%		-9.06	%		-20.18	%
Class C		-18.17			-17.96			-9.06			-20.18
Institutional		-17.70			-17.96			-9.06			-20.18
Service		-17.94			-17.96			-9.06			-20.18
Investor		-17.78			-17.96			-9.06			-20.18
Class R6		-17.74			-17.96			-9.06			-20.18
Class R		-17.99			-17.96			-9.06			-20.18
Class P		-17.74			-17.96			-9.06			-20.18

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Growth Strategy Composite Index (“Growth Composite”) is a composite representation prepared by the Investment Advisor of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Growth Composite is comprised of a blend of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (“Bloomberg Global Index”) (20%) and the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”) (80%). The Growth Strategy Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg Global Index is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

9

FUND BASICS

³  Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2022. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations.

10

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

11

FUND BASICS

Satellite Strategies

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Portfolio Total Return (based on NAV)1			Satellite Strategies Composite Index2			Bloomberg U.S. Aggregate Bond Index2			MSCI® EAFE® Net Total Return Index2			S&P 500® Index2
Class A		-14.80	%		-16.00	%		-10.35	%		-19.57	%		-19.96	%
Class C		-15.04			-16.00			-10.35			-19.57			-19.96
Institutional		-14.58			-16.00			-10.35			-19.57			-19.96
Service		-14.75			-16.00			-10.35			-19.57			-19.96
Investor		-14.63			-16.00			-10.35			-19.57			-19.96
Class R6		-14.56			-16.00			-10.35			-19.57			-19.96
Class R		-14.95			-16.00			-10.35			-19.57			-19.96
Class P		-14.56			-16.00			-10.35			-19.57			-19.96

¹  The net asset value (“NAV”) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance reflects the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

²  The Satellite Strategies Composite Index (“Satellite Composite”) is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Satellite Composite is comprised of the Bloomberg U.S. Aggregate Bond Index (40%), the S&P 500^® Index (30%), and the MSCI^® EAFE^® Net Total Return Index (30%). The Satellite Composite figures do not reflect any deduction for fees, expenses or taxes. The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The unmanaged MSCI^® EAFE^® Index is a market capitalization weighted composite of securities in 21 developed markets. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.gsamfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

12

FUND BASICS

TARGET RISK-CONTRIBUTION INVESTMENT PORTFOLIO³ AS OF 6/30/22

Percentage of Investment Portfolio

³  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the allocations as of June 30, 2022. Actual underlying fund weighting in the Portfolio may differ from the figures shown above due to rounding, differences in returns of the underlying funds, or both. The above figures are not indicative of future allocations. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

13

FUND BASICS

OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

14

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds – 88.0%
Dynamic(a) – 3.9%
	1,647,985	Goldman Sachs Managed Futures Strategy Fund – Class R6	$	20,154,860
Equity – 17.3%
	2,928,169	Goldman Sachs International Equity Insights Fund – Class R6(a)		34,201,010
	2,443,647	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6(a)		19,817,981
	827,511	Goldman Sachs Global Infrastructure Fund – Class R6(a)		10,443,185
	642,344	Goldman Sachs International Small Cap Insights Fund – Class R6(a)		6,995,128
	263,811	Goldman Sachs Large Cap Value Insights Fund – Class R6(a)		5,394,936
	531,154	Goldman Sachs Global Real Estate Securities Fund – Class R6(a)		5,215,936
	518,126	Goldman Sachs Energy Infrastructure Fund –Class R6(a)		5,170,896
	71,776	Goldman Sachs Small Cap Equity Insights Fund – Class R6(a)		1,546,055
				88,785,127
Exchange Traded Funds – 28.5%
	8,835	Energy Select Sector SPDR Fund		631,791
	938,094	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)		70,300,764
	1,139,178	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)		52,459,147
	444,738	Goldman Sachs ActiveBeta International Equity ETF(a)		12,350,374
	167,262	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)		4,976,045
	109,928	Goldman Sachs MarketBeta International Equity ETF(a)		4,929,083
	58,442	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)		2,434,109
	7,372	Health Care Select Sector SPDR Fund		945,385
				149,026,698
Fixed Income(a) – 38.3%
	13,090,817	Goldman Sachs Global Core Fixed Income Fund – Class R6		147,533,506
	2,570,012	Goldman Sachs Short Duration Bond Fund – Class R6		24,235,209
	1,591,913	Goldman Sachs Core Fixed Income Fund – Class R6		15,155,015
	875,925	Goldman Sachs Emerging Markets Debt Fund – Class R6		8,014,714
	497,449	Goldman Sachs High Yield Floating Rate Fund – Class R6		4,312,881
				199,251,325
	TOTAL UNDERLYING FUNDS – 88.0% (Cost $485,995,700)		$	457,218,010
Shares		Distribution Rate	Value
Investment Company(a) – 9.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,447,669	1.367%	$	50,447,669
(Cost $50,447,669)
	TOTAL INVESTMENTS – 97.7% (Cost $536,443,369)		$	507,665,679
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%			11,818,414
	NET ASSETS – 100.0%		$	519,484,093

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.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
SPDR	—Standard & Poor’s Depository Receipt

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	6,103,522	GBP	4,890,000		09/21/22	$	141,358
	USD	1,580,470	SEK	15,525,000		09/21/22		57,483
	USD	8,901,572	JPY	1,151,000,000		09/21/22		368,175
	USD	13,784,073	EUR	12,880,000		09/21/22		205,980
	USD	3,025,660	AUD	4,220,000		09/21/22		110,786
	USD	279,859	NOK	2,650,000		09/21/22		10,317
	USD	83,904	NZD	130,000		09/21/22		2,790
	USD	1,037,049	DKK	7,210,000		09/21/22		14,977
	USD	466,581	SGD	640,000		09/21/22		5,664
	USD	1,175,692	HKD	9,200,000		09/21/22		487
	USD	193,244	ILS	640,000		09/21/22		8,914
TOTAL							$	926,931

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	4,279,008	CHF	4,100,000		09/21/22	$	(41,569	)

FUTURES CONTRACTS — At June 30, 2022, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		15		09/30/22	$	3,150,234	$	(18,094	)
Euro Stoxx 50 Index		187		09/16/22		781,907		(14,102	)
S&P 500 E-Mini Index		167		09/16/22		31,642,325		(1,338,930	)
TOTAL FUTURES CONTRACTS							$	(1,371,126	)

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$95.875		03/13/2023		44	$	110,000	$	88,000	$	131,477	$	(43,477	)
Eurodollar Futures	95.875		06/19/2023		71		177,500		181,050		202,577		(21,527	)
Eurodollar Futures	95.875		09/18/2023		66		165,000		200,888		200,078		810
Eurodollar Futures	97.250		12/18/2023		102		255,000		144,712		133,561		11,151
Eurodollar Futures	97.500		03/18/2024		262		655,000		355,337		362,795		(7,458	)
Eurodollar Futures	97.500		06/17/2024		231		577,500		358,050		349,111		8,939
Eurodollar Futures	97.750		03/13/2023		172		430,000		43,000		620,238		(577,238	)
Eurodollar Futures	97.750		06/19/2023		96		240,000		46,200		391,501		(345,301	)
Eurodollar Futures	98.000		12/19/2022		46		115,000		4,025		114,532		(110,507	)
Eurodollar Futures	98.250		09/19/2022		48		120,000		1,200		114,712		(113,512	)
Eurodollar Futures	98.750		12/19/2022		128		320,000		5,600		118,697		(113,097	)
Eurodollar Futures	99.000		09/19/2022		132		330,000		1,650		100,956		(99,306	)
Eurodollar Futures	99.000		12/19/2022		384		960,000		12,000		546,824		(534,824	)
TOTAL					1,782	$	4,455,000	$	1,441,712	$	3,387,059	$	(1,945,347	)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
SPX Index	BofA Securities LLC	$	4,063.050		07/15/2022		211		$	85,730,355		$	890		$	30,786		$	(29,896	)
Written option contracts
Puts
SPX Index	BofA Securities LLC	$	3,656.745		01/20/2023		(211	)	$	(77,157,320	)	$	(45,696	)	$	(35,758	)	$	(9,938	)
SPX Index	Barclays Bank PLC		3,800.000		08/19/2022		(208	)		(79,040,000	)		(30,701	)		(35,426	)		4,725
SPX Index	Citibank NA		3,877.570		12/30/2022		(415	)		(160,919,155	)		(122,051	)		(74,451	)		(47,600	)
SPX Index	Citibank NA		4,119.400		12/30/2022		(415	)		(170,955,100	)		(175,782	)		(96,492	)		(79,290	)
XLV Index	Citibank NA		127.250		12/30/2022		(7,213	)		(91,785,425	)		(49,067	)		(59,147	)		10,080
SPX Index	MS & Co. Int. PLC		3,998.210		12/30/2022		(221	)		(88,360,441	)		(78,187	)		(65,557	)		(12,630	)
Total written option contracts							(8,683	)	$	(668,217,441	)	$	(501,484	)	$	(366,831	)	$	(134,653	)
TOTAL							(8,472	)	$	(582,487,086	)	$	(500,594	)	$	(336,045	)	$	(164,549	)

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		344,000		$	344,000		$	42,496		$	19,475		$	23,021
Written option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		(344,000	)	$	(344,000	)	$	(42,496	)	$	(16,700	)	$	(25,796	)
TOTAL							—		$	—		$	—		$	2,775		$	(2,775	)

Abbreviations:

BofA Securities LLC—Bank of America Securities LLC

MS & Co. Int. PLC—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds – 89.1%
Dynamic(a) – 3.6%
	2,383,714	Goldman Sachs Managed Futures Strategy Fund – Class R6	$	29,152,825
Equity – 23.8%
	7,055,993	Goldman Sachs International Equity Insights Fund – Class R6(a)		82,413,999
	5,400,657	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6(a)		43,799,331
	1,560,808	Goldman Sachs International Small Cap Insights Fund – Class R6(a)		16,997,204
	1,301,967	Goldman Sachs Global Infrastructure Fund – Class R6(a)		16,430,823
	603,643	Goldman Sachs Large Cap Value Insights Fund – Class R6(a)		12,344,507
	1,091,443	Goldman Sachs Energy Infrastructure Fund –Class R6(a)		10,892,605
	837,135	Goldman Sachs Global Real Estate Securities Fund – Class R6(a)		8,220,671
	164,235	Goldman Sachs Small Cap Equity Insights Fund – Class R6(a)		3,537,622
				194,636,762
Exchange Traded Funds – 42.1%
	11,302	Energy Select Sector SPDR Fund		808,206
	2,764,663	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)		207,183,845
	1,763,455	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)		81,207,103
	1,017,634	Goldman Sachs ActiveBeta International Equity ETF(a)		28,259,696
	382,723	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)		11,386,009
	133,725	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)		5,569,646
	251,534	Goldman Sachs MarketBeta International Equity ETF(a)		11,278,584
	9,851	Health Care Select Sector SPDR Fund		1,263,292
				346,956,381
Fixed Income(a) – 19.6%
	8,869,070	Goldman Sachs Global Core Fixed Income Fund – Class R6		99,954,415
	4,189,458	Goldman Sachs Short Duration Bond Fund – Class R6		39,506,590
	1,623,643	Goldman Sachs Emerging Markets Debt Fund – Class R6		14,856,331
	784,565	Goldman Sachs High Yield Floating Rate Fund – Class R6		6,802,181
				161,119,517
	TOTAL UNDERLYING FUNDS — 89.1%
	(Cost $734,158,042)		$	731,865,485
Shares		Dividend Rate	Value
Investment Company(a) – 7.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	61,727,094	1.367%	$	61,727,094
	(Cost $61,727,094)
	TOTAL INVESTMENTS – 96.6%
	(Cost $795,885,136)		$	793,592,579
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.4%			28,291,775
	NET ASSETS – 100.0%		$	821,884,354

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.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
SPDR	—Standard & Poor’s Depository Receipt

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC		USD	2,573,036		SEK	25,275,000		09/21/22	$	93,584
		USD	9,947,867		GBP	7,970,000		09/21/22		230,393
		USD	14,500,824		JPY	1,875,000,000		09/21/22		599,764
		USD	22,474,032		EUR	21,000,000		09/21/22		335,837
		USD	4,939,999		AUD	6,890,000		09/21/22		180,880
		USD	141,991		NZD	220,000		09/21/22		4,721
		USD	454,111		NOK	4,300,000		09/21/22		16,741
		USD	1,691,461		DKK	11,760,000		09/21/22		24,392
		USD	758,195		SGD	1,040,000		09/21/22		9,204
		USD	314,022		ILS	1,040,000		09/21/22		14,486
		USD	1,915,612		HKD	14,990,000		09/21/22		794
TOTAL									$	1,510,796

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	6,961,215	CHF	6,670,000		09/21/22	$	(67,626	)

FUTURES CONTRACTS — At June 30, 2022, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		19	09/30/22	$	3,990,297	$	(22,971	)
S&P 500 E-Mini Index		320	09/16/22		60,632,000		(2,553,107	)
Euro Stoxx 50 Index		243	09/16/22		1,016,061		(18,325	)
TOTAL FUTURES CONTRACTS						$	(2,594,403	)

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$95.875		06/19/2023		130	$	325,000	$	331,500	$	370,477	$	(38,977	)
Eurodollar Futures	95.875		09/18/2023		122		305,000		371,337		369,508		1,829
Eurodollar Futures	95.875		03/13/2023		81		202,500		162,000		241,763		(79,763	)
Eurodollar Futures	97.250		12/18/2023		187		467,500		265,306		244,659		20,647
Eurodollar Futures	97.500		06/17/2024		422		1,055,000		654,100		638,517		15,583
Eurodollar Futures	97.500		03/18/2024		478		1,195,000		648,287		662,621		(14,334	)
Eurodollar Futures	97.750		06/19/2023		161		402,500		77,482		656,580		(579,098	)
Eurodollar Futures	97.750		03/13/2023		285		712,500		71,250		1,030,250		(959,000	)
Eurodollar Futures	98.000		12/19/2022		76		190,000		6,650		189,226		(182,576	)
Eurodollar Futures	98.250		09/19/2022		78		195,000		1,950		186,406		(184,456	)
Eurodollar Futures	98.750		12/19/2022		209		522,500		9,144		193,810		(184,666	)
Eurodollar Futures	99.000		12/19/2022		698		1,745,000		21,813		993,966		(972,153	)
Eurodollar Futures	99.000		09/19/2022		216		540,000		2,700		165,201		(162,501	)
TOTAL					3,143	$	7,857,500	$	2,623,519	$	5,942,984	$	(3,319,465	)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
SPX Index	Bank of America NA	$	4,063.050		07/15/2022		276		$	276		$	1,165		$	40,270		$	(39,105	)
Written option contracts
Puts
XLV Index	Citibank NA	$	127.250		12/30/2022		(9,490	)	$	(9,490	)	$	(64,557	)	$	(77,818	)	$	13,261
SPX Index	MS & Co. Int. PLC		3,998.210		12/30/2022		(288	)		(288	)		(101,890	)		(85,432	)		(16,458	)
SPX Index	Citibank NA		4,119.400		12/30/2022		(546	)		(546	)		(231,271	)		(126,951	)		(104,320	)
SPX Index	Citibank NA		3,877.570		12/30/2022		(546	)		(546	)		(160,577	)		(97,952	)		(62,625	)
SPX Index	Barclays Bank PLC		3,800.000		08/19/2022		(272	)		(272	)		(40,148	)		(46,327	)		6,179
SPX Index	Bank of America NA		3,656.745		01/20/2023		(276	)		(276	)		(59,773	)		(46,774	)		(12,999	)
Total written option contracts							(11,418	)	$	(11,418	)	$	(658,216	)	$	(481,254	)	$	(176,962	)
TOTAL							(11,142	)	$	(11,142	)	$	(657,052	)	$	(440,984	)	$	(216,067	)

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		459,000		$	459,000		$	56,703		$	25,986		$	30,717
Written option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		(459,000	)	$	(459,000	)	$	(56,703	)	$	(22,283	)	$	(34,420	)
TOTAL							—		$	—		$	—		$	3,703		$	(3,703	)

Abbreviation:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds – 85.7%
Dynamic(a) – 2.1%
	1,353,981	Goldman Sachs Managed Futures Strategy Fund – Class R6	$	16,559,191
Equity – 32.4%
	9,581,856	Goldman Sachs International Equity Insights Fund – Class R6(a)		111,916,081
	7,505,681	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6(a)		60,871,071
	2,854,708	Goldman Sachs International Small Cap Insights Fund – Class R6(a)		31,087,767
	1,268,163	Goldman Sachs Global Infrastructure Fund – Class R6(a)		16,004,219
	659,341	Goldman Sachs Large Cap Value Insights Fund – Class R6(a)		13,483,527
	1,130,654	Goldman Sachs Energy Infrastructure Fund –Class R6(a)		11,283,922
	809,473	Goldman Sachs Global Real Estate Securities Fund – Class R6(a)		7,949,028
	179,389	Goldman Sachs Small Cap Equity Insights Fund – Class R6(a)		3,864,039
				256,459,654
Exchange Traded Funds – 44.0%
	9,099	Energy Select Sector SPDR Fund		650,670
	3,721,922	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)		278,920,835
	1,111,530	Goldman Sachs ActiveBeta International Equity ETF(a)		30,867,188
	418,037	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)		12,436,601
	274,742	Goldman Sachs MarketBeta International Equity ETF(a)		12,319,211
	171,088	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)		7,878,602
	146,063	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)		6,083,524
	6,405	Health Care Select Sector SPDR Fund		821,377
				349,978,008
Fixed Income(a) – 7.2%
	3,964,588	Goldman Sachs Short Duration Bond Fund – Class R6		37,386,066
	1,852,890	Goldman Sachs Emerging Markets Debt Fund – Class R6		16,953,946
	283,767	Goldman Sachs High Yield Floating Rate Fund – Class R6		2,460,257
				56,800,269
	TOTAL UNDERLYING FUNDS — 85.7%
	(Cost $663,972,936)		$	679,797,122
Shares		Dividend Rate	Value
Investment Company(a) – 8.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	69,053,973	1.367%	$	69,053,973
	(Cost $69,053,973)
	TOTAL INVESTMENTS – 94.4%
	(Cost $733,026,909)		$	748,851,095
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.6%			44,671,583
	NET ASSETS – 100.0%		$	793,522,678

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.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
SPDR	—Standard & Poor’s Depository Receipt

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley & Co.	USD	2,427,968	SEK	23,850,000		09/21/22	$	88,309
	USD	9,386,193	GBP	7,520,000		09/21/22		217,385
	USD	13,681,044	JPY	1,769,000,000		09/21/22		565,857
	USD	21,200,504	EUR	19,810,000		09/21/22		316,806
	USD	4,653,207	AUD	6,490,000		09/21/22		170,379
	USD	427,710	NOK	4,050,000		09/21/22		15,767
	USD	129,083	NZD	200,000		09/21/22		4,292
	USD	1,595,094	DKK	11,090,000		09/21/22		23,002
	USD	714,453	SGD	980,000		09/21/22		8,673
	USD	1,806,988	HKD	14,140,000		09/21/22		749
	USD	289,867	ILS	960,000		09/21/22		13,371
TOTAL							$	1,424,590

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley & Co.	USD	6,575,061	CHF	6,300,000		09/21/22	$	(63,874	)

FUTURES CONTRACTS — At June 30, 2022, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx 50 Index		167		09/16/22	$	698,280	$	(12,593	)
S&P 500 E-Mini Index		349		09/16/22		66,126,775		(2,796,239	)
2 Year U.S. Treasury Notes		14		09/30/22		2,940,219		(16,900	)
10 Year U.S. Treasury Notes		156		09/21/22		18,490,875		31,746
TOTAL FUTURES CONTRACTS							$	(2,793,986	)

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$95.875		03/13/2023		94	$	235,000	$	188,000	$	275,943	$	(87,943	)
Eurodollar Futures	95.875		06/19/2023		149		372,500		379,950		421,483		(41,533	)
Eurodollar Futures	95.875		09/18/2023		140		350,000		426,125		421,375		4,750
Eurodollar Futures	97.250		12/18/2023		215		537,500		305,031		280,031		25,000
Eurodollar Futures	97.500		03/18/2024		551		1,377,500		747,294		758,841		(11,547	)
Eurodollar Futures	97.500		06/17/2024		487		1,217,500		754,850		732,705		22,145
Eurodollar Futures	97.750		03/13/2023		310		775,000		77,500		1,102,302		(1,024,802	)
Eurodollar Futures	97.750		06/19/2023		163		407,500		78,444		664,736		(586,292	)
Eurodollar Futures	98.000		12/19/2022		88		220,000		7,700		219,104		(211,404	)
Eurodollar Futures	98.250		09/19/2022		91		227,500		2,275		217,474		(215,199	)
Eurodollar Futures	98.750		12/19/2022		243		607,500		10,631		225,339		(214,708	)
Eurodollar Futures	99.000		09/19/2022		251		627,500		3,138		191,970		(188,832	)
Eurodollar Futures	99.000		12/19/2022		741		1,852,500		23,156		1,055,199		(1,032,043	)
TOTAL					3,523	$	8,807,500	$	3,004,094	$	6,566,502	$	(3,562,408	)

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
SPX Index		$	4,063.050		07/15/2022		195		$	195		$	822		$	28,451		$	(27,629	)
Written option contracts
Puts
SPX Index	Bank of America NA		3,656.745		01/20/2023		(195	)	$	(195	)	$	(42,231	)	$	(33,047	)	$	(9,184	)
SPX Index	Barclays Bank PLC		3,800.000		08/19/2022		(191	)		(191	)		(28,192	)		(32,531	)		4,339
SPX Index	Citibank NA		3,877.570		12/30/2022		(384	)		(384	)		(112,933	)		(68,889	)		(44,044	)
SPX Index	Citibank NA		4,119.400		12/30/2022		(384	)		(384	)		(162,652	)		(89,284	)		(73,368	)
XLV Index	Citibank NA		127.250		12/30/2022		(6,685	)		(6,685	)		(45,476	)		(54,817	)		9,341
SPX Index	MS & Co. Int. PLC		3,998.210		12/30/2022		(201	)		(201	)		(71,111	)		(59,625	)		(11,486	)
Total written option contracts							(8,040	)	$	(8,040	)	$	(462,595	)	$	(338,193	)	$	(124,402	)
TOTAL							(7,845	)	$	(7,845	)	$	(461,773	)	$	(309,742	)	$	(152,031	)

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		318,000		$	318,000		$	39,284		$	18,003		$	21,281
Written option contracts
Puts
Put EUR/Call USD	MS & Co. Int. PLC	$	1.192		03/07/2023		(318,000	)	$	(318,000	)	$	(39,284	)	$	(15,437	)	$	(23,847	)
TOTAL							—		$	—		$	—		$	2,566		$	(2,566	)

Abbreviation:

MS & Co. Int. PLC—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 96.1%
Equity – 61.1%
	1,929,632	Goldman Sachs International Small Cap Insights Fund – Class R6	$	21,013,690
	1,580,777	Goldman Sachs Global Infrastructure Fund – Class R6		19,949,411
	600,298	Goldman Sachs Global Real Estate Securities Fund – Class R6		5,894,928
	697,714	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		5,658,462
	234,265	Goldman Sachs Emerging Markets Equity Fund – Class R6		5,121,037
	117,908	Goldman Sachs MLP Energy Infrastructure Fund – Class R6		3,007,825
				60,645,353
Exchange Traded Funds – 3.2%
	105,925	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3,151,269
Fixed Income – 31.8%
	1,318,210	Goldman Sachs Emerging Markets Debt Fund – Class R6		12,061,624
	902,122	Goldman Sachs Inflation Protected Securities Fund – Class R6		9,309,899
	943,849	Goldman Sachs High Yield Fund – Class R6		5,002,400
	480,798	Goldman Sachs High Yield Floating Rate Fund – Class R6		4,168,517
	225,052	Goldman Sachs Local Emerging Markets Debt Fund – Class R6		1,023,985
				31,566,425
	TOTAL UNDERLYING FUNDS – 96.1%
	(Cost $85,657,303)		$	95,363,047
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.9%			3,821,068
	NET ASSETS – 100.0%		$	99,184,115

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.

Investment Abbreviation:
ETF	—Exchange Traded Fund

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Assets:
Investments of affiliated issuers, at value (cost $534,896,581 and $793,850,849, respectively)	$	506,088,503		$	791,521,081
Investments of unaffiliated issuers, at value (cost $1,546,788 and $2,034,287 respectively)		1,577,176			2,071,498
Purchased options, at value (premium paid $3,437,320 and $6,009,240, respectively)		1,485,098			2,681,387
Cash		8,429,582			14,152,780
Foreign currencies, at value (cost $3,633 and $24,268, respectively)		25,621			42,694
Unrealized gain on forward foreign currency exchange contracts		926,931			1,510,796
Receivables:
Investments sold		10,211,881			31,571,756
Collateral on certain derivative contracts(a)		1,370,542			2,923,789
Portfolio shares sold		1,033,349			149,247
Dividends		675,918			926,294
Reimbursement from investment adviser		29,051			31,337
Due from broker		19,980			26,640
Other assets		70,135			72,583
Total assets		531,943,767			847,681,882
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		41,569			67,626
Variation margin on futures contracts		138,532			269,268
Written option contracts, at value (premium received $383,531 and $503,537, respectively)		543,980			714,919
Payables:
Investments purchased		9,655,167			16,892,231
Portfolio shares redeemed		1,857,607			7,527,282
Management fees		65,346			107,163
Distribution and Service fees and Transfer Agency fees		56,970			112,548
Accrued expenses		100,503			106,491
Total liabilities		12,459,674			25,797,528
Net Assets:
Paid-in capital		543,875,746			812,406,443
Total distributable earnings (loss)		(24,391,653	)		9,477,911
NET ASSETS	$	519,484,093		$	821,884,354
Net Assets:
Class A	$	95,125,661		$	239,779,560
Class C		4,876,435			7,833,743
Institutional		354,282,622			340,902,599
Service		334,538			2,118,669
Investor		3,194,745			7,389,501
Class R6		1,528,696			1,442,764
Class R		9,471,726			4,877,918
Class P		50,669,670			217,539,600
Total Net Assets	$	519,484,093		$	821,884,354
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,612,107			17,497,552
Class C		441,175			588,846
Institutional		32,083,331			24,795,602
Service		29,881			155,033
Investor		290,598			542,260
Class R6		138,370			104,968
Class R		861,611			359,271
Class P		4,586,990			15,832,552
Net asset value, offering and redemption price per share:(b)
Class A		$11.05			$13.70
Class C		11.05			13.30
Institutional		11.04			13.75
Service		11.20			13.67
Investor		10.99			13.63
Class R6		11.05			13.74
Class R		10.99			13.58
Class P		11.05			13.74

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Futures		Options		Forward Foreign Currency
Balanced Strategy	$	1,370,538	$	4	$	—
Growth and Income Strategy		2,603,780		9		320,000

(b) Maximum public offering price per share for Class A Shares of the Balanced Strategy and Growth and Income Strategy Portfolios is $11.69 and $14.50, 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.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Assets and Liabilities (continued)

June 30, 2022 (Unaudited)

	Growth Strategy Portfolio		Satellite Strategies Portfolio
Assets:
Investments of affiliated issuers, at value (cost $731,590,851 and $85,657,303, respectively)	$	747,379,048	$	95,363,047
Investments of unaffiliated issuers, at value (cost $1,436,058 and $0 respectively)		1,472,047		—
Purchased options, at value (premium paid $6,612,956 and $—, respectively)		3,044,200		—
Cash		14,063,322		679,300
Foreign currencies, at value (cost $40,715 and $—, respectively)		53,715		—
Unrealized gain on forward foreign currency exchange contracts		1,424,590		—
Receivables:
Investments sold		24,727,888		6,700,000
Collateral on certain derivative contracts(a)		3,007,071		—
Dividends		781,934		489,320
Portfolio shares sold		388,474		3,750
Reimbursement from investment adviser		34,293		26,369
Due from broker		18,443		—
Other assets		74,168		69,801
Total assets		796,469,193		103,331,587
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		63,874		—
Variation margin on futures contracts		547,526		—
Written option contracts, at value (premium received $353,630 and $0, respectively)		501,879		—
Payables:
Investments purchased		749,203		3,985,368
Portfolio shares redeemed		718,386		24,017
Management fees		100,950		10,545
Distribution and Service fees and Transfer Agency fees		139,604		17,883
Accrued expenses		125,093		109,659
Total liabilities		2,946,515		4,147,472
Net Assets:
Paid-in capital		753,438,864		111,299,488
Total distributable earnings (loss)		40,083,814		(12,115,373	)
NET ASSETS	$	793,522,678	$	99,184,115
Net Assets:
Class A	$	305,392,710	$	36,595,619
Class C		14,307,906		1,459,891
Institutional		204,809,227		45,408,522
Service		1,991,751		117,767
Investor		17,900,552		11,900,346
Class R6		7,451,891		1,865,335
Class R		5,753,168		457,425
Class P		235,915,473		1,379,210
Total Net Assets	$	793,522,678	$	99,184,115
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		18,951,716		4,848,190
Class C		870,372		193,250
Institutional		12,692,967		6,033,875
Service		124,082		15,610
Investor		1,128,407		1,581,340
Class R6		461,802		247,494
Class R		368,991		60,799
Class P		14,613,990		182,928
Net asset value, offering and redemption price per share:(b)
Class A		$16.11		$7.55
Class C		16.44		7.55
Institutional		16.14		7.53
Service		16.05		7.54
Investor		15.86		7.53
Class R6		16.14		7.54
Class R		15.59		7.52
Class P		16.14		7.54

(a) Segregated for initial margin and/or collateral on transactions as follows:

Portfolio	Futures		Options
Growth Strategy	$	3,007,068	$	3

(b) Maximum public offering price per share for Class A Shares of the Growth Strategy and Satellite Strategies Portfolios is $17.05 and $7.99, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	Balanced Strategy Portfolio			Growth and Income Strategy Portfolio
Investment income:
Dividends — affiliated issuers	$	4,296,606		$	6,889,223
Dividends — unaffiliated issuers		16,876			20,910
Interest		567			946
Total investment income		4,314,049			6,911,079
Expenses:
Management fees		424,943			700,639
Transfer Agency fees(a)		185,543			348,246
Distribution and Service (12b-1) fees(a)		178,012			382,883
Registration fees		56,668			59,025
Professional fees		45,109			45,109
Custody, accounting and administrative services		29,572			30,834
Printing and mailing costs		29,479			43,818
Trustee fees		10,802			11,105
Service fees — Class C		7,414			11,197
Shareholder Administration fees — Service Shares		448			2,913
Other		8,624			10,376
Total expenses		976,614			1,646,145
Less — expense reductions		(168,556	)		(180,967	)
Net expenses		808,058			1,465,178
NET INVESTMENT INCOME		3,505,991			5,445,901
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — affiliated issuers		7,019,994			18,206,976
Purchased options		(42,771	)		(86,262	)
Futures contracts		(8,464,619	)		(15,178,393	)
Written options		(11,336	)		(15,069	)
Forward foreign currency exchange contracts		3,335,933			5,417,180
Foreign currency transactions		(2,265	)		(3,631	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		30,388			37,211
Investments — affiliated issuers		(83,735,918	)		(168,429,073	)
Purchased options		(1,327,220	)		(2,233,459	)
Futures contracts		(2,192,811	)		(3,728,938	)
Written options		(160,449	)		(211,382	)
Forward foreign currency exchange contracts		912,258			1,490,566
Foreign currency translation		15,131			17,725
Net realized and unrealized loss		(84,623,685	)		(164,716,549	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(81,117,694	)	$	(159,270,648	)

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency Fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Portfolio	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Balanced Strategy	$	129,862	$	22,242	$	448	$	25,460	$	83,112	$	4,745	$	77,828	$	72	$	3,786	$	117	$	8,147	$	7,736
Growth and Income Strategy		333,316		33,592		2,913		13,062		213,322		7,166		80,811		466		6,470		210		4,180		35,621

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended June 30, 2022 (Unaudited)

	Growth Strategy Portfolio			Satellite Strategies Portfolio
Investment income:
Dividends — affiliated issuers	$	5,807,120		$	1,369,664
Dividends — unaffiliated issuers		14,466			—
Interest		937			—
Total investment income		5,822,523			1,369,664
Expenses:
Management fees		659,225			70,573
Distribution and Service (12b-1) fees(a)		513,512			60,021
Transfer Agency fees(a)		394,153			57,023
Registration fees		60,736			62,028
Printing and mailing costs		59,877			26,510
Professional fees		45,109			40,063
Custody, accounting and administrative services		28,677			27,404
Service fees — Class C		21,050			2,278
Trustee fees		11,060			10,483
Shareholder Administration fees — Service Shares		2,676			161
Other		7,813			4,229
Total expenses		1,803,888			360,773
Less — expense reductions		(195,145	)		(165,024	)
Net expenses		1,608,743			195,749
NET INVESTMENT INCOME		4,213,780			1,173,915
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — affiliated issuers		28,027,002			502,948
Purchased options		(134,738	)		—
Futures contracts		(15,654,033	)		—
Written options		(10,885	)		—
Forward foreign currency exchange contracts		5,150,368			—
Foreign currency transactions		(4,556	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		35,989			—
Investments — affiliated issuers		(188,518,647	)		(19,460,572	)
Purchased options		(2,431,507	)		—
Futures contracts		(4,056,722	)		—
Written options		(148,249	)		—
Forward foreign currency exchange contracts		1,382,323			—
Foreign currency translation		12,226			—
Net realized and unrealized loss		(176,351,429	)		(18,957,624	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(172,137,649	)	$	(17,783,709	)

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency Fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Portfolio	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Growth Strategy	$	430,664	$	63,151	$	2,676	$	17,021	$	275,625	$	13,472	$	45,425	$	428	$	14,188	$	978	$	5,447	$	38,590
Satellite Strategies		51,762		6,835		161		1,263		33,128		1,458		10,601		26		10,908		209		404		289

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets

	Balanced Strategy Portfolio						Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	3,505,991		$	12,086,938		$	5,445,901		$	23,868,406
Net realized gain		1,834,936			25,439,871			8,340,801			46,314,054
Net change in unrealized gain (loss)		(86,458,621	)		5,335,865			(173,057,350	)		42,878,340
Net increase (decrease) in net assets resulting from operations		(81,117,694	)		42,862,674			(159,270,648	)		113,060,800
Distributions to shareholders:
From distributable earnings:
Class A Shares		(508,679	)		(6,582,745	)		(1,251,069	)		(18,566,465	)
Class C Shares		(7,578	)		(355,961	)		(12,767	)		(600,680	)
Institutional Shares		(2,579,961	)		(24,534,890	)		(2,593,427	)		(27,429,776	)
Service Shares		(1,530	)		(22,403	)		(9,512	)		(169,209	)
Investor Shares		(27,223	)		(339,317	)		(48,476	)		(578,890	)
Class R6 Shares		(5,319	)		(56,227	)		(10,449	)		(193,783	)
Class R Shares		(39,398	)		(599,135	)		(19,572	)		(335,400	)
Class P Shares		(355,892	)		(3,256,498	)		(1,564,814	)		(17,029,160	)
Total distributions to shareholders		(3,525,580	)		(35,747,176	)		(5,510,086	)		(64,903,363	)
From share transactions:
Proceeds from sales of shares		66,845,701			155,504,123			43,407,760			156,183,201
Reinvestment of distributions		3,492,668			35,275,963			5,370,981			63,389,324
Cost of shares redeemed		(83,332,717	)		(149,789,884	)		(91,745,365	)		(159,209,541	)
Net increase (decrease) in net assets resulting from share transactions		(12,994,348	)		40,990,202			(42,966,624	)		60,362,984
TOTAL INCREASE (DECREASE)		(97,637,622	)		48,105,700			(207,747,358	)		108,520,421
Net assets:
Beginning of period		617,121,715			569,016,015			1,029,631,712			921,111,291
End of period	$	519,484,093		$	617,121,715		$	821,884,354		$	1,029,631,712

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statements of Changes in Net Assets (continued)

	Growth Strategy Portfolio						Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	4,213,780		$	23,493,518		$	1,173,915		$	3,553,107
Net realized gain		17,373,158			41,643,717			502,948			10,972,061
Net change in unrealized gain (loss)		(193,724,587	)		69,211,617			(19,460,572	)		(2,665,088	)
Net increase (decrease) in net assets resulting from operations		(172,137,649	)		134,348,852			(17,783,709	)		11,860,080
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(23,014,339	)		(384,698	)		(1,393,385	)
Class C Shares		—			(973,896	)		(8,986	)		(48,742	)
Institutional Shares		—			(15,126,286	)		(578,338	)		(2,042,049	)
Service Shares		—			(144,077	)		(1,150	)		(3,921	)
Investor Shares		—			(871,358	)		(142,232	)		(511,388	)
Class R6 Shares		—			(422,854	)		(23,072	)		(27,412	)
Class R Shares		—			(459,935	)		(4,189	)		(15,569	)
Class P Shares		—			(17,316,359	)		(17,462	)		(102,003	)
Return of capital:
Class A Shares		—			—			—			(199,842	)
Class C Shares		—			—			—			(6,991	)
Institutional Shares		—			—			—			(292,874	)
Service Shares		—			—			—			(563	)
Investor Shares		—			—			—			(73,344	)
Class R6 Shares		—			—			—			(3,931	)
Class R Shares		—			—			—			(2,233	)
Class P Shares		—			—			—			(14,629	)
Total distributions to shareholders		—			(58,329,104	)		(1,160,127	)		(4,738,876	)
From share transactions:
Proceeds from sales of shares		69,585,535			198,331,238			4,691,809			12,397,265
Reinvestment of distributions		—			56,415,779			1,062,619			4,335,872
Cost of shares redeemed		(67,539,788	)		(142,327,398	)		(14,629,595	)		(72,120,868	)
Net increase (decrease) in net assets resulting from share transactions		2,045,747			112,419,619			(8,875,167	)		(55,387,731	)
TOTAL INCREASE (DECREASE)		(170,091,902	)		188,439,367			(27,819,003	)		(48,266,527	)
Net assets:
Beginning of period		963,614,580			775,175,213			127,003,118			175,269,645
End of period	$	793,522,678		$	963,614,580		$	99,184,115		$	127,003,118

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.82		$	12.64		$	11.64		$	10.32		$	11.55		$	10.82
Net investment income(a)(b)		0.06			0.24			0.20			0.20			0.16			0.16
Net realized and unrealized gain (loss)		(1.77	)		0.71			1.04			1.37			(0.95	)		1.05
Total from investment operations		(1.71	)		0.95			1.24			1.57			(0.79	)		1.21
Distributions to shareholders from net investment income		(0.06	)		(0.34	)		(0.24	)		(0.25	)		(0.24	)		(0.27	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.06	)		(0.77	)		(0.24	)		(0.25	)		(0.44	)		(0.48	)
Net asset value, end of period	$	11.05		$	12.82		$	12.64		$	11.64		$	10.32		$	11.55
Total return(c)		(13.36	)%		7.53	%		10.71	%		15.24	%		(6.90	)%		11.19	%
Net assets, end of period (in 000s)	$	95,126		$	113,820		$	110,057		$	106,285		$	106,235		$	119,662
Ratio of net expenses to average net assets(d)		0.56	%(e)		0.56	%		0.57	%		0.58	%		0.59	%		0.62	%
Ratio of total expenses to average net assets(d)		0.62	%(e)		0.61	%		0.64	%		0.67	%		0.63	%		0.68	%
Ratio of net investment income to average net assets(b)		0.96	%(e)		1.84	%		1.71	%		1.76	%		1.46	%		1.40	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.83		$	12.67		$	11.66		$	10.34		$	11.55		$	10.82
Net investment income(a)(b)		0.01			0.12			0.10			0.10			0.05			0.07
Net realized and unrealized gain (loss)		(1.77	)		0.73			1.06			1.38			(0.92	)		1.05
Total from investment operations		(1.76	)		0.85			1.16			1.48			(0.87	)		1.12
Distributions to shareholders from net investment income		(0.02	)		(0.26	)		(0.15	)		(0.16	)		(0.14	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.02	)		(0.69	)		(0.15	)		(0.16	)		(0.34	)		(0.39	)
Net asset value, end of period	$	11.05		$	12.83		$	12.67		$	11.66		$	10.34		$	11.55
Total return(c)		(13.74	)%		6.73	%		9.90	%		14.30	%		(7.58	)%		10.30	%
Net assets, end of period (in 000s)	$	4,876		$	6,678		$	9,575		$	10,978		$	12,807		$	34,542
Ratio of net expenses to average net assets(d)		1.31	%(e)		1.31	%		1.32	%		1.33	%		1.33	%		1.37	%
Ratio of total expenses to average net assets(d)		1.37	%(e)		1.36	%		1.39	%		1.42	%		1.38	%		1.42	%
Ratio of net investment income to average net assets(b)		0.19	%(e)		0.91	%		0.86	%		0.93	%		0.43	%		0.58	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.81		$	12.63		$	11.64		$	10.32		$	11.55		$	10.82
Net investment income(a)(b)		0.08			0.29			0.25			0.25			0.20			0.21
Net realized and unrealized gain (loss)		(1.77	)		0.71			1.02			1.36			(0.95	)		1.04
Total from investment operations		(1.69	)		1.00			1.27			1.61			(0.75	)		1.25
Distributions to shareholders from net investment income		(0.08	)		(0.39	)		(0.28	)		(0.29	)		(0.28	)		(0.31	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.08	)		(0.82	)		(0.28	)		(0.29	)		(0.48	)		(0.52	)
Net asset value, end of period	$	11.04		$	12.81		$	12.63		$	11.64		$	10.32		$	11.55
Total return(c)		(13.21	)%		7.93	%		11.05	%		15.68	%		(6.53	)%		11.63	%
Net assets, end of period (in 000s)	$	354,283		$	426,392		$	388,941		$	351,189		$	292,183		$	353,778
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.19	%		0.20	%		0.20	%		0.22	%
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.25	%		0.26	%		0.28	%		0.24	%		0.28	%
Ratio of net investment income to average net assets(b)		1.33	%(e)		2.23	%		2.12	%		2.19	%		1.76	%		1.85	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.99		$	12.79		$	11.78		$	10.45		$	11.68		$	10.94
Net investment income(a)(b)		0.05			0.22			0.16			0.17			0.15			0.15
Net realized and unrealized gain (loss)		(1.79	)		0.73			1.07			1.39			(0.95	)		1.06
Total from investment operations		(1.74	)		0.95			1.23			1.56			(0.80	)		1.21
Distributions to shareholders from net investment income		(0.05	)		(0.32	)		(0.22	)		(0.23	)		(0.23	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.05	)		(0.75	)		(0.22	)		(0.23	)		(0.43	)		(0.47	)
Net asset value, end of period	$	11.20		$	12.99		$	12.79		$	11.78		$	10.45		$	11.68
Total return(c)		(13.40	)%		7.44	%		10.52	%		14.99	%		(6.93	)%		11.04	%
Net assets, end of period (in 000s)	$	335		$	388		$	421		$	532		$	667		$	833
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.70	%		0.70	%		0.72	%
Ratio of total expenses to average net assets(d)		0.75	%(e)		0.75	%		0.77	%		0.78	%		0.74	%		0.78	%
Ratio of net investment income to average net assets(b)		0.83	%(e)		1.67	%		1.38	%		1.47	%		1.31	%		1.31	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.76		$	12.58		$	11.59		$	10.28		$	11.50		$	10.78
Net investment income(a)(b)		0.07			0.28			0.33			0.23			0.18			0.18
Net realized and unrealized gain (loss)		(1.77	)		0.70			0.93			1.36			(0.93	)		1.05
Total from investment operations		(1.70	)		0.98			1.26			1.59			(0.75	)		1.23
Distributions to shareholders from net investment income		(0.07	)		(0.37	)		(0.27	)		(0.28	)		(0.27	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.07	)		(0.80	)		(0.27	)		(0.28	)		(0.47	)		(0.51	)
Net asset value, end of period	$	10.99		$	12.76		$	12.58		$	11.59		$	10.28		$	11.50
Total return(c)		(13.25	)%		7.75	%		10.97	%		15.49	%		(6.61	)%		11.41	%
Net assets, end of period (in 000s)	$	3,195		$	5,430		$	7,594		$	3,663		$	2,937		$	3,976
Ratio of net expenses to average net assets(d)		0.31	%(e)		0.31	%		0.32	%		0.33	%		0.34	%		0.37	%
Ratio of total expenses to average net assets(d)		0.37	%(e)		0.36	%		0.39	%		0.42	%		0.38	%		0.42	%
Ratio of net investment income to average net assets(b)		1.18	%(e)		2.13	%		2.78	%		2.07	%		1.64	%		1.60	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.82		$	12.63		$	11.64		$	10.32		$	11.55		$	10.83
Net investment income(a)(b)		0.10			0.21			0.23			0.23			0.35			0.54
Net realized and unrealized gain (loss)		(1.79	)		0.79			1.05			1.38			(1.09	)		0.71
Total from investment operations		(1.69	)		1.00			1.28			1.61			(0.74	)		1.25
Distributions to shareholders from net investment income		(0.08	)		(0.38	)		(0.29	)		(0.29	)		(0.29	)		(0.32	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.08	)		(0.81	)		(0.29	)		(0.29	)		(0.49	)		(0.53	)
Net asset value, end of period	$	11.05		$	12.82		$	12.63		$	11.64		$	10.32		$	11.55
Total return(c)		(13.20	)%		8.00	%		11.06	%		15.70	%		(6.52	)%		11.54	%
Net assets, end of period (in 000s)	$	1,529		$	277		$	1,449		$	1,766		$	2,308		$	551
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.19	%		0.31	%
Ratio of total expenses to average net assets(d)		0.25	%(e)		0.24	%		0.26	%		0.27	%		0.24	%		0.39	%
Ratio of net investment income to average net assets(b)		1.71	%(e)		1.64	%		1.89	%		2.04	%		3.10	%		4.64	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.76		$	12.58		$	11.59		$	10.28		$	11.50		$	10.79
Net investment income(a)(b)		0.04			0.22			0.16			0.18			0.14			0.15
Net realized and unrealized gain (loss)		(1.76	)		0.70			1.04			1.35			(0.95	)		1.02
Total from investment operations		(1.72	)		0.92			1.20			1.53			(0.81	)		1.17
Distributions to shareholders from net investment income		(0.05	)		(0.31	)		(0.21	)		(0.22	)		(0.21	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)		(0.21	)
Total distributions		(0.05	)		(0.74	)		(0.21	)		(0.22	)		(0.41	)		(0.46	)
Net asset value, end of period	$	10.99		$	12.76		$	12.58		$	11.59		$	10.28		$	11.50
Total return(c)		(13.53	)%		7.32	%		10.39	%		14.94	%		(7.07	)%		10.81	%
Net assets, end of period (in 000s)	$	9,472		$	10,837		$	9,435		$	10,241		$	8,443		$	8,629
Ratio of net expenses to average net assets(d)		0.81	%(e)		0.81	%		0.82	%		0.83	%		0.84	%		0.87	%
Ratio of total expenses to average net assets(d)		0.87	%(e)		0.86	%		0.90	%		0.92	%		0.88	%		0.93	%
Ratio of net investment income to average net assets(b)		0.72	%(e)		1.65	%		1.40	%		1.61	%		1.23	%		1.30	%
Portfolio turnover rate(f)		15	%		9	%		19	%		55	%		45	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Balanced Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.82		$	12.64		$	11.64		$	10.32		$	11.54
Net investment income(b)(c)		0.08			0.29			0.25			0.24			0.20
Net realized and unrealized gain (loss)		(1.77	)		0.71			1.04			1.37			(0.96	)
Total from investment operations		(1.69	)		1.00			1.29			1.61			(0.76	)
Distributions to shareholders from net investment income		(0.08	)		(0.39	)		(0.29	)		(0.29	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.43	)		—			—			(0.20	)
Total distributions		(0.08	)		(0.82	)		(0.29	)		(0.29	)		(0.46	)
Net asset value, end of period	$	11.05		$	12.82		$	12.64		$	11.64		$	10.32
Total return(d)		(13.20	)%		7.94	%		11.15	%		15.69	%		(6.67	)%
Net assets, end of period (in 000s)	$	50,670		$	53,299		$	41,545		$	42,118		$	43,098
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.24	%(f)		0.24	%		0.25	%		0.27	%		0.24	%(f)
Ratio of net investment income to average net assets(c)		1.36	%(f)		2.24	%		2.10	%		2.17	%		2.48	%(f)
Portfolio turnover rate(g)		15	%		9	%		19	%		55	%		45	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.35		$	15.51		$	14.26		$	12.26		$	13.81		$	12.17
Net investment income(a)(b)		0.07			0.36			0.20			0.22			0.18			0.18
Net realized and unrealized gain (loss)		(2.65	)		1.53			1.54			2.06			(1.41	)		1.79
Total from investment operations		(2.58	)		1.89			1.74			2.28			(1.23	)		1.97
Distributions to shareholders from net investment income		(0.07	)		(0.53	)		(0.23	)		(0.28	)		(0.32	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.07	)		(1.05	)		(0.49	)		(0.28	)		(0.32	)		(0.33	)
Net asset value, end of period	$	13.70		$	16.35		$	15.51		$	14.26		$	12.26		$	13.81
Total return(c)		(15.79	)%		12.27	%		12.29	%		18.60	%		(8.94	)%		16.19	%
Net assets, end of period (in 000s)	$	239,780		$	297,996		$	293,868		$	286,721		$	272,658		$	302,116
Ratio of net expenses to average net assets(d)		0.56	%(e)		0.56	%		0.57	%		0.58	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.60	%(e)		0.59	%		0.62	%		0.64	%		0.61	%		0.63	%
Ratio of net investment income to average net assets(b)		0.91	%(e)		2.15	%		1.38	%		1.65	%		1.29	%		1.35	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.88		$	15.12		$	13.92		$	11.98		$	13.49		$	11.90
Net investment income(a)(b)		0.01			0.20			0.06			0.09			0.01			0.06
Net realized and unrealized gain (loss)		(2.57	)		1.53			1.53			2.04			(1.31	)		1.76
Total from investment operations		(2.56	)		1.73			1.59			2.13			(1.30	)		1.82
Distributions to shareholders from net investment income		(0.02	)		(0.45	)		(0.13	)		(0.19	)		(0.21	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.02	)		(0.97	)		(0.39	)		(0.19	)		(0.21	)		(0.23	)
Net asset value, end of period	$	13.30		$	15.88		$	15.12		$	13.92		$	11.98		$	13.49
Total return(c)		(16.11	)%		11.44	%		11.44	%		17.78	%		(9.62	)%		15.31	%
Net assets, end of period (in 000s)	$	7,834		$	10,130		$	13,454		$	19,069		$	27,099		$	94,118
Ratio of net expenses to average net assets(d)		1.31	%(e)		1.31	%		1.32	%		1.33	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(d)		1.35	%(e)		1.34	%		1.37	%		1.39	%		1.36	%		1.38	%
Ratio of net investment income to average net assets(b)		0.14	%(e)		1.23	%		0.45	%		0.66	%		0.11	%		0.50	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.40		$	15.56		$	14.31		$	12.29		$	13.85		$	12.21
Net investment income(a)(b)		0.10			0.44			0.25			0.27			0.20			0.24
Net realized and unrealized gain (loss)		(2.65	)		1.52			1.54			2.08			(1.39	)		1.78
Total from investment operations		(2.55	)		1.96			1.79			2.35			(1.19	)		2.02
Distributions to shareholders from net investment income		(0.10	)		(0.60	)		(0.28	)		(0.33	)		(0.37	)		(0.38	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.10	)		(1.12	)		(0.54	)		(0.33	)		(0.37	)		(0.38	)
Net asset value, end of period	$	13.75		$	16.40		$	15.56		$	14.31		$	12.29		$	13.85
Total return(c)		(15.59	)%		12.64	%		12.68	%		19.17	%		(8.63	)%		16.60	%
Net assets, end of period (in 000s)	$	340,903		$	443,099		$	364,206		$	371,610		$	360,006		$	574,136
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.19	%		0.20	%		0.20	%		0.19	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.23	%		0.24	%		0.25	%		0.22	%		0.23	%
Ratio of net investment income to average net assets(b)		1.29	%(e)		2.65	%		1.77	%		2.01	%		1.48	%		1.80	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.30		$	15.48		$	14.23		$	12.23		$	13.77		$	12.14
Net investment income(a)(b)		0.06			0.34			0.16			0.21			0.15			0.17
Net realized and unrealized gain (loss)		(2.63	)		1.51			1.56			2.05			(1.38	)		1.77
Total from investment operations		(2.57	)		1.85			1.72			2.26			(1.23	)		1.94
Distributions to shareholders from net investment income		(0.06	)		(0.51	)		(0.21	)		(0.26	)		(0.31	)		(0.31	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.06	)		(1.03	)		(0.47	)		(0.26	)		(0.31	)		(0.31	)
Net asset value, end of period	$	13.67		$	16.30		$	15.48		$	14.23		$	12.23		$	13.77
Total return(c)		(15.77	)%		12.03	%		12.18	%		18.51	%		(9.00	)%		16.03	%
Net assets, end of period (in 000s)	$	2,119		$	2,755		$	2,669		$	2,920		$	2,780		$	3,414
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.70	%		0.70	%		0.69	%
Ratio of total expenses to average net assets(d)		0.73	%(e)		0.73	%		0.74	%		0.75	%		0.72	%		0.73	%
Ratio of net investment income to average net assets(b)		0.77	%(e)		2.07	%		1.17	%		1.53	%		1.13	%		1.27	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.26		$	15.44		$	14.19		$	12.20		$	13.74		$	12.12
Net investment income(a)(b)		0.09			0.41			0.23			0.26			0.20			0.23
Net realized and unrealized gain (loss)		(2.63	)		1.51			1.54			2.04			(1.38	)		1.75
Total from investment operations		(2.54	)		1.92			1.77			2.30			(1.18	)		1.98
Distributions to shareholders from net investment income		(0.09	)		(0.58	)		(0.26	)		(0.31	)		(0.36	)		(0.36	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.09	)		(1.10	)		(0.52	)		(0.31	)		(0.36	)		(0.36	)
Net asset value, end of period	$	13.63		$	16.26		$	15.44		$	14.19		$	12.20		$	13.74
Total return(c)		(15.65	)%		12.48	%		12.64	%		18.91	%		(8.68	)%		16.39	%
Net assets, end of period (in 000s)	$	7,390		$	8,948		$	7,997		$	7,670		$	7,366		$	7,241
Ratio of net expenses to average net assets(d)		0.31	%(e)		0.31	%		0.32	%		0.33	%		0.34	%		0.34	%
Ratio of total expenses to average net assets(d)		0.35	%(e)		0.34	%		0.37	%		0.39	%		0.36	%		0.38	%
Ratio of net investment income to average net assets(b)		1.16	%(e)		2.50	%		1.64	%		1.92	%		1.48	%		1.72	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.40		$	15.55		$	14.30		$	12.29		$	13.85		$	12.20
Net investment income(a)(b)		0.11			0.32			0.22			0.26			0.36			0.30
Net realized and unrealized gain (loss)		(2.67	)		1.64			1.57			2.08			(1.54	)		1.73
Total from investment operations		(2.56	)		1.96			1.79			2.34			(1.18	)		2.03
Distributions to shareholders from net investment income		(0.10	)		(0.59	)		(0.28	)		(0.33	)		(0.38	)		(0.38	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.10	)		(1.11	)		(0.54	)		(0.33	)		(0.38	)		(0.38	)
Net asset value, end of period	$	13.74		$	16.40		$	15.55		$	14.30		$	12.29		$	13.85
Total return(c)		(15.58	)%		12.69	%		12.70	%		19.10	%		(8.61	)%		16.71	%
Net assets, end of period (in 000s)	$	1,443		$	923		$	4,694		$	6,300		$	6,331		$	84
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.19	%		0.18	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.22	%		0.23	%		0.24	%		0.22	%		0.22	%
Ratio of net investment income to average net assets(b)		1.43	%(e)		1.94	%		1.59	%		1.92	%		2.67	%		2.21	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.20		$	15.39		$	14.15		$	12.17		$	13.70		$	12.09
Net investment income(a)(b)		0.05			0.31			0.16			0.20			0.13			0.18
Net realized and unrealized gain (loss)		(2.62	)		1.52			1.53			2.02			(1.37	)		1.73
Total from investment operations		(2.57	)		1.83			1.69			2.22			(1.24	)		1.91
Distributions to shareholders from net investment income		(0.05	)		(0.50	)		(0.19	)		(0.24	)		(0.29	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—			—
Total distributions		(0.05	)		(1.02	)		(0.45	)		(0.24	)		(0.29	)		(0.30	)
Net asset value, end of period	$	13.58		$	16.20		$	15.39		$	14.15		$	12.17		$	13.70
Total return(c)		(15.85	)%		11.94	%		12.05	%		18.30	%		(9.10	)%		15.83	%
Net assets, end of period (in 000s)	$	4,878		$	5,579		$	5,270		$	4,991		$	4,251		$	5,441
Ratio of net expenses to average net assets(d)		0.81	%(e)		0.81	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.85	%(e)		0.84	%		0.87	%		0.89	%		0.86	%		0.88	%
Ratio of net investment income to average net assets(b)		0.68	%(e)		1.87	%		1.15	%		1.46	%		1.00	%		1.35	%
Portfolio turnover rate(f)		13	%		8	%		13	%		61	%		32	%		81	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth and Income Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	16.39		$	15.55		$	14.30		$	12.29		$	13.91
Net investment income(b)(c)		0.10			0.44			0.26			0.29			0.23
Net realized and unrealized gain (loss)		(2.65	)		1.52			1.53			2.05			(1.52	)
Total from investment operations		(2.55	)		1.96			1.79			2.34			(1.29	)
Distributions to shareholders from net investment income		(0.10	)		(0.60	)		(0.28	)		(0.33	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.26	)		—			—
Total distributions		(0.10	)		(1.12	)		(0.54	)		(0.33	)		(0.33	)
Net asset value, end of period	$	13.74		$	16.39		$	15.55		$	14.30		$	12.29
Total return(d)		(15.59	)%		12.66	%		12.70	%		19.10	%		(9.29	)%
Net assets, end of period (in 000s)	$	217,540		$	260,202		$	228,953		$	212,702		$	185,028
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.22	%(f)		0.22	%		0.23	%		0.24	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		1.30	%(f)		2.62	%		1.80	%		2.12	%		2.48	%(f)
Portfolio turnover rate(g)		13	%		8	%		13	%		61	%		32	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.62		$	17.88		$	16.18		$	13.73		$	15.83		$	13.39
Net investment income(a)(b)		0.07			0.47			0.19			0.25			0.19			0.15
Net realized and unrealized gain (loss)		(3.58	)		2.49			2.07			2.80			(1.93	)		2.67
Total from investment operations		(3.51	)		2.96			2.26			3.05			(1.74	)		2.82
Distributions to shareholders from net investment income		—			(0.70	)		(0.21	)		(0.32	)		(0.36	)		(0.38	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.22	)		(0.56	)		(0.60	)		(0.36	)		(0.38	)
Net asset value, end of period	$	16.11		$	19.62		$	17.88		$	16.18		$	13.73		$	15.83
Total return(c)		(17.89	)%		16.54	%		13.96	%		22.24	%		(10.98	)%		21.02	%
Net assets, end of period (in 000s)	$	305,393		$	387,436		$	353,363		$	338,384		$	308,475		$	316,078
Ratio of net expenses to average net assets(d)		0.56	%(e)		0.56	%		0.57	%		0.58	%		0.59	%		0.59	%
Ratio of total expenses to average net assets(d)		0.61	%(e)		0.60	%		0.64	%		0.65	%		0.62	%		0.63	%
Ratio of net investment income to average net assets(b)		0.75	%(e)		2.40	%		1.18	%		1.61	%		1.19	%		1.00	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	20.09		$	18.27		$	16.51		$	13.98		$	15.81		$	13.37
Net investment income (loss)(a)(b)		—	(c)		0.29			0.05			0.10			(0.03	)		0.03
Net realized and unrealized gain (loss)		(3.65	)		2.57			2.11			2.87			(1.80	)		2.66
Total from investment operations		(3.65	)		2.86			2.16			2.97			(1.83	)		2.69
Distributions to shareholders from net investment income		—			(0.52	)		(0.05	)		(0.16	)		—			(0.25	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.04	)		(0.40	)		(0.44	)		—			(0.25	)
Net asset value, end of period	$	16.44		$	20.09		$	18.27		$	16.51		$	13.98		$	15.81
Total return(d)		(18.17	)%		15.67	%		13.10	%		21.31	%		(11.58	)%		20.08	%
Net assets, end of period (in 000s)	$	14,308		$	19,334		$	22,590		$	29,424		$	36,201		$	126,894
Ratio of net expenses to average net assets(e)		1.31	%(f)		1.31	%		1.32	%		1.33	%		1.34	%		1.34	%
Ratio of total expenses to average net assets(e)		1.36	%(f)		1.35	%		1.39	%		1.40	%		1.37	%		1.38	%
Ratio of net investment income (loss) to average net assets(b)		(0.03	)%(f)		1.44	%		0.28	%		0.64	%		(0.20	)%		0.18	%
Portfolio turnover rate(g)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.61		$	17.86		$	16.17		$	13.72		$	15.81		$	13.37
Net investment income(a)(b)		0.10			0.57			0.25			0.24			0.19			0.22
Net realized and unrealized gain (loss)		(3.57	)		2.47			2.06			2.87			(1.87	)		2.66
Total from investment operations		(3.47	)		3.04			2.31			3.11			(1.68	)		2.88
Distributions to shareholders from net investment income		—			(0.77	)		(0.27	)		(0.38	)		(0.41	)		(0.44	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.29	)		(0.62	)		(0.66	)		(0.41	)		(0.44	)
Net asset value, end of period	$	16.14		$	19.61		$	17.86		$	16.17		$	13.72		$	15.81
Total return(c)		(17.70	)%		17.03	%		14.29	%		22.77	%		(10.65	)%		21.53	%
Net assets, end of period (in 000s)	$	204,809		$	249,377		$	169,166		$	147,389		$	247,863		$	455,902
Ratio of net expenses to average net assets(d)		0.19	%(e)		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%
Ratio of total expenses to average net assets(d)		0.24	%(e)		0.23	%		0.26	%		0.26	%		0.23	%		0.24	%
Ratio of net investment income to average net assets(b)		1.13	%(e)		2.88	%		1.58	%		1.59	%		1.22	%		1.46	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.56		$	17.83		$	16.13		$	13.69		$	15.77		$	13.35
Net investment income(a)(b)		0.06			0.46			0.15			0.22			0.15			0.15
Net realized and unrealized gain (loss)		(3.57	)		2.46			2.08			2.80			(1.90	)		2.64
Total from investment operations		(3.51	)		2.92			2.23			3.02			(1.75	)		2.79
Distributions to shareholders from net investment income		—			(0.67	)		(0.18	)		(0.30	)		(0.33	)		(0.37	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.19	)		(0.53	)		(0.58	)		(0.33	)		(0.37	)
Net asset value, end of period	$	16.05		$	19.56		$	17.83		$	16.13		$	13.69		$	15.77
Total return(c)		(17.94	)%		16.41	%		13.81	%		22.10	%		(11.06	)%		20.88	%
Net assets, end of period (in 000s)	$	1,992		$	2,413		$	2,120		$	2,266		$	2,252		$	2,888
Ratio of net expenses to average net assets(d)		0.69	%(e)		0.69	%		0.69	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets(d)		0.74	%(e)		0.73	%		0.76	%		0.77	%		0.73	%		0.74	%
Ratio of net investment income to average net assets(b)		0.65	%(e)		2.36	%		0.94	%		1.47	%		0.96	%		1.00	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.29		$	17.60		$	15.93		$	13.53		$	15.59		$	13.20
Net investment income(a)(b)		0.10			0.75			0.22			0.28			0.18			0.23
Net realized and unrealized gain (loss)		(3.53	)		2.21			2.05			2.76			(1.86	)		2.58
Total from investment operations		(3.43	)		2.96			2.27			3.04			(1.68	)		2.81
Distributions to shareholders from net investment income		—			(0.75	)		(0.25	)		(0.36	)		(0.38	)		(0.42	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.27	)		(0.60	)		(0.64	)		(0.38	)		(0.42	)
Net asset value, end of period	$	15.86		$	19.29		$	17.60		$	15.93		$	13.53		$	15.59
Total return(c)		(17.78	)%		16.86	%		14.24	%		22.50	%		(10.74	)%		21.30	%
Net assets, end of period (in 000s)	$	17,901		$	13,836		$	7,004		$	7,204		$	6,477		$	8,008
Ratio of net expenses to average net assets(d)		0.31	%(e)		0.31	%		0.32	%		0.33	%		0.33	%		0.34	%
Ratio of total expenses to average net assets(d)		0.36	%(e)		0.35	%		0.39	%		0.40	%		0.37	%		0.39	%
Ratio of net investment income to average net assets(b)		1.15	%(e)		3.83	%		1.38	%		1.85	%		1.14	%		1.54	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.62		$	17.87		$	16.17		$	13.72		$	15.81		$	13.37
Net investment income(a)(b)		0.11			0.55			0.21			0.31			0.39			0.17
Net realized and unrealized gain (loss)		(3.59	)		2.49			2.11			2.80			(2.06	)		2.71
Total from investment operations		(3.48	)		3.04			2.32			3.11			(1.67	)		2.88
Distributions to shareholders from net investment income		—			(0.77	)		(0.27	)		(0.38	)		(0.42	)		(0.44	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.29	)		(0.62	)		(0.66	)		(0.42	)		(0.44	)
Net asset value, end of period	$	16.14		$	19.62		$	17.87		$	16.17		$	13.72		$	15.81
Total return(c)		(17.74	)%		17.02	%		14.35	%		22.72	%		(10.55	)%		21.51	%
Net assets, end of period (in 000s)	$	7,452		$	6,263		$	6,792		$	7,554		$	6,603		$	964
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.19	%		0.18	%
Ratio of total expenses to average net assets(d)		0.23	%(e)		0.22	%		0.25	%		0.26	%		0.22	%		0.23	%
Ratio of net investment income to average net assets(b)		1.27	%(e)		2.79	%		1.31	%		2.00	%		2.54	%		1.12	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	19.01		$	17.36		$	15.74		$	13.37		$	15.42		$	13.08
Net investment income(a)(b)		0.04			0.44			0.15			0.20			0.14			0.16
Net realized and unrealized gain (loss)		(3.46	)		2.39			1.99			2.73			(1.87	)		2.54
Total from investment operations		(3.42	)		2.83			2.14			2.93			(1.73	)		2.70
Distributions to shareholders from net investment income		—			(0.66	)		(0.17	)		(0.28	)		(0.32	)		(0.36	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—			—
Total distributions		—			(1.18	)		(0.52	)		(0.56	)		(0.32	)		(0.36	)
Net asset value, end of period	$	15.59		$	19.01		$	17.36		$	15.74		$	13.37		$	15.42
Total return(c)		(17.99	)%		16.31	%		13.61	%		21.98	%		(11.18	)%		20.67	%
Net assets, end of period (in 000s)	$	5,753		$	7,788		$	6,353		$	6,400		$	5,475		$	6,334
Ratio of net expenses to average net assets(d)		0.81	%(e)		0.81	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of total expenses to average net assets(d)		0.86	%(e)		0.85	%		0.89	%		0.90	%		0.87	%		0.89	%
Ratio of net investment income to average net assets(b)		0.47	%(e)		2.31	%		0.94	%		1.36	%		0.90	%		1.06	%
Portfolio turnover rate(f)		11	%		5	%		8	%		69	%		29	%		85	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e) Annualized.

(f) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Strategy Portfolio
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	19.62		$	17.87		$	16.17		$	13.72		$	15.96
Net investment income(b)(c)		0.10			0.59			0.26			0.32			0.28
Net realized and unrealized gain (loss)		(3.58	)		2.45			2.06			2.79			(2.10	)
Total from investment operations		(3.48	)		3.04			2.32			3.11			(1.82	)
Distributions to shareholders from net investment income		—			(0.77	)		(0.27	)		(0.38	)		(0.42	)
Distributions to shareholders from net realized gains		—			(0.52	)		(0.35	)		(0.28	)		—
Total distributions		—			(1.29	)		(0.62	)		(0.66	)		(0.42	)
Net asset value, end of period	$	16.14		$	19.62		$	17.87		$	16.17		$	13.72
Total return(d)		(17.74	)%		17.03	%		14.36	%		22.72	%		(11.39	)%
Net assets, end of period (in 000s)	$	235,915		$	277,169		$	207,786		$	183,763		$	148,866
Ratio of net expenses to average net assets(e)		0.18	%(f)		0.18	%		0.18	%		0.19	%		0.19	%(f)
Ratio of total expenses to average net assets(e)		0.23	%(f)		0.22	%		0.25	%		0.26	%		0.22	%(f)
Ratio of net investment income to average net assets(c)		1.15	%(f)		2.98	%		1.62	%		2.08	%		2.56	%(f)
Portfolio turnover rate(g)		11	%		5	%		8	%		69	%		29	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.95		$	8.56		$	8.45		$	7.38		$	8.45		$	7.64
Net investment income(a)(b)		0.08			0.22			0.15			0.27			0.19			0.20
Net realized and unrealized gain (loss)		(1.40	)		0.48			0.11			1.08			(1.06	)		0.88
Total from investment operations		(1.32	)		0.70			0.26			1.35			(0.87	)		1.08
Distributions to shareholders from net investment income		(0.08	)		(0.31	)		(0.15	)		(0.28	)		(0.20	)		(0.27	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.08	)		(0.31	)		(0.15	)		(0.28	)		(0.20	)		(0.27	)
Net asset value, end of period	$	7.55		$	8.95		$	8.56		$	8.45		$	7.38		$	8.45
Total return(d)		(14.80	)%		8.20	%		3.40	%		18.38	%		(10.39	)%		14.28	%
Net assets, end of period (in 000s)	$	36,596		$	46,066		$	46,265		$	46,921		$	39,384		$	53,090
Ratio of net expenses to average net assets(e)		0.54	%(f)		0.54	%		0.55	%		0.56	%		0.56	%		0.57	%
Ratio of total expenses to average net assets(e)		0.83	%(f)		0.75	%		0.75	%		0.66	%		0.61	%		0.61	%
Ratio of net investment income to average net assets(b)		1.87	%(f)		2.42	%		1.90	%		3.30	%		2.35	%		2.42	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.95		$	8.54		$	8.42		$	7.34		$	8.40		$	7.60
Net investment income(a)(b)		0.04			0.12			0.07			0.16			0.12			0.14
Net realized and unrealized gain (loss)		(1.39	)		0.51			0.13			1.12			(1.04	)		0.87
Total from investment operations		(1.35	)		0.63			0.20			1.28			(0.92	)		1.01
Distributions to shareholders from net investment income		(0.05	)		(0.22	)		(0.08	)		(0.20	)		(0.14	)		(0.21	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.05	)		(0.22	)		(0.08	)		(0.20	)		(0.14	)		(0.21	)
Net asset value, end of period	$	7.55		$	8.95		$	8.54		$	8.42		$	7.34		$	8.40
Total return(d)		(15.04	)%		7.39	%		2.59	%		17.55	%		(11.07	)%		13.37	%
Net assets, end of period (in 000s)	$	1,460		$	2,209		$	5,772		$	16,235		$	28,041		$	44,710
Ratio of net expenses to average net assets(e)		1.29	%(f)		1.28	%		1.30	%		1.31	%		1.31	%		1.32	%
Ratio of total expenses to average net assets(e)		1.58	%(f)		1.49	%		1.49	%		1.40	%		1.36	%		1.36	%
Ratio of net investment income to average net assets(b)		1.04	%(f)		1.33	%		0.95	%		2.01	%		1.53	%		1.78	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.92		$	8.54		$	8.43		$	7.36		$	8.43		$	7.62
Net investment income(a)(b)		0.09			0.23			0.17			0.27			0.21			0.24
Net realized and unrealized gain (loss)		(1.39	)		0.49			0.12			1.11			(1.05	)		0.88
Total from investment operations		(1.30	)		0.72			0.29			1.38			(0.84	)		1.12
Distributions to shareholders from net investment income		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)
Net asset value, end of period	$	7.53		$	8.92		$	8.54		$	8.43		$	7.36		$	8.43
Total return(d)		(14.58	)%		8.49	%		3.81	%		18.86	%		(10.06	)%		14.80	%
Net assets, end of period (in 000s)	$	45,409		$	58,742		$	99,006		$	194,783		$	260,987		$	488,118
Ratio of net expenses to average net assets(e)		0.17	%(f)		0.17	%		0.17	%		0.18	%		0.17	%		0.17	%
Ratio of total expenses to average net assets(e)		0.46	%(f)		0.38	%		0.36	%		0.27	%		0.22	%		0.22	%
Ratio of net investment income to average net assets(b)		2.22	%(f)		2.62	%		2.19	%		3.38	%		2.62	%		2.96	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.94		$	8.56		$	8.44		$	7.37		$	8.43		$	7.63
Net investment income(a)(b)		0.07			0.21			0.13			0.25			0.18			0.20
Net realized and unrealized gain (loss)		(1.40	)		0.47			0.13			1.09			(1.05	)		0.86
Total from investment operations		(1.33	)		0.68			0.26			1.34			(0.87	)		1.06
Distributions to shareholders from net investment income		(0.07	)		(0.30	)		(0.14	)		(0.27	)		(0.19	)		(0.26	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.07	)		(0.30	)		(0.14	)		(0.27	)		(0.19	)		(0.26	)
Net asset value, end of period	$	7.54		$	8.94		$	8.56		$	8.44		$	7.37		$	8.43
Total return(d)		(14.75	)%		7.94	%		3.32	%		18.25	%		(10.41	)%		14.06	%
Net assets, end of period (in 000s)	$	118		$	137		$	128		$	258		$	243		$	350
Ratio of net expenses to average net assets(e)		0.67	%(f)		0.67	%		0.67	%		0.68	%		0.67	%		0.67	%
Ratio of total expenses to average net assets(e)		0.96	%(f)		0.88	%		0.86	%		0.78	%		0.72	%		0.72	%
Ratio of net investment income to average net assets(b)		1.77	%(f)		2.34	%		1.62	%		3.13	%		2.20	%		2.41	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.92		$	8.53		$	8.43		$	7.36		$	8.43		$	7.62
Net investment income(a)(b)		0.09			0.23			0.16			0.27			0.20			0.22
Net realized and unrealized gain (loss)		(1.39	)		0.49			0.11			1.10			(1.05	)		0.88
Total from investment operations		(1.30	)		0.72			0.27			1.37			(0.85	)		1.10
Distributions to shareholders from net investment income		(0.09	)		(0.33	)		(0.17	)		(0.30	)		(0.22	)		(0.29	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.09	)		(0.33	)		(0.17	)		(0.30	)		(0.22	)		(0.29	)
Net asset value, end of period	$	7.53		$	8.92		$	8.53		$	8.43		$	7.36		$	8.43
Total return(d)		(14.63	)%		8.50	%		3.55	%		18.71	%		(10.19	)%		14.62	%
Net assets, end of period (in 000s)	$	11,900		$	15,372		$	18,816		$	22,706		$	27,782		$	46,011
Ratio of net expenses to average net assets(e)		0.29	%(f)		0.29	%		0.30	%		0.32	%		0.31	%		0.32	%
Ratio of total expenses to average net assets(e)		0.58	%(f)		0.50	%		0.50	%		0.41	%		0.36	%		0.36	%
Ratio of net investment income to average net assets(b)		2.11	%(f)		2.62	%		2.12	%		3.39	%		2.53	%		2.74	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.93		$	8.55		$	8.44		$	7.36		$	8.43		$	7.63
Net investment income(a)(b)		0.11			0.25			0.14			0.29			0.23			0.25
Net realized and unrealized gain (loss)		(1.41	)		0.47			0.15			1.10			(1.07	)		0.86
Total from investment operations		(1.30	)		0.72			0.29			1.39			(0.84	)		1.11
Distributions to shareholders from net investment income		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.23	)		(0.31	)
Net asset value, end of period	$	7.54		$	8.93		$	8.55		$	8.44		$	7.36		$	8.43
Total return(d)		(14.56	)%		8.50	%		3.79	%		19.02	%		(10.04	)%		14.66	%
Net assets, end of period (in 000s)	$	1,865		$	812		$	815		$	45,956		$	44,046		$	40,326
Ratio of net expenses to average net assets(e)		0.16	%(f)		0.16	%		0.16	%		0.17	%		0.16	%		0.16	%
Ratio of total expenses to average net assets(e)		0.46	%(f)		0.37	%		0.33	%		0.26	%		0.22	%		0.20	%
Ratio of net investment income to average net assets(b)		2.74	%(f)		2.76	%		1.79	%		3.59	%		2.88	%		3.09	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.92		$	8.53		$	8.42		$	7.35		$	8.41		$	7.61
Net investment income(a)(b)		0.07			0.19			0.12			0.23			0.17			0.19
Net realized and unrealized gain (loss)		(1.40	)		0.48			0.12			1.09			(1.05	)		0.86
Total from investment operations		(1.33	)		0.67			0.24			1.32			(0.88	)		1.05
Distributions to shareholders from net investment income		(0.07	)		(0.28	)		(0.13	)		(0.25	)		(0.18	)		(0.25	)
Distributions to shareholders from return of capital		—			(0.00	)(c)		—			—			—			—
Total distributions		(0.07	)		(0.28	)		(0.13	)		(0.25	)		(0.18	)		(0.25	)
Net asset value, end of period	$	7.52		$	8.92		$	8.53		$	8.42		$	7.35		$	8.41
Total return(d)		(14.95	)%		7.93	%		3.09	%		18.12	%		(10.56	)%		13.94	%
Net assets, end of period (in 000s)	$	457		$	554		$	724		$	1,140		$	1,955		$	2,645
Ratio of net expenses to average net assets(e)		0.79	%(f)		0.79	%		0.80	%		0.81	%		0.81	%		0.82	%
Ratio of total expenses to average net assets(e)		1.08	%(f)		1.00	%		0.99	%		0.91	%		0.86	%		0.86	%
Ratio of net investment income to average net assets(b)		1.64	%(f)		2.08	%		1.56	%		2.88	%		2.09	%		2.33	%
Portfolio turnover rate(g)		14	%		33	%		5	%		6	%		17	%		57	%

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS SATELLITE STRATEGIES PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Satellite Strategies Portfolio
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	8.93		$	8.55		$	8.44		$	7.37		$	8.37
Net investment income(b)(c)		0.08			0.25			0.18			0.30			0.20
Net realized and unrealized gain (loss)		(1.38	)		0.47			0.11			1.08			(1.01	)
Total from investment operations		(1.30	)		0.72			0.29			1.38			(0.81	)
Distributions to shareholders from net investment income		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.19	)
Distributions to shareholders from return of capital		—			(0.00	)(d)		—			—			—
Total distributions		(0.09	)		(0.34	)		(0.18	)		(0.31	)		(0.19	)
Net asset value, end of period	$	7.54		$	8.93		$	8.55		$	8.44		$	7.37
Total return(e)		(14.56	)%		8.49	%		3.82	%		18.85	%		(9.76	)%
Net assets, end of period (in 000s)	$	1,379		$	3,111		$	3,743		$	3,722		$	2,902
Ratio of net expenses to average net assets(f)		0.16	%(g)		0.16	%		0.16	%		0.17	%		0.16	%(g)
Ratio of total expenses to average net assets(f)		0.45	%(g)		0.37	%		0.36	%		0.27	%		0.22	%(g)
Ratio of net investment income to average net assets(c)		2.03	%(g)		2.80	%		2.31	%		3.70	%		3.51	%(g)
Portfolio turnover rate(h)		14	%		33	%		5	%		6	%		17	%

(a) Class P Shares commenced operations April 17, 2018.

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

(c) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(d) Amount is less than ($0.005) per share.

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

(f) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(g) Annualized.

(h) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements

June 30, 2022

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act.

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

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies..

A.  Investment Valuation — The valuation policy of the Portfolios and underlying funds (“Underlying Funds”) is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

66

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Portfolio	Income Distributions Declared/Paid	Capital Gains Distributions Declared/ Paid
Balanced Strategy, Growth and Income Strategy and Satellite  Strategies	Quarterly	Annually
Growth Strategy	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

67

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios, investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

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

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

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to

68

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

iii.  Options — When a Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy— The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of June 30.2022:

BALANCED STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	20,154,860		$	—		$	—
Equity		88,785,127			—			—
Exchange Traded Funds		149,026,698			—			—
Fixed Income		199,251,325			—			—
Investment Companies		50,447,669			—			—
Total	$	507,665,679		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	926,931		$	—
Purchased Option Contracts		1,441,712			43,386			—
Total	$	1,441,712		$	970,317		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(41,569	)	$	—
Futures Contracts(a)		(1,371,126	)		—			—
Written Option contracts		—			(543,980	)		—
Total	$	(1,371,126	)	$	(585,549	)	$	—

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

69

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Notes to Financial Statements (continued)

June 30, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH AND INCOME STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Equity	$	194,636,762		$	—		$	—
Fixed Income		161,119,517			—			—
Dynamic		29,152,825			—			—
Exchange Traded Funds		346,956,381			—			—
Investment Companies		61,727,094			—			—
Total	$	793,592,579		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,510,796		$	—
Purchased Options Contracts		2,623,519			57,868			—
Total	$	2,623,519		$	1,568,662		$	—
Liabilities
Forward Foreign Currency Exchange Contracts (a)	$	—		$	(67,626	)	$	—
Futures Contracts(a)		(2,594,403	)		—			—
Written option contracts		—			(714,919	)		—
Total	$	(2,594,403	)	$	(782,545	)	$	—
GROWTH STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds
Dynamic	$	16,559,191		$	—		$	—
Equity		256,459,654			—			—
Exchange Traded Funds		349,978,008			—			—
Fixed Income		56,800,269			—			—
Investment Companies		69,053,973			—			—
Total	$	748,851,095		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,424,590		$	—
Futures Contracts(a)		31,746			—			—
Purchased Options Contracts		3,004,094			40,106			—
Total	$	3,035,840		$	1,464,696		$	—

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

70

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GROWTH STRATEGY (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(63,874	)	$	—
Futures Contracts(a)		(2,825,732	)		—			—
Written option contracts		—			(501,879	)		—
Total	$	(2,825,732	)	$	(565,753	)	$	—

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

SATELLITE STRATEGIES
Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	60,645,353	$	—	$	—
Exchange Traded Funds		3,151,269		—		—
Fixed Income		31,566,425		—		—
Total	$	95,363,047	$	—	$	—

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.

Balance Strategy Portfolio
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Interest rate	Purchased options, at value	$	1,441,712	Variation margin on futures contracts;	$	(18,094)	(a)
Equity	Purchased options, at value		890	Variation margin on futures contracts; Written options, at value		(1,854,516)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		969,427	Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(84,065)
Total		$	2,412,029		$	(1,956,675)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2022 is reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

June 30, 2022

4. INVESTMENTS IN DERIVATIVES (continued)

Growth and Income Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest rate	—	$	—	Variation margin on futures contracts	$	(22,971)	(a)
Equity	Purchased options, at value		1,165	Variation margin on futures contracts; Written options, at value		(3,229,648)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		4,191,018	Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(124,329)
Total			4,192,183		$	(3,376,948)
Growth Strategy Portfolio
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	3,035,840	Variation margin on futures contracts	$	(16,900)	(a)
Equity	Purchased options, at value		822	Variation margin on futures contracts; Written options, at value		(3,271,427)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		1,463,874	Payable for unrealized loss on forward foreign currency exchange contracts. Written options, at value		(103,158)
Total			$4,500,536		$	(3,391,485)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2022 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Balanced Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized loss from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options	$	(2,864,844	)	$	(1,498,160	)
Equity	Net realized gain (loss) from futures contracts, written options and purchased options /Net change in unrealized gain on futures contracts purchased options		(5,709,010	)		(2,179,545	)
Currency	Net realized gain from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts		3,391,061			909,483
Total		$	(5,182,793	)	$	(2,768,222	)

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4. INVESTMENTS IN DERIVATIVES (continued)

Growth and Income Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts purchased options	$	(4,086,080	)	$	770,378
Equity	Net realized gain (loss) from futures contracts /Net change in unrealized gain on futures contracts purchased options		(11,105,894	)		(3,620,989	)
Currency	Net realized gain from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts		5,329,431			(1,832,602	)
Total		$	(9,862,543	)	$	(4,683,213	)
Growth Strategy Portfolio
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and purchased options /Net change in unrealized gain on futures contracts and purchased options	$	(4,343,161	)	$	(966,601	)
Equity	Net realized gain (loss) from futures contracts and written options /Net change in unrealized gain on futures contracts; purchased options and written options		(11,507,859	)		(3,242,152	)
Currency	Net realized gain from forward foreign currency exchange contracts /Net change in unrealized gain on forward foreign currency exchange contracts; purchased options and written options		5,201,732			(1,045,402	)
Total		$	(10,649,288	)	$	(5,254,155	)

For the six months ended June 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Portfolio	Futures Contracts		Forward Contacts		Purchased Options		Written Options
Balanced Strategy		466	$	41,974,013		4,239,663		319,533
Growth and Income Strategy		693		69,117,895		7,071,914		426,167
Growth Strategy		678		64,153,921		7,450,220		295,397

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, or shares/units outstanding for purchased and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Portfolio held such derivatives during the six months ended June 30, 2022.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of average daily net assets of 0.124% for the Satellite Strategies Portfolio and 0.15% for each of the other Portfolios.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Portfolio, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service

73

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Portfolio, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Portfolio, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Portfolio, as set forth below.

The Trust, on behalf of Service Shares of each applicable Portfolio, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Portfolio, as set forth below.

	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 Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Portfolio	Class A		Class C
Balanced Strategy	$	2,448	$	92
Growth and Income Strategy		5,233		405
Growth Strategy		8,684		445
Satellite Strategies		268		—

D.  Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Portfolio, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Portfolios, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.01% for the Satellite Strategies Portfolio and 0.004% for each other Portfolio. These Other Expense limitations will remain in place through at least April 29, 2023 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Portfolio	Other Expense Reimbursements
Balanced Strategy	$	168,556
Growth and Income Strategy		180,967
Growth Strategy		195,145
Satellite Strategies		165,024

G.  Line of Credit Facility — As of June 30, 2022, the Portfolios participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Portfolios did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2022 (in thousands):

Balanced Strategy Portfolio
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	55,301	$	5,522	$	—	$	—	$	(8,364	)	$	52,459		1,139	$	566
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		—		6,266		—		—		(1,290	)		4,976		167		98
Goldman Sachs ActiveBeta International Equity ETF		—		15,601		—		—		(3,251	)		12,350		445		270

75

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Balanced Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	$	59,496	$	28,452	$	—		$	—		$	(17,647	)	$	70,301		938	$	538
Goldman Sachs Alternative Premia Fund — Class R6		12,468		—		(12,056	)		(3,486	)		3,074			—		—		—
Goldman Sachs Core Fixed Income Fund — Class R6		17,132		187		—			—			(2,164	)		15,155		1,592		187
Goldman Sachs Dynamic Global Equity Fund — Class R6		93,155		—		(91,947	)		15,716			(16,924	)		—		—		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		13,728		6,185		(8,000	)		(2,410	)		(1,488	)		8,015		876		343
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		17,744		5,725		—			—			(3,651	)		19,818		2,444		84
Goldman Sachs Financial Square Government Fund — Institutional Shares		34,000		110,833		(94,385	)		—			—			50,448		50,448		—
Goldman Sachs Global Core Fixed Income Fund — Class R6		160,917		10,509		(5,558	)		(788	)		(17,546	)		147,534		13,091		1,154
Goldman Sachs Global Infrastructure Fund — Class R6		10,862		1,638		(1,300	)		(55	)		(702	)		10,443		828		117
Goldman Sachs Global Real Estate Securities Fund — Class R6		7,002		1,445		(1,400	)		(305	)		(1,526	)		5,216		531		56
Goldman Sachs High Yield Floating Rate Fund — Class R6		6,414		11,162		(12,300	)		(652	)		(311	)		4,313		497		249
Goldman Sachs High Yield Fund — Class R6		5,724		6,388		(10,712	)		(1,482	)		82			—		—		209
Goldman Sachs Inflation Protected Securities Fund — Class R6		5,882		—		(5,726	)		(166	)		10			—		—		—
Goldman Sachs International Equity Insights Fund — Class R6		31,550		10,533		—			—			(7,882	)		34,201		2,928		—
Goldman Sachs International Small Cap Insights Fund — Class R6		12,503		1,596		(4,557	)		(219	)		(2,328	)		6,995		642		—
Goldman Sachs Large Cap Growth Insights Fund — Class R6		—		6,469		(5,999	)		(470	)		—			—		—		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		—		6,318		—			—			(923	)		5,395		264		31

76

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Balanced Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Local Emerging Markets Debt Fund — Class R6	$	114	$	1	$	(160	)	$	(11	)	$	56		$	—		—	$	2
Goldman Sachs Energy Infrastructure Fund — Class R6		—		8,439		(3,000	)		(117	)		(151	)		5,171		518		99
Goldman Sachs Managed Futures Strategy Fund — Class R6		16,809		—		(333	)		—			3,679			20,155		1,648		—
Goldman Sachs MarketBeta Emerging Markets Equity ETF		—		3,007		—			—			(573	)		2,434		58		57
Goldman Sachs MarketBeta International Equity ETF		—		6,237		—			—			(1,308	)		4,929		110		98
Goldman Sachs Short Duration Bond Fund — Class R6		11,672		13,536		—			—			(973	)		24,235		2,570		136
Goldman Sachs Small Cap Equity Insights Fund — Class R6		—		1,944		—			—			(398	)		1,546		72		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		29,401		—		(29,629	)		1,465			(1,237	)		—		—		—
Total	$	601,874	$	267,993	$	(287,062	)	$	7,020		$	(83,736	)	$	506,089			$	4,297

Growth and Income Strategy Portfolio
Underlying Funds	Market Value 12/31/2021		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	90,188	$	4,543	$	—		$	—			(13,524	)	$	81,207		1,763	$	903
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		—		14,337		—			—			(2,951	)		11,386		383		225
Goldman Sachs ActiveBeta International Equity ETF		—		35,699		—			—			(7,439	)		28,260		1,018		619
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		219,223		56,187		(11,680	)		(1,966	)		(54,580	)		207,184		2,765		1,701
Goldman Sachs Alternative Premia Fund — Class R6		13,361		—		(12,919	)		(5,116	)		4,674			—		—		—
Goldman Sachs Dynamic Global Equity Fund — Class R6		213,153		—		(210,389	)		35,843			(38,607	)		—		—		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		25,550		14,446		(17,500	)		(5,645	)		(1,995	)		14,856		1,624		673

77

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Notes to Financial Statements (continued)

June 30, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	$	45,259	$	7,376	$	—		$	—		$	(8,836	)	$	43,799		5,401	$	—
Goldman Sachs Financial Square Government Fund — Institutional Shares		42,000		134,903		(115,176	)		—			—			61,727		61,727		126
Goldman Sachs Global Core Fixed Income Fund — Class R6		93,871		16,683		—			—			(10,600	)		99,954		8,869		683
Goldman Sachs Global Infrastructure Fund — Class R6		18,590		3,614		(4,500	)		(33	)		(1,240	)		16,431		1,302		209
Goldman Sachs Global Real Estate Securities Fund — Class R6		11,279		3,271		(3,200	)		(684	)		(2,445	)		8,221		837		98
Goldman Sachs High Yield Floating Rate Fund — Class R6		9,356		19,000		(20,000	)		(1,065	)		(489	)		6,802		785		398
Goldman Sachs High Yield Fund —Class R6		9,975		9,813		(17,463	)		(2,542	)		218			1		—		345
Goldman Sachs Inflation Protected Securities Fund — Class R6		10,034		—		(9,769	)		(282	)		17			—		—		—
Goldman Sachs Large Cap Growth International Fund — Institutional Shares		—		14,802		(13,726	)		(1,076	)		—			—		—		—
Goldman Sachs International Equity Insights Fund — Class R6		84,567		17,217		—			—			(19,370	)		82,414		7,056		—
Goldman Sachs International Small Cap Insights Fund — Class R6		26,933		3,651		(7,865	)		(490	)		(5,232	)		16,997		1,561		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		—		14,457		—			—			(2,113	)		12,344		604		72
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		3,616		44		(3,246	)		(616	)		202			—		—		45
Goldman Sachs Energy Infrastructure Fund — Class R6		—		17,431		(6,000	)		(207	)		(332	)		10,892		1,091		209
Goldman Sachs Managed Futures Strategy Fund — Class R6		24,314		—		—			—			4,839			29,153		2,384		—
Goldman Sachs MarketBeta Emerging Markets Equity ETF		—		6,882		—			—			(1,312	)		5,570		134		131
Goldman Sachs MarketBeta International Equity ETF		—		14,271		—			—			(2,993	)		11,278		252		225

78

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth and Income Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Short Duration Bond Fund — Class R6	$	19,912	$	21,228	$	—		$	—	$	(1,640	)	$	39,507		4,189	$	227
Goldman Sachs Small Cap Equity Insights Fund — Class R6		—		4,450		—			—		(912	)		3,538		164		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		39,750		—		(40,060	)		2,086		(1,776	)		—		—		—
Total	$	1,000,931	$	434,305	$	(493,493	)	$	18,207	$	(168,429	)	$	791,521			$	6,889

* Includes reinvestment of distributions.

Growth Strategy Portfolio
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Access Investment Grade Corporate Bond ETF	$	9,254	$	—	$	—		$	—			(1,375	)	$	7,879		171	$	91
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		—		15,660		—			—			(3,223	)		12,437		418		246
Goldman Sachs ActiveBeta International Equity ETF		—		38,992		—			—			(8,125	)		30,867		1,112		676
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		290,906		61,371		—			—			(73,356	)		278,921		3,722		2,188
Goldman Sachs Dynamic Global Equity Fund — Class R6		232,821		—		(229,803	)		39,151			(42,169	)		—		—		—
Goldman Sachs Emerging Markets Debt Fund — Class R6		29,836		13,789		(18,000	)		(5,654	)		(3,017	)		16,954		1,853		760
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		65,053		8,057		—			—			(12,239	)		60,871		7,506		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		51,000		107,836		(89,782	)		—			—			69,054		69,054		112
Goldman Sachs Global Infrastructure Fund — Class R6		17,818		3,924		(4,500	)		(115	)		(1,123	)		16,004		1,268		205
Goldman Sachs Global Real Estate Securities Fund — Class R6		9,480		3,553		(2,300	)		(550	)		(2,234	)		7,949		809		88
Goldman Sachs High Yield Floating Rate Fund — Class R6		—		16,359		(13,000	)		(700	)		(199	)		2,460		284		206
Goldman Sachs High Yield Fund — Class R6		10,039		9,154		(16,928	)		(2,411	)		146			—		—		337

79

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Notes to Financial Statements (continued)

June 30, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth Strategy Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Inflation Protected Securities Fund — Class R6	$	9,429	$	—	$	(9,179	)	$	(265	)		15		$	—		—	$	—
Goldman Sachs International Equity Insights Fund — Class R6		110,571		26,563		—			—			(25,218	)		111,916		9,582		—
Goldman Sachs International Small Cap Insights Fund — Class R6		44,367		3,989		(7,757	)		(1,300	)		(8,211	)		31,088		2,855		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		—		15,792		—			—			(2,308	)		13,484		659		78
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		46		1		(42	)		(3	)		(2	)		—		—		1
Goldman Sachs Energy Infrastructure Fund — Class R6		—		17,837		(6,000	)		(200	)		(353	)		11,284		1,131		217
Goldman Sachs Managed Futures Strategy Fund — Class R6		13,811		—		—			—			2,748			16,559		1,354		—
Goldman Sachs MarketBeta Emerging Markets Equity ETF		—		7,516		—			—			(1,433	)		6,083		146		143
Goldman Sachs MarketBeta International Equity ETF		—		15,589		—			—			(3,270	)		12,319		275		245
Goldman Sachs Short Duration Bond Fund — Class R6		18,710		20,214		—			—			(1,538	)		37,386		3,965		214
Goldman Sachs Small Cap Equity Insights Fund — Class R6		—		4,860		—			—			(996	)		3,864		179		—
Goldman Sachs Tactical Tilt Overlay Fund — Class R6		26,883		—		(27,093	)		1,249			(1,039	)		—		—		—
Total	$	940,024	$	407,223	$	(439,376	)	$	28,027		$	(188,519	)	$	747,379			$	5,807

Satellite Strategies Portfolio
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	3,920	$	—	$	—		$	—		$	(769	)	$	3,151		106	$	63
Goldman Sachs Emerging Markets Debt Fund — Class R6		19,274		3,145		(5,898	)		(523	)		(3,936	)		12,062		1,318		388
Goldman Sachs Emerging Markets Equity Fund — Class R6		5,424		1,100		—			—			(1,403	)		5,121		234		—

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Satellite Strategies Portfolio (continued)
Underlying Funds	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	$	6,782	$	—	$	—		$	—		$	(1,124	)	$	5,658		698	$	—
Goldman Sachs Global Infrastructure Fund — Class R6		25,635		1,015		(5,411	)		927			(2,217	)		19,949		1,581		215
Goldman Sachs Global Real Estate Securities Fund — Class R6		8,257		1,260		(1,750	)		(75	)		(1,797	)		5,895		600		60
Goldman Sachs High Yield Floating Rate Fund — Class R6		6,351		1,791		(3,536	)		(133	)		(304	)		4,169		481		120
Goldman Sachs High Yield Fund — Class R6		6,427		2,543		(2,600	)		(2,62	)		(1,106	)		5,002		944		187
Goldman Sachs Inflation Protected Securities Fund — Class R6		10,006		3,705		(3,500	)		(123	)		(778	)		9,310		902		205
Goldman Sachs International Small Cap Insights Fund — Class R6		26,598		1,200		(1,160	)		20			(5,644	)		21,014		1,930		—
Goldman Sachs Local Emerging Markets Debt Fund — Class R6		1,178		24		—			—			(178	)		1,024		225		24
Goldman Sachs MLP Energy Infrastructure Fund — Class R6		6,113		108		(3,680	)		672			(205	)		3,008		118		108
Total	$	125,965	$	15,891	$	(27,535	)	$	503		$	(19,461	)	$	95,363			$	1,370

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, were:

Portfolio	Purchases		Sales
Balanced Strategy	$	74,048,689	$	100,419,137
Growth and Income Strategy		107,978,731		168,030,724
Growth Strategy		89,595,623		119,862,499
Satellite Strategies		15,890,779		27,535,228

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Notes to Financial Statements (continued)

June 30, 2022

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, December 31, 2021, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Capital loss carryforwards:
Perpetual Long-Term	$	—		$	—		$	—		$	(18,474,678	)
Timing differences (Straddle Loss Deferral)	$	(599	)	$	(1,058	)	$	(947	)	$	—

As of June 30, 2022, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Balanced Strategy			Growth and Income Strategy			Growth Strategy			Satellite Strategies
Tax Cost	$	541,083,478		$	806,896,808		$	744,416,533		$	89,520,479
Gross unrealized gain		13,677,036			50,261,625			62,487,044			11,177,826
Gross unrealized loss		(47,094,835	)		(63,565,854	)		(55,052,482	)		(5,335,258	)
Net unrealized gains (losses) on securities	$	(33,417,799	)	$	(13,304,229	)	$	4,434,562		$	5,842,568

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, options contracts, and foreign currency contracts.

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

8. OTHER RISKS

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

Derivatives Risk — The Portfolios’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.

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8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Portfolio or an Underlying Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Portfolio or an Underlying Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Portfolio or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio or Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio or Underlying Fund may be forced

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Notes to Financial Statements (continued)

June 30, 2022

8. OTHER RISKS (continued)

to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio’s or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

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

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11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Balanced Strategy Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		351,753		$	4,194,385			882,441		$	11,568,762
Reinvestment of distributions		42,058			480,212			479,560			6,211,490
Shares redeemed		(662,515	)		(7,834,724	)		(1,191,360	)		(15,594,930	)
		(268,704	)		(3,160,127	)		170,641			2,185,322
Class C Shares
Shares sold		28,158			332,781			62,236			819,411
Reinvestment of distributions		683			7,566			27,446			355,496
Shares redeemed		(108,270	)		(1,252,233	)		(325,028	)		(4,238,947	)
		(79,429	)		(911,886	)		(235,346	)		(3,064,040	)
Institutional Shares
Shares sold		4,008,268			48,197,845			9,610,152			126,204,107
Reinvestment of distributions		224,724			2,577,109			1,892,322			24,498,342
Shares redeemed		(5,428,492	)		(64,853,845	)		(9,012,460	)		(117,833,634	)
		(1,195,500	)		(14,078,891	)		2,490,014			32,868,815
Service Shares
Shares sold		5			57			61			804
Shares redeemed		—			—			(3,118	)		(40,495	)
		5			57			(3,057	)		(39,691	)
Investor Shares
Shares sold		36,494			446,973			92,915			1,228,623
Reinvestment of distributions		2,378			27,223			26,313			339,317
Shares redeemed		(173,964	)		(2,006,521	)		(297,322	)		(3,792,091	)
		(135,092	)		(1,532,325	)		(178,094	)		(2,224,151	)
Class R6 Shares
Shares sold		194,908			2,223,338			7,652			100,736
Reinvestment of distributions		466			5,268			1,212			15,707
Shares redeemed		(78,640	)		(881,859	)		(101,913	)		(1,327,087	)
		116,734			1,346,747			(93,049	)		(1,210,644	)
Class R Shares
Shares sold		38,590			459,520			81,994			1,080,919
Reinvestment of distributions		3,486			39,398			46,496			599,113
Shares redeemed		(30,036	)		(342,413	)		(29,032	)		(380,994	)
		12,040			156,505			99,458			1,299,038
Class P Shares
Shares sold		922,765			10,990,802			1,117,076			14,500,761
Reinvestment of distributions		31,110			355,892			251,253			3,256,498
Shares redeemed		(525,285	)		(6,161,122	)		(497,659	)		(6,581,706	)
		428,590			5,185,572			870,670			11,175,553
NET INCREASE (DECREASE)		(1,121,356	)	$	(12,994,348	)		3,121,237		$	40,990,202

85

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Notes to Financial Statements (continued)

June 30, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth and Income Strategy Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		258,072		$	3,893,776			924,031		$	15,131,597
Reinvestment of distributions		81,947			1,171,954			1,052,123			17,367,488
Shares redeemed		(1,070,318	)		(16,108,183	)		(2,689,504	)		(44,400,979)
		(730,299	)		(11,042,453	)		(713,350	)		(11,901,894)
Class C Shares
Shares sold		38,042			556,478			88,439			1,416,143
Reinvestment of distributions		955			12,762			37,387			599,913
Shares redeemed		(88,201	)		(1,262,608	)		(377,363	)		(5,986,984)
		(49,204	)		(693,368	)		(251,537	)		(3,970,928)
Institutional Shares
Shares sold		1,814,770			27,273,915			6,433,958			107,492,095
Reinvestment of distributions		175,863			2,541,646			1,654,960			27,399,204
Shares redeemed		(4,210,754	)		(60,986,163	)		(4,476,473	)		(73,927,656)
		(2,220,121	)		(31,170,602	)		3,612,445			60,963,643
Service Shares
Shares sold		3,974			58,888			21,432			351,503
Reinvestment of distributions		99			1,399			1,259			20,718
Shares redeemed		(18,027	)		(280,881	)		(26,139	)		(426,688)
		(13,954	)		(220,594	)		(3,448	)		(54,467)
Investor Shares
Shares sold		62,623			948,693			114,316			1,896,250
Reinvestment of distributions		3,395			48,476			35,253			578,890
Shares redeemed		(74,121	)		(1,121,785	)		(117,292	)		(1,940,176)
		(8,103	)		(124,616	)		32,277			534,964
Class R6 Shares
Shares sold		64,205			993,728			48,558			797,639
Reinvestment of distributions		717			10,357			3,537			58,551
Shares redeemed		(16,214	)		(239,252	)		(297,620	)		(4,953,119)
		48,708			764,833			(245,525	)		(4,096,929)
Class R Shares
Shares sold		37,989			563,657			34,402			560,370
Reinvestment of distributions		1,391			19,572			20,504			335,400
Shares redeemed		(24,489	)		(353,716	)		(52,998	)		(875,316)
		14,891			229,513			1,908			20,454
Class P Shares
Shares sold		605,599			9,118,625			1,738,325			28,537,604
Reinvestment of distributions		108,472			1,564,815			1,028,942			17,029,160
Shares redeemed		(755,527	)		(11,392,777	)		(1,613,715	)		(26,698,623)
		(41,456	)		(709,337	)		1,153,552			18,868,141
NET INCREASE (DECREASE)		(2,999,538)			$(42,966,624)			3,586,322			$ 60,362,984

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Strategy Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		401,642		$	7,235,822			1,215,844		$	23,918,249
Reinvestment of distributions		—			—			1,075,018			21,305,550
Shares redeemed		(1,194,522	)		(21,480,026	)		(2,313,832	)		(45,295,447)
		(792,880	)		(14,244,204	)		(22,970	)		(71,648)
Class C Shares
Shares sold		54,213			1,006,625			178,476			3,503,010
Reinvestment of distributions		—			—			47,782			968,121
Shares redeemed		(146,057	)		(2,647,060	)		(500,803	)		(9,817,915)
		(91,844	)		(1,640,435	)		(274,545	)		(5,346,784)
Institutional Shares
Shares sold		1,717,054			31,463,977			6,151,190			117,824,612
Reinvestment of distributions		—			—			761,391			15,081,997
Shares redeemed		(1,739,292	)		(31,835,587	)		(3,666,804	)		(70,356,702)
		(22,238	)		(371,610	)		3,245,777			62,549,907
Service Shares
Shares sold		8,251			141,110			12,046			235,463
Reinvestment of distributions		—			—			2,007			39,645
Shares redeemed		(7,529	)		(137,547	)		(9,640	)		(189,476)
		722			3,563			4,413			85,632
Investor Shares
Shares sold		601,938			10,762,214			397,717			7,801,529
Reinvestment of distributions		—			—			44,692			871,358
Shares redeemed		(190,683	)		(3,314,283	)		(123,241	)		(2,397,561)
		411,255			7,447,931			319,168			6,275,326
Class R6 Shares
Shares sold		171,975			2,992,489			78,715			1,563,410
Reinvestment of distributions		—			—			18,814			372,814
Shares redeemed		(29,459	)		(533,376	)		(158,395	)		(3,112,316)
		142,516			2,459,113			(60,866	)		(1,176,092)
Class R Shares
Shares sold		27,715			486,659			49,910			956,362
Reinvestment of distributions		—			—			23,958			459,935
Shares redeemed		(68,407	)		(1,193,741	)		(30,109	)		(559,716)
		(40,692	)		(707,082	)		43,759			856,581
Class P Shares
Shares sold		849,855			15,496,639			2,171,043			42,528,603
Reinvestment of distributions		—			—			873,749			17,316,359
Shares redeemed		(362,435	)		(6,398,168	)		(544,784	)		(10,598,265)
		487,420			9,098,471			2,500,008			49,246,697
NET INCREASE		94,259		$	2,045,747			5,754,744		$	112,419,619

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Notes to Financial Statements (continued)

June 30, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Satellite Strategies Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		87,421		$	721,374			523,296		$	4,647,666
Reinvestment of distributions		43,254			342,163			157,690			1,409,842
Shares redeemed		(432,210	)		(3,602,104	)		(936,839	)		(8,394,866)
		(301,535	)		(2,538,567	)		(255,853	)		(2,337,358)
Class C Shares
Shares sold		1,481			12,681			16,649			152,803
Reinvestment of distributions		1,054			8,247			5,866			52,532
Shares redeemed		(56,098	)		(464,534	)		(451,497	)		(3,988,734)
		(53,563	)		(443,606	)		(428,982	)		(3,783,399)
Institutional Shares
Shares sold		274,766			2,301,441			568,524			5,060,671
Reinvestment of distributions		66,227			524,811			238,157			2,121,044
Shares redeemed		(893,523	)		(7,428,651	)		(5,819,509	)		(51,168,764)
		(552,530	)		(4,602,399	)		(5,012,828	)		(43,987,049)
Service Shares
Shares sold		163			1,359			253			2,279
Reinvestment of distributions		87			688			295			2,637
Shares redeemed		(5	)		(42	)		(165	)		(1,493)
		245			2,005			383			3,423
Investor Shares
Shares sold		25,380			206,853			233,017			2,094,224
Reinvestment of distributions		17,971			142,232			65,648			584,732
Shares redeemed		(185,654	)		(1,547,004	)		(779,692	)		(6,936,508)
		(142,303	)		(1,197,919	)		(481,027	)		(4,257,552)
Class R6 Shares
Shares sold		168,476			1,433,041			25,403			223,151
Reinvestment of distributions		2,883			22,827			3,433			30,651
Shares redeemed		(14,792	)		(123,047	)		(33,260	)		(295,954)
		156,567			1,332,821			(4,424	)		(42,152)
Class R Shares
Shares sold		1,812			15,060			5,524			49,585
Reinvestment of distributions		533			4,189			1,997			17,802
Shares redeemed		(3,630	)		(30,272	)		(30,318	)		(268,324)
		(1,285	)		(11,023	)		(22,797	)		(200,937)
Class P Shares
Shares sold		—			—			19,473			166,886
Reinvestment of distributions		2,201			17,462			13,058			116,632
Shares redeemed		(167,428	)		(1,433,941	)		(122,297	)		(1,066,225)
		(165,227	)		(1,416,479	)		(89,766	)		(782,707)
NET DECREASE		(1,059,631)			$(8,875,167)			(6,295,294)			$(55,387,731)

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio, and Goldman Sachs Satellite Strategies Portfolio (the “Portfolios”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolios.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Portfolio and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest;

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

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

(e) fee and expense information for the Portfolio, including:

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

(ii) the Portfolio’s expense trends over time; and

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

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

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds;

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing those Underlying Funds.

The Trustees observed that the Balanced Strategy Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2022. They noted that the Growth and Income Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2022. The Trustees considered that the Growth Strategy Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2022. They observed that the Satellite Strategies Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had underperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. The Trustees also considered that each of the Portfolios had experienced certain portfolio management changes in early 2022.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Profitability

The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios.

The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Portfolios and Their Shareholders

The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates;

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2023.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Fund’s operations are difficult to predict.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Portfolio Expenses — Six Month Period Ended June 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Portfolio expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days of a 365 day year.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Portfolios invest. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of

owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Balanced Strategy Portfolio							Growth and Income Strategy Portfolio							Growth Strategy Portfolio							Satellite Strategies Portfolio
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*
Class A
Actual	$	1,000.00	$	866.40		$	2.59	$	1,000.00	$	842.10		$	2.56	$	1,000.00	$	821.10		$	2.53	$	1,000.00	$	852.00		$	2.48
Hypothetical 5% return		1,000.00		1,022.02	+		2.81		1,000.00		1,022.02	+		2.81		1,000.00		1,022.02	+		2.81		1,000.00		1,022.12	+		2.71
Class C
Actual		1,000.00		862.60			6.05		1,000.00		838.90			5.97		1,000.00		818.30			5.91		1,000.00		849.60			5.92
Hypothetical 5% return		1,000.00		1,018.30	+		6.56		1,000.00		1,018.30	+		6.56		1,000.00		1,018.30	+		6.56		1,000.00		1,018.40	+		6.46
Institutional
Actual		1,000.00		867.90			0.88		1,000.00		844.10			0.87		1,000.00		823.00			0.86		1,000.00		854.20			0.78
Hypothetical 5% return		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.85	+		0.95		1,000.00		1,023.95	+		0.85
Service
Actual		1,000.00		866.00			3.19		1,000.00		842.30			3.15		1,000.00		820.60			3.11		1,000.00		852.50			3.08
Hypothetical 5% return		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.37	+		3.46		1,000.00		1,021.47	+		3.36
Investor
Actual		1,000.00		867.50			1.44		1,000.00		843.50			1.42		1,000.00		822.20			1.40		1,000.00		853.70			1.33
Hypothetical 5% return		1,000.00		1,023.26	+		1.56		1,000.00		1,023.26	+		1.56		1,000.00		1,023.26	+		1.56		1,000.00		1,023.36	+		1.45
Class R6
Actual		1,000.00		868.00			0.83		1,000.00		844.20			0.82		1,000.00		822.60			0.81		1,000.00		854.40			0.74
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80
Class R
Actual		1,000.00		864.70			3.74		1,000.00		841.50			3.70		1,000.00		820.10			3.66		1,000.00		850.50			3.62
Hypothetical 5% return		1,000.00		1,020.78	+		4.06		1,000.00		1,020.78	+		4.06		1,000.00		1,020.78	+		4.06		1,000.00		1,020.88	+		3.96
Class P
Actual		1,000.00		1,000.00			0.89		1,000.00		844.10			0.82		1,000.00		822.60			0.81		1,000.00		854.40			0.74
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80

* Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

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

96

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

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

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

© 2022 Goldman Sachs. All rights reserved. 287751- OUT-08/2022 FFSAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Alternative Funds I
	Managed Futures Strategy

Goldman Sachs Alternative Funds I

∎ MANAGED FUTURES STRATEGY

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	2
Consolidated Schedule of Investments	4
Consolidated Financial Statements	10
Consolidated Financial Highlights	13
Notes to Financial Statements	20
Other Information	40

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET AND ECONOMIC REVIEW

Alternative Funds I

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Managed Futures Strategy Fund (the “Fund”) during the six months ended June 30, 2022 (the “Reporting Period”). A fuller review will appear in the Fund’s annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

• During the Reporting Period, international developed and emerging markets equities, U.S. equities, and global and U.S. fixed income markets each posted double-digit negative total returns, as measured by the MSCI EAFE Index (net), MSCI Emerging Markets Index (net), S&P 500® Index, Bloomberg Global Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index, respectively. Commodities, as measured by the 18.44% total return of the Bloomberg Commodity Index, was the only major asset class to move higher during the Reporting Period.

• In January 2022, as the Reporting Period began, developed equity markets globally sold off, led by companies and sectors that were highly exposed to duration, as government bond yields rose globally. Emerging markets equities significantly outperformed their developed peers, as emerging market yields were less affected, and many commodity-exposed emerging markets equities benefited from the sustained commodity rally in January. (Duration is a measure of sensitivity to changes in interest rates.)

• In February 2022, developed equity markets globally continued their sell-off, as investors sold out of rate-sensitive companies amid expectations of higher future interest rates. Emerging markets equities were also down, led by losses in Russian and Chinese equities. Commodities moved higher for the month, as the Russia/Ukraine war, launched by Russia’s invasion on February 24th, pushed energy higher.

• International and U.S. equity markets gained in March 2022. Globally, risk assets recovered even as worries grew over the Russia/Ukraine war and inflation. Yields generally continued to move higher in March. Commodities moved higher for the month, as the Russia/Ukraine war pushed energy and agricultural commodities higher.

• Globally, equities declined during April 2022 amidst the ongoing Russia/Ukraine war, persistent supply-chain disruptions and expectations of rising U.S. interest rates. Developed markets equities declined substantially. Emerging markets equities were also down, although they outperformed their developed market counterparts. Developed market government bond yields generally moved higher. The commodity complex also moved higher, as the Russia/Ukraine war continued to push energy and agriculture commodities higher.

• In May 2022, global equity markets, both developed and emerging, were largely up modestly, even as they continued to be dominated by worries around rising inflation and interest rates as well as the ongoing conflict in Ukraine. Equity volatility dropped in May 2022. Government bond yields were mixed, with Italy’s and France’s government bond yields up, and U.S. Treasury yields declining. The U.S. dollar depreciated during the month, notably versus the Brazilian real, the Polish zloty, the Chilean peso and the Mexican peso.

• In June 2022, global equity markets, both developed and emerging, declined significantly as investors continued to digest interest rate hikes, rising inflation, increased risk of recession as well as the ongoing conflict in Ukraine and the resultant energy crisis. Equity volatility increased. Government bond yields were generally up in developed markets, except in Japan where 10-year yields retreated slightly. The U.S. dollar appreciated during the month, notably versus the Brazilian real, the Chilean peso and the Japanese yen.

Fund Changes and Highlights

No material changes were made to the Fund during the Reporting Period.

1

FUND BASICS

Managed Futures Strategy Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			ICE BAML 3-Mo US Treasury Bill Index2			ICE BofAML USD LIBOR One-Month Constant Maturity Index3
Class A		19.68	%		0.14	%		0.16	%
Class C		19.33			0.14			0.16
Institutional		20.02			0.14			0.16
Investor		19.86			0.14			0.16
Class R6		19.90			0.14			0.16
Class R		19.59			0.14			0.16
Class P		20.04			0.14			0.16

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The ICE BofA 3 Month U.S. Treasury Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.

³  ICE BofAML USD LIBOR One-Month Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The comparison to the ICE BofA 3-Month U.S. Treasury Bill Index and the ICE BofAML USD LIBOR One-Month Constant Maturity Index is a means of emphasizing that the Fund has an unconstrained strategy. The Fund’s investment objective is to seek to generate long-term absolute return, and the Fund employs a benchmark agnostic strategy. Benchmark performance may not be comparable to the Fund’s performance.

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

2

FUND BASICS

FUND COMPOSITION³

³  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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

3

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(a) – 80.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	330,879,760	1.367%(a)	$	330,879,760
	TOTAL INVESTMENTS – 80.9%
	(Cost $330,879,760)		$	330,879,760
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 19.1%			77,933,280
	NET ASSETS – 100.0%		$	408,813,040

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 June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Amsterdam Exchange Index		98		07/15/22	$	13,508,413	$	26,719
Brent Crude Oil		12		07/29/22		1,436,689		(125,809	)
Coffee “C”		80		09/20/22		7,001,334		(86,334	)
Cotton No. 2		69		12/07/22		4,147,322		(737,342	)
FTSE/MIB Index		139		09/16/22		15,733,865		(287,535	)
Hard Red Winter Wheat		29		09/14/22		1,623,843		(236,556	)
LME Copper Base Metal		2		08/15/22		482,231		(69,106	)
LME Copper Base Metal		26		07/18/22		6,238,455		(866,855	)
LME Lead Base Metal		133		07/18/22		7,605,035		(1,242,647	)
LME Nickel Base Metal		19		08/15/22		2,837,105		(252,041	)
LME Nickel Base Metal		14		07/18/22		2,374,156		(471,472	)
LME Primary Aluminium		17		08/15/22		1,029,827		6,535
LME Primary Aluminium		52		07/18/22		3,710,985		(548,735	)
LME Zinc Base Metal		32		08/15/22		3,068,349		(531,749	)
LME Zinc Base Metal		54		07/18/22		5,183,004		(887,641	)
Low Sulphur Gasoil		12		08/11/22		1,459,744		(90,544	)
Natural Gas		93		07/27/22		7,409,597		(2,213,687	)
NY Harbor USLD		14		07/29/22		2,439,152		(173,000	)
OMXS30 Index		286		07/15/22		5,263,359		(33,876	)
RBOB Gasoline		9		07/29/22		1,363,240		(24,553	)
S&P 500 E-Mini Index		166		09/16/22		31,751,087		(298,237	)
S&P/TSX 60 Index		5		09/15/22		944,692		(57,106	)
Sugar No. 11		103		09/30/22		2,265,300		(131,140	)
TOPIX Index		66		09/08/22		8,984,254		114,581
TurkDEX ISE 30		3,794		08/31/22		6,709,422		(434,107	)
Wheat		12		09/14/22		612,844		(78,844	)
Total							$	(9,731,081	)

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
100 oz Gold		(23	)		08/29/22	$	(4,241,131	)	$	84,111
CAC 40 10 Euro Index		(75	)		07/15/22		(4,659,388	)		11,203
CBOE Volatality Index		(227	)		07/20/22		(6,208,113	)		(275,529	)
Cocoa		(30	)		09/15/22		(715,502	)		15,602
Corn		(22	)		09/14/22		(737,025	)		40,725
E-Mini Dow		(32	)		09/16/22		(5,132,221	)		207,261
EURO STOXX 50 Index		(50	)		09/16/22		(1,803,935	)		936
Feeder Cattle		(47	)		08/25/22		(4,015,585	)		(69,891	)
FTSE 100 Index		(76	)		09/16/22		(6,605,039	)		17,059
FTSE China A50 Index		(24	)		07/28/22		(339,190	)		(18,002	)
FTSE Taiwan Index Equity Index		(77	)		07/28/22		(3,997,718	)		92,278
FTSE/JSE Top 40 Index		(150	)		09/15/22		(5,602,572	)		74,366
German Stock Index		(11	)		09/16/22		(3,653,642	)		(26,786	)
Hang Seng Index		(32	)		07/28/22		(1,496,121	)		(51,312	)
HSCEI		(116	)		07/28/22		(15,711,856	)		(360,326	)
IBEX 35 Index		(50	)		07/15/22		(4,208,314	)		(4,238	)
KOSPI 200 Index		(106	)		09/08/22		(7,063,543	)		788,569
Lean Hogs		(42	)		08/12/22		(1,764,368	)		49,088
Live Cattle		(104	)		08/31/22		(5,656,860	)		132,380
LME Copper Base Metal		(16	)		08/15/22		(3,770,438	)		465,438
LME Copper Base Metal		(26	)		07/18/22		(5,992,832	)		621,232
LME Lead Base Metal		(133	)		07/18/22		(7,176,090	)		813,703
LME Lead Base Metal		(92	)		08/15/22		(4,592,992	)		191,942
LME Nickel Base Metal		(11	)		08/15/22		(1,498,826	)		2,210
LME Nickel Base Metal		(14	)		07/18/22		(2,349,890	)		447,206
LME Primary Aluminium		(52	)		07/18/22		(3,659,502	)		497,252
LME Primary Aluminium		(39	)		08/15/22		(2,627,130	)		249,592
LME Zinc Base Metal		(54	)		07/18/22		(5,115,396	)		820,034
LME Zinc Base Metal		(15	)		08/15/22		(1,241,429	)		52,398
Mini VSTOXX®Index		(949	)		07/20/22		(2,927,861	)		18,934
MSCI EAFE E-Mini Index		(33	)		09/16/22		(1,655,212	)		757
MSCI EAFE E-Mini Index		(322	)		09/16/22		(29,798,380	)		(92,880	)
NASDAQ 100 E-Mini Index		(15	)		09/16/22		(3,690,739	)		231,888
Nikkei 225 Index		(13	)		09/08/22		(2,521,263	)		(6,301	)
Russell 2000 E-Mini Index		(125	)		09/16/22		(11,564,450	)		889,450
S&P 500 E-Mini Index		(55	)		09/16/22		(10,651,645	)		230,520
SET50 Index		(1,070	)		09/29/22		(5,733,798	)		46,500
Silver		(40	)		09/28/22		(4,378,736	)		337,736
Soybean		(15	)		11/14/22		(1,099,601	)		4,226
SPI 200 Index		(2	)		09/15/22		(227,079	)		4,094
WTI Crude Oil		(5	)		07/20/22		(539,214	)		9,614
Total									$	6,543,039
Total Futures Contracts									$	(3,188,042	)

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Bank of America	GBP	21,740,000	USD	26,404,056		9/21/2022	$	100,966
Bank of America	USD	2,314,354	EUR	2,147,000		9/21/2022		51,475
Bank of America	USD	31,111,899	GBP	25,320,000		9/21/2022		242,205
Bank of America	USD	6,333,474	IDR	94,320,000,000		9/21/2022		44,405
Bank of America	USD	31,764,794	NZD	50,460,000		9/21/2022		278,971
Bank of New York Company	USD	31,932,353	JPY	4,128,949,000		9/21/2022		1,328,219
Bank of New York Company	USD	14,700,537	NOK	139,200,000		9/21/2022		542,900
Barclyas Bank PLC	CAD	15,400,000	USD	11,864,400		9/21/2022		101,272
Barclyas Bank PLC	CHF	2,736,000	USD	2,786,236		9/21/2022		96,279
Barclyas Bank PLC	NOK	27,700,000	USD	2,784,371		9/21/2022		32,917
Barclyas Bank PLC	USD	8,292,288	CLP	6,970,000,000		9/21/2022		822,665
Barclyas Bank PLC	USD	1,409,047	CZK	33,600,000		9/21/2022		1,022
Barclyas Bank PLC	USD	1,591,323	INR	125,000,000		9/21/2022		19,997
Barclyas Bank PLC	USD	585,419	SEK	5,849,000		9/21/2022		11,716
Barclyas Bank PLC	USD	5,787,834	ZAR	93,520,000		9/21/2022		86,392
BNP Paribas Securities	USD	3,156,407	COP	13,112,000,000		9/21/2022		40,117
BNP Paribas Securities	USD	6,425,660	HUF	2,404,000,000		9/21/2022		154,463
BNP Paribas Securities	USD	14,998,249	INR	1,178,000,000		9/21/2022		190,077
Citigroup Global Markets	NZD	21,320,000	USD	13,256,968		9/21/2022		46,198
Citigroup Global Markets	USD	1,886,157	GBP	1,503,000		9/21/2022		53,726
Citigroup Global Markets	USD	5,517,732	IDR	82,260,000,000		9/21/2022		32,799
Citigroup Global Markets	USD	11,095,473	NOK	105,100,000		9/21/2022		406,050
Citigroup Global Markets	USD	2,509,354	NZD	3,900,000		9/21/2022		75,848
Deutsche Bank Securities	USD	7,215,077	BRL	37,500,000		7/5/2022		49,631
Deutsche Bank Securities	CHF	1,115,000	USD	1,165,127		9/21/2022		9,582
Deutsche Bank Securities	EUR	3,297,000	USD	3,474,477		9/21/2022		471
Deutsche Bank Securities	GBP	629,000	USD	766,776		9/21/2022		89
Deutsche Bank Securities	PLN	2,222,000	USD	488,503		9/21/2022		1,830
Deutsche Bank Securities	SEK	250,000	USD	24,424		9/21/2022		97
Deutsche Bank Securities	USD	1,412,232	CAD	1,797,000		9/21/2022		15,978
Deutsche Bank Securities	USD	20,922,667	COP	84,282,000,000		9/21/2022		891,617
Deutsche Bank Securities	USD	316,249	CZK	7,376,000		9/21/2022		7,153
Deutsche Bank Securities	USD	15,435,328	EUR	14,469,000		9/21/2022		185,397
Deutsche Bank Securities	USD	37,233,631	GBP	29,884,000		9/21/2022		799,589
Deutsche Bank Securities	USD	6,707,004	IDR	98,100,000,000		9/21/2022		165,893
Deutsche Bank Securities	USD	20,935,405	KRW	25,980,000,000		9/21/2022		740,631
Deutsche Bank Securities	USD	11,286,279	SEK	110,543,000		9/21/2022		443,584
Deutsche Bank Securities	ZAR	3,267,000	USD	197,557		9/21/2022		1,615
HSBC Bank PLC	USD	996,544	EUR	931,000		9/21/2022		15,296
HSBC Bank PLC	USD	1,994,808	SEK	19,604,600		9/21/2022		71,876
JP Morgan & Chase Co.	USD	21,843,781	IDR	325,800,000,000		9/21/2022		120,089
JP Morgan & Chase Co.	USD	4,830,487	INR	379,000,000		9/21/2022		66,228
Morgan Stanley and Co.	GBP	975,000	USD	1,186,379		9/21/2022		2,324
Morgan Stanley and Co.	USD	43,343,481	CAD	54,955,000		9/21/2022		643,901
Morgan Stanley and Co.	USD	5,840,188	CLP	5,190,000,000		9/21/2022		278,159
Morgan Stanley and Co.	USD	10,729,206	CZK	251,214,000		9/21/2022		201,956
Morgan Stanley and Co.	USD	99,671	EUR	94,000		9/21/2022		597
Morgan Stanley and Co.	USD	5,436,200	GBP	4,373,000		9/21/2022		104,716
Morgan Stanley and Co.	USD	1,791,113	INR	141,000,000		9/21/2022		18,658

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley and Co.	USD	7,888,448	PLN	34,268,000		9/21/2022	$	326,466
Nomura International PLC	USD	1,760,452	ZAR	28,840,000		9/21/2022		2,223
RBC Capital Markets	USD	6,784,870	ZAR	106,445,000		9/21/2022		295,456
Standard Chartered Bank	NOK	472,200,000	USD	47,845,266		9/21/2022		180,856
Standard Chartered Bank	USD	1,699,789	KRW	2,140,000,000		9/21/2022		36,324
State Street Global Markets	CHF	1,000	USD	1,047		9/21/2022		7
State Street Global Markets	USD	13,309,595	EUR	12,559,000		9/21/2022		72,752
UBS Financial Services	CHF	84,000	USD	87,667		9/21/2022		831
UBS Financial Services	USD	15,022,903	AUD	20,953,000		9/21/2022		550,398
UBS Financial Services	USD	50,000,114	JPY	6,582,000,000		9/21/2022		1,213,751
TOTAL							$	12,276,700

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Bank of America	BRL	7,000,000	USD	1,359,646		7/5/2022	$	(22,096	)
Bank of America	AUD	35,840,000	USD	24,845,999		9/21/2022		(90,853	)
Bank of America	USD	6,743,008	AUD	9,800,000		9/21/2022		(25,978	)
Bank of America	CAD	23,360,000	USD	18,598,933		9/21/2022		(448,407	)
Bank of America	GBP	17,180,000	USD	21,558,753		9/21/2022		(613,202	)
Bank of America	JPY	744,000,000	USD	5,562,475		9/21/2022		(47,882	)
Bank of New York Company	JPY	56,276,000	USD	435,226		9/21/2022		(18,103	)
Barclays Capital Inc.	BRL	30,500,000	USD	6,250,769		7/5/2022		(422,873	)
Barclyas Bank PLC	USD	22,768,870	CAD	29,340,000		9/21/2022		(28,067	)
Barclyas Bank PLC	USD	1,909,427	CHF	1,875,000		9/21/2022		(65,981	)
Barclyas Bank PLC	CZK	33,600,000	USD	1,414,194		9/21/2022		(6,169	)
Barclyas Bank PLC	USD	26,215,463	EUR	24,960,000		9/21/2022		(91,694	)
Barclyas Bank PLC	GBP	12,490,000	USD	15,454,131		9/21/2022		(226,544	)
Barclyas Bank PLC	USD	13,228,421	NOK	131,400,000		9/21/2022		(135,903	)
Barclyas Bank PLC	SEK	31,016,000	USD	3,104,354		9/21/2022		(62,125	)
BMO Capital Markets Corp.	SEK	2,778,000	USD	285,138		9/21/2022		(12,655	)
BNP Paribas Securities	COP	66,396,000,000	USD	17,068,362		9/21/2022		(1,288,223	)
BNP Paribas Securities	HUF	44,498,000	USD	118,939		9/21/2022		(2,859	)
BNP Paribas Securities	MXN	245,829,000	USD	12,247,391		9/21/2022		(202,928	)
BNP Paribas Securities	USD	1,350,135	MXN	28,250,000		9/21/2022		(33,982	)
Citigroup Global Markets	AUD	3,080,000	USD	2,216,864		9/21/2022		(89,468	)
Citigroup Global Markets	USD	1,406,002	HUF	540,000,000		9/21/2022		(2,670	)
Citigroup Global Markets	USD	36,765,591	JPY	4,994,000,000		9/21/2022		(250,376	)
Citigroup Global Markets	PLN	8,640,000	USD	1,990,621		9/21/2022		(84,016	)
Citigroup Global Markets	ZAR	87,500,000	USD	5,685,410		9/21/2022		(350,977	)
Deutsche Bank Securities	BRL	37,500,000	USD	7,158,264		8/2/2022		(56,234	)
Deutsche Bank Securities	CAD	5,678,000	USD	4,456,593		9/21/2022		(44,834	)
Deutsche Bank Securities	USD	3,100	CAD	4,000		9/21/2022		(8	)
Deutsche Bank Securities	EUR	13,966,000	USD	14,879,515		9/21/2022		(159,733	)
Deutsche Bank Securities	USD	1,697,655	EUR	1,611,000		9/21/2022		(295	)
Deutsche Bank Securities	GBP	4,776,750	USD	5,935,128		9/21/2022		(111,399	)
Deutsche Bank Securities	USD	316,950	GBP	260,000		9/21/2022		(37	)
Deutsche Bank Securities	USD	194,827	MXN	4,080,000		9/21/2022		(5,074	)
Deutsche Bank Securities	SEK	119,687,000	USD	11,887,304		9/21/2022		(147,712	)
HSBC Bank PLC	EUR	14,027,000	USD	15,014,532		9/21/2022		(230,457	)
HSBC Bank PLC	NZD	8,900,000	USD	5,746,670		9/21/2022		(193,285	)
HSBC Bank PLC	SEK	189,300,000	USD	19,261,665		9/21/2022		(694,029	)

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JP Morgan & Chase Co.	USD	2,932,750	BRL	15,560,000		8/2/2022	$	(14,119	)
JP Morgan & Chase Co.	IDR	329,400,000,000	USD	22,625,180		9/21/2022		(661,447	)
Morgan Stanley and Co.	CLP	4,720,000,000	USD	5,597,524		9/21/2022		(539,185	)
Morgan Stanley and Co.	CZK	7,800,000	USD	328,575		9/21/2022		(1,712	)
Morgan Stanley and Co.	EUR	52,000	USD	55,137		9/21/2022		(330	)
Morgan Stanley and Co.	GBP	5,665,000	USD	7,027,824		9/21/2022		(121,157	)
Morgan Stanley and Co.	MXN	2,294,000	USD	113,230		9/21/2022		(835	)
Natwest Markets Securities	AUD	1,327,000	USD	945,514		9/21/2022		(28,938	)
Standard Chartered Bank	JPY	6,560,000,000	USD	48,931,744		9/21/2022		(308,447	)
State Street Global Markets	EUR	16,500,000	USD	17,514,536		9/21/2022		(123,987	)
UBS Financial Services	USD	15,723,865	CAD	20,360,000		9/21/2022		(95,686	)
UBS Financial Services	USD	949,731	CHF	910,000		9/21/2022		(9,000	)
UBS Financial Services	KRW	2,060,000,000	USD	1,660,839		9/21/2022		(59,560	)
UBS Financial Services	USD	3,626,901	PLN	16,440,000		9/21/2022		(943	)
TOTAL							$	(8,232,474	)

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date	Notional Amounts (000’s)			Value			Upfront Premium Paid			Unrealized Appreciation
1 Day ESTRON(b)		0.000	09/21/2023		EUR	127,570	$	1,413,099		$	1,697,749		$	(284,650	)
1 Day SOFR(b)		0.000	09/21/2023		CHF	171,480		1,330,149			1,120,882			209,267
1 Day SOFR(b)		0.000	09/21/2023		USD	855,800		2,419,175			3,920,955			(1,501,780	)
1 Day SONIO(b)		0.000	09/21/2023		GBP	25,220		100,544			90,859			9,685
3 Month BA(c)		3.000	09/21/2023		CAD	202,070		1,033,646			1,108,682			(75,036	)
3 Month BBR(d)		2.500	09/21/2023		AUD	220,020		1,505,096			(936,000	)		2,441,096
3 Month STIBOR(b)		1.500	09/21/2023		SEK	842,430		772,996			465,189			307,807
0.00(b)		1 Day ESTRON	09/21/2024		EUR	200,130		590,778			(343,820	)		934,598
1 Day SONIO(b)		0.000	09/21/2024		GBP	135,290		(647,638	)		457,032			(1,104,670	)
OIS SOFR(b)		3.500	09/21/2024		USD	6,410		(53,091	)		(29,755	)		(23,336	)
1 Month TIIE(e)		0.000	09/21/2027		MXN	444,860		674,852			(1,084,069	)		1,758,921
3 Month JIBAR(d)		7.500	09/21/2027		ZAR	372,020		842,867			(54,824	)		897,691
6 Month BUBOR(b)		6.000	09/21/2027		HUF	5,964,770		1,502,051			(1,920,888	)		3,422,939
6 Month PRIBOR(b)		4.000	09/21/2027		CZK	467,200		1,140,571			(2,103,957	)		3,244,528
6 Month WIBOR(b)		4.500	09/21/2027		PLN	61,810		1,320,024			(1,883,703	)		3,203,727
1 Day ESTRON(b)		0.000	09/21/2032		EUR	125,530		(410,723	)		(651,858	)		241,135
1 Day SOFR(b)		0.000	09/21/2032		CHF	15,370		(60,305	)		(86,359	)		26,054
1 Day SONIO(b)		0.000	09/21/2032		GBP	65,910		(2,830,040	)		(2,105,375	)		(724,665	)
3 Month BA(c)		3.750	09/21/2032		CAD	18,890		(60,685	)		(21,255	)		(39,430	)
3 Month STIBOR(b)		2.750	09/21/2032		SEK	164,560		106,526			97,431			9,095
OIS SOFR(b)		3.250	09/21/2032		USD	48,150		(1,801,162	)		(1,747,033	)		(54,129	)
0.00(b)		1 Day ESTRON	09/21/2052		EUR	27,490		516,104			(242,455	)		758,559
0.00(b)		1 Day SONIO	09/21/2052		GBP	33,320		2,913,328			2,176,115			737,213
3.000(b)		OIS SOFR	09/21/2052		USD	14,020		1,003,807			431,189			572,618
TOTAL							$	13,321,969		$	(1,645,268	)	$	14,967,237

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2022.

(b) Payments made annually.

(c) Payments made semi-annually.

(d) Payments made quarterly.

(e) Payments made monthly.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

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

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Statement of Assets and Liabilities^(a)

June 30, 2022 (Unaudited)

Assets:
Investments in affiliated issuers, at value (cost $330,879,760)	$	330,879,760
Cash		23,862,181
Foreign currency, at value (cost $12,409,277)		12,484,707
Receivables:
Collateral on certain derivative contracts(b)		42,477,478
Investments sold		12,009,864
Fund shares sold		5,493,491
Dividends		267,325
Reimbursement from investment adviser		146,450
Unrealized gain on forward foreign currency exchange contracts		12,276,700
Variation margin on futures contracts		1,073,151
Other assets		84,682
Total assets		441,055,789
Liabilities:
Variation margin on futures contracts		1,820,229
Variation margin on swaps		4,805,873
Unrealized loss on forward foreign currency exchange contracts		8,232,474
Payables:
Investments purchased		15,037,702
Fund shares redeemed		1,545,467
Management fees		429,962
Distribution and Service fees and Transfer Agency fees		43,207
Accrued expenses		327,835
Total liabilities		32,242,749
Net Assets:
Paid-in capital		332,874,871
Total distributable earnings		75,938,169
NET ASSETS	$	408,813,040
Net Assets:
Class A	$	22,991,413
Class C		5,164,751
Institutional		101,775,553
Investor		196,135,502
Class R6		82,037,282
Class R		695,064
Class P		13,475
Total Net Assets	$	408,813,040
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,950,980
Class C		470,438
Institutional		8,335,162
Investor		16,268,231
Class R6		6,715,539
Class R		60,315
Class P		1,105
Net asset value, offering and redemption price per share:(c)
Class A		$11.78
Class C		10.98
Institutional		12.21
Investor		12.06
Class R6		12.22
Class R		11.52
Class P		12.20

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

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

Fund	Futures		Swaps		Forwards
Managed Futures Strategy Fund	$	19,935,860	$	17,671,618	$	4,870,000

(c) Maximum public offering price per share for Class A Shares of the Managed Futures Strategy Fund is $12.47. 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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended June 30, 2022 (Unaudited)

Investment income:
Dividends — affiliated issuers	$	541,722
Total investment income		541,722
Expenses:
Management fees		1,777,100
Custody, accounting and administrative services		861,021
Transfer Agency fees(b)		178,035
Professional fees		87,187
Registration fees		65,080
Distribution and/or Service (12b-1) fees(b)		42,558
Printing and mailing costs		35,156
Trustee fees		10,544
Service fees — Class C		5,588
Other		567
Total expenses		3,062,836
Less — expense reductions		(350,190	)
Net expenses		2,712,646
NET INVESTMENT LOSS		(2,170,924	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Futures contracts		(219,005	)
Swap contracts		57,986,231
Forward foreign currency exchange contracts		(1,564,357	)
Foreign currency transactions		2,194,015
Net change in unrealized gain (loss) on:
Futures contracts		(6,805,935	)
Swap contracts		5,506,297
Forward foreign currency exchange contracts		4,474,587
Foreign currency translations		(2,235,011	)
Net realized and unrealized gain		59,336,822
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,165,898

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

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

Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
$	24,520	$	16,765	$	1,273	$	15,693	$	3,576	$	14,397	$	133,888	$	10,072	$	407	$	2

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Statements of Changes in Net Assets^(a)

	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment loss	$	(2,170,924	)	$	(4,101,188	)
Net realized gain		58,396,884			14,035,416
Net change in unrealized gain		939,938			2,783,198
Net increase in net assets resulting from operations		57,165,898			12,717,426
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(1,210,096	)
Class C Shares		—			(266,704	)
Institutional Shares		—			(4,043,423	)
Investor Shares		—			(9,944,849	)
Class R6 Shares		—			(4,018,251	)
Class R Shares		—			(30,205	)
Class P Shares		—			(778	)
Total distributions to shareholders		—			(19,514,306	)
From share transactions:
Proceeds from sales of shares		160,570,846			88,484,718
Reinvestment of distributions		—			19,398,048
Cost of shares redeemed		(85,599,579	)		(94,537,306	)
Net increase in net assets resulting from share transactions		74,971,267			13,345,460
TOTAL INCREASE		132,137,165			6,548,580
Net Assets:
Beginning of period	$	276,675,875		$	270,127,295
End of period	$	408,813,040		$	276,675,875

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

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.85		$	10.12		$	9.61		$	10.03		$	10.30		$	10.12
Net investment income (loss)(a)		(0.09	)		(0.19	)		(0.12	)		0.01			(0.02	)		(0.10	)
Net realized and unrealized gain (loss)		2.02			0.64			0.76			0.23			(0.23	)		0.33
Total from investment operations		1.93			0.45			0.64			0.24			(0.25	)		0.23
Distributions to shareholders from net investment income		—			(0.03	)		—			(0.59	)		—			—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)		(0.05	)
Total distributions		—			(0.72	)		(0.13	)		(0.66	)		(0.02	)		(0.05	)
Net asset value, end of period	$	11.78		$	9.85		$	10.12		$	9.61		$	10.03		$	10.30
Total Return(b)		19.68	%		4.64	%		6.62	%		2.28	%		(2.37	)%		2.29	%
Net assets, end of period (in 000’s)	$	22,991		$	16,922		$	11,964		$	7,712		$	8,622		$	7,711
Ratio of net expenses to average net assets		1.91	%(c)		1.83	%		1.48	%		1.49	%		1.47	%		1.55	%
Ratio of total expenses to average net assets		2.04	%(c)		1.89	%		1.63	%		1.64	%		1.62	%		1.75	%
Ratio of net investment income (loss) to average net assets		(1.58	)%(c)		(1.79	)%		(1.21	)%		0.06	%		(0.19	)%		(1.02	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.21		$	9.52		$	9.11		$	9.56		$	9.88		$	9.79
Net investment loss(a)		(0.12	)		(0.25	)		(0.18	)		(0.07	)		(0.09	)		(0.17	)
Net realized and unrealized gain (loss)		1.89			0.59			0.72			0.21			(0.21	)		0.31
Total from investment operations		1.77			0.34			0.54			0.14			(0.30	)		0.14
Distributions to shareholders from net investment income		—			—			—			(0.52	)		—			—
Distributions to shareholders from net realized gains		—			(0.65	)		(0.13	)		(0.07	)		(0.02	)		(0.05	)
Total distributions		—			(0.65	)		(0.13	)		(0.59	)		(0.02	)		(0.05	)
Net asset value, end of period	$	10.98		$	9.21		$	9.52		$	9.11		$	9.56		$	9.88
Total Return(b)		19.33	%		3.71	%		5.88	%		1.51	%		(3.08	)%		(1.44	)%
Net assets, end of period (in 000’s)	$	5,165		$	3,890		$	3,335		$	3,279		$	3,281		$	3,480
Ratio of net expenses to average net assets		2.66	%(c)		2.58	%		2.22	%		2.24	%		2.22	%		2.29	%
Ratio of total expenses to average net assets		2.79	%(c)		2.64	%		2.37	%		2.39	%		2.37	%		2.48	%
Ratio of net investment loss to average net assets		(2.33	)%(c)		(2.54	)%		(1.92	)%		(0.69	)%		(0.95	)%		(1.72	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.43		$	9.87		$	10.28		$	10.52		$	10.29
Net investment income (loss)(a)		(0.05	)		(0.15	)		(0.07	)		0.04			0.02			(0.06	)
Net realized and unrealized gain (loss)		2.07			0.66			0.76			0.25			(0.24	)		0.34
Total from investment operations		2.02			0.51			0.69			0.29			(0.22	)		0.28
Distributions to shareholders from net investment income		—			(0.06	)		—			(0.63	)		—			—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)		(0.05	)
Total distributions		—			(0.75	)		(0.13	)		(0.70	)		(0.02	)		(0.05	)
Net asset value, end of period	$	12.21		$	10.19		$	10.43		$	9.87		$	10.28		$	10.52
Total Return(b)		20.02	%		4.99	%		6.95	%		2.82	%		(2.13	)%		2.73	%
Net assets, end of period (in 000’s)	$	101,776		$	51,494		$	49,052		$	90,623		$	83,425		$	163,971
Ratio of net expenses to average net assets		1.54	%(c)		1.46	%		1.07	%		1.11	%		1.07	%		1.14	%
Ratio of total expenses to average net assets		1.67	%(c)		1.52	%		1.24	%		1.26	%		1.22	%		1.33	%
Ratio of net investment income (loss) to average net assets		(0.64	)%(c)		(1.42	)%		(0.74	)%		0.42	%		0.16	%		(0.54	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.06		$	10.32		$	9.77		$	10.19		$	10.44		$	10.23
Net investment income (loss)(a)		(0.07	)		(0.16	)		(0.10	)		0.03			0.01			(0.06	)
Net realized and unrealized gain (loss)		2.07			0.64			0.78			0.23			(0.24	)		0.32
Total from investment operations		2.00			0.48			0.68			0.26			(0.23	)		0.26
Distributions to shareholders from net investment income		—			(0.05	)		—			(0.61	)		—			—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)		(0.05	)
Total distributions		—			(0.74	)		(0.13	)		(0.68	)		(0.02	)		(0.05	)
Net asset value, end of period	$	12.06		$	10.06		$	10.32		$	9.77		$	10.19		$	10.44
Total Return(b)		19.86	%		4.83	%		6.92	%		2.60	%		(2.24	)%		2.55	%
Net assets, end of period (in 000’s)	$	196,136		$	146,008		$	149,762		$	106,968		$	105,393		$	106,431
Ratio of net expenses to average net assets		1.66	%(c)		1.57	%		1.22	%		1.24	%		1.22	%		1.26	%
Ratio of total expenses to average net assets		1.79	%(c)		1.64	%		1.38	%		1.39	%		1.37	%		1.45	%
Ratio of net investment income (loss) to average net assets		(1.33	)%(c)		(1.54	)%		(0.96	)%		0.31	%		0.06	%		(0.60	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.19		$	10.44		$	9.87		$	10.29		$	10.36
Net investment income (loss)(b)		(0.07	)		(0.15	)		(0.08	)		0.05			0.02
Net realized and unrealized gain (loss)		2.10			0.65			0.78			0.23			(0.07	)
Total from investment operations		2.03			0.50			0.70			0.28			(0.05	)
Distributions to shareholders from net investment income		—			(0.06	)		—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)
Total distributions		—			(0.75	)		(0.13	)		(0.70	)		(0.02	)
Net asset value, end of period	$	12.22		$	10.19		$	10.44		$	9.87		$	10.29
Total Return(c)		19.90	%		5.00	%		7.05	%		2.72	%		(0.52	)%
Net assets, end of period (in 000’s)	$	82,037		$	57,900		$	55,439		$	51,499		$	50,649
Ratio of net expenses to average net assets		1.53	%(d)		1.45	%		1.08	%		1.09	%		1.12	%(d)
Ratio of total expenses to average net assets		1.66	%(d)		1.51	%		1.24	%		1.23	%		1.27	%(d)
Ratio of net investment income (loss) to average net assets		(1.20	)%(d)		(1.41	)%		(0.79	)%		0.47	%		0.31	%(d)
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		—	%

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

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.64		$	9.92		$	9.45		$	9.87		$	10.16		$	10.00
Net investment loss(a)		(0.10	)		(0.21	)		(0.13	)		(0.02	)		(0.04	)		(0.12	)
Net realized and unrealized gain (loss)		1.98			0.62			0.73			0.23			(0.23	)		0.33
Total from investment operations		1.88			0.41			0.60			0.21			(0.27	)		0.21
Distributions to shareholders from net investment income		—			—			—			(0.56	)		—			—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)		(0.05	)
Total distributions		—			(0.69	)		(0.13	)		(0.63	)		(0.02	)		(0.05	)
Net asset value, end of period	$	11.52		$	9.64		$	9.92		$	9.45		$	9.87		$	10.16
Total Return(b)		19.59	%		4.33	%		6.30	%		2.14	%		(2.70	)%		2.11	%
Net assets, end of period (in 000’s)	$	695		$	451		$	504		$	539		$	584		$	595
Ratio of net expenses to average net assets		2.16	%(c)		2.08	%		1.72	%		1.74	%		1.72	%		1.79	%
Ratio of total expenses to average net assets		2.29	%(c)		2.14	%		1.87	%		1.89	%		1.87	%		1.98	%
Ratio of net investment loss to average net assets		(1.83	)%(c)		(2.04	)%		(1.41	)%		(0.19	)%		(0.44	)%		(1.19	)%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Managed Futures Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.17		$	10.42		$	9.86		$	10.28		$	10.56
Net investment income (loss)(b)		(0.07	)		(0.15	)		(0.08	)		0.05			0.02
Net realized and unrealized gain (loss)		2.10			0.66			0.77			0.23			(0.28	)
Total from investment operations		2.03			0.50			0.69			0.28			(0.26	)
Distributions to shareholders from net investment income		—			(0.06	)		—			(0.63	)		—
Distributions to shareholders from net realized gains		—			(0.69	)		(0.13	)		(0.07	)		(0.02	)
Total distributions		—			(0.75	)		(0.13	)		(0.70	)		(0.02	)
Net asset value, end of period	$	12.20		$	10.17		$	10.42		$	9.86		$	10.28
Total Return(c)		20.04	%		4.98	%		6.95	%		2.71	%		(2.50	)%
Net assets, end of period (in 000’s)	$	13		$	11		$	71		$	166		$	429
Ratio of net expenses to average net assets		1.53	%(d)		1.44	%		1.08	%		1.09	%		1.12	%(d)
Ratio of total expenses to average net assets		1.64	%(d)		1.51	%		1.24	%		1.23	%		1.27	%(d)
Ratio of net investment income (loss) to average net assets		(1.20	)%(d)		(1.40	)%		(0.84	)%		0.49	%		0.32	%(d)
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		—	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements

June 30, 2022 (Unaudited)

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 management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Basis of Consolidation for Managed Futures Strategy Fund — Cayman Commodity-MFS, LLC. (a “Subsidiary”), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of June 30, 2022, the Fund’s net assets were $408,813,040, of which $81,583,629, or 20%, is represented by the Subsidiary’s net assets.

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

C.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Fund’s 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 Fund as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

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

20

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. Net investment income distributions and capital gains distributions, if any, are declared and paid at least annually.

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

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of the Fund’s 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price

21

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

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.

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.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

22

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iv.  Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

MANAGED FUTURES STRATEGY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Investment Companies	$	330,879,760	$	—	$	—
Total	$	330,879,760	$	—	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	12,276,700	$	—
Futures Contracts		7,596,140		—		—
Interest Rate Swap Contracts		—		18,774,933		—
Total	$	7,596,140	$	31,051,633	$	—

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

23

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MANAGED FUTURES STRATEGY FUND (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(8,232,474	)	$	—
Futures Contracts		(10,784,182	)		—			—
Interest Rate Swap Contracts		—			(3,807,696	)		—
Total	$	(10,784,182	)	$	(12,040,170	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Managed Futures Strategy
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	4,841,024	(a)	Variation margin on futures contracts	$	(8,837,946)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		12,276,700		Payable for unrealized gain on forward foreign currency exchange contracts		(8,232,474)
Equity	Variation margin on futures contracts		2,755,116	(a)	Variation margin on futures contracts		(1,946,236)	(a)
Interest Rate	Variation margin on swap contracts		18,774,993	(a)	Variation margin on swap contracts		(3,807,696)	(a)
Total		$	38,647,832			$	(22,824,351)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation margin as of June 30, 2022, is reported within the Consolidated Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These

24

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

4. INVESTMENTS IN DERIVATIVES (continued)

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
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	13,968,167		$	(4,846,179	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,564,357	)		4,474,587
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(14,187,172	)		(1,959,756	)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		57,986,231			5,506,297
Total		$	56,202,869		$	3,174,949

For the six months ended June 30, 2022, the relevant values for each derivative type were as follows:

Managed Futures Strategy

	Average number of Contracts or Notional Amounts(1)
Risk	Futures Contracts		Forward Contracts		Swap Agreements
Managed Futures Strategy		6,196	$	915,313,078	$	(6,112,455	)

(1) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2022.

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

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

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

25

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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 tables set forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2022:

Managed Futures Strategy
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)		Collateral (Received) Pledged(1)			Net Amount(2)
Risk	Forwards		Forwards
Managed Futures Strategy	$	12,276,700	$	(8,232,474	)	$	4,044,226	$	(4,044,226	)	$	—

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

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

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^(1)
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Managed Futures Strategy		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		0.91	%

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

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

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended June 30, 2022, GSAM waived $137,452, 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 invest, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2022, GSAM waived $182,472 of the Fund’s management fees.

B.    Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman

26

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Fund, as set forth below.

The Trust, on behalf of Class C Shares of the Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Fund, as set forth below.

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

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained $2,007 for Class A Shares and did not retain any portion of the CDSC for Class C Shares for the Fund.

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

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

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Managed Futures Strategy	$	319,924	$	30,266	$	350,190

G.    Line of Credit Facility — As of June 30, 2022, the Fund participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022		Shares as of June 30, 2022		Dividend Income
Managed Futures Strategy	$	186,867,060	$	320,742,942	$	(176,730,242	)	$	330,879,760		330,879,760	$	541,722

As of June 30, 2022, the following Goldman Sachs Fund of Funds Portfolios were beneficial owners of 5% or more of total outstanding shares of the Fund:

Fund	Goldman Sachs Growth and Income Strategy Portfolio
Managed Futures Strategy		7	%

As of June 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the Fund:

Fund	Class P
Managed Futures Strategy		100	%

6. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2021, certain timing differences on a tax-basis were as follows:

	Managed Futures Strategy
Timing differences (Qualified Late year Loss Deferral and Straddle  Loss Deferral)	$	(2,124,642	)

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

6. TAX INFORMATION (continued)

As of June 30, 2022, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Managed Futures Strategy
Tax cost	$	328,505,722
Gross unrealized gain		20,337,593
Gross unrealized loss		(17,963,555	)
Net unrealized gain (loss)	$	2,374,038

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

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

7. OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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 share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency 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.

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

7. OTHER RISKS (continued)

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

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

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

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

7. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enter into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Managed Futures Strategy Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		544,601		$	6,224,290			775,155		$	8,103,920
Reinvestment of distributions		—			—			123,207			1,210,096
Shares redeemed		(311,525	)		(3,488,977	)		(362,560	)		(3,753,053	)
		233,076			2,735,313			535,802			5,560,963
Class C Shares
Shares sold		111,220			1,189,118			112,873			1,106,535
Reinvestment of distributions		—			—			29,189			266,704
Shares redeemed		(63,102	)		(657,282	)		(70,213	)		(681,254	)
		48,118			531,836			71,849			691,985
Institutional Shares
Shares sold		4,643,084			54,698,542			2,127,784			22,859,468
Reinvestment of distributions		—			—			386,304			3,929,319
Shares redeemed		(1,362,634	)		(16,125,321	)		(2,160,311	)		(22,852,193	)
		3,280,450			38,573,221			353,777			3,936,594
Investor Shares
Shares sold		7,086,327			82,589,139			5,277,859			56,050,862
Reinvestment of distributions		—			—			989,878			9,943,473
Shares redeemed		(5,325,037	)		(62,212,822	)		(6,275,580	)		(66,484,483	)
		1,761,290			20,376,317			(7,843	)		(490,148	)
Class R6 Shares
Shares sold		1,282,047			15,637,610			29,530			320,620
Reinvestment of distributions		—			—			395,007			4,018,251
Shares redeemed		(247,344	)		(3,041,648	)		(54,137	)		(590,020	)
		1,034,703			12,595,962			370,400			3,748,851
Class R Shares
Shares sold		19,947			232,147			4,152			42,535
Reinvestment of distributions		—			—			3,149			30,205
Shares redeemed		(6,369	)		(73,529	)		(11,373	)		(115,062	)
		13,578			158,618			(4,072	)		(42,322	)
Class P Shares
Shares sold		—			—			77			778
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			(5,772	)		(61,241	)
		—			—			(5,695	)		(60,463	)
NET INCREASE		6,371,215		$	74,971,267			1,314,218		$	13,345,460

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time; and

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

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

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

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

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

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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

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

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

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

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

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on the Fund’s investment performance was provided for the one-, three-, five-, and

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Managed Futures Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. They also noted that the Fund had experienced a benchmark index change in 2021.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

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

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

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

36

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2023.

37

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk;

(2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

38

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Fund’s operations are difficult to predict.

39

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Fund Expenses — Six Month Period Ended  June 30, 2022 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days in a 365 day year.

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

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

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

	Managed Futures Strategy Fund
	Beginning Account Value 1/1/2022		Ending Account Value 6/30/2022			Expenses Paid for the 6 months ended 6/30/2022*
Class A
Actual	$	1,000.00	$	1,200.20		$	10.11
Hypothetical 5% return		1,000.00		1,015.60	+		9.27
Class C
Actual		1,000.00		1,193.27			14.16
Hypothetical 5% return		1,000.00		1,011.88	+		12.99
Institutional
Actual		1,000.00		1,199.02			8.07
Hypothetical 5% return		1,000.00		1,017.45	+		7.40
Investor
Actual		1,000.00		1,195.86			8.74
Hypothetical 5% return		1,000.00		1,016.83	+		8.03
Class R6
Actual		1,000.00		1,198.61			8.04
Hypothethical 5% return		1,000.00		1,017.48	+		7.38
Class R
Actual		1,000.00		1,196.76			11.47
Hypothetical 5% return		1,000.00		1,014.36	+		10.51
Class P
Actual		1,000.00		1,200.39			8.05
Hypothetical 5% return		1,000.00		1,017.48	+		7.38

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

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Managed Futures Strategy		1.91	%		2.66	%		1.54	%		1.66	%		1.53	%		2.16	%		1.53	%

40

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

© 2022 Goldman Sachs. All rights reserved. 287735-OTU-1655344 SELSATSAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Alternative Funds II
	Absolute Return Tracker
	Commodity Strategy
	Defensive Equity

Goldman Sachs Alternative Funds II

∎ ABSOLUTE RETURN TRACKER

∎ COMMODITY STRATEGY

∎ DEFENSIVE EQUITY

TABLE OF CONTENTS
Market review	1
Fund Basics	6
Schedules of Investments	12
Financial Statements	38
Financial Highlights	42
Absolute Return Tracker	42
Commodity Strategy	49
Defensive Equity	56
Notes to the Financial Statements	63
Other Information	90

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Alternative Funds II

The following are highlights both of key factors affecting the broad financials markets as well as the commodities and U.S. equities markets more specifically and of any key changes made to the Alternative Funds (the “Funds”) during the six months ended June 30, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

Financials Markets

• During the Reporting Period, international developed and emerging markets equities, U.S. equities, and global and U.S. fixed income markets each posted double-digit negative total returns, as measured by the MSCI EAFE Index (net), MSCI Emerging Markets Index (net), S&P 500^® Index, Bloomberg Global Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index, respectively. Commodities, as measured by the 18.44% total return of the Bloomberg Commodity Index, was the only major asset class to move higher during the Reporting Period.

• In January 2022, as the Reporting Period began, developed equity markets globally sold off, led by companies and sectors that were highly exposed to duration, as government bond yields rose globally. Emerging markets equities significantly outperformed their developed peers, as emerging market yields were less affected, and many commodity-exposed emerging markets equities benefited from the sustained commodity rally in January.

• In February 2022, developed equity markets globally continued their sell-off, as investors sold out of rate-sensitive companies amid expectations of higher future interest rates. Emerging markets equities were also down, led by losses in Russian and Chinese equities. Commodities moved higher for the month, as the Russia/Ukraine war, launched by Russia’s invasion on February 24^th, pushed energy commodity prices higher.

• International and U.S. equity markets gained in March 2022. Globally, risk assets recovered even as worries grew over the Russia/Ukraine war and inflation. Yields generally continued to move higher in March. Commodities moved higher for the month, as the Russia/Ukraine war pushed energy and agricultural commodities higher.

• Globally, equities declined during April 2022 amidst the ongoing Russia/Ukraine war, persistent supply-chain disruptions and expectations of rising U.S. interest rates. Developed markets equities declined substantially. Emerging markets equities were also down, although they outperformed their developed market counterparts. Developed market government bond yields generally moved higher. The commodity complex also moved higher, as the Russia/Ukraine war continued to push energy and agriculture commodities higher.

• In May 2022, global equity markets, both developed and emerging, were largely up modestly, even as they continued to be dominated by worries around rising inflation and interest rates as well as the ongoing conflict in Ukraine. Equity volatility dropped in May 2022. Government bond yields were mixed, with Italy’s and France’s government bond yields up, and U.S. Treasury yields declining. The U.S. dollar depreciated during the month, notably versus the Brazilian real, the Polish zloty, the Chilean peso and the Mexican peso.

• In June 2022, global equity markets, both developed and emerging, declined significantly as investors continued to digest interest rate hikes, rising inflation, increased risk of recession as well as the ongoing conflict in Ukraine and the resultant energy crisis. Equity volatility increased. Government bond yields were generally up in developed markets, except in Japan where 10-year yields retreated slightly. The U.S. dollar appreciated during the month, notably versus the Brazilian real, the Chilean peso and the Japanese yen.

Commodities

• Following a strong 2021, commodity markets, in aggregate, continued their advance during the Reporting Period. The Bloomberg Commodity Index posted a total return of 18.44% during the Reporting Period, significantly outperforming other asset classes, including the broad U.S. equities and fixed income markets, each of which registered double-digit declines in the same time frame.

1

MARKET REVIEW

• Despite the pain felt by consumers, inflation was a resounding tailwind for commodity prices.

• In response to inflationary pressures, the U.S. Federal Reserve (“Fed”) and its central bank counterparts around much of the world raised interest rates.

• In isolation, higher interest rates did little to quell the commodity bull market given the asset class’s predisposition to price in current fundamentals rather than discount future gains.

• However, commodity prices did incur a modest retracement in the second quarter of 2022 as higher interest rates ignited fears of an economic slowdown.

• Beyond changes to monetary policy and an unwinding of fiscal stimulus, the pricing of natural resources was most influenced during the Reporting Period by the late-February 2022 invasion of Ukraine by Russian forces.

• Centered in what is known as the “breadbasket” of the world, both Ukraine and Russia had been vital cogs in the global trade of commodities. Russia, in particular, accounted for a significant portion of the global export market for palladium, diamonds, natural gas, fertilizer, petroleum, wheat and more.

• The offensive brought about immediate and stark consequences, including the loss of commodity supply and the threat to international security. The former had tremendous, direct influence on energy and grain prices, whereas the latter propelled the rise of protectionist policies.

• Protectionism and de-globalization gained momentum in the form of export bans, trade sanctions, production onshoring and supply-chain redundancies.

• These measures, along with the rearranging of global trade partners, materially raised the equilibrium price for many commodities.

• The loss of liquidity in the futures markets also resulted in greater volatility within the commodities markets during the Reporting Period.

• March 2022 activity in the nickel market was a prime example, whereby a short squeeze triggered a 250% price increase in just several days. (A short squeeze is an unusual condition that triggers rapidly rising prices in a stock or other tradable security.) Low inventories coupled with low participation made nickel prone to such a move.

• One headwind faced by the commodities markets was the relative weakness of the Chinese economy.

• During the Reporting Period, Chinese economic growth waned primarily due to the government’s implementation of a zero-COVID-19 policy.

• Marred by city-wide lockdowns and mobility restrictions, Chinese economic data displayed significant weakness across manufacturing and construction sectors, both of which remain key sources of industrial metal consumption.

• As such, after peaking toward the end of the first calendar quarter, copper, aluminum and zinc all gave up gains during the second quarter of 2022.

• During the Reporting Period, the energy subsector of the Bloomberg Commodity Index was the best performer, with a return of 58.3%.

• Russia’s military incursion into Ukraine drove petroleum markets significantly higher, up 63.5% during the Reporting Period, as the region is home to a large portion of global petroleum production and exports. The ensuing repercussions in the form of sanctions and embargos on Russian-borne petroleum, by the European Union and other consumers notably tightened supply/demand balances.

• Crude oil prices rose further as China began easing its COVID-19-related restrictions in major provinces.

• Global Strategic Petroleum Reserve releases and an increase in OPEC+ production quotas had a muted impact on relieving upward price pressures.

2

MARKET REVIEW

• U.S. natural gas prices advanced 49% during the Reporting Period, as Russia halted gas shipments to Europe, forcing the continent to rely on liquified natural gas (“LNG”) imports to make up for the shortages.

• Given the strong overseas demand, U.S. LNG export terminals operated at full capacity until early June 2022 when damage at a Freeport Texas LNG terminal cut off approximately 17% of U.S. export capacity, easing domestic balances and relieving price pressures.

• The agriculture component of the Bloomberg Commodity Index was up 13.1% during the Reporting Period.

• The Russia/Ukraine conflict drove prices of wheat to multi-year highs, as both countries are top growers and exporters.

• Sanctions and reluctance by banks and shippers to service Russian-borne cargoes also impacted the global availability of fertilizers, as Russia and Belarus account for nearly 20% of global exports. Limited availability and high prices of these key inputs impacted the global production of grains and soft commodities alike.

• The industrial metals component of the Bloomberg Commodity Index returned -9.6% during the Reporting Period.

• The subsector initially appreciated nearly 40% on the back of the Russia/Ukraine conflict in the first quarter of 2022. Global initiatives to transition to highly metal-intensive, low-carbon technologies were suddenly met with limited supply and political instability and fragmentation. Aluminum and nickel prices rose.

• However, industrial metals prices eased into negative territory in the second calendar quarter as global monetary authorities embarked on quantitative tightening measures to stem high inflation. Copper, a metal historically attuned to economic momentum, fell 14.5% during the Reporting Period, responding to concerns of a “hard landing” due to contractionary monetary policies. (A hard landing is an economy rapidly shifting from growth to slow-growth to flat as it approaches a recession, usually caused by government attempts to slow down inflation.)

• The precious metals component of the Bloomberg Commodity Index returned -4.4% during the Reporting Period.

• Appreciation in the U.S. dollar, up 7.4% on a trade-weighted basis during the Reporting Period, proved to be a formidable headwind.

• A hawkish stance by the Fed, focused on taming high prices, also pressured gold prices lower. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• Negative wealth effects and economic growth downgrades were perceived to impact physical gold demand negatively.

• Platinum was adversely impacted by the disruptions in the auto industry, which remained constrained by the limited availability of semiconductors.

• The livestock subsector of the Bloomberg Commodity Index returned -3.4% during the Reporting Period, as bottlenecks at processing plants and lower demand in China, due to COVID-19-related lockdowns, led to lower price levels.

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of -19.96%, its worst showing in the first half of a calendar year since 1970 and erasing nearly all the gains achieved in 2021. The Russell 3000^® Index generated a return of -21.10%.

• Inflationary pressures, shifting Fed policy, COVID-19 pandemic overhangs and ongoing war between Russia and Ukraine were the primary concerns pressuring the U.S. equity markets during the Reporting Period.

• During the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the first quarterly decline since the first quarter of 2020.

• Among the major economic and geopolitical developments were the dramatic repricing of the Fed interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures.

3

MARKET REVIEW

• The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record.

• COVID-19, and more specifically, the Omicron variants, was still an overhang, with the resurgent spread of the variants bringing back supply-chain issues and worker shortages.

• Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.)

• Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term.

• During the second quarter of 2022, the S&P 500 Index returned -16.10%.

• Inflation, the Fed’s policy response and recession worries were at the core of investors’ narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere.

• Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends.

• On the other hand, equity inflows, buyback strength, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds.

• In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date lows represented the start of a recovery or a bear-market rally.

• This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500 Index to new year-to-date lows.

• Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed’s unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100^th of a percentage point.)

• At the end of the quarter, investors were looking ahead to the second quarter corporate earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

• During the Reporting Period overall, all segments of the U.S. equity markets declined, but small-cap stocks were weakest, followed by mid-cap stocks and large-cap stocks. Value stocks meaningfully outperformed growth stocks on a relative basis across the capitalization spectrum during the Reporting Period.

• Ten of the 11 sectors of the S&P 500 Index declined during the Reporting Period. The best performing sector by far within the S&P 500 Index during the Reporting Period was energy, the only one to produce a positive total return. However, utilities, consumer staples and health care also produced total returns that notably outpaced the broad S&P 500 Index. The weakest performing sectors during the Reporting Period were consumer discretionary, communication services and information technology.

4

MARKET REVIEW

Fund Changes and Highlights

Goldman Sachs Absolute Return Tracker Fund

• Effective as of the close of business on January 12, 2022, the Fund’s benchmark was changed to the ICE BofA Three-Month U.S. Treasury Bill Index. The ICE BofA Three-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. The Adviser believes the ICE BofA Three-Month U.S. Treasury Bill Index is an appropriate index against which to measure performance in light of the Fund’s investment strategy.

• Effective as of the close of business on June 23, 2022, Federico Gilly no longer served as a portfolio manager for the Fund. Oliver Bunn, Vice President, continues to serve as a portfolio manager for the Fund. Mr. Bunn has managed the Fund since 2017. Additionally, effective the same date, James Park, Managing Director, began serving as a portfolio manager for the Fund. Mr. Park is a senior portfolio manager on the Alternative Investment Strategies team within Goldman Sachs Asset Management’s Quantitative Investment Strategies platform. He joined Goldman Sachs in 2004.

Goldman Sachs Defensive Equity Fund

• The Fund outperformed its benchmark, the S&P 500^® Index (with dividends reinvested) (the “S&P 500^® Index”), during the Reporting Period.

• The relative outperformance was the result of the Fund’s options-based overlay strategy. (The Fund constructs the options-based overlay by buying S&P 500^® Index put options¹ at a higher strike price and writing S&P 500^® Index put options at a relatively lower strike price, and at the same time selling S&P 500^® Index call options.²)

• As U.S. equities declined during the Reporting Period amid sharply rising interest rates and fears of recession, the Fund’s long put options came into the money. (An in-the-money put option means the option holder can sell the security above its current market price.)

• These gains were offset somewhat by the Fund’s equity strategy, which aims to pick defensive stocks. During the Reporting Period, defensive stocks generally lagged the broad U.S. equity market.

• Effective June 23, 2022, Federico Gilly no longer served as a portfolio manager for the Fund. As of that date, Patrick Harnett became a portfolio manager for the Fund, joining Jorge Murillo. Patrick Hartnett, Vice President, is a portfolio manager on the Alternative Investment Strategies team within Goldman Sachs Asset Management’s Quantitative Investment Strategies platform. He joined Goldman Sachs in 2019. Mr. Murillo, Vice President, has managed the Fund since 2020.

¹  A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.

²  A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

5

FUND BASICS

Absolute Return Tracker Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			ICE BofA Three-Month U.S. Treasury Bill Index2
Class A		-7.55	%		0.14	%
Class C		-7.95			0.14
Institutional		-7.45			0.14
Investor		-7.45			0.14
Class R6		-7.36			0.14
Class R		-7.62			0.14
Class P		-7.35			0.14

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The ICE BofA Three-Month U.S. Treasury Bill Index measures the performance of Treasury Bills with time to maturity of less than 3 months. The ICE BofA Three-Month U.S. Treasury Bill Index, as reported by Bank of America Merrill Lynch, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

References to the Fund’s benchmark are for informational purchases only and are not an indication of how the Fund is managed.

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

TOP TEN HOLDINGS AS OF 6/30/22³

Holding	% of Net Assets			Line of Business
iShares Core MSCI Emerging Markets ETF		10.1	%	Exchange Traded Funds
iShares 5-10 Year Investment Grade Corporate Bond ETF		3.7		Exchange Traded Funds
SPDR Blackstone Senior Loan ETF		2.1		Exchange Traded Funds
SPDR Bloomberg Convertible Securities ETF		2.0		Exchange Traded Funds
Microsoft Corp.		1.6		Software
Apple, Inc.		1.4		Technology Hardware, Storage & Peripherals
Alphabet, Inc. Class A		1.1		Interactive Media & Services
Amazon.com, Inc.		1.0		Internet & Direct Marketing Retail
Berkshire Hathaway, Inc. Class B		0.5		Diversified Financial Services
UnitedHealth Group, Inc.		0.5		Health Care Providers & Services

³  The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.

6

FUND BASICS

FUND COMPOSITION⁴

⁴  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Certain of the Fund’s investments reflected in the table above may be held for the purpose of covering derivative positions as required under the Investment Company Act of 1940, as amended, or for satisfying certain margin requirements related to such positions. The graph does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 2.8% of the Fund’s net assets as of June 30, 2022. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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

7

FUND BASICS

Commodity Strategy Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			Bloomberg Commodity Total Return Index2
Class A		20.95	%	18.44%
Class C		20.48		18.44
Institutional		21.15		18.44
Investor		21.13		18.44
Class R6		21.21		18.44
Class R		20.78		18.44
Class P		21.11		18.44

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  Bloomberg Commodity Total Return Index is composed of futures contracts and reflects the returns on a fully collateralized investment in the BCOM. This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.

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

8

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

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

9

FUND BASICS

Defensive Equity Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			S&P 500 Index2
Class A		-14.03	%		-19.96	%
Class C		-14.41			-19.96
Institutional		-13.91			-19.96
Investor		-14.01			-19.96
Class R6		-13.91			-19.96
Class R		-14.22			-19.96
Class P		-13.91			-19.96

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index is an unmanaged composite index of 500 common stock prices. The index figures do not include any deduction for fees, expenses or taxes.

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

TOP 10 HOLDINGS AS OF 6/30/22³

Holding	% of Net Assets			Line of Business
Apple, Inc.		6.4	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		5.8		Software
Alphabet, Inc. Class A		3.8		Interactive Media & Services
Amazon.com, Inc.		2.8		Internet & Direct Marketing Retail
Tesla, Inc.		1.8		Automobiles
United Health Group, Inc.		1.7		Health Care Providers & Services
Berkshire Hathaway, Inc. Class B		1.6		Diversified Financial Services
Johnson & Johnson		1.6		Pharmaceuticals
The Procter & Gamble Co.		1.3		Household Products
Meta Platforms, Inc. Class A		1.3		Interactive Media & Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

11

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 26.5%
Aerospace & Defense – 0.5%
	6,603	Airbus SE	$	645,838
	3,377	Chemring Group PLC		12,987
	523	Dassault Aviation SA		81,673
	25,989	General Dynamics Corp.		5,750,066
	20,208	Howmet Aerospace, Inc.		635,542
	1,218	Huntington Ingalls Industries, Inc.		265,305
	13,354	Leonardo SpA		135,487
	76,718	Raytheon Technologies Corp.		7,373,367
	1,233	Rheinmetall AG		284,533
	420	Safran SA		41,818
	2,433	Thales SA		298,716
	1,825	TransDigm Group, Inc.*		979,423
	708	Ultra Electronics Holdings PLC		29,839
	3,348	Woodward, Inc.		309,657
				16,844,251
Air Freight & Logistics – 0.3%
	378	C.H. Robinson Worldwide, Inc.		38,318
	25,064	Deutsche Post AG		946,320
	3,072	Expeditors International of Washington, Inc.		299,397
	4,718	FedEx Corp.		1,069,618
	35,049	Royal Mail PLC		115,783
	2,200	SG Holdings Co. Ltd.		37,202
	39,562	United Parcel Service, Inc. Class B		7,221,647
	4,102	Yamato Holdings Co. Ltd.		65,645
				9,793,930
Airlines* – 0.1%
	5,660	Alaska Air Group, Inc.		226,683
	19,141	American Airlines Group, Inc.		242,708
	51,575	Deutsche Lufthansa AG		303,790
	72,887	Southwest Airlines Co.		2,632,678
	7,363	United Airlines Holdings, Inc.		260,798
				3,666,657
Auto Components – 0.0%
	6,714	BorgWarner, Inc.		224,046
	3,500	Denso Corp.		184,739
	5,175	Faurecia SE*		103,709
	1,400	JTEKT Corp.		10,525
	1,002	NGK Spark Plug Co. Ltd.		18,176
	300	Nifco, Inc.		7,016
	4,449	TI Fluid Systems PLC(a)		8,219
	1,900	Toyo Tire Corp.		23,750
	6,843	Valeo		133,342
				713,522
Automobiles – 0.2%
	5,166	Bayerische Motoren Werke AG		400,471
	77,543	Ford Motor Co.		863,054
	146,571	General Motors Co.*		4,655,095
	9,641	Honda Motor Co. Ltd.		232,455
	5,000	Isuzu Motors Ltd.		55,307
	8,600	Mazda Motor Corp.		70,197
	9,429	Mercedes-Benz Group AG		547,621
Common Stocks – (continued)
Automobiles – (continued)
	10,900	Mitsubishi Motors Corp.*		36,767
	15,800	Nissan Motor Co. Ltd.		61,883
	6,266	Renault SA*		158,191
	63,747	Stellantis NV		791,402
	2,200	Subaru Corp.		38,915
	1,300	Suzuki Motor Corp.		40,869
				7,952,227
Banks – 1.0%
	600	Aozora Bank Ltd.		11,677
	186,530	Banco Santander SA		527,770
	296,299	Bank of America Corp.		9,223,788
	13,910	Bankinter SA		87,005
	2,425	BAWAG Group AG(a)		102,370
	69	BOK Financial Corp.		5,215
	17,587	Citigroup, Inc.		808,826
	8,547	Citizens Financial Group, Inc.		305,042
	2,066	Close Brothers Group PLC		25,971
	23,369	Comerica, Inc.		1,714,817
	148	Commerce Bancshares, Inc.		9,716
	27,380	Credit Agricole SA		252,415
	155	Cullen/Frost Bankers, Inc.		18,050
	10,247	FinecoBank Banca Fineco SpA		122,929
	23,075	First Republic Bank		3,327,415
	120,539	JPMorgan Chase & Co.		13,573,897
	355	KBC Group NV		19,973
	28,804	KeyCorp.		496,293
	6,643	Mebuki Financial Group, Inc.		13,101
	48,651	Mediobanca Banca di Credito Finanziario SpA		421,932
	84,800	Mitsubishi UFJ Financial Group, Inc.		453,684
	9,743	Mizuho Financial Group, Inc.		110,923
	7,942	Raiffeisen Bank International AG		86,770
	25,797	Regions Financial Corp.		483,694
	4,600	Seven Bank Ltd.		8,785
	13,340	Signature Bank		2,390,661
	5,100	Sumitomo Mitsui Financial Group, Inc.		151,598
	1,400	The Iyo Bank Ltd.		6,883
	429	The PNC Financial Services Group, Inc.		67,683
	38,692	U.S. Bancorp		1,780,606
	23,065	Virgin Money UK PLC		36,958
	29,668	Wells Fargo & Co.		1,162,096
	7,252	Zions Bancorp NA		369,127
				38,177,670
Beverages – 0.8%
	10,618	Anheuser-Busch InBev SA		571,800
	2,198	Asahi Group Holdings Ltd.		72,282
	2,611	Britvic PLC		25,881
	3,573	Brown-Forman Corp. Class B		250,682
	13,120	C&C Group PLC*		29,543
	500	Coca-Cola Bottlers Japan Holdings, Inc.		5,977
	7,620	Coca-Cola HBC AG		169,786

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Beverages – (continued)
	11,822	Constellation Brands, Inc. Class A	$	2,755,235
	10,595	Davide Campari-Milano NV		111,774
	646	Diageo PLC		27,902
	1,515	Heineken Holding NV		110,057
	7,163	Heineken NV		651,988
	200	Ito En Ltd.		8,995
	34,052	Keurig Dr Pepper, Inc.		1,205,100
	2,400	Kirin Holdings Co. Ltd.		37,913
	6,428	Molson Coors Beverage Co. Class B		350,390
	72,659	PepsiCo, Inc.		12,109,349
	5,029	Pernod Ricard SA		929,735
	500	Suntory Beverage & Food Ltd.		18,881
	173,337	The Coca-Cola Co.		10,904,631
				30,347,901
Biotechnology – 0.4%
	19,073	AbbVie, Inc.		2,921,221
	2,531	Amgen, Inc.		615,792
	8,405	Biogen, Inc.*		1,714,116
	76	Genus PLC		2,320
	20,091	Gilead Sciences, Inc.		1,241,825
	35,548	Horizon Therapeutics PLC*		2,835,308
	6,864	Incyte Corp.*		521,458
	7,286	Moderna, Inc.*		1,040,805
	1,471	Oxford Biomedica PLC*		8,130
	4,097	Regeneron Pharmaceuticals, Inc.*		2,421,860
	6,598	Vertex Pharmaceuticals, Inc.*		1,859,250
				15,182,085
Building Products – 0.1%
	7,158	A.O. Smith Corp.		391,399
	1,300	AGC, Inc.		45,679
	8,060	Allegion PLC		789,074
	18,962	Carrier Global Corp.		676,185
	13,329	Cie de Saint-Gobain		575,936
	3,756	Fortune Brands Home & Security, Inc.		224,909
	2,192	Lixil Corp.		41,200
	400	TOTO Ltd.		13,245
	486	Trex Co., Inc.*		26,448
	3,126	Tyman PLC		9,066
				2,793,141
Capital Markets – 0.3%
	17,451	3i Group PLC		236,528
	33,793	abrdn PLC		65,962
	4,394	AJ Bell PLC		14,334
	2,525	Ameriprise Financial, Inc.		600,142
	1,399	Amundi SA(a)		77,025
	16,347	Ashmore Group PLC		44,220
	217	Cboe Global Markets, Inc.		24,562
	6,368	CMC Markets PLC(a)		21,240
	30,538	Deutsche Bank AG		268,359
	2,564	Deutsche Boerse AG		430,564
	66	Euronext NV(a)		5,413
	604	FactSet Research Systems, Inc.		232,280
	12,040	Franklin Resources, Inc.		280,652
Common Stocks – (continued)
Capital Markets – (continued)
	8,172	Hargreaves Lansdown PLC		78,847
	12,788	IG Group Holdings PLC		107,931
	2,598	IntegraFin Holdings PLC		7,141
	40,922	Intercontinental Exchange, Inc.		3,848,305
	16,078	Intermediate Capital Group PLC		257,048
	15,492	Invesco Ltd.		249,886
	35,373	Investec PLC		192,619
	20,766	IP Group PLC		17,776
	1,143	Japan Exchange Group, Inc.		16,567
	33,047	Jupiter Fund Management PLC		59,438
	1,045	Liontrust Asset Management PLC		11,632
	42,912	Man Group PLC		130,999
	731	MarketAxess Holdings, Inc.		187,143
	8,000	Molten Ventures PLC*		40,961
	1,150	Moody’s Corp.		312,766
	13,234	Morgan Stanley		1,006,578
	5,114	Ninety One PLC		12,307
	11,100	Nomura Holdings, Inc.		40,327
	3,386	Northern Trust Corp.		326,681
	3,663	Raymond James Financial, Inc.		327,509
	3,600	SBI Holdings, Inc.		70,343
	296	Schroders PLC		9,670
	5,930	St. James’s Place PLC		79,790
	6,212	State Street Corp.		382,970
	5,318	T. Rowe Price Group, Inc.		604,178
	10,981	The Bank of New York Mellon Corp.		458,018
				11,138,711
Chemicals – 0.1%
	461	Air Liquide SA		62,052
	1,704	Air Products & Chemicals, Inc.		409,778
	2,581	Akzo Nobel NV		168,792
	2,170	Celanese Corp.		255,214
	5,966	CF Industries Holdings, Inc.		511,465
	4,502	Covestro AG(a)		156,439
	300	Denka Co. Ltd		7,269
	8,782	Dow, Inc.		453,239
	4,393	Eastman Chemical Co.		394,360
	2,371	Ecolab, Inc.		364,565
	2,667	Johnson Matthey PLC		62,890
	200	Kansai Paint Co. Ltd.		2,553
	232	Koninklijke DSM NV		33,234
	1,200	Kuraray Co. Ltd.		9,681
	6,866	LyondellBasell Industries NV Class A		600,500
	6,088	Mitsubishi Chemical Holdings Corp.		33,080
	600	Nippon Sanso Holdings Corp.		9,607
	400	Nissan Chemical Corp.		18,463
	1,500	Nitto Denko Corp.		97,018
	2,164	PPG Industries, Inc.		247,432
	3,200	Showa Denko KK		54,428
	3,580	Solvay SA		291,649
	8,310	Sumitomo Chemical Co. Ltd.		32,523
	176	Symrise AG		19,195
	6,893	Synthomer PLC		18,909
	1,733	Teijin Ltd.		18,043
	6,180	The Mosaic Co.		291,881

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Chemicals – (continued)
	1,591	The Sherwin-Williams Co.	$	356,241
	200	Tokyo Ohka Kogyo Co. Ltd.		9,788
	5,800	Toray Industries, Inc.		32,647
	1,000	Tosoh Corp.		12,439
	6,666	Umicore SA		233,670
	100	Victrex PLC		2,181
	600	Zeon Corp.		5,820
				5,277,045
Commercial Services & Supplies – 0.3%
	3,612	Biffa PLC(a)		16,480
	7,719	Cintas Corp.		2,883,278
	46,434	Clean Harbors, Inc.*		4,070,869
	8,616	Copart, Inc.*		936,215
	700	Dai Nippon Printing Co. Ltd.		15,057
	2,157	Elis SA		28,861
	14,500	Mitie Group PLC		9,960
	1,047	MSA Safety, Inc.		126,760
	200	Park24 Co. Ltd.*		2,765
	18,159	Rentokil Initial PLC		105,267
	19,341	Republic Services, Inc.		2,531,157
	4,741	Rollins, Inc.		165,556
	1,400	Secom Co. Ltd.		86,443
	32,869	Serco Group PLC		69,714
	400	Sohgo Security Services Co. Ltd.		11,107
	2,400	Toppan, Inc.		40,041
	2,835	Waste Management, Inc.		433,698
				11,533,228
Communications Equipment – 0.3%
	204,262	Cisco Systems, Inc.		8,709,732
	2,714	F5, Inc.*		415,350
	15,208	Juniper Networks, Inc.		433,428
	1,322	Motorola Solutions, Inc.		277,091
	73,363	Nokia Oyj		340,041
				10,175,642
Construction & Engineering – 0.1%
	460	Ackermans & van Haaren NV		68,819
	7,977	ACS Actividades de Construccion y Servicios SA		194,413
	299	AECOM		19,501
	1,352	Arcadis NV		45,282
	10,224	Balfour Beatty PLC		31,637
	5,935	Bouygues SA		183,175
	5,478	Eiffage SA		495,540
	1,100	INFRONEER Holdings, Inc.		7,818
	1,500	JGC Holdings Corp.		19,266
	506	Morgan Sindall Group PLC		11,221
	761	Taisei Corp.		23,728
	6,258	Vinci SA		561,727
				1,662,127
Construction Materials – 0.1%
	54,370	CRH PLC		1,875,681
	7,644	HeidelbergCement AG		369,062
Common Stocks – (continued)
Construction Materials – (continued)
	24,926	Ibstock PLC(a)		50,219
	372	Marshalls PLC		2,032
	621	Martin Marietta Materials, Inc.		185,828
	300	Sumitomo Osaka Cement Co. Ltd.		7,455
	519	Taiheiyo Cement Corp.		7,733
	4,153	Wienerberger AG		89,674
				2,587,684
Consumer Finance – 0.1%
	15,329	American Express Co.		2,124,906
	7,731	Capital One Financial Corp.		805,493
	1,029	Credit Saison Co. Ltd.		11,808
	6,599	Discover Financial Services		624,133
	17,222	Synchrony Financial		475,672
				4,042,012
Containers & Packaging – 0.2%
	20,281	Amcor PLC		252,093
	1,434	Avery Dennison Corp.		232,121
	46,326	Ball Corp.		3,185,839
	28,595	Crown Holdings, Inc.		2,635,601
	20,671	DS Smith PLC		70,009
	7,302	International Paper Co.		305,442
	2,154	Smurfit Kappa Funding PLC		72,446
	3,203	Smurfit Kappa Group PLC		108,012
	7,214	Westrock Co.		287,406
				7,148,969
Distributors – 0.0%
	1,283	D’ieteren Group		188,531
	3,941	Genuine Parts Co.		524,153
	8,669	Inchcape PLC		73,669
	9,852	LKQ Corp.		483,635
				1,269,988
Diversified Financial Services – 0.6%
	73,824	Berkshire Hathaway, Inc. Class B*		20,155,428
	28,414	Chrysalis Investments Ltd.*		36,067
	1,227	Eurazeo SE		76,226
	1,477	EXOR NV		92,298
	3,800	Mitsubishi HC Capital, Inc.		17,538
	11,300	ORIX Corp.		189,386
	2,806	Plus500 Ltd.		57,186
	392	Sofina SA		80,353
	400	Tokyo Century Corp.		13,289
	628	Wendel SE		52,635
				20,770,406
Diversified Telecommunication Services – 0.3%
	58,430	AT&T, Inc.		1,224,693
	73,279	BT Group PLC		166,545
	39,798	Deutsche Telekom AG		791,552
	5,111	Elisa Oyj		287,735
	636	Infrastrutture Wireless Italiane SpA(a)		6,466
	500	Internet Initiative Japan, Inc.		17,523

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	28,661	Lumen Technologies, Inc.	$	312,692
	10,277	Nippon Telegraph & Telephone Corp.		295,291
	30,248	Orange SA		356,430
	4,733	Proximus SADP		69,858
	1,067,166	Telecom Italia SpA*		279,819
	73,603	Telefonica SA		375,782
	1,446	United Internet AG		41,448
	160,114	Verizon Communications, Inc.		8,125,786
				12,351,620
Electric Utilities – 0.3%
	529	Acciona SA		97,473
	3,322	American Electric Power Co., Inc.		318,713
	3,352	Edison International		211,980
	786	Elia Group SA		111,628
	14,557	Endesa SA		275,381
	89,970	Enel SpA		493,415
	22,531	Entergy Corp.		2,537,892
	2,593	Evergy, Inc.		169,193
	11,828	Eversource Energy		999,111
	17,639	Exelon Corp.		799,399
	5,493	FirstEnergy Corp.		210,876
	12,507	Fortum Oyj		189,042
	137,846	Iberdrola SA		1,435,172
	1,935	IDACORP, Inc.		204,955
	7,142	NRG Energy, Inc.		272,610
	7,450	PPL Corp.		202,119
	16,034	Xcel Energy, Inc.		1,134,566
				9,663,525
Electrical Equipment – 0.0%
	418	AMETEK, Inc.		45,934
	2,405	Eaton Corp. PLC		303,006
	3,784	Emerson Electric Co.		300,979
	500	Fuji Electric Co. Ltd.		20,672
	6,718	Legrand SA		498,802
	4,675	Mitsubishi Electric Corp.		50,252
	3,089	Prysmian SpA		84,864
	11,209	Siemens Energy AG*		165,202
				1,469,711
Electronic Equipment, Instruments & Components – 0.1%
	1,300	Anritsu Corp.		14,075
	336	Horiba Ltd.		14,333
	900	Ibiden Co. Ltd.		25,498
	2,047	IPG Photonics Corp.*		192,684
	1,529	Keysight Technologies, Inc.*		210,773
	4,500	Murata Manufacturing Co. Ltd.		244,923
	497	Nippon Electric Glass Co. Ltd.		9,519
	600	Shimadzu Corp.		19,017
	8,759	TE Connectivity Ltd.		991,081
	1,644	Yokogawa Electric Corp.		27,197
	9,679	Zebra Technologies Corp. Class A*		2,845,142
				4,594,242
Common Stocks – (continued)
Energy Equipment & Services – 0.0%
	18,117	Petrofac Ltd.*		24,722
	14,752	Schlumberger N.V		527,532
				552,254
Entertainment – 0.3%
	6,073	Bollore SA		28,311
	600	Capcom Co. Ltd.		14,596
	59	CTS Eventim AG & Co. KGaA*		3,112
	500	DeNA Co. Ltd.		6,983
	2,099	Electronic Arts, Inc.		255,343
	800	GungHo Online Entertainment, Inc.		14,193
	1,500	Konami Holdings Corp.		83,102
	3,419	Live Nation Entertainment, Inc.*		282,341
	1,100	Square Enix Holdings Co. Ltd.		48,826
	21,444	Take-Two Interactive Software, Inc.*		2,627,533
	80,393	The Walt Disney Co.*		7,589,099
	2,473	Ubisoft Entertainment SA*		109,068
	32,413	Universal Music Group NV		649,427
	45,042	Warner Bros Discovery, Inc.*		604,464
				12,316,398
Equity Real Estate Investment Trusts (REITs) – 0.6%
	262	Aedifica SA		25,174
	26,139	American Tower Corp.		6,680,867
	89,825	Assura PLC		71,511
	1,110	AvalonBay Communities, Inc.		215,618
	5,219	Big Yellow Group PLC		83,736
	2,958	Boston Properties, Inc.		263,203
	2,119	Camden Property Trust		284,963
	533	Cofinimmo SA		58,132
	6,459	Cousins Properties, Inc.		188,797
	642	Covivio		35,867
	24,613	Crown Castle International Corp.		4,144,337
	3,505	Derwent London PLC		111,752
	6,172	Equinix, Inc.		4,055,127
	1,697	Gecina SA		159,263
	16,890	Host Hotels & Resorts, Inc.		264,835
	5,807	Klepierre SA*		112,377
	32,657	LondonMetric Property PLC		90,761
	14,644	LXI REIT Plc		25,367
	4,976	Mid-America Apartment Communities, Inc.		869,158
	45,966	Primary Health Properties PLC		76,376
	12,016	Regency Centers Corp.		712,669
	9,136	Safestore Holdings PLC		118,298
	10,952	SBA Communications Corp. Class A		3,505,188
	2,697	Simon Property Group, Inc.		255,999
	117,071	Tritax Big Box REIT PLC		259,425
	66,342	UK Commercial Property REIT Ltd.		60,637
	2,583	Unibail-Rodamco-Westfield*		131,319
	11,611	Vornado Realty Trust		331,958
	189	Warehouses De Pauw CVA		5,964
	18,260	Weyerhaeuser Co.		604,771
	4,416	Workspace Group PLC		29,740
				23,833,189

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 0.4%
	11,242	Carrefour SA	$	199,560
	200	Cosmos Pharmaceutical Corp.		19,209
	1,913	Costco Wholesale Corp.		916,863
	5,577	HelloFresh SE*		181,948
	29,293	J Sainsbury PLC		72,900
	4,787	Jeronimo Martins SGPS SA		103,774
	200	Kobe Bussan Co. Ltd.		4,916
	27,014	Koninklijke Ahold Delhaize NV		703,148
	200	Kusuri no Aoki Holdings Co. Ltd.		8,574
	1,031	Lawson, Inc.		34,312
	39,442	Marks & Spencer Group PLC*		65,436
	1,600	MatsukiyoCocokara & Co.		64,703
	2,472	Seven & i Holdings Co. Ltd.		95,914
	800	Sundrug Co. Ltd.		17,891
	63,586	Tesco PLC		198,172
	15,318	The Kroger Co.		725,001
	11,730	Walgreens Boots Alliance, Inc.		444,567
	91,091	Walmart, Inc.		11,074,844
				14,931,732
Food Products – 0.2%
	1,400	Ajinomoto Co., Inc.		34,140
	7,210	Archer-Daniels-Midland Co.		559,496
	10,927	Associated British Foods PLC		210,843
	400	Calbee, Inc.		8,062
	9,977	Campbell Soup Co.		479,395
	9,391	Conagra Brands, Inc.		321,548
	7,791	Danone SA		436,313
	11,939	General Mills, Inc.		900,797
	3,711	Glanbia PLC		40,293
	15,144	Greencore Group PLC*		18,306
	49	Hilton Food Group PLC		610
	1,848	JDE Peet’s NV		52,617
	2,951	Kerry Group PLC Class A		282,210
	344	Lamb Weston Holdings, Inc.		24,582
	500	MEIJI Holdings Co. Ltd.		24,569
	33,020	Mondelez International, Inc. Class A		2,050,212
	300	Morinaga & Co. Ltd.		9,613
	400	Morinaga Milk Industry Co. Ltd.		14,325
	1,983	Nippon Suisan Kaisha Ltd.		8,383
	6,864	Premier Foods PLC		9,425
	1,384	The Hershey Co.		297,781
	3,906	The J.M. Smucker Co.		500,007
	42,450	The Kraft Heinz Co.		1,619,043
	5,522	Tyson Foods, Inc. Class A		475,223
	600	Yakult Honsha Co. Ltd.		34,608
	1,587	Yamazaki Baking Co. Ltd.		19,414
				8,431,815
Gas Utilities – 0.0%
	1,549	Atmos Energy Corp.		173,643
	15,205	Enagas SA		336,282
	34,459	Italgas SpA		201,080
	2,800	Osaka Gas Co. Ltd.		53,663
	1,366	Rubis SCA		32,128
Common Stocks – (continued)
Gas Utilities – (continued)
	73,854	Snam SpA		387,465
				1,184,261
Health Care Equipment & Supplies – 0.8%
	22,096	Abbott Laboratories		2,400,730
	660	ABIOMED, Inc.*		163,357
	15,958	Becton Dickinson & Co.		3,934,126
	446	BioMerieux		43,732
	121,440	Boston Scientific Corp.*		4,526,069
	53,126	ConvaTec Group PLC(a)		145,617
	11,448	DENTSPLY SIRONA, Inc.		409,037
	3,501	DexCom, Inc.*		260,930
	688	DiaSorin SpA		90,479
	4,529	Edwards Lifesciences Corp.*		430,663
	7,094	Globus Medical, Inc. Class A*		398,257
	37,731	Hologic, Inc.*		2,614,758
	3,219	Hoya Corp.		275,491
	683	IDEXX Laboratories, Inc.*		239,549
	12,863	Koninklijke Philips NV		275,892
	14,306	Masimo Corp.*		1,869,365
	76,011	Medtronic PLC		6,821,987
	3,200	Olympus Corp.		64,849
	9,761	Siemens Healthineers AG(a)		497,678
	37,722	Smith & Nephew PLC		527,534
	10,100	STERIS PLC		2,082,115
	7,292	Stryker Corp.		1,450,598
	3,330	Teleflex, Inc.		818,680
	1,700	Terumo Corp.		51,427
	889	The Cooper Cos., Inc.		278,364
	5,287	Zimmer Biomet Holdings, Inc.		555,452
				31,226,736
Health Care Providers & Services – 1.3%
	1,000	Alfresa Holdings Corp.		13,445
	27,963	AmerisourceBergen Corp.		3,956,205
	327	Amplifon SpA		10,053
	34,337	Cardinal Health, Inc.		1,794,795
	46,810	Centene Corp.*		3,960,594
	3,242	Cigna Corp.		854,332
	73,570	CVS Health Corp.		6,816,996
	2,926	DaVita, Inc.*		233,963
	15,224	Elevance Health, Inc.		7,346,798
	11,417	Fresenius Medical Care AG & Co. KGaA		572,004
	7,874	Fresenius SE & Co. KGaA		239,462
	3,005	HCA Healthcare, Inc.		505,020
	3,735	Henry Schein, Inc.*		286,624
	2,389	Humana, Inc.		1,118,219
	1,682	Laboratory Corp. of America Holdings		394,194
	1,795	McKesson Corp.		585,547
	4,352	Mediclinic International PLC*		24,355
	770	Medipal Holdings Corp.		10,862
	1,923	Molina Healthcare, Inc.*		537,690
	4,432	Quest Diagnostics, Inc.		589,367
	6,339	Spire Healthcare Group PLC*(a)		18,127
	38,050	UnitedHealth Group, Inc.		19,543,622

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Providers & Services – (continued)
	2,483	Universal Health Services, Inc. Class B	$	250,063
				49,662,337
Health Care Technology – 0.0%
	2,400	M3, Inc.		69,084
	264	Veeva Systems, Inc. Class A*		52,282
				121,366
Hotels, Restaurants & Leisure – 0.5%
	10,191	Aramark		312,150
	2,544	Booking Holdings, Inc.*		4,449,430
	5,499	Caesars Entertainment, Inc.*		210,612
	2,741	Chipotle Mexican Grill, Inc.*		3,583,200
	2,344	Choice Hotels International, Inc.		261,661
	12,341	Compass Group PLC		253,378
	4,282	Darden Restaurants, Inc.		484,380
	19,051	Domino’s Pizza Group PLC		64,749
	730	Domino’s Pizza, Inc.		284,488
	6,260	Entain PLC*		95,262
	30,047	Expedia Group, Inc.*		2,849,357
	181	Flutter Entertainment PLC*		18,349
	1,200	Food & Life Cos Ltd.		25,745
	4,000	Greggs PLC		88,575
	3,689	J D Wetherspoon PLC*		28,061
	3,212	La Francaise des Jeux SAEM(a)		111,534
	3,643	McDonald’s Corp.		899,384
	83,882	MGM Resorts International		2,428,384
	8,774	Penn National Gaming, Inc.*		266,905
	313	Planet Fitness, Inc. Class A*		21,287
	5,898	Playtech PLC*		39,018
	100	Resorttrust, Inc.		1,638
	32,869	Royal Caribbean Cruises Ltd.*		1,147,457
	1,300	Skylark Holdings Co. Ltd.*		15,244
	3,095	Sodexo SA		218,923
	6,286	Starbucks Corp.		480,187
	3,752	Trainline PLC*(a)		13,154
	24,406	TUI AG*		39,625
	3,147	Vail Resorts, Inc.		686,203
	2,615	Whitbread PLC		79,299
	500	Yoshinoya Holdings Co. Ltd.		9,219
	2,401	Yum! Brands, Inc.		272,537
				19,739,395
Household Durables – 0.1%
	1,397	Berkeley Group Holdings PLC*		63,514
	1,300	Casio Computer Co. Ltd.		12,063
	7,403	Crest Nicholson Holdings plc		22,075
	3,462	D.R. Horton, Inc.		229,150
	900	Haseko Corp.		10,570
	42,045	Lennar Corp. Class A		2,967,115
	1,952	Mohawk Industries, Inc.*		242,224
	7,000	Nikon Corp.		80,723
	70	NVR, Inc.*		280,290
	11,028	PulteGroup, Inc.		437,039
	6,038	Redrow PLC		36,049
	554	SEB SA		53,464
Common Stocks – (continued)
Household Durables – (continued)
	1,800	Sekisui Chemical Co. Ltd.		24,678
	2,500	Sharp Corp.		19,338
	1,100	Sumitomo Forestry Co. Ltd.		15,644
	49,123	Taylor Wimpey PLC		69,973
	4,507	Vistry Group PLC		45,905
	1,688	Whirlpool Corp.		261,420
				4,871,234
Household Products – 0.4%
	479	Church & Dwight Co., Inc.		44,384
	1,780	The Clorox Co.		250,945
	104,576	The Procter & Gamble Co.		15,036,983
				15,332,312
Independent Power and Renewable Electricity Producers – 0.1%
	7,904	ContourGlobal PLC(a)		24,300
	14,595	Drax Group PLC		114,563
	374	EDP Renovaveis SA		8,835
	8,811	RWE AG		325,884
	170,858	The AES Corp.		3,589,727
				4,063,309
Industrial Conglomerates – 0.3%
	14,441	3M Co.		1,868,810
	1,200	DCC PLC		74,660
	10,713	General Electric Co.		682,097
	3,000	Hitachi Ltd.		142,710
	30,741	Honeywell International, Inc.		5,343,093
	300	Keihan Holdings Co. Ltd.		7,477
	56,683	Melrose Industries PLC		103,971
	1,754	Nisshinbo Holdings, Inc.		13,210
	7,337	Siemens AG		754,218
	20,320	Smiths Group PLC		347,489
				9,337,735
Insurance – 1.0%
	3,927	Admiral Group PLC		107,522
	35,413	Aegon NV		152,511
	8,324	Aflac, Inc.		460,567
	7,669	Allianz SE		1,470,226
	15,529	American International Group, Inc.		793,998
	18,107	Aon PLC Class A		4,883,096
	16,339	Arthur J. Gallagher & Co.		2,663,910
	2,436	ASR Nederland NV		98,212
	28,092	Aviva PLC		137,602
	23,029	AXA SA		526,018
	8,983	Beazley PLC		54,773
	31,171	Chubb Ltd.		6,127,595
	4,228	Cincinnati Financial Corp.		503,047
	7,900	Dai-ichi Life Holdings, Inc.		146,113
	20,919	Direct Line Insurance Group PLC		64,210
	1,020	Everest Re Group Ltd.		285,886
	2,543	Globe Life, Inc.		247,866
	84	Hannover Rueck SE		12,252
	13,192	Japan Post Holdings Co. Ltd.		94,388
	3,388	Japan Post Insurance Co. Ltd.		54,224

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	103,266	Legal & General Group PLC	$	301,906
	5,188	Lincoln National Corp.		242,643
	12,690	Loews Corp.		752,009
	3,297	Marsh & McLennan Cos., Inc.		511,859
	9,146	MetLife, Inc.		574,277
	1,000	MS&AD Insurance Group Holdings, Inc.		30,663
	4,436	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,049,324
	15,245	NN Group NV		690,489
	12,904	Poste Italiane SpA(a)		120,736
	4,649	Principal Financial Group, Inc.		310,507
	32,344	Prudential Financial, Inc.		3,094,674
	39,855	Prudential PLC		495,766
	602	Sampo Oyj Class A		26,308
	791	Sompo Holdings, Inc.		34,937
	26,238	The Allstate Corp.		3,325,142
	1,341	The Hanover Insurance Group, Inc.		196,121
	8,697	The Hartford Financial Services Group, Inc.		569,045
	33,123	The Progressive Corp.		3,851,211
	4,593	The Travelers Cos., Inc.		776,814
	1,600	Tokio Marine Holdings, Inc.		93,299
	3,487	W.R. Berkley Corp.		238,023
	1,052	Willis Towers Watson PLC		207,654
				36,377,423
Interactive Media & Services – 1.6%
	18,173	Alphabet, Inc. Class A*		39,603,692
	14,781	Auto Trader Group PLC(a)		100,105
	28,459	IAC/InterActiveCorp.*		2,162,030
	900	Kakaku.com, Inc.		14,948
	3,221	Match Group, Inc.*		224,472
	114,342	Meta Platforms, Inc. Class A*		18,437,648
	16,849	Moneysupermarket.com Group PLC		35,669
	13,348	Rightmove PLC		92,499
	2,243	Scout24 SE(a)		115,549
	5,463	Trustpilot Group PLC*(a)		6,703
	23,000	Z Holdings Corp.		66,886
				60,860,201
Internet & Direct Marketing Retail – 1.0%
	337,616	Amazon.com, Inc.*		35,858,195
	14,388	eBay, Inc.		599,548
	2,618	Moonpig Group PLC*		7,195
	7,900	Rakuten Group, Inc.		35,720
	6,032	Zalando SE*(a)		158,899
	1,100	ZOZO, Inc.		19,902
				36,679,459
IT Services – 1.4%
	4,801	Accenture PLC Class A		1,332,998
	373	Adyen NV*(a)		538,288
	14,469	Akamai Technologies, Inc.*		1,321,454
	662	Alten SA		72,527
	3,784	Amadeus IT Group SA*		211,882
Common Stocks – (continued)
IT Services – (continued)
	8,677	Atos SE*		117,634
	400	BIPROGY, Inc.		7,977
	3,708	Capgemini SE		639,482
	22,463	Cognizant Technology Solutions Corp. Class A		1,516,028
	1,071	Computacenter PLC		30,670
	9,867	DXC Technology Co.*		299,069
	310	Edenred		14,685
	1,240	FDM Group Holdings PLC		12,970
	7,034	Fidelity National Information Services, Inc.		644,807
	16,600	Finablr PLC*(a)(b)		—
	21,275	Fiserv, Inc.*		1,892,837
	5,549	FleetCor Technologies, Inc.*		1,165,900
	11,551	Gartner, Inc.*		2,793,378
	4,235	Global Payments, Inc.		468,560
	12,114	International Business Machines Corp.		1,710,376
	10,409	Jack Henry & Associates, Inc.		1,873,828
	128	Kainos Group PLC		1,738
	39,159	Mastercard, Inc. Class A		12,353,881
	3,814	NCC Group PLC		8,695
	954	NEC Corp.		37,222
	1,200	NET One Systems Co. Ltd.		26,669
	10,085	NTT Data Corp.		139,908
	1,100	Otsuka Corp.		32,737
	2,808	Paychex, Inc.		319,747
	79,392	PayPal Holdings, Inc.*		5,544,737
	886	SCSK Corp.		15,047
	200	SHIFT, Inc.*		26,228
	168	Softcat PLC		2,704
	156	Sopra Steria Group SACA		23,460
	1,100	TIS, Inc.		28,942
	1,275	VeriSign, Inc.*		213,346
	86,287	Visa, Inc. Class A		16,989,047
	5,306	Worldline SA*(a)		197,910
				52,627,368
Leisure Products – 0.0%
	500	Bandai Namco Holdings, Inc.		35,296
	2,600	Sega Sammy Holdings, Inc.		41,762
	1,200	Yamaha Corp.		49,470
	547	YETI Holdings, Inc.*		23,669
				150,197
Life Sciences Tools & Services – 1.0%
	9,133	Agilent Technologies, Inc.		1,084,726
	592	Bio-Rad Laboratories, Inc. Class A*		293,040
	595	Bio-Techne Corp.		206,251
	1,225	Charles River Laboratories International, Inc.*		262,113
	45,703	Danaher Corp.		11,586,625
	2,553	Eurofins Scientific SE		201,631
	14,734	Illumina, Inc.*		2,716,360
	26,368	IQVIA Holdings, Inc.*		5,721,592
	25,834	PerkinElmer, Inc.		3,674,112
	15,047	QIAGEN N.V.*		708,521

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	19,361	Thermo Fisher Scientific, Inc.	$	10,518,444
				36,973,415
Machinery – 0.4%
	4,378	Aalberts NV		170,010
	2,800	Amada Co. Ltd.		20,642
	982	ANDRITZ AG		39,640
	3,908	Bodycote PLC		25,148
	24,420	Caterpillar, Inc.		4,365,319
	16,858	CNH Industrial NV		194,969
	2,014	Cummins, Inc.		389,769
	500	Daifuku Co. Ltd.		28,615
	9,278	Daimler Truck Holding AG*		244,344
	1,700	DMG Mori Co. Ltd.		21,143
	2,491	Dover Corp.		302,208
	600	Ebara Corp.		22,421
	5,361	Fluidra SA		109,080
	6,209	Fortive Corp.		337,645
	5,707	GEA Group AG		197,850
	244	Graco, Inc.		14,496
	8,200	Hino Motors Ltd.		42,210
	300	Hoshizaki Corp.		8,942
	1,200	IHI Corp.		32,057
	331	Illinois Tool Works, Inc.		60,325
	8,713	IMI PLC		124,968
	7,407	Ingersoll Rand, Inc.		311,687
	5,300	Kawasaki Heavy Industries Ltd.		99,471
	3,890	Knorr-Bremse AG		222,799
	456	Kone Oyj Class B		21,795
	300	Kurita Water Industries Ltd.		10,859
	9,028	Metso Outotec Oyj		68,142
	1,100	MISUMI Group, Inc.		23,231
	1,800	Mitsubishi Heavy Industries Ltd.		62,913
	400	Miura Co. Ltd.		7,925
	8,380	Morgan Advanced Materials PLC		28,053
	662	Nabtesco Corp.		15,534
	1,200	NGK Insulators Ltd.		16,167
	954	Nordson Corp.		193,128
	4,568	Otis Worldwide Corp.		322,821
	30,207	PACCAR, Inc.		2,487,244
	2,838	Parker-Hannifin Corp.		698,290
	5,255	Pentair PLC		240,521
	58	Rational AG		33,813
	11,657	Rotork PLC		34,244
	1,361	Snap-on, Inc.		268,158
	500	Sumitomo Heavy Industries Ltd.		11,068
	1,200	The Japan Steel Works Ltd.		26,135
	2,859	Valmet Oyj		70,455
	15,631	Wartsila OYJ Abp		122,528
	12,138	Westinghouse Air Brake Technologies Corp.		996,287
	200	Yaskawa Electric Corp.		6,460
				13,151,529
Marine – 0.0%
	644	Clarkson PLC		23,512
Common Stocks – (continued)
Marine – (continued)
	600	Kawasaki Kisen Kaisha Ltd.		36,714
	2,100	Mitsui OSK Lines Ltd.		48,310
	900	Nippon Yusen KK		61,708
				170,244
Media – 0.3%
	9,488	Ascential PLC*		29,932
	1,504	Charter Communications, Inc. Class A*		704,669
	207,455	Comcast Corp. Class A		8,140,534
	6,800	CyberAgent, Inc.		68,126
	2,209	Dentsu Group, Inc.		66,596
	35,390	Fox Corp. Class A		1,138,142
	8,402	Future PLC		177,800
	67,589	Informa PLC*		436,666
	75,058	ITV PLC		59,939
	17,301	News Corp. Class A		269,550
	4,060	Omnicom Group, Inc.		258,257
	9,464	Pearson PLC		86,666
	14,776	ProSiebenSat.1 Media SE		137,433
	3,914	Publicis Groupe SA		192,493
	800	TBS Holdings, Inc.		10,040
	10,082	The Interpublic Group of Cos., Inc.		277,557
	55,103	Vivendi SE		562,320
	11,570	WPP PLC		116,871
				12,733,591
Metals & Mining – 0.1%
	16,330	Anglo American PLC		583,774
	6,484	Antofagasta PLC		91,560
	10,727	ArcelorMittal SA		240,557
	1,219	Aurubis AG		83,179
	400	Dowa Holdings Co. Ltd.		13,243
	2,357	Endeavour Mining PLC		48,833
	7,048	Evraz PLC(b)		—
	21,710	Ferrexpo PLC		34,630
	26,142	Freeport-McMoRan, Inc.		764,915
	5,600	Fresnillo PLC		52,313
	83,538	Glencore PLC		452,478
	489	Hill & Smith Holdings PLC		6,890
	15,647	Hochschild Mining PLC		18,410
	4,400	Kobe Steel Ltd.		19,968
	300	Maruichi Steel Tube Ltd.		6,355
	700	Mitsui Mining & Smelting Co. Ltd.		16,326
	4,600	Nippon Steel Corp.		64,377
	4,015	Nucor Corp.		419,206
	6,359	Rio Tinto PLC		380,183
	555	Southern Copper Corp.		27,645
	4,249	voestalpine AG		90,811
				3,415,653
Multi-Utilities – 0.2%
	94,201	A2A SpA		119,874
	1,583	CenterPoint Energy, Inc.		46,825
	426,766	Centrica PLC*		416,753
	614	CMS Energy Corp.		41,445

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Multi-Utilities – (continued)
	40,533	Dominion Energy, Inc.	$	3,234,939
	107,130	E.ON SE		902,364
	28,725	Hera SpA		83,238
	45,288	National Grid PLC		581,993
	1,316	NiSource, Inc.		38,809
	16,706	Public Service Enterprise Group, Inc.		1,057,156
	7,963	Sempra Energy		1,196,600
	10,011	Veolia Environnement SA		245,402
	2,407	WEC Energy Group, Inc.		242,240
				8,207,638
Multiline Retail – 0.0%
	2,400	Isetan Mitsukoshi Holdings Ltd.		19,426
	2,118	J. Front Retailing Co. Ltd.		18,081
	2,100	Pan Pacific International Holdings Corp.		33,481
	2,500	Ryohin Keikaku Co. Ltd.		24,491
	3,012	Target Corp.		425,385
				520,864
Oil, Gas & Consumable Fuels – 0.4%
	12,813	APA Corp.		447,174
	111,501	BP PLC		523,552
	15,329	Capricorn Energy PLC*		40,750
	12,822	Chevron Corp.		1,856,369
	10,631	ConocoPhillips		954,770
	900	Cosmo Energy Holdings Co. Ltd.		24,818
	5,192	Devon Energy Corp.		286,131
	4,660	Diamondback Energy, Inc.		564,559
	1,580	Diversified Energy Co. PLC		2,150
	33,675	Eni SpA		399,408
	3,141	EOG Resources, Inc.		346,892
	26,931	Exxon Mobil Corp.		2,306,371
	11,045	Harbour Energy PLC		49,066
	1,300	Idemitsu Kosan Co. Ltd.		31,055
	6,100	Inpex Corp.		65,394
	25,519	Kinder Morgan, Inc.		427,698
	14,000	Marathon Oil Corp.		314,720
	10,412	Marathon Petroleum Corp.		855,971
	10,121	Occidental Petroleum Corp.		595,925
	2,688	OMV AG		126,419
	9,286	Phillips 66		761,359
	1,543	Pioneer Natural Resources Co.		344,212
	20,845	Repsol SA		307,297
	42,125	Shell PLC		1,097,052
	44,802	TotalEnergies SE		2,358,241
	115,514	Tullow Oil PLC*		66,248
	7,759	Valero Energy Corp.		824,627
				15,978,228
Paper & Forest Products – 0.0%
	4,952	Oji Holdings Corp.		21,454
	14,667	UPM-Kymmene Oyj		449,738
				471,192
Common Stocks – (continued)
Personal Products – 0.1%
	1,889	Beiersdorf AG		193,844
	600	Fancl Corp.		11,027
	3,200	Kao Corp.		129,758
	400	Kobayashi Pharmaceutical Co. Ltd.		24,772
	2,477	L’Oreal SA		860,028
	2,000	Pola Orbis Holdings, Inc.		24,756
	5,676	PZ Cussons PLC		13,641
	600	Rohto Pharmaceutical Co. Ltd.		17,396
	286	The Estee Lauder Cos., Inc. Class A		72,836
	11,067	Unilever PLC		504,431
				1,852,489
Pharmaceuticals – 1.7%
	4,306	Astellas Pharma, Inc.		67,181
	7,920	AstraZeneca PLC		1,044,820
	10,037	Bayer AG		599,373
	27,528	Bristol-Myers Squibb Co.		2,119,656
	2,026	Chugai Pharmaceutical Co. Ltd.		51,826
	3,100	Daiichi Sankyo Co. Ltd.		78,841
	195	Dechra Pharmaceuticals PLC		8,222
	700	Eisai Co. Ltd.		29,596
	34,294	Eli Lilly & Co.		11,119,144
	47,521	GSK PLC		1,024,153
	3,507	Hikma Pharmaceuticals PLC		69,195
	39,401	Indivior PLC*		148,301
	1,319	Ipsen SA		124,887
	93,644	Johnson & Johnson		16,622,746
	100	Kyowa Kirin Co. Ltd.		2,258
	88,639	Merck & Co., Inc.		8,081,218
	2,419	Merck KGaA		410,314
	400	Nippon Shinyaku Co. Ltd.		24,416
	1,701	Otsuka Holdings Co. Ltd.		60,720
	245,177	Pfizer, Inc.		12,854,630
	1,203	Recordati Industria Chimica e Farmaceutica SpA		52,462
	20,589	Sanofi		2,076,319
	9,779	Santen Pharmaceutical Co. Ltd.		77,146
	3,100	Shionogi & Co. Ltd.		158,219
	1,274	Sumitomo Pharma Co. Ltd.		10,232
	200	Taisho Pharmaceutical Holdings Co. Ltd.		7,906
	15,243	Takeda Pharmaceutical Co. Ltd.		428,150
	4,303	UCB SA		364,633
	30,206	Viatris, Inc.		316,257
	27,131	Zoetis, Inc.		4,663,547
				62,696,368
Professional Services – 0.1%
	900	Benefit One, Inc.		12,193
	406	Bureau Veritas SA		10,446
	36,322	Clarivate PLC*		503,423
	4,776	Equifax, Inc.		872,957
	7,265	Experian PLC		213,306
	1,959	Intertek Group PLC		100,692
	8,248	Jacobs Engineering Group, Inc.		1,048,568
	3,074	Leidos Holdings, Inc.		309,583

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Description	Value
Common Stocks – (continued)
Professional Services – (continued)
	300	Meitec Corp.	$	4,836
	2,200	Nihon M&A Center Holdings, Inc.		23,452
	1,300	Outsourcing, Inc.		9,943
	1,000	Persol Holdings Co. Ltd.		18,258
	400	Recruit Holdings Co. Ltd.		11,780
	12,218	RELX PLC		331,735
	2,830	Robert Half International, Inc.		211,939
	400	TechnoPro Holdings, Inc.		8,030
	70	Teleperformance		21,615
	2,632	Wolters Kluwer NV		255,088
				3,967,844
Real Estate Management & Development – 0.0%
	15,977	Aroundtown SA		51,101
	5,661	CBRE Group, Inc. Class A*		416,706
	500	Daito Trust Construction Co. Ltd.		43,253
	5,868	Grainger PLC		20,087
	3,400	Hulic Co. Ltd.		26,371
	15,085	IWG PLC*		34,539
	154	Kojamo Oyj		2,674
	3,000	Mitsubishi Estate Co. Ltd.		43,480
	400	Nomura Real Estate Holdings, Inc.		9,786
	300	Relo Group, Inc.		4,839
	3,712	Savills PLC		45,770
	2,424	TAG Immobilien AG		27,753
	700	Tokyo Tatemono Co. Ltd.		9,657
	2,400	Tokyu Fudosan Holdings Corp.		12,630
				748,646
Road & Rail – 0.4%
	15,910	CSX Corp.		462,345
	9,538	FirstGroup PLC*		14,840
	1,500	Keikyu Corp.		16,436
	1,000	Kintetsu Group Holdings Co. Ltd.		31,112
	41,811	Knight-Swift Transportation Holdings, Inc.		1,935,431
	2,500	Kyushu Railway Co.		52,124
	14,294	Norfolk Southern Corp.		3,248,883
	1,000	Odakyu Electric Railway Co. Ltd.		13,492
	1,033	Old Dominion Freight Line, Inc.		264,737
	3,728	Redde Northgate PLC		15,314
	800	Seibu Holdings, Inc.		8,430
	34,254	Union Pacific Corp.		7,305,693
	2,600	West Japan Railway Co.		95,650
				13,464,487
Semiconductors & Semiconductor Equipment – 0.9%
	239	Allegro MicroSystems, Inc.*		4,945
	28,270	Analog Devices, Inc.		4,129,964
	7,985	Applied Materials, Inc.		726,475
	1,647	Broadcom, Inc.		800,129
	200	Disco Corp.		47,592
	31,190	Infineon Technologies AG		758,713
	31,946	Intel Corp.		1,195,100
	1,405	Lam Research Corp.		598,741
	11,555	Microchip Technology, Inc.		671,114
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	91,332	Micron Technology, Inc.		5,048,833
	5,010	NXP Semiconductors NV		741,630
	3,081	Qorvo, Inc.*		290,600
	56,558	QUALCOMM, Inc.		7,224,719
	13,550	Renesas Electronics Corp.*		122,619
	766	SCREEN Holdings Co. Ltd.		51,975
	3,371	Skyworks Solutions, Inc.		312,289
	20,500	STMicroelectronics NV		646,264
	5,136	Sumco Corp.		66,793
	5,334	Teradyne, Inc.		477,660
	58,157	Texas Instruments, Inc.		8,935,823
	800	Tokyo Electron Ltd.		261,115
	443	Ulvac, Inc.		15,089
	187	Universal Display Corp.		18,913
				33,147,095
Software – 2.7%
	8,474	Adobe, Inc.*		3,101,992
	820	ANSYS, Inc.*		196,218
	1,587	Autodesk, Inc.*		272,901
	5,468	Bytes Technology Group PLC		27,825
	2,083	Cadence Design Systems, Inc.*		312,512
	24,247	Crowdstrike Holdings, Inc. Class A*		4,087,074
	7,400	Dassault Systemes SE		274,102
	81,477	Dropbox, Inc. Class A*		1,710,202
	7,325	Fair Isaac Corp.*		2,936,593
	5,807	Fortinet, Inc.*		328,560
	5,874	Intuit, Inc.		2,264,075
	120	Manhattan Associates, Inc.*		13,752
	6,299	Micro Focus International PLC		21,434
	226,705	Microsoft Corp.		58,224,645
	829	Nemetschek SE		50,434
	20,452	NortonLifeLock, Inc.		449,126
	89,419	Oracle Corp.		6,246,543
	772	Paycom Software, Inc.*		216,253
	2,398	PTC, Inc.*		255,003
	4,158	Roper Technologies, Inc.		1,640,955
	58,332	Salesforce, Inc.*		9,627,113
	2,500	Sansan, Inc.*		17,189
	9,860	SAP SE		898,743
	12,820	ServiceNow, Inc.*		6,096,166
	2,659	Synopsys, Inc.*		807,538
	45,812	The Sage Group PLC		354,758
	600	Trend Micro, Inc.		29,353
				100,461,059
Specialty Retail – 0.2%
	200	ABC-Mart, Inc.		8,848
	1,475	Advance Auto Parts, Inc.		255,308
	428	AutoZone, Inc.*		919,823
	6,527	Bath & Body Works, Inc.		175,707
	4,771	Best Buy Co., Inc.		311,021
	24,146	Currys PLC		20,074
	200	Fast Retailing Co. Ltd.		105,055
	331	Five Below, Inc.*		37,545
	14,582	Frasers Group PLC*		118,648

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
	94,284	Industria de Diseno Textil SA	$	2,142,648
	52,572	JD Sports Fashion PLC		74,075
	1,000	K’s Holdings Corp.		9,763
	28,346	Kingfisher PLC		84,712
	400	Nitori Holdings Co. Ltd.		38,065
	6,031	O’Reilly Automotive, Inc.*		3,810,145
	17,489	Pets at Home Group Plc		65,828
	3,190	Ross Stores, Inc.		224,034
	304	Shimamura Co. Ltd.		26,711
	134	Ulta Beauty, Inc.*		51,654
	100	USS Co. Ltd.		1,733
	5,400	Yamada Holdings Co. Ltd.		19,419
				8,500,816
Technology Hardware, Storage & Peripherals – 1.5%
	376,680	Apple, Inc.		51,499,690
	762	Brother Industries Ltd.		13,407
	2,825	Canon, Inc.		64,018
	2,332	FUJIFILM Holdings Corp.		125,302
	26,600	Hewlett Packard Enterprise Co.		352,716
	23,172	HP, Inc.		759,578
	4,690	Konica Minolta, Inc.		15,631
	34,952	NetApp, Inc.		2,280,268
	4,904	Ricoh Co. Ltd.		38,286
	3,768	Seagate Technology Holdings PLC		269,186
	2,419	Seiko Epson Corp.		34,222
	6,553	Western Digital Corp.*		293,771
				55,746,075
Textiles, Apparel & Luxury Goods – 0.1%
	1,900	Asics Corp.		34,413
	4,961	Burberry Group PLC		99,525
	55	Christian Dior SE		32,832
	39,703	Coats Group PLC		30,160
	7,300	Dr. Martens PLC		21,275
	3,935	EssilorLuxottica SA		596,595
	8,322	HUGO BOSS AG		440,679
	6,858	NIKE, Inc. Class B		700,888
	6,159	PVH Corp.		350,447
	4,377	Ralph Lauren Corp.		392,398
	13,477	Tapestry, Inc.		411,318
	41,543	Under Armour, Inc. Class A*		346,053
	4,493	VF Corp.		198,456
				3,655,039
Trading Companies & Distributors – 0.2%
	16,563	Bunzl PLC		550,069
	153	Diploma PLC		4,167
	47,979	Fastenal Co.		2,395,112
	18,392	Howden Joinery Group PLC		135,576
	7,847	ITOCHU Corp.		211,696
	8,632	Marubeni Corp.		77,443
	5,435	Mitsubishi Corp.		161,861
	5,881	Mitsui & Co. Ltd.		129,232
	2,306	MonotaRO Co. Ltd.		34,391
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
	3,270	MSC Industrial Direct Co., Inc. Class A		245,610
	6,587	Rexel SA*		101,782
	1,400	Sojitz Corp.		19,844
	5,600	Sumitomo Corp.		76,123
	4,150	Travis Perkins PLC		49,191
	1,942	United Rentals, Inc.*		471,731
	2,371	W.W. Grainger, Inc.		1,077,453
				5,741,281
Transportation Infrastructure – 0.0%
	300	Japan Airport Terminal Co. Ltd.*		11,919
	500	Mitsubishi Logistics Corp.		11,977
				23,896
Water Utilities – 0.0%
	15,136	Pennon Group PLC		176,125
	10,976	Severn Trent PLC		364,405
				540,530
Wireless Telecommunication Services – 0.0%
	36,938	Airtel Africa PLC(a)		61,364
	4,400	Freenet AG		109,728
	4,600	KDDI Corp.		145,058
	5,000	SoftBank Group Corp.		193,792
	205,845	Vodafone Group PLC		320,067
				830,009
	TOTAL COMMON STOCKS
	(Cost $999,587,046)		$	994,453,003
Exchange Traded Funds – 18.8%
	730,673	Invesco Senior Loan ETF	$	14,810,742
	2,717,867	iShares 5-10 Year Investment Grade Corporate Bond ETF		138,774,289
	7,716,427	iShares Core MSCI Emerging Markets ETF		378,567,909
	44,300	iShares JP Morgan USD Emerging Markets Bond ETF		3,779,676
	1,871,167	SPDR Blackstone Senior Loan ETF		77,915,394
	1,149,840	SPDR Bloomberg Convertible Securities ETF		74,233,670
	339,458	Vaneck Fallen Angel High Yield Bond ETF		9,172,155
	92,700	Vanguard Real Estate ETF		8,445,897
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $778,981,075)		$	705,699,732

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Shares		Dividend Rate			Value
Preferred Stocks – 0.1%
Auto Manufacturers – 0.1%
	Volkswagen AG
	16,716		7.560	%	$	2,250,637
Electronics – 0.0%
	Sartorius AG
	54		1.260			18,952
	TOTAL PREFERRED STOCKS – 0.1%
	(Cost $2,815,435)				$	2,269,589

Shares		Dividend Rate	Value
Investment Company(c) – 50.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,883,111,275	1.367%	$	1,883,111,275
	(Cost $1,883,111,275)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $3,664,494,831)		$	3,585,533,599
Securities Lending Reinvestment Vehicle(c) – 2.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	105,454,930	1.367%	$	105,454,930
	(Cost $105,454,930)
	TOTAL INVESTMENTS – 98.3%
	(Cost $3,769,949,761)		$	3,690,988,529
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%			63,878,091
	NET ASSETS – 100.0%		$	3,754,866,620

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
SEK	—Swedish Krona
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
ETF	—Exchange Traded Fund
LLC	—Limited Liability Company
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	USD	17,458,947	AUD	25,160,000		07/25/22	$	89,062
	USD	7,229,971	CLP	6,051,630,000		07/01/22		636,498
	USD	6,580,896	CLP	5,893,060,000		07/29/22		202,570
	USD	8,277,705	CZK	194,170,000		07/25/22		83,895
	USD	80,354,859	EUR	75,740,000		07/25/22		849,009
	USD	38,793,600	GBP	31,510,000		07/25/22		419,658
	USD	4,610,236	HUF	1,731,210,000		07/25/22		53,274
	USD	6,983,759	IDR	103,875,100,000		07/29/22		41,235
	USD	10,775,007	ILS	37,010,000		07/25/22		164,508

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	18,525,798	INR	1,455,160,000		07/29/22	$	153,626
	USD	22,775,315	NZD	36,160,000		07/25/22		195,973
	USD	17,334,657	PHP	945,160,000		07/29/22		181,131
	USD	7,791,722	PLN	34,690,000		07/25/22		79,388
	USD	10,560,122	SEK	106,100,000		07/25/22		179,445
	USD	14,572,204	TWD	432,210,000		07/29/22		8,347
TOTAL							$	3,337,619

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	CLP	6,051,630,000	USD	7,187,550		07/01/22	$	(594,078	)
	MXN	121,040,000	USD	6,000,013		07/25/22		(9,039	)
	USD	16,575,261	CAD	21,440,000		07/25/22		(80,640	)
	USD	14,938,464	CHF	14,300,000		07/25/22		(64,559	)
	USD	20,161,264	JPY	2,734,200,000		07/25/22		(21,385	)
	USD	14,625,597	KRW	18,954,510,000		07/29/22		(86,741	)
TOTAL							$	(856,442	)

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Brent Crude		62		07/29/22	$	6,759,860	$	(545,006	)
Coffee		20		09/20/22		1,725,750		6,171
Corn		78		09/14/22		2,452,125		(392,814	)
Cotton No. 2		14		12/07/22		691,880		(147,487	)
E-Mini Russell 2000 Index		2		09/16/22		170,800		(9,296	)
Euro Stoxx 50 Index		3,972		09/16/22		143,230,159		(3,045,932	)
FTSE 100 Index		724		09/16/22		62,759,181		(114,952	)
Gasoline RBOB		36		07/29/22		5,346,886		(619,111	)
H-Shares Index		21		07/28/22		1,015,503		12,720
Hang Seng Index		14		07/28/22		1,939,746		(24,432	)
IBEX 35 Index		26		07/15/22		2,190,526		(18,134	)
Lead		74		07/18/22		3,539,975		(577,594	)
Lead		27		08/15/22		1,291,613		(93,038	)
Low Sulphur Gas Oil		41		08/11/22		4,608,400		(422,532	)
Natural Gas		30		07/27/22		1,627,200		(988,249	)
Nickel		4		07/18/22		543,624		(177,852	)
Nickel		4		08/15/22		544,224		(163,020	)
NY Harbor ULSD		28		07/29/22		4,504,668		(399,426	)
Primary Aluminum		40		07/18/22		2,432,500		(361,754	)
Soybean		78		11/14/22		5,686,200		(347,837	)
Topix Index		186		09/08/22		25,642,173		(1,004,858	)
Wheat		26		09/14/22		1,149,200		(261,072	)
WTI Crude		103		07/20/22		10,893,280		(1,043,494	)
Zinc		38		07/18/22		3,022,662		(590,683	)
Zinc		31		08/15/22		2,457,331		(485,943	)
Total							$	(11,815,625	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year German Euro-Bund		(134	)		09/08/22	$	(20,892,476	)	$	217,409
10 Year U.K. Long Gilt		(87	)		09/28/22		(12,071,066	)		275,924
10 Year U.S. Treasury Notes		(354	)		09/21/22		(41,960,062	)		(298,073	)
2 Year U.S. Treasury Notes		(182	)		09/30/22		(38,222,844	)		(86,698	)
20 Year U.S. Treasury Bonds		(117	)		09/21/22		(16,219,125	)		(161,256	)
5 Year German Euro-Bobl		(109	)		09/08/22		(14,185,795	)		44,728
5 Year U.S. Treasury Notes		(240	)		09/30/22		(26,940,000	)		(147,889	)
Amsterdam Exchanges Index		(22	)		07/15/22		(3,038,497	)		(64,140	)
ASX 90 Day Bank Accepted Bills		(75	)		09/08/22		(51,420,096	)		37,073
ASX 90 Day Bank Accepted Bills		(61	)		12/08/22		(41,736,835	)		56,254
ASX 90 Day Bank Accepted Bills		(61	)		03/09/23		(41,701,162	)		37,863
Australian 10 Year Government Bonds		(77	)		09/15/22		(6,319,179	)		(26,830	)
Bank Accept Index		(97	)		12/19/22		(18,123,446	)		69,445
Bank Accept Index		(138	)		09/19/22		(25,876,340	)		109,466
Bank Accept Index		(81	)		03/13/23		(15,137,158	)		29,624
CAC40 Index		(37	)		07/15/22		(2,293,103	)		17,782
Canada 10 Year Government Bonds		(81	)		09/20/22		(7,802,354	)		1,416
Cattle Feeder		(30	)		08/25/22		(2,604,000	)		(18,396	)
CBOE Volatility Index		(150	)		07/20/22		(4,284,345	)		(375,789	)
CBOE Volatility Index		(131	)		08/17/22		(3,822,239	)		10,625
CBOE Volatility Index		(118	)		09/21/22		(3,484,493	)		86,905
Copper		(58	)		09/28/22		(5,379,500	)		490,697
DAX Index		(26	)		09/16/22		(8,699,190	)		292,332
Euro Buxl 30 Year Bonds		(19	)		09/08/22		(3,256,651	)		110,950
Euro-Schatz		(203	)		09/08/22		(23,218,836	)		(3,741	)
Eurodollars		(109	)		09/19/22		(28,408,143	)		87,409
Eurodollars		(121	)		12/19/22		(31,339,102	)		171,714
Eurodollars		(58	)		03/18/24		(14,906,565	)		22,756
Eurodollars		(58	)		06/17/24		(14,908,844	)		21,141
Eurodollars		(310	)		09/19/22		(75,016,125	)		337,589
Eurodollars		(191	)		12/18/23		(46,272,138	)		(139,981	)
Eurodollars		(215	)		09/18/23		(52,005,813	)		(124,177	)
Eurodollars		(241	)		12/19/22		(58,026,775	)		183,788
Eurodollars		(216	)		06/19/23		(52,145,100	)		(71,898	)
Eurodollars		(235	)		03/13/23		(56,623,250	)		52,986
Eurodollars		(172	)		03/18/24		(41,718,600	)		(140,936	)
Eurodollars		(87	)		03/13/23		(22,447,600	)		117,185
Eurodollars		(72	)		06/19/23		(18,532,996	)		65,477
Eurodollars		(62	)		09/18/23		(15,938,665	)		35,427
Eurodollars		(59	)		12/18/23		(15,162,802	)		23,870
Eurodollars		(160	)		06/17/24		(38,844,000	)		(143,475	)
French 10 Year Government Bonds		(44	)		09/08/22		(6,387,591	)		102,827
FTSE/JSE Top 40 Index		(58	)		09/15/22		(2,137,573	)		(14,924	)
FTSE/MIB Index		(22	)		09/16/22		(2,444,742	)		61,726
Gold 100 Oz		(96	)		08/29/22		(17,350,080	)		332,015
Italian 10 Year Government Bonds		(43	)		09/08/22		(5,548,015	)		37,500
Japan 10 Year Government Bonds		(14	)		09/12/22		(15,334,169	)		(154,079	)
Lead		(74	)		07/18/22		(3,539,975	)		354,387
Lead		(110	)		08/15/22		(5,262,125	)		665,207
Live Cattle		(94	)		08/31/22		(4,984,820	)		9,924

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
Nasdaq 100 E-Mini Index		(26	)		09/16/22	$	(5,995,340	)	$	(105,930	)
Nickel		(4	)		07/18/22		(543,624	)		162,888
Nickel		(4	)		08/15/22		(544,224	)		11,004
OMXS 30 Index		(160	)		07/15/22		(2,925,585	)		69,143
Primary Aluminum		(40	)		07/18/22		(2,432,500	)		399,914
Primary Aluminum		(57	)		08/15/22		(3,474,862	)		268,616
S&P 500 E-Mini Index		(602	)		09/16/22		(114,063,950	)		(1,116,262	)
S&P Mid 400 E-Mini Index		(12	)		09/16/22		(2,721,600	)		(1,093	)
S&P Toronto Stock Exchange 60 Index		(3	)		09/15/22		(532,551	)		5,855
Silver		(95	)		09/28/22		(9,667,200	)		833,039
Sugar No. 11		(51	)		09/30/22		(1,056,720	)		(5,798	)
Zinc		(38	)		07/18/22		(3,022,662	)		543,511
Zinc		(33	)		08/15/22		(2,615,869	)		296,473
Total									$	3,960,499
TOTAL FUTURES CONTRACTS									$	(7,855,126	)

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2022(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 38	5.000%		5.749%		06/20/27	$	24,701	$	(679,990	)	$	1,054,939	$	(1,734,929	)
CDX.NA.IG Index 38	1.000		1.006		06/20/27		201,600		4,185			2,634,669		(2,630,484	)
ITXEB 37	1.000		1.185		06/20/27	EUR	186,050		(1,618,974	)		842,466		(2,461,440	)
ITXEX 37	5.000		5.805		06/20/27		8,050		(250,605	)		429,363		(679,968	)
TOTAL								$	(2,545,384	)	$	4,961,437	$	(7,506,821	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index(a)	Financing Rate Paid by the Fund	Counterparty	Termination Date(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
AMZX Index	1M USD LIBOR + 0.470%	BofA Securities LLC	12/13/22	$	3,028	$	(168,511	)
BCMRS Index	1M USD LIBOR	JPMorgan Securities, Inc.	12/08/22		6,045		(208,057	)
BCOMRS Index	1 Week USD LIBOR	JPMorgan Securities, Inc.	12/08/22		3,372		(137,562	)
DDUWI Index	1M SOFR + 0.030%	JPMorgan Securities, Inc.	01/13/23		51,196		208,796
JPGSGLHN Index(c)	1M USD LIBOR + 0.340%	JPMorgan Securities, Inc.	08/25/22		53,372		2,853,707
JPGSGLMN Index	1M SOFR + 0.270%	JPMorgan Securities, Inc.	08/25/22		18,694		(1,328,372	)
JPGSGLTN Index(c)	1M SOFR + 0.380%	JPMorgan Securities, Inc.	08/25/22		39,197		(1,053,702	)

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Reference Obligation/ Index(a)	Financing Rate Paid by the Fund	Counterparty	Termination Date(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
JPGSMARB Index(c)	1M SOFR + 0.910%	JPMorgan Securities, Inc.	08/11/22	$	48,924	$	577,944
M1WOMOM Index	1M USD LIBOR + 0.300%	JPMorgan Securities, Inc.	07/12/22		47,290		(57,128	)
M1WOMOM Index	1M SOFR + 0.080%	JPMorgan Securities, Inc.	02/10/23		17,278		(50,334	)
NDDUWI Index	1M SOFR - 0.060%	BofA Securities LLC	02/10/23		256,932		525,425
NDDUWI Index	1M SOFR - 0.550%	JPMorgan Securities, Inc.	02/14/23		4,592		9,288
NDDUWI Index	1M SOFR - 0.050%	JPMorgan Securities, Inc.	02/28/23		138,996		562,549
NDDUWI Index	1M SOFR - 0.050%	JPMorgan Securities, Inc.	03/10/23		49,507		200,368
NDDUWI Index	1M USD LIBOR - 0.050%	BofA Securities LLC	04/14/23		83,574		342,506
NDUGWI Index	1M SOFR + 0.225%	JPMorgan Securities, Inc.	07/13/22		8,043		(6,064	)
NDUGWI Index	1M SOFR + 0.120%	BofA Securities LLC	08/10/22		54,157		(33,329	)
NDUGWI Index	1M USD LIBOR + 0.180%	BofA Securities LLC	10/13/22		5,077		(843	)
NDUGWI Index	1M USD LIBOR + 0.130%	BofA Securities LLC	11/15/22		29,772		(5,113	)
NDUGWI Index	1M USD LIBOR + 0.180%	BofA Securities LLC	06/12/23		52,991		(3,234	)
RU10INTR Index	1M SOFR + 0.370%	BofA Securities LLC	02/02/23		72,144		81,101
SX XGT Index	1M EURIBOR + 0.050%	JPMorgan Securities, Inc.	09/19/22	EUR	99,782		1,489,117
UKXG Index	1M SONIA + 0.255%	JPMorgan Securities, Inc.	12/16/22		16,253		293,565
TOTAL						$	4,092,117

* There are no upfront payments on the swap contracts (s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made monthly.

(b) The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(c) The top 50 components are shown below.

A basket (JPGSGLHN) of common stocks

Common Stocks	Sector	Shares		Value		Weight
UnitedHealth Group Inc	Health Care		411	$	211,310		7.32	%
Johnson & Johnson	Health Care		1,129		200,493		6.95
Pfizer Inc	Health Care		2,479		129,954		4.50
AbbVie Inc	Health Care		781		119,560		4.14
Eli Lilly & Co	Health Care		348		112,955		3.92
Roche Holding AG	Health Care		325		103,524		3.59
Merck & Co Inc	Health Care		1,117		101,846		3.53
Thermo Fisher Scientific Inc	Health Care		173		93,948		3.26
AstraZeneca PLC	Health Care		8		89,899		3.12
Novartis AG	Health Care		1,112		89,896		3.12
Abbott Laboratories	Health Care		773		84,038		2.91
Novo Nordisk A/S	Health Care		101		79,482		2.76
Danaher Corp	Health Care		286		72,470		2.51
Bristol-Myers Squibb Co	Health Care		941		72,420		2.51
Amgen Inc	Health Care		236		57,415		1.99
CVS Health Corp	Health Care		579		53,675		1.86
Medtronic PLC	Health Care		593		53,188		1.84
Elevance Health Inc	Health Care		106		51,394		1.78
Sanofi	Health Care		533		51,387		1.78
GSK PLC	Health Care		27		47,515		1.65
CSL Ltd	Health Care		147		39,489		1.37
Cigna Corp	Health Care		140		36,934		1.28
Zoetis Inc	Health Care		208		35,736		1.24
Gilead Sciences Inc	Health Care		554		34,248		1.19
Vertex Pharmaceuticals Inc	Health Care		113		31,837		1.10
Intuitive Surgical Inc	Health Care		159		31,826		1.10

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares		Value		Weight
Becton Dickinson and Co	Health Care		126	$	31,045		1.08	%
Stryker Corp	Health Care		149		29,576		1.03
Regeneron Pharmaceuticals Inc	Health Care		48		28,210		0.98
Humana Inc	Health Care		56		26,155		0.91
Edwards Lifesciences Corp	Health Care		275		26,117		0.91
Bayer AG	Health Care		455		25,815		0.89
Boston Scientific Corp	Health Care		632		23,536		0.82
Centene Corp	Health Care		258		21,861		0.76
Moderna Inc	Health Care		153		21,837		0.76
McKesson Corp	Health Care		64		20,948		0.73
Daiichi Sankyo Co Ltd	Health Care		6		20,391		0.71
Takeda Pharmaceutical Co Ltd	Health Care		5		19,583		0.68
IQVIA Holdings Inc	Health Care		84		18,143		0.63
Lonza Group AG	Health Care		34		17,534		0.61
HCA Healthcare Inc	Health Care		101		16,891		0.59
Agilent Technologies Inc	Health Care		133		15,746		0.55
Alcon Inc	Health Care		231		15,413		0.53
Baxter International Inc	Health Care		222		14,287		0.50
Hoya Corp	Health Care		1		13,736		0.48
ResMed Inc	Health Care		65		13,547		0.47
Biogen Inc	Health Care		65		13,194		0.46
Wuxi Biologics Cayman Inc	Health Care		183		13,129		0.46

A basket (JPGSGLTN) of common stocks

Common Stocks	Sector	Shares			Value			Weight
Microsoft Corp	Information Technology		(297	)	$	(76,173	)		7.41	%
Apple Inc	Information Technology		(546	)		(74,676	)		7.26
NVIDIA Corp	Information Technology		(455	)		(69,011	)		6.71
Broadcom Inc	Information Technology		(74	)		(36,061	)		3.51
ASML Holding NV	Information Technology		(77	)		(35,328	)		3.44
Cisco Systems Inc	Information Technology		(755	)		(32,204	)		3.13
Accenture PLC	Information Technology		(115	)		(31,973	)		3.11
Adobe Inc	Information Technology		(86	)		(31,446	)		3.06
Salesforce Inc	Information Technology		(181	)		(29,811	)		2.90
Intel Corp	Information Technology		(743	)		(27,811	)		2.71
QUALCOMM Inc	Information Technology		(204	)		(26,011	)		2.53
Texas Instruments Inc	Information Technology		(168	)		(25,759	)		2.51
International Business Machines Corp	Information Technology		(164	)		(23,088	)		2.25
Advanced Micro Devices Inc	Information Technology		(295	)		(22,529	)		2.19
Oracle Corp	Information Technology		(286	)		(19,997	)		1.95
Intuit Inc	Information Technology		(51	)		(19,818	)		1.93
SAP SE	Information Technology		(208	)		(18,122	)		1.76
ServiceNow Inc	Information Technology		(36	)		(17,330	)		1.69
Automatic Data Processing Inc	Information Technology		(76	)		(15,952	)		1.55
PayPal Holdings Inc	Information Technology		(211	)		(14,704	)		1.43
Applied Materials Inc	Information Technology		(161	)		(14,612	)		1.42
Analog Devices Inc	Information Technology		(95	)		(13,899	)		1.35
Keyence Corp	Information Technology		—			(11,889	)		1.16
Micron Technology Inc	Information Technology		(203	)		(11,223	)		1.09
Lam Research Corp	Information Technology		(25	)		(10,747	)		1.05
Fidelity National Information Services I	Information Technology		(111	)		(10,179	)		0.99
Fiserv Inc	Information Technology		(106	)		(9,410	)		0.92
Tokyo Electron Ltd	Information Technology		—			(9,291	)		0.90
KLA Corp	Information Technology		(27	)		(8,657	)		0.84
Synopsys Inc	Information Technology		(28	)		(8,453	)		0.82
Adyen NV	Information Technology		(6	)		(8,192	)		0.80
Roper Technologies Inc	Information Technology		(19	)		(7,599	)		0.74
Cadence Design Systems Inc	Information Technology		(50	)		(7,522	)		0.73

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Common Stocks	Sector	Shares			Value			Weight
NXP Semiconductors NV	Information Technology		(48	)	$	(7,066	)		0.69	%
Amphenol Corp	Information Technology		(109	)		(6,989	)		0.68
Fortinet Inc	Information Technology		(121	)		(6,853	)		0.67
Autodesk Inc	Information Technology		(40	)		(6,801	)		0.66
Paychex Inc	Information Technology		(58	)		(6,652	)		0.65
TE Connectivity Ltd	Information Technology		(59	)		(6,628	)		0.64
Shopify Inc	Information Technology		(161	)		(6,464	)		0.63
Cognizant Technology Solutions Corp	Information Technology		(95	)		(6,395	)		0.62
Motorola Solutions Inc	Information Technology		(30	)		(6,375	)		0.62
Murata Manufacturing Co Ltd	Information Technology		(1	)		(6,335	)		0.62
HP Inc	Information Technology		(192	)		(6,278	)		0.61
Microchip Technology Inc	Information Technology		(101	)		(5,871	)		0.57
Infineon Technologies AG	Information Technology		(249	)		(5,749	)		0.56
Global Payments Inc	Information Technology		(51	)		(5,663	)		0.55
Capgemini SE	Information Technology		(31	)		(4,996	)		0.49

A basket (JPGSMARB) of common stocks

Common Stocks	Sector	Shares		Value		Weight
Biohaven Pharmaceutical Holding Co Ltd	Health Care		121	$	17,593		2.84	%
Aerojet Rocketdyne Holdings Inc	Industrials		432		17,548		2.83
Rogers Corp	Information Technology		67		17,494		2.82
South Jersey Industries Inc	Utilities		512		17,475		2.82
Meritor Inc	Industrials		480		17,436		2.81
Cornerstone Building Brands Inc	Industrials		711		17,416		2.81
PS Business Parks Inc	Real Estate		93		17,410		2.81
Plantronics Inc	Information Technology		439		17,401		2.81
Sierra Oncology Inc	Health Care		316		17,401		2.81
CDK Global Inc	Information Technology		318		17,398		2.81
MoneyGram International Inc	Information Technology		1,739		17,388		2.80
Covetrus Inc	Health Care		838		17,388		2.80
Turning Point Therapeutics Inc	Health Care		231		17,383		2.80
ManTech International Corp/VA	Industrials		182		17,381		2.80
Alleghany Corp	Financials		21		17,372		2.80
Shaw Communications Inc	Communication Services		458		17,367		2.80
Activision Blizzard Inc	Communication Services		223		17,355		2.80
American Campus Communities Inc	Real Estate		269		17,348		2.80
Sailpoint Technologies Holdings Inc	Information Technology		276		17,330		2.80
Switch Inc	Information Technology		517		17,321		2.79
Coherent Inc	Information Technology		65		17,282		2.79
Uniti Group Ltd	Communication Services		3,512		17,280		2.79
Tenneco Inc	Consumer Discretionary		1,006		17,257		2.78
Sanderson Farms Inc	Consumer Staples		80		17,254		2.78
Zendesk Inc	Information Technology		233		17,253		2.78
LHC Group Inc	Health Care		111		17,248		2.78
Tower Semiconductor Ltd	Information Technology		373		17,205		2.78
TEGNA Inc	Communication Services		814		17,071		2.75
First Horizon Corp	Financials		779		17,022		2.75
Black Knight Inc	Information Technology		260		16,978		2.74
Change Healthcare Inc	Health Care		735		16,940		2.73
Nielsen Holdings PLC	Industrials		726		16,865		2.72
VMware Inc	Information Technology		148		16,844		2.72
CMC Materials Inc	Information Technology		97		16,843		2.72
Twitter Inc	Communication Services		444		16,589		2.68
Meggitt PLC	Industrials		20		15,829		2.55

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
CBOE Volatility Index	$	29.00		07/20/2022		1,500		$	4,350,000		$	330,000		$	475,837		$	(145,837	)
CBOE Volatility Index		32.50		08/17/2022		1,310			4,257,500			334,050			505,212			(171,162	)
CBOE Volatility Index		35.00		09/21/2022		1,180			4,130,000			336,300			445,993			(109,693	)
						3,990					$	1,000,350		$	1,427,042		$	(426,692	)
Puts
S&P 500 Index	$	3,275.00		07/29/2022		1		$	327,500		$	1,080		$	1,416		$	(336	)
S&P 500 Index		3,410.00		07/29/2022		6			2,046,000			12,270			7,795			4,475
S&P 500 Index		2,925.00		07/29/2022		12			3,510,000			3,840			11,169			(7,329	)
S&P 500 Index		3,050.00		07/29/2022		18			5,490,000			8,460			16,540			(8,080	)
S&P 500 Index		3,230.00		07/29/2022		24			7,752,000			21,120			20,050			1,070
						61					$	46,770		$	56,970		$	(10,200	)
Total purchased option contracts						4,051					$	1,047,120		$	1,484,012		$	(436,892	)
Written option contracts
Puts
S&P 500 Index		3,515.00		07/29/2022		(12	)	$	(4,218,000	)	$	(40,560	)	$	(72,111	)	$	31,551
S&P 500 Index		3,560.00		07/29/2022		(18	)		(6,408,000	)		(78,120	)		(102,678	)		24,558
S&P 500 Index		3,635.00		07/29/2022		(24	)		(8,724,000	)		(145,920	)		(123,416	)		(22,504	)
S&P 500 Index		3,925.00		07/29/2022		(1	)		(392,500	)		(18,980	)		(9,614	)		(9,366	)
S&P 500 Index		3,985.00		07/29/2022		(6	)		(2,391,000	)		(136,800	)		(55,921	)		(80,879	)
Total written option contracts						(61	)				$	(420,380	)	$	(363,740	)	$	(56,640	)
TOTAL						3,990					$	626,740		$	1,120,272		$	(493,532	)

Abbreviations:
BofA Securities LLC	—Bank of America Securities LLC
CDX.NA.HY Index 38	—CDX North America High Yield Index 38
CDX.NA.IG Index 38	—CDX North America Investment Grade Index 38
ITXEB 37	—iTraxx Europe Index 37
ITXEX 37	—iTraxx Ex-Japan Index 37

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(a) – 1.8%
	U.S.Treasury Notes
$	20,000,000		1.750	%		09/30/22	$	19,993,750
	(Cost $20,028,822)

Shares		Dividend Rate	Value
Investment Company(b) – 19.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	213,862,347	1.367%	$	213,862,347
	(Cost $213,862,347)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(c) – 89.1%
U.S. Treasury Obligations – 89.1%
	U.S.Cash Management Bill
$	308,500,000		0.000	%		10/11/22	$	306,882,945
	U.S.Treasury Bills
	55,400,000		0.000			07/14/22		55,379,034
	53,800,000		0.000			07/21/22		53,768,536
	116,000,000		0.000			08/04/22		115,870,450
	80,000,000		0.000			08/09/22		79,892,317
	30,000,000		0.000			09/08/22		29,911,378
	49,300,000		0.000			09/29/22		49,097,870
	100,000,000		0.000			10/13/22		99,461,150
	103,000,000		0.000			10/27/22		102,350,858
	100,000,000		0.000			11/03/22		99,311,979
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $992,665,068)						$	991,926,517
	TOTAL INVESTMENTS – 110.1%
	(Cost $1,226,556,237)						$	1,225,782,614
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (10.1)%							(112,307,457	)
	NET ASSETS – 100.0%						$	1,113,475,157

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviation:
USD	—U.S. Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Brent Crude		712		07/29/22	$	77,629,360	$	(837,110	)
Chicago SRW Wheat		226		09/14/22		9,989,200		(297,278	)
Copper		139		09/28/22		12,892,250		(1,229,301	)
Corn		168		09/14/22		5,281,500		(696,204	)
Crude Oil		196		07/20/22		20,728,960		2,357,892

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
Soybean oil		480			12/14/22	$	18,564,480		$	(1,309,123	)
Gold 100 Oz		159			08/29/22		28,736,070			(800,369	)
Lean Hogs		68			08/12/22		2,777,120			(157,253	)
Lean Hogs		7			07/15/22		305,550			(1,172	)
Low Sulphur Gas Oil		318			08/11/22		35,743,200			(2,277,272	)
Natural Gas		147			07/27/22		7,973,280			(2,600,333	)
Natural Gas		400			09/28/22		21,636,000			(11,501,482	)
Natural Gas		341			08/29/22		18,386,720			(3,824,602	)
Nickel		146			07/18/22		19,842,276			(5,656,853	)
NY Harbor ULSD		36			07/29/22		5,791,716			96,544
Platinum		214			10/27/22		9,579,710			(409,663	)
Primary Aluminum		104			07/18/22		6,324,500			(523,429	)
Silver		316			09/28/22		32,156,160			(2,195,848	)
Soybean Meal		494			12/14/22		20,090,980			41,027
Wheat		84			09/14/22		3,997,350			(207,066	)
Zinc		354			07/18/22		28,158,488			(5,550,856	)
Total									$	(37,579,751	)
Short position contracts:
Cocoa		(473	)		12/14/22		(11,257,400	)		37,370
Cocoa		(730	)		09/15/22		(17,082,000	)		1,406,392
Coffee		(211	)		09/20/22		(18,206,662	)		(164,556	)
Cotton No.2		(417	)		12/07/22		(20,608,140	)		4,787,186
FCOJ-A		(30	)		09/12/22		(778,725	)		(37,237	)
Gasoline RBOB		(11	)		10/31/22		(1,353,429	)		191,805
Gasoline RBOB		(46	)		08/31/22		(6,572,471	)		(869,755	)
Live Cattle		(331	)		12/30/22		(19,181,450	)		375,733
NY Harbor ULSD		(82	)		10/31/22		(12,486,911	)		410,033
NY Harbor ULSD		(2	)		08/31/22		(316,252	)		(60,795	)
Soybean		(290	)		11/14/22		(21,141,000	)		877,911
Sugar No. 11		(876	)		09/30/22		(18,150,720	)		594,751
WTI Crude		(1,270	)		08/22/22		(130,937,000	)		14,513,307
Total									$	22,062,145
TOTAL FUTURES CONTRACTS									$	(15,517,606	)

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS#

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)		Counterparty	Termination Date		Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
CRB 1M Forward Index		3M USD LIBOR+0.024%	Citibank NA		01/31/23	$	299,967	$	—
CRB 1M Forward Index		3M USD LIBOR+0.025	Merrill Lynch & Co., Inc.		01/31/23		443,177		—
CRB 1M Forward Index		3M USD LIBOR+0.025	UBS AG (London)		01/31/23		258,830		—
TOTAL								$	—

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

* There are no upfront payments on the swap contracts (s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made monthly.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 94.2%
Aerospace & Defense – 1.5%
	95	General Dynamics Corp.	$	21,019
	48	L3Harris Technologies, Inc.		11,602
	404	Raytheon Technologies Corp.		38,828
	21	TransDigm Group, Inc.*		11,270
				82,719
Air Freight & Logistics – 0.5%
	146	United Parcel Service, Inc. Class B		26,651
Automobiles* – 1.8%
	155	Tesla, Inc.		104,380
Banks – 0.7%
	104	The PNC Financial Services Group, Inc.		16,408
	468	U.S. Bancorp		21,537
				37,945
Beverages – 2.8%
	95	Brown-Forman Corp. Class B		6,665
	80	Constellation Brands, Inc. Class A		18,645
	577	Keurig Dr Pepper, Inc.		20,420
	336	PepsiCo, Inc.		55,998
	931	The Coca-Cola Co.		58,569
				160,297
Biotechnology – 2.8%
	350	AbbVie, Inc.		53,606
	143	Amgen, Inc.		34,792
	74	Biogen, Inc.*		15,092
	86	Incyte Corp.*		6,533
	46	Regeneron Pharmaceuticals, Inc.*		27,192
	76	Vertex Pharmaceuticals, Inc.*		21,416
				158,631
Building Products – 0.3%
	61	Allegion PLC		5,972
	272	Johnson Controls International PLC		13,023
				18,995
Capital Markets – 1.1%
	87	CME Group, Inc.		17,809
	28	FactSet Research Systems, Inc.		10,768
	187	Intercontinental Exchange, Inc.		17,586
	54	Moody’s Corp.		14,686
				60,849
Chemicals – 1.5%
	91	Air Products & Chemicals, Inc.		21,884
	108	Ecolab, Inc.		16,606
	110	Linde PLC		31,628
	75	The Sherwin-Williams Co.		16,793
				86,911
Commercial Services & Supplies – 1.2%
	49	Cintas Corp.		18,303
	143	Copart, Inc.*		15,538
	80	Republic Services, Inc.		10,470
	161	Waste Management, Inc.		24,630
				68,941
Common Stocks – (continued)
Communications Equipment – 1.0%
	1,015	Cisco Systems, Inc.		43,280
	59	Motorola Solutions, Inc.		12,366
				55,646
Consumer Finance – 0.4%
	156	American Express Co.		21,625
Containers & Packaging – 0.1%
	605	Amcor PLC		7,520
Distributors – 0.1%
	57	Genuine Parts Co.		7,581
Diversified Financial Services* – 1.6%
	341	Berkshire Hathaway, Inc. Class B		93,100
Diversified Telecommunication Services – 1.3%
	1,378	AT&T, Inc.		28,883
	898	Verizon Communications, Inc.		45,573
				74,456
Electric Utilities – 1.8%
	175	American Electric Power Co., Inc.		16,789
	250	Duke Energy Corp.		26,802
	176	Eversource Energy		14,867
	340	PPL Corp.		9,224
	225	The Southern Co.		16,045
	247	Xcel Energy, Inc.		17,478
				101,205
Electrical Equipment – 0.8%
	98	AMETEK, Inc.		10,769
	142	Eaton Corp. PLC		17,891
	215	Emerson Electric Co.		17,101
				45,761
Electronic Equipment, Instruments & Components – 0.6%
	71	CDW Corp.		11,187
	58	Keysight Technologies, Inc.*		7,995
	153	TE Connectivity Ltd.		17,312
				36,494
Energy Equipment & Services – 0.2%
	352	Schlumberger N.V		12,587
Entertainment* – 0.6%
	385	The Walt Disney Co.		36,344
Equity Real Estate Investment Trusts (REITs) – 2.2%
	109	American Tower Corp.		27,859
	112	Crown Castle International Corp.		18,858
	36	Equinix, Inc.		23,653
	185	Equity Residential		13,361
	27	Essex Property Trust, Inc.		7,061
	177	Prologis, Inc.		20,824
	43	Public Storage		13,445
				125,061

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 1.7%
	100	Costco Wholesale Corp.	$	47,928
	410	Walmart, Inc.		49,848
				97,776
Food Products – 1.7%
	189	Campbell Soup Co.		9,081
	202	General Mills, Inc.		15,241
	510	Mondelez International, Inc. Class A		31,666
	79	The Hershey Co.		16,998
	74	The J.M. Smucker Co.		9,473
	402	The Kraft Heinz Co.		15,332
				97,791
Health Care Equipment & Supplies – 3.2%
	435	Abbott Laboratories		47,263
	75	Becton Dickinson & Co.		18,490
	500	Boston Scientific Corp.*		18,635
	115	DexCom, Inc.*		8,571
	238	Edwards Lifesciences Corp.*		22,631
	412	Medtronic PLC		36,977
	116	Stryker Corp.		23,076
	24	Teleflex, Inc.		5,900
				181,543
Health Care Providers & Services – 4.1%
	106	AmerisourceBergen Corp.		14,997
	65	Anthem, Inc.		31,368
	350	CVS Health Corp.		32,431
	87	Henry Schein, Inc.*		6,676
	43	Humana, Inc.		20,127
	60	McKesson Corp.		19,573
	89	Quest Diagnostics, Inc.		11,835
	189	UnitedHealth Group, Inc.		97,076
				234,083
Hotels, Restaurants & Leisure – 2.0%
	13	Chipotle Mexican Grill, Inc.*		16,994
	74	Marriott International, Inc. Class A		10,065
	180	McDonald’s Corp.		44,439
	338	Starbucks Corp.		25,820
	122	Yum! Brands, Inc.		13,848
				111,166
Household Products – 2.0%
	101	Church & Dwight Co., Inc.		9,358
	192	Colgate-Palmolive Co.		15,387
	85	Kimberly-Clark Corp.		11,488
	533	The Procter & Gamble Co.		76,640
				112,873
Industrial Conglomerates – 1.4%
	200	3M Co.		25,882
	253	General Electric Co.		16,108
	212	Honeywell International, Inc.		36,848
				78,838
Common Stocks – (continued)
Insurance – 2.4%
	93	Aon PLC Class A		25,080
	139	Chubb Ltd.		27,325
	124	Loews Corp.		7,348
	193	Marsh & McLennan Cos., Inc.		29,963
	99	The Allstate Corp.		12,546
	190	The Progressive Corp.		22,092
	67	The Travelers Cos., Inc.		11,332
				135,686
Interactive Media & Services* – 5.1%
	100	Alphabet, Inc. Class A		217,926
	450	Meta Platforms, Inc. Class A		72,562
				290,488
Internet & Direct Marketing Retail* – 2.8%
	1,519	Amazon.com, Inc.		161,333
IT Services – 6.0%
	153	Accenture PLC Class A		42,480
	84	Akamai Technologies, Inc.*		7,672
	127	Automatic Data Processing, Inc.		26,675
	189	Cognizant Technology Solutions Corp. Class A		12,756
	177	Fidelity National Information Services, Inc.		16,226
	245	Fiserv, Inc.*		21,798
	60	FleetCor Technologies, Inc.*		12,607
	217	International Business Machines Corp.		30,638
	46	Jack Henry & Associates, Inc.		8,281
	180	Mastercard, Inc. Class A		56,786
	173	Paychex, Inc.		19,699
	250	PayPal Holdings, Inc.*		17,460
	346	Visa, Inc. Class A		68,124
				341,202
Life Sciences Tools & Services – 2.5%
	170	Agilent Technologies, Inc.		20,191
	18	Bio-Techne Corp.		6,239
	150	Danaher Corp.		38,028
	77	IQVIA Holdings, Inc.*		16,708
	57	PerkinElmer, Inc.		8,107
	100	Thermo Fisher Scientific, Inc.		54,328
				143,601
Machinery – 1.6%
	141	Caterpillar, Inc.		25,205
	135	Fortive Corp.		7,341
	111	Illinois Tool Works, Inc.		20,230
	159	Ingersoll Rand, Inc.		6,691
	34	Nordson Corp.		6,883
	213	Otis Worldwide Corp.		15,053
	78	Westinghouse Air Brake Technologies Corp.		6,402
				87,805
Media – 0.6%
	889	Comcast Corp. Class A		34,884

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Metals & Mining – 0.5%
	370	Freeport-McMoRan, Inc.	$	10,826
	256	Newmont Corp.		15,276
				26,102
Multi-Utilities – 1.9%
	392	CenterPoint Energy, Inc.		11,595
	101	Consolidated Edison, Inc.		9,605
	293	Dominion Energy, Inc.		23,384
	68	DTE Energy Co.		8,619
	323	Public Service Enterprise Group, Inc.		20,440
	147	Sempra Energy		22,090
	123	WEC Energy Group, Inc.		12,379
				108,112
Multiline Retail – 0.8%
	79	Dollar General Corp.		19,390
	71	Dollar Tree, Inc.*		11,065
	103	Target Corp.		14,547
				45,002
Oil, Gas & Consumable Fuels – 0.8%
	193	Devon Energy Corp.		10,636
	838	Kinder Morgan, Inc.		14,045
	173	ONEOK, Inc.		9,601
	351	The Williams Cos., Inc.		10,955
				45,237
Personal Products – 0.3%
	71	The Estee Lauder Cos., Inc. Class A		18,082
Pharmaceuticals – 4.3%
	467	Bristol-Myers Squibb Co.		35,959
	171	Eli Lilly & Co.		55,443
	502	Johnson & Johnson		89,110
	489	Merck & Co., Inc.		44,582
	112	Zoetis, Inc.		19,252
				244,346
Professional Services – 0.5%
	78	Equifax, Inc.		14,257
	95	Jacobs Engineering Group, Inc.		12,077
				26,334
Road & Rail – 1.5%
	818	CSX Corp.		23,771
	90	Norfolk Southern Corp.		20,456
	177	Union Pacific Corp.		37,751
				81,978
Semiconductors & Semiconductor Equipment – 2.5%
	345	Advanced Micro Devices, Inc.*		26,382
	95	Broadcom, Inc.		46,152
	863	Intel Corp.		32,285
	229	Texas Instruments, Inc.		35,186
				140,005
Common Stocks – (continued)
Software – 8.7%
	115	Adobe, Inc.*		41,858
	61	Autodesk, Inc.*		10,490
	74	Cadence Design Systems, Inc.*		11,102
	67	Intuit, Inc.		25,824
	1,289	Microsoft Corp.		331,054
	40	Roper Technologies, Inc.		15,786
	203	salesforce.com, Inc.*		33,503
	53	ServiceNow, Inc.*		25,203
				494,820
Specialty Retail – 2.6%
	8	AutoZone, Inc.*		17,193
	178	Lowe’s Cos., Inc.		31,091
	32	O’Reilly Automotive, Inc.*		20,216
	107	Ross Stores, Inc.		7,515
	201	The Home Depot, Inc.		55,128
	35	Ulta Beauty, Inc.*		13,492
				144,635
Technology Hardware, Storage & Peripherals – 6.4%
	2,654	Apple, Inc.		362,855
Textiles, Apparel & Luxury Goods – 0.6%
	338	NIKE, Inc. Class B		34,544
Trading Companies & Distributors – 0.4%
	267	Fastenal Co.		13,329
	24	W.W. Grainger, Inc.		10,906
				24,235
Wireless Telecommunication Services* – 0.4%
	145	T-Mobile US, Inc.		19,508
	TOTAL COMMON STOCKS
	(Cost $5,954,501)		$	5,348,563
	TOTAL INVESTMENTS – 94.2%
	(Cost $5,954,501)		$	5,348,563
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.8%			326,534
	NET ASSETS – 100.0%		$	5,675,097

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.

Investment Abbreviation:
PLC	—Public Limited Company

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		2		09/16/22	$	378,950	$	3,554

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
S&P 500 Index	$4,025.00		07/29/2022		5		$	2,012,500		$	129,000		$	69,913		$	59,087
S&P 500 Index	3,910.00		08/31/2022		5			1,955,000			108,000			58,899			49,101
S&P 500 Index	3,590.00		09/30/2022		5			1,795,000			58,870			63,579			(4,709	)
Total purchased option contracts					15		$	5,762,500		$	295,870		$	192,391		$	103,479
Written option contracts
Calls
S&P 500 Index	4,415.00		08/31/2022		(5	)	$	(2,207,500	)	$	(2,350	)	$	(35,087	)	$	32,737
S&P 500 Index	4,540.00		07/29/2022		(5	)		(2,270,000	)		(150	)		(28,561	)		28,411
S&P 500 Index	4,075.00		09/30/2022		(5	)		(2,037,500	)		(35,506	)		(30,196	)		(5,310	)
					(15	)	$	(6,515,000	)	$	(38,006	)	$	(93,844	)	$	55,838
Puts
S&P 500 Index	3,380.00		08/31/2022		(5	)	$	(1,690,000	)	$	(23,500	)	$	(17,651	)	$	(5,849	)
S&P 500 Index	3,440.00		07/29/2022		(5	)		(1,720,000	)		(11,300	)		(21,891	)		10,591
S&P 500 Index	3,130.00		09/30/2022		(5	)		(1,565,000	)		(18,184	)		(19,471	)		1,287
					(15	)	$	(4,975,000	)	$	(52,984	)	$	(59,013	)	$	6,029
Total written option contracts					(30	)	$	(11,490,000	)	$	(90,990	)	$	(152,857	)	$	61,867
TOTAL					(15	)	$	(5,727,500	)	$	204,880		$	39,534		$	165,346

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

	Absolute Return Tracker Fund(a)			Commodity Strategy Fund(a)		Defensive Equity Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,781,383,556, $1,012,693,890 and $5,954,501, respectively)(b)	$	1,702,422,324		$	1,011,920,267	$	5,348,563
Investments of affiliated issuers, at value (cost $1,883,111,275, $213,862,347 and $0, respectively)		1,883,111,275			213,862,347		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $105,454,930, $0 and $0, respectively)		105,454,930			—		—
Purchased options, at value (premium paid $1,484,012, $0 and $192,391, respectively)		1,047,120			—		295,870
Cash		65,618,512			—		92,669
Foreign currencies, at value (cost $15,531,441, $0 and $0, respectively)		15,466,063			—		—
Unrealized gain on swap contracts		7,144,366			—		—
Unrealized gain on forward foreign currency exchange contracts		3,337,619			—		—
Receivables:
Due from broker — upfront payment		6,151,690			—		—
Collateral on certain derivative contracts(c)		117,920,525			—		23,100
Investments sold		50,043,302			—		1,061,176
Fund shares sold		7,634,579			2,322,855		—
Dividends and interest		2,325,083			—		3,836
Due from broker		544,831			—		—
Foreign tax reclaims		299,048			—		—
Securities lending income		103,181			—		—
Reimbursement from investment adviser		93,934			10,769		27,126
Other assets		516,731			2,072,756		39,781
Total assets		3,969,235,113			1,230,188,994		6,892,121
Liabilities:
Due to Custodian		—			638,153		—
Unrealized loss on swap contracts		3,052,249			—		—
Variation margin on swaps		16,690,088			—		—
Unrealized loss on forward foreign currency exchange contracts		856,442			—		—
Variation margin on futures contracts		9,329,547			23,547,284		3,175
Written option contracts, at value (premium received $363,740, $0 and $152,857, respectively)		420,380			—		90,990
Payables:
Payable upon return of securities loaned		105,454,930			—		—
Due to broker — upfront payment		—			86,833,451		—
Investments purchased		58,234,867			131,831		1,006,304
Fund shares redeemed		13,711,527			3,334,447		—
Due to broker		4,114,402			1,404,781		—
Management fees		1,763,622			483,369		2,478
Distribution and Service fees and Transfer Agency fees		170,922			68,535		560
Accrued expenses		569,517			271,986		113,517
Total liabilities		214,368,493			116,713,837		1,217,024
Net Assets:
Paid-in capital		3,960,017,076			1,042,163,465		6,267,656
Total distributable earnings (loss)		(205,150,456	)		71,311,692		(592,559	)
NET ASSETS	$	3,754,866,620		$	1,113,475,157	$	5,675,097
Net Assets:
Class A	$	48,642,576		$	47,178,950	$	205,880
Class C		6,846,034			6,597,807		306,287
Institutional		3,029,714,957			313,475,926		4,963,082
Investor		267,409,902			149,374,511		50,013
Class R6		156,252,794			175,632,558		50,127
Class R		1,425,438			4,420,662		49,580
Class P		244,574,919			416,794,743		50,128
Total Net Assets	$	3,754,866,620		$	1,113,475,157	$	5,675,097
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,598,678			4,384,236		22,452
Class C		881,717			663,575		33,755
Institutional		333,883,639			28,672,974		539,305
Investor		29,880,644			13,660,397		5,438
Class R6		17,242,640			16,027,573		5,446
Class R		170,312			420,242		5,414
Class P		26,960,725			38,047,599		5,446
Net asset value, offering and redemption price per share:(d)
Class A		$8.69			$10.76		$9.17
Class C		7.76			9.94		9.07
Institutional		9.07			10.93		9.20
Investor		8.95			10.93		9.20
Class R6		9.06			10.96		9.20
Class R		8.37			10.52		9.16
Class P		9.07			10.95		9.20

(a) Statements of Assets and Liabilities for the Absolute Return Tracker and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Includes loaned securities having a market value of $103,228,132, $0 and $0, respectively.

(c) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Options		Swaps
Absolute Return Tracker	$	46,275,557	$	7,611,659	$	64,033,309
Defensive Equity		23,100		—		—

(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker, Commodity Strategy and Defensive Equity Funds is $9.20, $11.27 and $9.70, 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.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	Absolute Return Tracker Fund(a)			Commodity Strategy Fund(a)			Defensive Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $245,134, $0 and $12, respectively)	$	18,772,127		$	—		$	38,299
Interest		18,589,602			1,718,153			16
Dividends — affiliated issuers		3,068,003			258,496			202
Securities lending income — affiliated issuers		335,536			—			—
Total investment income		40,765,268			1,976,649			38,517
Expenses:
Management fees		12,177,058			2,559,159			16,215
Transfer Agency fees(b)		928,181			214,010			1,590
Custody, accounting and administrative services		363,475			90,958			22,637
Printing and mailing costs		139,425			15,790			23,829
Registration fees		117,434			86,116			48,580
Professional fees		104,395			90,090			50,449
Distribution and Service (12b-1) fees(b)		95,358			91,264			1,430
Prime broker fees		32,185			—			—
Trustee fees		13,331			10,754			10,395
Service fees — Class C		9,351			6,720			328
Other		30,384			8,418			1,485
Total expenses		14,010,577			3,173,279			176,938
Less — expense reductions		(1,650,013	)		(505,742	)		(157,406	)
Net expenses		12,360,564			2,667,537			19,532
NET INVESTMENT INCOME (LOSS)		28,404,704			(690,888	)		18,985
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(73,675,364	)		2,055,930			(388,066	)
Purchased options		(1,818,878	)		—			4,972
Futures contracts		74,463,452			5,395,540			(90,118	)
Written options		(756,773	)		—			269,145
Swap contracts		17,701,781			79,685,910			—
Forward foreign currency exchange contracts		21,706,587			—			—
Foreign currency transactions		(11,031,841	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(339,121,223	)		(750,324	)		(1,014,351	)
Purchased options		(65,905	)		—			193,797
Futures contracts		(10,553,507	)		2,511,447			(6,330	)
Written options		(172,611	)		—			43,812
Swap contracts		55,986			2,808			—
Forward foreign currency exchange contracts		6,663,817			—			—
Foreign currency translation		(1,918,123	)		—			—
Net realized and unrealized gain (loss)		(318,522,602	)		88,901,311			(987,139	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(290,117,898	)	$	88,210,423		$	(968,154	)

(a) Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

(b) Class specific Distribution and/or Service (12b-1) and Transfer Agency Fees were as follows:

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Absolute Return Tracker	$	63,691	$	28,052	$	3,615	$	40,763	$	5,984	$	606,253	$	215,094	$	22,359	$	1,157	$	36,571
Commodity Strategy		60,215		20,158		10,891		28,903		3,225		61,009		56,348		16,040		2,614		45,871
Defensive Equity		314		985		131		201		210		1,079		42		8		42		8

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Changes in Net Assets

	Absolute Return Tracker Fund(a)						Commodity Strategy Fund(a)
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income (loss)	$	28,492,017		$	10,389,413		$	(690,888	)	$	(2,292,228	)
Net realized gain		26,578,551			199,473,869			87,137,380			112,125,493
Net change in unrealized gain (loss)		(345,188,466	)		8,788,664			1,763,931			(21,627,129	)
Net increase (decrease) in net assets resulting from operations		(290,117,898	)		218,651,946			88,210,423			88,206,136
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(4,908,995	)		(20,551	)		(5,752,510	)
Class C Shares		—			(780,933	)		—			(463,509	)
Institutional Shares		—			(251,781,263	)		(644,624	)		(31,246,856	)
Investor Shares		—			(20,262,094	)		(280,724	)		(5,021,769	)
Class R6 Shares		—			(12,919,930	)		(361,724	)		(13,507,757	)
Class R Shares		—			(134,664	)		—			(463,777	)
Class P Shares		—			(20,270,234	)		(872,154	)		(20,048,961	)
Total distributions to shareholders		—			(311,058,113	)		(2,179,777	)		(76,505,139	)
From share transactions:
Proceeds from sales of shares		1,017,837,911			1,612,413,440			767,507,928			336,827,798
Reinvestment of distributions		—			228,421,762			1,987,147			65,973,579
Cost of shares redeemed		(638,769,412	)		(1,552,144,654	)		(263,442,749	)		(125,874,133	)
Net increase in net assets resulting from share transactions		379,068,499			288,690,548			506,052,326			276,927,244
TOTAL INCREASE		88,950,601			196,284,381			592,082,972			288,628,241
Net assets:
Beginning of period		3,665,916,019			3,469,631,638			521,392,185			232,763,944
End of period	$	3,754,866,620		$	3,665,916,019		$	1,113,475,157		$	521,392,185

(a) Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statements of Changes in Net Assets (continued)

	Defensive Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	18,985		$	30,609
Net realized gain (loss)		(204,067	)		783,924
Net change in unrealized gain (loss)		(783,072	)		3,547
Net increase (decrease) in net assets resulting from operations		(968,154	)		818,080
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(17,059	)
Class C Shares		—			(7,588	)
Institutional Shares		—			(497,162	)
Investor Shares		—			(4,551	)
Class R6 Shares		—			(4,623	)
Class R Shares		—			(4,340	)
Class P Shares		—			(4,623	)
Total distributions to shareholders		—			(539,946	)
From share transactions:
Proceeds from sales of shares		410,573			1,097,648
Reinvestment of distributions		—			539,946
Cost of shares redeemed		(698,491	)		(519,323	)
Net increase (decrease) in net assets resulting from share transactions		(287,918	)		1,118,271
TOTAL INCREASE (DECREASE)		(1,256,072	)		1,396,405
Net assets:
Beginning of period		6,931,169			5,534,764
End of period	$	5,675,097		$	6,931,169

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.40		$	9.69		$	9.44		$	8.84		$	9.31		$	9.02
Net investment income (loss)(a)		0.05			(0.01	)		(0.01	)		0.10			0.07			—	(b)
Net realized and unrealized gain (loss)		(0.76	)		0.59			0.32			0.81			(0.33	)		0.62
Total from investment operations		(0.71	)		0.58			0.31			0.91			(0.26	)		0.62
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.09	)		(0.07	)		—
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.31	)		(0.21	)		(0.33	)
Net asset value, end of period	$	8.69		$	9.40		$	9.69		$	9.44		$	8.84		$	9.31
Total return(c)		(7.55	)%		6.09	%		3.29	%		10.36	%		(2.80	)%		6.93	%
Net assets, end of period (in 000s)	$	48,643		$	57,882		$	61,642		$	80,596		$	65,635		$	52,427
Ratio of net expenses to average net assets		1.01	%(d)		1.04	%		0.96	%		0.97	%		1.00	%		1.03	%
Ratio of total expenses to average net assets		1.09	%(d)		1.09	%		1.11	%		1.11	%		1.26	%		1.61	%
Ratio of net investment income (loss) to average net assets		1.11	%(d)		(0.10	)%		(0.10	)%		1.08	%		0.73	%		(0.04	)%
Portfolio turnover rate(e)		75	%		133	%		193	%		127	%		137	%		76	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(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.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.43		$	8.84		$	8.69		$	8.14		$	8.61		$	8.43
Net investment income (loss)(a)		0.02			(0.08	)		(0.07	)		0.03			—	(b)		(0.07	)
Net realized and unrealized gain (loss)		(0.69	)		0.54			0.28			0.75			(0.31	)		0.58
Total from investment operations		(0.67	)		0.46			0.21			0.78			(0.31	)		0.51
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.01	)		(0.02	)		—
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.23	)		(0.16	)		(0.33	)
Net asset value, end of period	$	7.76		$	8.43		$	8.84		$	8.69		$	8.14		$	8.61
Total return(c)		(7.95	)%		5.31	%		2.43	%		9.69	%		(3.60	)%		6.10	%
Net assets, end of period (in 000s)	$	6,846		$	7,973		$	9,638		$	15,761		$	18,985		$	13,718
Ratio of net expenses to average net assets		1.76	%(d)		1.79	%		1.71	%		1.72	%		1.75	%		1.78	%
Ratio of total expenses to average net assets		1.84	%(d)		1.84	%		1.86	%		1.86	%		2.00	%		2.36	%
Ratio of net investment income (loss) to average net assets		0.40	%(d)		(0.84	)%		(0.84	)%		0.34	%		—	%(e)		(0.81	)%
Portfolio turnover rate(f)		75	%		133	%		193	%		127	%		137	%		76	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) Amount is less than 0.005%.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.80		$	10.03		$	9.74		$	9.10		$	9.58		$	9.23
Net investment income(a)		0.07			0.03			0.03			0.14			0.11			0.03
Net realized and unrealized gain (loss)		(0.80	)		0.61			0.32			0.85			(0.35	)		0.65
Total from investment operations		(0.73	)		0.64			0.35			0.99			(0.24	)		0.68
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.13	)		(0.10	)		—	(b)
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.35	)		(0.24	)		(0.33	)
Net asset value, end of period	$	9.07		$	9.80		$	10.03		$	9.74		$	9.10		$	9.58
Total return(c)		(7.45	)%		6.48	%		3.60	%		10.91	%		(2.47	)%		7.46	%
Net assets, end of period (in 000s)	$	3,029,715		$	2,955,943		$	2,928,949		$	2,852,690		$	2,129,116		$	1,510,457
Ratio of net expenses to average net assets		0.64	%(d)		0.68	%		0.58	%		0.59	%		0.61	%		0.64	%
Ratio of total expenses to average net assets		0.72	%(d)		0.72	%		0.73	%		0.73	%		0.88	%		1.21	%
Ratio of net investment income to average net assets		1.53	%(d)		0.30	%		0.28	%		1.46	%		1.13	%		0.36	%
Portfolio turnover rate(e)		75	%		133	%		193	%		127	%		137	%		76	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(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.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Investor Shares(a)
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.67		$	9.92		$	9.64		$	9.02		$	9.50		$	9.17
Net investment income(b)		0.07			0.02			0.02			0.13			0.10			0.03
Net realized and unrealized gain (loss)		(0.79	)		0.60			0.32			0.83			(0.35	)		0.63
Total from investment operations		(0.72	)		0.62			0.34			0.96			(0.25	)		0.66
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.12	)		(0.09	)		—
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.34	)		(0.23	)		(0.33	)
Net asset value, end of period	$	8.95		$	9.67		$	9.92		$	9.64		$	9.02		$	9.50
Total return(c)		(7.45	)%		6.35	%		3.54	%		10.66	%		(2.58	)%		7.25	%
Net assets, end of period (in 000s)	$	267,410		$	243,761		$	246,694		$	370,779		$	254,436		$	93,650
Ratio of net expenses to average net assets		0.76	%(d)		0.79	%		0.71	%		0.72	%		0.75	%		0.78	%
Ratio of total expenses to average net assets		0.84	%(d)		0.84	%		0.86	%		0.87	%		0.98	%		1.35	%
Ratio of net investment income to average net assets		1.45	%(d)		0.16	%		0.16	%		1.33	%		1.08	%		0.28	%
Portfolio turnover rate(e)		75	%		133	%		193	%		127	%		137	%		76	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.78		$	10.02		$	9.72		$	9.09		$	9.57		$	9.23
Net investment income(a)		0.07			0.05			0.03			0.14			0.12			0.04
Net realized and unrealized gain (loss)		(0.79	)		0.58			0.33			0.84			(0.36	)		0.63
Total from investment operations		(0.72	)		0.63			0.36			0.98			(0.24	)		0.67
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.13	)		(0.10	)		—
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.35	)		(0.24	)		(0.33	)
Net asset value, end of period	$	9.06		$	9.78		$	10.02		$	9.72		$	9.09		$	9.57
Total Return(c)		(7.36	)%		6.38	%		3.71	%		10.82	%		(2.46	)%		7.36	%
Net assets, end of period (in 000s)	$	156,253		$	153,588		$	9,353		$	9,284		$	6,030		$	2,226
Ratio of net expenses to average net assets		0.63	%(d)		0.66	%		0.57	%		0.58	%		0.60	%		0.62	%
Ratio of total expenses to average net assets		0.71	%(d)		0.70	%		0.72	%		0.72	%		0.84	%		1.19	%
Ratio of net investment income to average net assets		1.52	%(d)		0.51	%		0.29	%		1.47	%		1.20	%		0.39	%
Portfolio turnover rate(e)		75	%		133	%		193	%		127	%		137	%		76	%

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

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

(d) Annualized.

(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.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.06		$	9.40		$	9.18		$	8.61		$	9.08		$	8.82
Net investment income (loss)(a)		0.04			(0.03	)		(0.03	)		0.08			0.04			(0.03	)
Net realized and unrealized gain (loss)		(0.73	)		0.56			0.31			0.78			(0.33	)		0.62
Total from investment operations		(0.69	)		0.53			0.28			0.86			(0.29	)		0.59
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.07	)		(0.04	)		—
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)		(0.33	)
Total distributions		—			(0.87	)		(0.06	)		(0.29	)		(0.18	)		(0.33	)
Net asset value, end of period	$	8.37		$	9.06		$	9.40		$	9.18		$	8.61		$	9.08
Total return(b)		(7.62	)%		5.73	%		3.06	%		10.06	%		(3.13	)%		6.74	%
Net assets, end of period (in 000s)	$	1,425		$	1,536		$	1,562		$	2,347		$	1,954		$	2,150
Ratio of net expenses to average net assets		1.26	%(c)		1.29	%		1.21	%		1.22	%		1.25	%		1.28	%
Ratio of total expenses to average net assets		1.34	%(c)		1.34	%		1.36	%		1.37	%		1.53	%		1.86	%
Ratio of net investment income (loss) to average net assets		0.86	%(c)		(0.33	)%		(0.35	)%		0.83	%		0.45	%		(0.31	)%
Portfolio turnover rate(d)		75	%		133	%		193	%		127	%		137	%		76	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Absolute Return Tracker Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018*
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	9.79		$	10.02		$	9.73		$	9.09		$	9.64
Net investment income(a)		0.07			0.03			0.03			0.14			0.10
Net realized and unrealized gain (loss)		(0.79	)		0.61			0.32			0.85			(0.41	)
Total from investment operations		(0.72	)		0.64			0.35			0.99			(0.31	)
Distributions to shareholders from net investment income		—			—			(0.01	)		(0.13	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.87	)		(0.05	)		(0.22	)		(0.14	)
Total distributions		—			(0.87	)		(0.06	)		(0.35	)		(0.24	)
Net asset value, end of period	$	9.07		$	9.79		$	10.02		$	9.73		$	9.09
Total return(b)		(7.35	)%		6.48	%		3.61	%		10.93	%		(3.17	)%
Net assets, end of period (in 000s)	$	244,575		$	245,233		$	211,794		$	219,701		$	152,975
Ratio of net expenses to average net assets		0.63	%(c)		0.66	%		0.57	%		0.58	%		0.59	%(c)
Ratio of total expenses to average net assets		0.71	%(c)		0.71	%		0.72	%		0.72	%		0.74	%(c)
Ratio of net investment income to average net assets		0.71	%(c)		0.33	%		0.29	%		1.48	%		1.41	%(c)
Portfolio turnover rate(d)		75	%		133	%		193	%		127	%		137	%

 * Commencement of operations.

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.90		$	7.79		$	10.17		$	9.66		$	11.49		$	11.68
Net investment income (loss)(a)		(0.03	)		(0.09	)		(0.03	)		0.14			0.10			0.02
Net realized and unrealized gain (loss)		1.90			2.67			(2.33	)		1.44			(1.84	)		0.43
Total from investment operations		1.87			2.58			(2.36	)		1.58			(1.74	)		0.45
Distributions to shareholders from net investment income		(0.01	)		(1.47	)		(0.02	)		(0.18	)		(0.09	)		(0.52	)
Distributions to shareholders from return of capital		—			—			—			(0.89	)		—			(0.12	)
Total distributions		(0.01	)		(1.47	)		(0.02	)		(1.07	)		(0.09	)		(0.64	)
Net asset value, end of period	$	10.76		$	8.90		$	7.79		$	10.17		$	9.66		$	11.49
Total return(b)		20.95	%		33.03	%		(23.16	)%		16.31	%		(15.17	)%		3.95	%
Net assets, end of period (in 000s)	$	47,179		$	40,183		$	15,324		$	22,569		$	25,351		$	46,809
Ratio of net expenses to average net assets		0.91	%(c)		0.92	%		0.80	%		0.84	%		0.84	%		0.86	%
Ratio of total expenses to average net assets		0.94	%(c)		1.08	%		1.28	%		1.09	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets		(0.50	)%(c)		(0.90	)%		(0.39	)%		1.34	%		0.88	%		0.16	%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.25		$	7.32		$	9.61		$	9.17		$	10.92		$	11.15
Net investment income (loss)(a)		(0.06	)		(0.15	)		(0.08	)		0.08			0.02			(0.07	)
Net realized and unrealized gain (loss)		1.75			2.50			(2.21	)		1.35			(1.75	)		0.42
Total from investment operations		1.69			2.35			(2.29	)		1.43			(1.73	)		0.35
Distributions to shareholders from net investment income		—			(1.42	)		—			(0.17	)		(0.02	)		(0.46	)
Distributions to shareholders from return of capital		—			—			—			(0.82	)		—			(0.12	)
Total distributions		—			(1.42	)		—			(0.99	)		(0.02	)		(0.58	)
Net asset value, end of period	$	9.94		$	8.25		$	7.32		$	9.61		$	9.17		$	10.92
Total return(b)		20.48	%		32.04	%		(23.77	)%		15.54	%		(15.84	)%		3.16	%
Net assets, end of period (in 000s)	$	6,598		$	3,125		$	1,340		$	2,271		$	2,472		$	2,949
Ratio of net expenses to average net assets		1.66	%(c)		1.67	%		1.55	%		1.59	%		1.59	%		1.61	%
Ratio of total expenses to average net assets		1.69	%(c)		1.83	%		2.03	%		1.84	%		1.76	%		1.76	%
Ratio of net investment income (loss) to average net assets		(1.21	)%(c)		(1.65	)%		(1.12	)%		0.81	%		0.14	%		(0.68	)%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.04		$	7.88		$	10.28		$	9.74		$	11.61		$	11.80
Net investment income (loss)(a)		(0.01	)		(0.06	)		(0.01	)		0.09			0.15			0.09
Net realized and unrealized gain (loss)		1.92			2.71			(2.36	)		1.56			(1.88	)		0.40
Total from investment operations		1.91			2.65			(2.37	)		1.65			(1.73	)		0.49
Distributions to shareholders from net investment income		(0.02	)		(1.49	)		(0.03	)		(0.19	)		(0.14	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—			(0.92	)		—			(0.12	)
Total distributions		(0.02	)		(1.49	)		(0.03	)		(1.11	)		(0.14	)		(0.68	)
Net asset value, end of period	$	10.93		$	9.04		$	7.88		$	10.28		$	9.74		$	11.61
Total return(b)		21.15	%		33.52	%		(22.96	)%		16.77	%		(14.89	)%		4.28	%
Net assets, end of period (in 000s)	$	313,476		$	206,782		$	127,172		$	156,673		$	259,239		$	314,888
Ratio of net expenses to average net assets		0.58	%(c)		0.59	%		0.47	%		0.50	%		0.50	%		0.52	%
Ratio of total expenses to average net assets		0.61	%(c)		0.75	%		0.96	%		0.74	%		0.66	%		0.66	%
Ratio of net investment income (loss) to average net assets		(0.14	)%(c)		(0.57	)%		(0.10	)%		0.81	%		1.23	%		0.78	%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.04		$	7.89		$	10.29		$	9.75		$	11.61		$	11.81
Net investment income (loss)(a)		(0.01	)		(0.07	)		(0.01	)		(0.04	)		0.14			(0.02	)
Net realized and unrealized gain (loss)		1.92			2.71			(2.37	)		1.68			(1.87	)		0.49
Total from investment operations		1.91			2.64			(2.38	)		1.64			(1.73	)		0.47
Distributions to shareholders from net investment income		(0.02	)		(1.49	)		(0.02	)		(0.18	)		(0.13	)		(0.55	)
Distributions to shareholders from return of capital		—			—			—			(0.92	)		—			(0.12	)
Total distributions		(0.02	)		(1.49	)		(0.02	)		(1.10	)		(0.13	)		(0.67	)
Net asset value, end of period	$	10.93		$	9.04		$	7.89		$	10.29		$	9.75		$	11.61
Total return(b)		21.13	%		33.33	%		(22.99	)%		16.73	%		(14.97	)%		4.08	%
Net assets, end of period (in 000s)	$	149,375		$	33,337		$	3,115		$	6,651		$	8,272		$	8,586
Ratio of net expenses to average net assets		0.66	%(c)		0.67	%		0.55	%		0.59	%		0.59	%		0.61	%
Ratio of total expenses to average net assets		0.69	%(c)		0.81	%		1.02	%		0.83	%		0.75	%		0.75	%
Ratio of net investment income (loss) to average net assets		(0.15	)%(c)		(0.66	)%		(0.09	)%		(0.36	)%		1.15	%		(0.18	)%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.06		$	7.90		$	10.30		$	9.76		$	11.62		$	11.80
Net investment income (loss)(a)		(0.01	)		(0.05	)		(0.01	)		0.38			0.14			(0.45	)
Net realized and unrealized gain (loss)		1.93			2.70			(2.36	)		1.27			(1.87	)		0.95
Total from investment operations		1.92			2.65			(2.37	)		1.65			(1.73	)		0.50
Distributions to shareholders from net investment income		(0.02	)		(1.49	)		(0.03	)		(0.19	)		(0.13	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—			(0.92	)		—			(0.12	)
Total distributions		(0.02	)		(1.49	)		(0.03	)		(1.11	)		(0.13	)		(0.68	)
Net asset value, end of period	$	10.96		$	9.06		$	7.90		$	10.30		$	9.76		$	11.62
Total return(b)		21.21	%		33.44	%		(22.92	)%		16.87	%		(14.96	)%		4.29	%
Net assets, end of period (in 000s)	$	175,633		$	94,836		$	83,227		$	85,170		$	182		$	90
Ratio of net expenses to average net assets		0.57	%(c)		0.58	%		0.46	%		0.49	%		0.49	%		0.50	%
Ratio of total expenses to average net assets		0.60	%(c)		0.75	%		0.96	%		0.75	%		0.68	%		0.66	%
Ratio of net investment income (loss) to average net assets		(0.15	)%(c)		(0.55	)%		(0.09	)%		3.52	%		1.15	%		(4.04	)%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.71		$	7.64		$	9.99		$	9.50		$	11.31		$	11.51
Net investment income (loss)(a)		(0.04	)		(0.11	)		(0.05	)		0.16			0.07			(0.04	)
Net realized and unrealized gain (loss)		1.85			2.62			(2.29	)		1.38			(1.81	)		0.45
Total from investment operations		1.81			2.51			(2.34	)		1.54			(1.74	)		0.41
Distributions to shareholders from net investment income		—			(1.44	)		(0.01	)		(0.18	)		(0.07	)		(0.49	)
Distributions to shareholders from return of capital		—			—			—			(0.87	)		—			(0.12	)
Total distributions		—			(1.44	)		(0.01	)		(1.05	)		(0.07	)		(0.61	)
Net asset value, end of period	$	10.52		$	8.71		$	7.64		$	9.99		$	9.50		$	11.31
Total return(b)		20.78	%		32.73	%		(23.36	)%		16.11	%		(15.40	)%		3.60	%
Net assets, end of period (in 000s)	$	4,421		$	3,271		$	1,903		$	2,280		$	2,233		$	2,892
Ratio of net expenses to average net assets		1.16	%(c)		1.17	%		1.05	%		1.09	%		1.09	%		1.11	%
Ratio of total expenses to average net assets		1.19	%(c)		1.33	%		1.54	%		1.34	%		1.25	%		1.26	%
Ratio of net investment income (loss) to average net assets		(0.74	)%(c)		(1.15	)%		(0.68	)%		1.53	%		0.64	%		(0.40	)%
Portfolio turnover rate(d)		—	%		83	%		70	%		52	%		46	%		89	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Commodity Strategy Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018*
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	9.06		$	7.90		$	10.29		$	9.76		$	12.11
Net investment income (loss)(a)		(0.01	)		(0.06	)		—	(b)		(0.25	)		0.12
Net realized and unrealized gain (loss)		1.92			2.71			(2.36	)		1.89			(2.33	)
Total from investment operations		1.91			2.65			(2.36	)		1.64			(2.21	)
Distributions to shareholders from net investment income		(0.02	)		(1.49	)		(0.03	)		(0.19	)		(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.92	)		—
Total distributions		(0.02	)		(1.49	)		(0.03	)		(1.11	)		(0.14	)
Net asset value, end of period	$	10.95		$	9.06		$	7.90		$	10.29		$	9.76
Total return(c)		21.11	%		33.46	%		(22.84	)%		16.73	%		(18.31	)%
Net assets, end of period (in 000s)	$	416,795		$	139,858		$	684		$	977		$	3,167
Ratio of net expenses to average net assets		0.57	%(d)		0.58	%		0.45	%		0.48	%		0.45	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.72	%		0.94	%		0.72	%		0.65	%(d)
Ratio of net investment income (loss) to average net assets		(0.10	)%(d)		(0.57	)%		(0.04	)%		(2.28	)%		1.43	%(d)
Portfolio turnover rate(e)		—	%		83	%		70	%		52	%		46	%

 * Commenced operations on April 17, 2018.

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

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

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.70		$	10.19		$	10.00
Net investment income(b)		0.02			0.02			0.01
Net realized and unrealized gain (loss)		(1.55	)		1.39			0.19
Total from investment operations		(1.53	)		1.41			0.20
Distributions to shareholders from net investment income		—			(0.03	)		(0.01	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.90	)		(0.01	)
Net asset value, end of period	$	9.17		$	10.70		$	10.19
Total return(d)		(14.03	)%		13.88	%		2.04	%
Net assets, end of period (in 000s)	$	206		$	315		$	79
Ratio of net expenses to average net assets		0.94	%(e)		0.94	%		0.94	%(e)
Ratio of total expenses to average net assets		6.02	%(e)		8.09	%		10.42	%(e)
Ratio of net investment income to average net assets		0.32	%(e)		0.14	%		0.42	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

(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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.63		$	10.18		$	10.00
Net investment loss(b)		(0.02	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)		(1.54	)		1.38			0.19
Total from investment operations		(1.56	)		1.32			0.18
Distributions to shareholders from net investment income		—			—			—
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.87	)		—
Net asset value, end of period	$	9.07		$	10.63		$	10.18
Total return(d)		(14.41	)%		12.97	%		1.81	%
Net assets, end of period (in 000s)	$	306		$	100		$	51
Ratio of net expenses to average net assets		1.69	%(e)		1.69	%		1.69	%(e)
Ratio of total expenses to average net assets		6.96	%(e)		9.66	%		11.70	%(e)
Ratio of net investment loss to average net assets		(0.39	)%(e)		(0.59	)%		(0.28	)%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.72		$	10.19		$	10.00
Net investment income(b)		0.03			0.06			0.02
Net realized and unrealized gain (loss)		(1.55	)		1.39			0.19
Total from investment operations		(1.52	)		1.45			0.21
Distributions to shareholders from net investment income		—			(0.05	)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.92	)		(0.02	)
Net asset value, end of period	$	9.20		$	10.72		$	10.19
Total return(d)		(13.91	)%		14.24	%		2.11	%
Net assets, end of period (in 000s)	$	4,963		$	6,283		$	5,201
Ratio of net expenses to average net assets		0.57	%(e)		0.57	%		0.57	%(e)
Ratio of total expenses to average net assets		5.71	%(e)		9.46	%		10.45	%(e)
Ratio of net investment income to average net assets		0.69	%(e)		0.52	%		0.84	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

(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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.72		$	10.19		$	10.00
Net investment income(b)		0.03			0.04			0.02
Net realized and unrealized gain (loss)		(1.55	)		1.40			0.19
Total from investment operations		(1.52	)		1.44			0.21
Distributions to shareholders from net investment income		—			(0.04	)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.91	)		(0.02	)
Net asset value, end of period	$	9.20		$	10.72		$	10.19
Total return(d)		(14.01	)%		14.12	%		2.08	%
Net assets, end of period (in 000s)	$	50		$	58		$	51
Ratio of net expenses to average net assets		0.69	%(e)		0.69	%		0.69	%(e)
Ratio of total expenses to average net assets		5.84	%(e)		9.60	%		10.70	%(e)
Ratio of net investment income to average net assets		0.57	%(e)		0.40	%		0.72	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.72		$	10.19		$	10.00
Net investment income(b)		0.03			0.06			0.02
Net realized and unrealized gain (loss)		(1.55	)		1.39			0.19
Total from investment operations		(1.52	)		1.45			0.21
Distributions to shareholders from net investment income		—			(0.05	)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.92	)		(0.02	)
Net asset value, end of period	$	9.20		$	10.72		$	10.19
Total return(d)		(13.91	)%		14.25	%		2.11	%
Net assets, end of period (in 000s)	$	50		$	58		$	51
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%		0.57	%(e)
Ratio of total expenses to average net assets		5.71	%(e)		9.47	%		10.58	%(e)
Ratio of net investment income to average net assets		0.70	%(e)		0.53	%		0.84	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

(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.

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.70		$	10.19		$	10.00
Net investment income (loss)(b)		—			(0.01	)		0.01
Net realized and unrealized gain (loss)		(1.54	)		1.39			0.19
Total from investment operations		(1.54	)		1.38			0.20
Distributions to shareholders from net investment income		—			—			(0.01	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.87	)		(0.01	)
Net asset value, end of period	$	9.16		$	10.70		$	10.19
Total return(d)		(14.22	)%		13.54	%		1.95	%
Net assets, end of period (in 000s)	$	50		$	58		$	51
Ratio of net expenses to average net assets		1.19	%(e)		1.19	%		1.19	%(e)
Ratio of total expenses to average net assets		6.33	%(e)		10.10	%		11.20	%(e)
Ratio of net investment income (loss) to average net assets		0.07	%(e)		(0.09	)%		0.22	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS DEFENSIVE EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Defensive Equity Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.72		$	10.19		$	10.00
Net investment income(b)		0.03			0.06			0.02
Net realized and unrealized gain (loss)		(1.55	)		1.39			0.19
Total from investment operations		(1.52	)		1.45			0.21
Distributions to shareholders from net investment income		—			(0.05	)		(0.02	)
Distributions to shareholders from net realized gains		—			(0.87	)		—	(c)
Total distributions		—			(0.92	)		(0.02	)
Net asset value, end of period	$	9.20		$	10.72		$	10.19
Total return(d)		(13.91	)%		14.24	%		2.11	%
Net assets, end of period (in 000s)	$	50		$	58		$	51
Ratio of net expenses to average net assets		0.56	%(e)		0.56	%		0.56	%(e)
Ratio of total expenses to average net assets		5.71	%(e)		9.47	%		10.57	%(e)
Ratio of net investment income to average net assets		0.70	%(e)		0.53	%		0.85	%(e)
Portfolio turnover rate(f)		88	%		305	%		26	%

(a) Commenced operations on September 30, 2020.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

(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.

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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements

June 30, 2022 (Unaudited)

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	Shares Classes Offered	Diversified/ Non-diversified
Absolute Return Tracker, Commodity Strategy, and Defensive Equity	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares of the Absolute Return Tracker Fund and the Defensive Equity Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements with the Trust. Core Commodity Management, LLC (“Core Commodity” or the “Sub-Adviser”) serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub- Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a “Subsidiary” and collectively, the “Subsidiaries”), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of June 30, 2022, the Fund and Subsidiary net assets were as follows:

Fund	Fund Net Assets	Subsidiary Net Assets	% Represented by Subsidiary’s Net Assets
Absolute Return Tracker	$3,754,866,620	$138,380,240	3.7%
Commodity Strategy	1,113,475,157	208,216,601	18.7

B.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

C.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained

63

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements and Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

E.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Absolute Return Tracker and Defensive Equity Fund	Annually	Annually
Commodity Strategy	Semi-Annually	Annually

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to decrease their taxable income by their share of their Subsidiaries’ income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statement and Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of 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

64

GOLDMAN SACHS ALTERNATIVE FUNDS II

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees 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

65

GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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.

66

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iii.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—		$	11,180,197		$	—
Europe		25,750,436			76,174,009			—
North America		883,428,022			52,313			—
South America		27,645			109,970			—
Exchange Traded Funds		705,699,732			—			—
Investment Company		1,883,111,275			—			—
Total	$	3,498,017,110		$	87,516,489		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	3,337,619		$	—
Futures Contracts(b)		7,180,755			—			—
Total Return Swap Contracts(b)		—			7,144,366			—
Purchased Options Contracts		1,047,120			—			—
Total	$	8,227,875		$	10,481,985		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(856,442	)	$	—
Futures Contracts(b)		(15,035,881	)		—			—
Credit Default Swap Contracts(b)		—			(7,506,821	)		—
Total Return Swap Contracts(b)		—			(3,052,249	)		—
Written Options Contracts		(420,380	)		—			—
Total	$	(15,456,261	)	$	(11,415,512	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

COMMODITY STRATEGY
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	19,993,750		$	—	$	—
Investment Company		213,862,347			—		—
Short-term Investments		991,926,517			—		—
Total	$	1,225,782,614		$	—	$	—
Derivative Type
Assets(a)
Futures Contracts	$	25,689,951		$	—	$	—
Liabilities(a)
Futures Contracts	$	(41,207,557	)	$	—	$	—

DEFENSIVE EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	186,774		$	—	$	—
North America		5,161,789			—		—
Total	$	5,348,563		$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	3,554		$	—	$	—
Purchased Options Contracts		295,870			—		—
Total	$	299,424		$	—	$	—
Liabilities
Written Option Contracts	$	(90,990	)	$	—	$	—

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

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statement of Assets and Liabilities	Assets			Consolidated Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on swap contracts	$	2,041,286	(a)	Variation margin on futures contracts	$	(1,499,033)	(a)
Credit	—		—		Variation margin on swap contracts		(7,506,821)	(a)
Commodity	Variation margin on futures contracts		4,386,566	(a)	Variation margin on futures contracts		(7,641,106)	(a)
Equity	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Purchased options, at value		7,944,039	(a)	Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value		(9,368,371)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,337,619		Payable for unrealized loss on forward foreign currency exchange contracts		(856,442)
Total		$	17,709,510			$	(26,871,773)

COMMODITY STRATEGY
Risk	Consolidated Statements of Assets and Liabilities	Assets			Consolidated Statements of Assets and Liabilities	Liabilities
Commodity	Variation margin on futures contracts	$	25,689,951	(a)	Variation margin on futures contracts	$	(41,207,557)	(a)
DEFENSIVE EQUITY
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts; Purchased options, at value	$	299,424	(a)	Written options, at value	$	(90,990)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the the Schedule and Consolidated Schedule of Investments. Only the variation margin as of June 30, 2022, is reported within the Statement and Consolidated Statement of Assets and Liabilities.

(b) Aggregate of amounts include $ 3,052,249 for the Absolute Return Tracker Fund which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These

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4. INVESTMENTS IN DERIVATIVES (continued)

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

ABSOLUTE RETURN TRACKER
Risk	Consolidated Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	37,527,786		$	370,212
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(4,758,057	)		(9,017,251	)
Commodity	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts		46,580,936			(4,607,090	)
Equity	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options		10,238,917			2,518,092
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		21,706,587			6,663,817
Total		$	111,296,169		$	(4,072,220	)
COMMODITY STRATEGY
Risk	Consolidated Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Commodity	Net realized gain from swap contracts and futures contracts/ Net change in unrealized gain on swap contracts and futures contracts	$	85,081,450		$	2,514,255
DEFENSIVE EQUITY
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain on futures contracts, purchased options and written options	$	183,999		$	231,279

For the six months ended June 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or  Shares/Units(a)
Fund	Fowards		Futures contracts		Swap Agreements		Purchased Options		Written Options
Absolute Return Tracker	$	250,888,777		14,427	$	1,540,643,680		383,500		10,175
Commodity Strategy		—		7,311		740,591,794		—		—
Defensive Equity		—		2		—		1,571		3,429

(a) Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2022.

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Absolute Return Tracker		0.70	%		0.63	%		0.60	%		0.59	%		0.53	%		0.63	%		0.58	%(a)
Commodity Strategy		0.50			0.50			0.45			0.43			0.42			0.50			0.40	(a)
Defensive Equity		0.53			0.48			0.45			0.44			0.43			0.53			0.52

^ Effective Net Management Rate includes 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.

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

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary agreement. For the six months ended June 30, 2022, GSAM waived $273,779 and $385,150 of each Fund’s management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended June 30, 2022, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Absolute Return Tracker	$	855,582
Commodity Strategy		80,950
Defensive Equity		154

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Fund, as set forth below.

	Distribution and/or Service Plan Rates
	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.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Tracker	$	5,481	$	—
Commodity Strategy		18,002		—
Defensive Equity		3,556		388

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Absolute Return Tracker and Defensive Equity Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional Shares.

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 Funds. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker, Commodity Strategy and Defensive Equity Funds are 0.014%, 0.074% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary’s expenses (excluding management fees) to 0.004% of the Subsidiary’s average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Absolute Return Tracker	$	1,129,361	$	520,652	$	1,650,013
Commodity Strategy		466,100		39,642		505,742
Defensive Equity		154		157,252		157,406

G.  Line of Credit Facility — As of June 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates —For the six months ended June 30, 2022, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Funds.

As of June 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or greater of the following:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Defensive Equity		24	%		16	%		95	%		100	%		100	%		100	%		100	%

The table below shows the transactions in and earnings from investments in the Underlying Fund for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022		Shares as of June 30, 2022		Dividend Income
Absolute Return Tracker	$	1,174,228,909	$	1,646,866,413	$	(937,984,047	)	$	1,883,111,275		1,883,111,275	$	3,068,003
Commodity Strategy		73,228,627		1,259,650,568		(1,119,016,848	)		213,862,347		213,862,347		258,496
Defensive Equity		420,723		1,437,613		(1,858,336	)		—		—		202

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Absolute Return Tracker	$	—	$	2,094,590,883	$	—	$	2,218,502,979
Commodity Strategy		—		—		47,000,000		—
Defensive Equity		—		5,359,753		—		5,115,988

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Consolidated Statements of Assets and Liabilities, where applicable.

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2022, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended June 30, 2022				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs
Absolute Return Tracker	$	37,281	$	335,536	$	13,088,600

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GOLDMAN SACHS ALTERNATIVE FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

7. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022		Shares as of June 30, 2022
Absolute Return Tracker	$	—	$	259,334,469	$	(153,879,539	)	$	105,454,930		105,454,930

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2021, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Absolute Return Tracker			Commodity Strategy			Defensive Equity
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	(3,047,531	)	$	—
Perpetual Long-Term		—			(18,256,290	)		—
Total capital loss carryforwards		—			(21,303,821	)		—
Timing differences (Post October Loss Deferral, Qualified Late Year Loss Deferral, Real Estate Investment Trusts and Straddle Loss Deferral)		(217,008,731	)		—			(23,067	)

As of June 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Absolute Return Tracker			Commodity Strategy			Defensive Equity
Tax cost	$	3,774,906,168		$	1,170,748,715		$	6,166,527
Gross unrealized gain		59,860,223			55,818,855			127,809
Gross unrealized loss		(143,777,862	)		(784,956	)		(945,773	)
Net unrealized security gain (loss)	$	(83,917,639	)	$	55,033,899		$	(817,964	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains/(losses) on regulated futures, options and foreign currency contracts, differences related to the tax treatment of swap transactions, underlying fund investments and passive foreign investment companies.

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

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9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk —The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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 Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

9. OTHER RISKS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Tax Risk — The Absolute Return Tracker and the Commodity Strategy Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker and the Commodity Strategy Funds. In reliance of such PLRs, these Funds have in the past sought to gain exposure to the commodity markets primary through investments in commodity-linked notes and/or subsidiaries. The IRS recently issued final regulations that, would generally treat the Funds’ income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings

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9. OTHER RISKS (continued)

and profits of a subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Funds’ business of investing in stock, securities, or currencies.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

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

On August 17, 2022, the Board of Trustees of the Goldman Sachs Trust approved the conversion of the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”) to an ETF through an Agreement and Plan of Reorganization which contemplates the reorganization of the Acquired Fund with and into the Goldman Sachs Defensive Equity ETF (the “Acquiring Fund” (the “Reorganization”). The Acquiring Fund is a newly-created series of the Goldman Sachs ETF Trust. The Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes, except with respect to cash received in lieu of fractional shares of the Acquiring Fund. The Reorganization, which is subject to shareholder approval, is expected to close on or about January 20, 2023 (the “Closing Date”), or on such other date as the parties to the Reorganization shall agree. Effective on or about the Closing Date, shareholders of the Acquired Fund will receive shares in the Acquiring Fund equal in dollar value to their interest in the Acquired Fund on the Closing Date (and cash in lieu of fractional shares).

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Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Goldman Sachs Absolute Return Tracker Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,351,060		$	12,240,093			1,927,446		$	19,234,660
Reinvestment of distributions		—			—			494,245			4,602,567
Shares redeemed		(1,911,497	)		(17,405,890	)		(2,625,754	)		(26,244,707	)
		(560,437	)		(5,165,797	)		(204,063	)		(2,407,480	)
Class C Shares
Shares sold		94,173			764,552			167,569			1,524,989
Reinvestment of distributions		—			—			78,094			653,004
Shares redeemed		(158,196	)		(1,268,669	)		(390,072	)		(3,513,618	)
		(64,023	)		(504,117	)		(144,409	)		(1,335,625	)
Institutional Shares
Shares sold		86,125,305			812,421,834			114,858,930			1,193,936,702
Reinvestment of distributions		—			—			18,372,000			178,433,618
Shares redeemed		(53,939,347	)		(504,911,493	)		(123,632,008	)		(1,276,203,676	)
		32,185,958			307,510,341			9,598,922			96,166,644
Investor Shares
Shares sold		10,896,692			102,427,735			17,092,695			177,228,853
Reinvestment of distributions		—			—			2,114,494			20,261,703
Shares redeemed		(6,227,424	)		(57,723,164	)		(18,872,158	)		(195,539,632	)
		4,669,268			44,704,571			—			—
R6 Shares
Shares sold		5,080,450			47,530,875			15,739,920			164,822,681
Reinvestment of distributions		—			—			419,507			4,065,972
Shares redeemed		(3,536,413	)		(33,280,666	)		(1,394,638	)		(14,463,977	)
		1,544,037			14,250,209			14,764,789			154,424,676
Class R Shares
Shares sold		23,611			204,889			59,038			577,394
Reinvestment of distributions		—			—			14,976			134,664
Shares redeemed		(22,722	)		(199,470	)		(70,799	)		(694,730	)
		889			5,419			3,215			17,328
Class P Shares
Shares sold		4,473,040			42,247,933			5,305,691			55,088,161
Reinvestment of distributions		—			—			2,089,220			20,270,234
Shares redeemed		(2,550,631	)		(23,980,060	)		(3,487,133	)		(35,484,314	)
		1,922,409			18,267,873			3,907,778			39,874,081
NET INCREASE		39,698,101		$	379,068,499			28,261,263		$	288,690,548

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Goldman Sachs Commodity Strategy Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,907,948		$	21,327,270			2,885,222		$	29,642,642
Reinvestment of distributions		1,752			19,520			611,149			5,463,666
Shares redeemed		(2,040,516	)		(22,385,631	)		(948,220	)		(9,040,648	)
		(130,816	)		(1,038,841	)		2,548,151			26,065,660
Class C Shares
Shares sold		359,485			3,691,883			206,745			1,932,020
Reinvestment of distributions		—			—			55,912			463,509
Shares redeemed		(74,650	)		(788,165	)		(66,930	)		(591,703	)
		284,835			2,903,718			195,727			1,803,826
Institutional Shares
Shares sold		18,393,404			210,391,661			11,641,321			116,554,564
Reinvestment of distributions		53,405			604,550			2,313,892			21,010,141
Shares redeemed		(12,644,765	)		(143,480,634	)		(7,213,422	)		(69,105,607	)
		5,802,044			67,515,577			6,741,791			68,459,098
Investor Shares
Shares sold		13,367,851			151,518,360			3,293,626			33,042,868
Reinvestment of distributions		24,793			280,659			552,532			5,016,990
Shares redeemed		(3,418,204	)		(37,365,438	)		(554,840	)		(5,338,796	)
		9,974,440			114,433,581			3,291,318			32,721,062
Class R6 Shares
Shares sold		8,281,504			96,118,180			2,056,839			19,628,167
Reinvestment of distributions		18,542			210,264			1,484,302			13,507,148
Shares redeemed		(2,736,162	)		(28,978,177	)		(3,610,623	)		(34,129,063	)
		5,563,884			67,350,267			(69,482	)		(993,748	)
Class R Shares
Shares sold		228,011			2,374,961			219,373			2,062,705
Reinvestment of distributions		—			—			52,933			463,164
Shares redeemed		(183,412	)		(1,897,110	)		(145,751	)		(1,380,065	)
		44,599			477,851			126,555			1,145,804
Class P Shares
Shares sold		24,971,964			282,085,613			13,792,676			133,964,832
Reinvestment of distributions		76,910			872,154			2,203,182			20,048,961
Shares redeemed		(2,438,659	)		(28,547,594	)		(645,054	)		(6,288,251	)
		22,610,215			254,410,173			15,350,804			147,725,542
NET INCREASE		44,149,201		$	506,052,326			28,184,864		$	276,927,244

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Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Goldman Sachs Defensive Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,455		$	23,834			66,277		$	733,989
Reinvestment of distributions		—			—			1,613			17,059
Shares redeemed		(9,447	)		(94,466	)		(46,157	)		(519,069	)
		(6,992	)		(70,632	)		21,733			231,979
Class C Shares
Shares sold		24,307			241,850			3,747			42,642
Reinvestment of distributions		—			—			725			7,588
Shares redeemed		—			—			(24	)		(254	)
		24,307			241,850			4,448			49,976
Institutional Shares
Shares sold		14,007			144,889			28,941			321,017
Reinvestment of distributions		—			—			46,871			497,162
Shares redeemed		(60,906	)		(604,025	)		—			—
		(46,899	)		(459,136	)		75,812			818,179
Investor Shares
Reinvestment of distributions		—			—			429			4,551
		—			—			429			4,551
Class R6 Shares
Reinvestment of distributions		—			—			436			4,623
		—			—			436			4,623
Class R Shares
Reinvestment of distributions		—			—			411			4,340
		—			—			411			4,340
Class P Shares
Reinvestment of distributions		—			—			436			4,623
		—			—			436			4,623
NET INCREASE (DECREASE)		(29,584	)	$	(287,918	)		103,705		$	1,118,271

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Commodity Strategy Fund and Goldman Sachs Defensive Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time (except for the Defensive Equity Fund, which commenced operations on September 30, 2020); and

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

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

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

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

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

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (with respect to the Absolute Return Tracker Fund) securities lending, portfolio trading, distribution and other services;

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

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

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers (including CoreCommodity Management, LLC, the Commodity Strategy Fund’s sub-adviser (the “Sub-Adviser”)), and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates (including, with respect to the Commodity Strategy Fund, the Investment Adviser’s oversight of the Sub-Adviser). The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and (except in the case of the Defensive Equity Fund) ratings compiled by the

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. For the Absolute Return Tracker Fund and Defensive Equity Fund, they noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Absolute Return Tracker Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. The Trustees also noted that the Absolute Return Tracker Fund had experienced a benchmark index change in early 2022. They observed that the Commodity Strategy Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2022. The Trustees noted that the Sub-Adviser began sub-advising the Commodity Strategy Fund at the beginning of 2021. They noted that the Defensive Equity Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one-year period, and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2022.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder and, with respect to the Commodity Strategy Fund, the fee rate payable by the Investment Adviser under the sub-advisory agreement with the Sub-Adviser. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

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

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

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are

85

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

	Absolute Return Tracker Fund			Defensive Equity Fund
First $1 billion		0.70	%		0.53	%
Next $1 billion		0.63			0.48
Next $3 billion		0.60			0.45
Next $3 billion		0.59			0.44
Over $8 billion		0.53			0.43

	Commodity Strategy Fund
First $2 billion		0.50	%
Next $3 billion		0.45
Next $3 billion		0.43
Over $8 billion		0.42

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Absolute Return Tracker Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

86

GOLDMAN SACHS ALTERNATIVE FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

87

GOLDMAN SACHS ALTERNATIVE FUNDS II

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

88

GOLDMAN SACHS ALTERNATIVE FUNDS II

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Fund’s operations are difficult to predict.

89

GOLDMAN SACHS ALTERNATIVE FUNDS II

Fund Expenses — Six Month Period Ended  June 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days of a 365 day year.

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

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

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

	Goldman Sachs Absolute Return Tracker Fund							Goldman Sachs Commodity Strategy Fund							Goldman Sachs Defensive Equity Fund
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*
Class A
Actual	$	1,000.00	$	924.50		$	4.82	$	1,000.00	$	1,209.50		$	4.99	$	1,000.00	$	859.70		$	4.33
Hypothetical 5% return		1,000.00		1,020.13	+		5.06		1,000.00		1,020.13	+		4.56		1,000.00		1,020.13	+		4.71
Class C
Actual		1,000.00		920.50			8.38		1,000.00		1,204.80			9.07		1,000.00		855.90			7.78
Hypothetical 5% return		1,000.00		1,016.07	+		8.80		1,000.00		1,016.56	+		8.30		1,000.00		1,016.41	+		8.45
Institutional
Actual		1,000.00		925.50			3.06		1,000.00		1,211.50			3.18		1,000.00		860.90			2.63
Hypothetical 5% return		1,000.00		1,021.62	+		3.21		1,000.00		1,021.92	+		2.91		1,000.00		1,021.97	+		2.86
Investor
Actual		1,000.00		925.50			3.63		1,000.00		1,211.30			3.62		1,000.00		859.90			3.18
Hypothetical 5% return		1,000.00		1,021.03	+		3.81		1,000.00		1,021.52	+		3.31		1,000.00		1,021.37	+		3.46
R6 Shares
Actual		1,000.00		926.40			3.01		1,000.00		1,212.10			3.13		1,000.00		860.90			2.58
Hypothetical 5% return		1,000.00		1,021.67			3.16		1,000.00		1,021.97	+		2.86		1,000.00		1,022.02	+		2.81
Class R
Actual		1,000.00		923.80			6.01		1,000.00		1,207.80			6.35		1,000.00		857.80			5.48
Hypothetical 5% return		1,000.00		1,018.89	+		6.31		1,000.00		1,018.89	+		5.81		1,000.00		1,018.89	+		5.96
Class P
Actual		1,000.00		926.50			3.01		1,000.00		1,211.10			3.12		1,000.00		860.90			2.58
Hypothetical 5% return		1,000.00		1,022.02	+		3.16		1,000.00		1,022.02	+		2.86		1,000.00		1,022.02	+		2.81

+ Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Absolute Return Tracker		1.01	%		1.76	%		0.64	%		0.76	%		0.63	%		1.26	%		0.63	%
Commodity Strategy		0.91			1.66			0.58			0.66			0.57			1.16			0.57
Defensive Equity		0.94			1.69			0.57			0.69			0.56			1.19			0.56

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

90

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2022 Goldman Sachs. All rights reserved. 287736-OTU-1651232 SELSAT2SAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Dynamic Global Equity Fund

Goldman Sachs Dynamic Global Equity Fund

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	2
Schedule of Investments	5
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	20
Other Information	39

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Dynamic Global Equity Fund

The following are highlights both of key factors affecting the global capital markets and of any key changes made to the Goldman Sachs Dynamic Global Equity Fund (the “Fund”) during the six months ended June 30, 2022 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Fund’s annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

• Overall, the global capital markets struggled during the Reporting Period.

• Economic uncertainty and market volatility was largely fueled by a rapid change in perceptions of upside inflation risk and the U.S. Federal Reserve’s (“Fed”) efforts to head off a potential recession.

• Global equities, as represented by the MSCI All Country World Index, returned -20.18%.

• Global fixed income, as represented by the Bloomberg Global Aggregate Bond Index, returned -13.91%.

• In the first quarter of 2022, when the Reporting Period began, rapidly evolving expectations for inflation and Fed policy had already complicated the macro outlook, but the February Russian invasion of Ukraine significantly increased market uncertainty and volatility.

• Valuations broadly fell across multiple asset classes, with global equities suffering substantial declines.

• Credit spreads (i.e., yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity) widened as bond yields rose in response to inflationary pressures.

• During the second quarter of 2022, investor concerns around slower economic growth accelerated; the Russia/Ukraine conflict led to a surge in commodity prices; and the risks of a potential policy miscalculation by the Fed increased.

• Unexpectedly higher inflation data, released in early June, brought consumer confidence into focus and eroded the narrative in some parts of the market that suggested the U.S. economy had experienced peak inflation.

• Most global equity markets fell into bear market territory during the second calendar quarter. (A bear market is a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.)

• Bond yields rose as Fed interest rate hikes came faster than investors had previously anticipated. Rising short-term interest rates and expectations for further monetary policy tightening hurt duration-sensitive assets, while concerns about the economic outlook pushed credit spreads wider.

Fund Changes and Highlights

No material changes were made to the Fund during the Reporting Period.

1

FUND BASICS

Dynamic Global Equity Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			MSCI® ACWI Index2
Class A		-20.44	%		-20.18	%
Class C		-20.74			-20.18
Institutional		-20.32			-20.18
Service		-20.50			-20.18
Investor		-20.37			-20.18
Class R6		-20.31			-20.18
Class R		-20.52			-20.18
Class P		-20.30			-20.18

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Fund’s benchmark is the MSCI All Country World Index (Net, USD, Unhedged) (“MSCI^® ACWI Index”). The MSCI^® ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index.

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

2

FUND BASICS

3

FUND BASICS

³ Strategic allocation is the process of determining the areas of the global markets in which to invest, and in what long-term proportion, for each underlying fund. Our global approach attempts to generate strong long-term returns across geographies and asset classes, and is determined through a careful review of market opportunities and risk/return tradeoffs. On a monthly basis or as needed, we shift assets around the strategic allocation, over and under-weighting asset classes and countries relative to the neutral starting point, seeking to benefit from changing short-term conditions in global capital markets. This is called tactical asset allocation. The percentage shown for each weighting reflects the value of that weighting as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

⁴  Generally, dynamic fund weightings are rebalanced approximately monthly, but they may be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. The weightings in the chart above reflect the target allocations as of June 30, 2022. Actual underlying fund weighting in the Fund may differ from the figures shown above due to rounding, timing differences, and/or differences in returns of the underlying funds. The above figures are not indicative of future allocations.

OVERALL UNDERLYING FUND WEIGHTINGS⁵

Percentage of Net Assets

⁵  The Fund is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Fund. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

4

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Underlying Funds(a) – 92.6%
Equity – 33.4%
	1,397,225	Goldman Sachs Large Cap Value Insights Fund – Class R6	$	28,573,241
	2,187,663	Goldman Sachs International Equity Insights Fund – Class R6		25,551,903
	862,140	Goldman Sachs Large Cap Growth Insights Fund – Class R6		22,579,450
	1,376,116	Goldman Sachs Emerging Markets Equity Insights Fund – Class R6		11,160,301
	303,639	Goldman Sachs Small Cap Equity Insights Fund – Class R6		6,540,382
	325,302	Goldman Sachs Global Infrastructure Fund – Class R6		4,105,316
	312,761	Goldman Sachs Global Real Estate Securities Fund – Class R6		3,071,313
	143,467	Goldman Sachs International Small Cap Insights Fund – Class R6		1,562,360
				103,144,266
Exchange Traded Funds – 59.2%
	1,071,427	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		80,292,739
	1,800,157	Goldman Sachs ActiveBeta International Equity ETF		49,990,360
	707,578	Goldman Sachs ActiveBeta Emerging Markets Equity ETF		21,050,446
	465,035	Goldman Sachs MarketBeta International Equity ETF		20,851,797
	247,230	Goldman Sachs MarketBeta Emerging Markets Equity ETF		10,297,130
				182,482,472
	TOTAL UNDERLYING FUNDS – 92.6%
	(Cost $261,631,059)		$	285,626,738
Shares		Dividend Rate	Value
Investment Company(a) – 2.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,581,707	1.367%	$	7,581,707
	(Cost $7,581,707)
	TOTAL INVESTMENTS – 95.0%
	(Cost $269,212,766)		$	293,208,445
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.0%			15,316,327
	NET ASSETS – 100.0%		$	308,524,772

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.

Currency Abbreviations:
AUD	—Australian Dollar
CHF	—Swiss Franc
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
ILS	—Israeli Shekel
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
SGD	—Singapore Dollar

Investment Abbreviation:
ETF	—Exchange Traded Fund

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley & Co.	USD	885,674	SEK	8,700,000		09/21/22	$	32,214
	USD	5,013,163	JPY	648,000,000		09/21/22		208,957
	USD	3,438,692	GBP	2,755,000		09/21/22		79,640
	USD	7,769,594	EUR	7,260,000		09/21/22		116,104
	USD	1,706,415	AUD	2,380,000		09/21/22		62,481
	USD	51,633	NZD	80,000		09/21/22		1,717
	USD	158,411	NOK	1,500,000		09/21/22		5,840
	USD	583,957	DKK	4,060,000		09/21/22		8,421
	USD	262,452	SGD	360,000		09/21/22		3,186
	USD	661,966	HKD	5,180,000		09/21/22		274
	USD	108,700	ILS	360,000		09/21/22		5,014
TOTAL							$	523,848

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley & Co.	USD	2,410,856	CHF	2,310,000		09/21/22	$	(23,421	)

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		182		09/16/22	$	34,484,450	$	(1,536,776	)
S&P Toronto Stock Exchange 60 Index		16		09/15/22		2,840,273		(184,146	)
TOTAL FUTURES CONTRACTS							$	(1,720,922	)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Eurodollar Futures	$	95.87		03/13/2023		19	$	47,500	$	38,000	$	54,069	$	(16,069	)
Eurodollar Futures		95.87		06/19/2023		30		75,000		76,500		82,795		(6,295	)
Eurodollar Futures		95.87		09/18/2023		28		70,000		85,225		82,515		2,710
Eurodollar Futures		97.25		12/18/2023		43		107,500		61,006		55,193		5,813
Eurodollar Futures		97.50		03/18/2024		110		275,000		149,188		149,130		58
Eurodollar Futures		97.50		06/17/2024		97		242,500		150,350		143,988		6,362
Eurodollar Futures		97.75		03/13/2023		94		235,000		23,500		258,472		(234,972	)

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Eurodollar Futures	$	97.75		06/19/2023		53	$	132,500	$	25,506	$	216,141	$	(190,635	)
Eurodollar Futures		98.00		12/19/2022		24		60,000		2,100		59,756		(57,656	)
Eurodollar Futures		98.25		09/19/2022		26		65,000		650		62,135		(61,485	)
Eurodollar Futures		98.75		12/19/2022		68		170,000		2,975		63,058		(60,083	)
Eurodollar Futures		99.00		09/19/2022		70		175,000		875		53,537		(52,662	)
Eurodollar Futures		99.00		12/19/2022		235		587,500		7,344		334,645		(327,301	)
TOTAL						897	$	2,242,500	$	623,219	$	1,615,434	$	(992,215	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$	3,850.00		07/13/2022		(5	)	$	(1,925,000	)	$	(21,500	)	$	(42,391	)	$	20,891
S&P 500 Index		3,900.00		07/20/2022		(5	)		(1,950,000	)		(20,100	)		(28,984	)		8,884
S&P 500 Index		3,910.00		07/29/2022		(1	)		(391,000	)		(5,600	)		(8,455	)		2,855
S&P 500 Index		3,930.00		07/29/2022		(4	)		(1,572,000	)		(16,317	)		(16,317	)		—
S&P 500 Index		3,935.00		07/29/2022		(4	)		(1,574,000	)		(15,739	)		(15,739	)		—
S&P 500 Index		3,940.00		07/27/2022		(5	)		(1,970,000	)		(20,475	)		(27,961	)		7,486
S&P 500 Index		3,940.00		07/29/2022		(4	)		(1,576,000	)		(15,120	)		(15,120	)		—
S&P 500 Index		3,945.00		07/29/2022		(4	)		(1,578,000	)		(14,586	)		(14,586	)		—
S&P 500 Index		3,950.00		07/29/2022		(4	)		(1,580,000	)		(14,125	)		(14,125	)		—
S&P 500 Index		3,955.00		08/31/2022		(1	)		(395,500	)		(7,870	)		(10,209	)		2,339
S&P 500 Index		3,960.00		08/31/2022		(1	)		(396,000	)		(7,670	)		(8,910	)		1,240
S&P 500 Index		4,000.00		08/31/2022		(1	)		(400,000	)		(6,240	)		(7,661	)		1,421
S&P 500 Index		4,140.00		07/29/2022		(1	)		(414,000	)		(790	)		(8,429	)		7,639
S&P 500 Index		4,285.00		07/29/2022		(1	)		(428,500	)		(220	)		(6,089	)		5,869
S&P 500 Index		4,300.00		07/06/2022		(4	)		(1,720,000	)		(20	)		(12,829	)		12,809
S&P 500 Index		4,315.00		07/29/2022		(1	)		(431,500	)		(168	)		(6,019	)		5,851
S&P 500 Index		4,325.00		07/29/2022		(1	)		(432,500	)		(155	)		(5,516	)		5,361
						(47	)	$	(18,734,000	)	$	(166,695	)	$	(249,340	)	$	82,645

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS (continued)

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
S&P 500 Index	$	3,460.00		08/31/2022		(1	)	$	(346,000	)	$	(6,030	)	$	(8,047	)	$	2,017
S&P 500 Index		3,500.00		08/31/2022		(1	)		(350,000	)		(6,800	)		(8,155	)		1,355
S&P 500 Index		3,510.00		07/29/2022		(1	)		(351,000	)		(3,270	)		(5,722	)		2,452
S&P 500 Index		3,550.00		07/13/2022		(5	)		(1,775,000	)		(6,475	)		(21,574	)		15,099
S&P 500 Index		3,570.00		08/31/2022		(1	)		(357,000	)		(8,490	)		(7,603	)		(887	)
S&P 500 Index		3,590.00		07/20/2022		(5	)		(1,795,000	)		(15,050	)		(24,554	)		9,504
S&P 500 Index		3,630.00		07/29/2022		(4	)		(1,452,000	)		(28,259	)		(28,259	)		—
S&P 500 Index		3,635.00		07/29/2022		(4	)		(1,454,000	)		(28,884	)		(28,884	)		—
S&P 500 Index		3,640.00		07/29/2022		(4	)		(1,456,000	)		(29,506	)		(29,506	)		—
S&P 500 Index		3,645.00		07/29/2022		(4	)		(1,458,000	)		(30,165	)		(30,165	)		—
S&P 500 Index		3,650.00		07/27/2022		(5	)		(1,825,000	)		(30,225	)		(24,851	)		(5,374	)
S&P 500 Index		3,650.00		07/29/2022		(4	)		(1,460,000	)		(30,752	)		(30,752	)		—
S&P 500 Index		3,675.00		07/29/2022		(1	)		(367,500	)		(7,000	)		(8,443	)		1,443
S&P 500 Index		3,825.00		07/29/2022		(1	)		(382,500	)		(12,800	)		(10,940	)		(1,860	)
S&P 500 Index		3,900.00		07/29/2022		(1	)		(390,000	)		(17,100	)		(8,965	)		(8,135	)
S&P 500 Index		3,955.00		07/29/2022		(1	)		(395,500	)		(20,700	)		(7,766	)		(12,934	)
S&P 500 Index		4,010.00		07/06/2022		(4	)		(1,604,000	)		(92,120	)		(22,166	)		(69,954	)
						(47	)	$	(17,218,500	)	$	(373,626	)	$	(306,352	)	$	(67,274	)
TOTAL						(94	)	$	(35,952,500	)	$	(540,321	)	$	(555,692	)	$	15,371

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Assets and Liabilities

June 30, 2022 (Unaudited)

Assets:
Investments in Affiliated Funds, at value (cost $269,212,766)	$	293,208,445
Purchased options, at value (premium paid $1,615,434)		623,219
Cash		6,396,320
Foreign currencies, at value (cost $26,813)		49,092
Unrealized gain on forward foreign currency exchange contracts		523,848
Receivables:
Collateral on certain derivative contracts(a)		5,141,832
Investments sold		3,923,454
Dividends		168,523
Due from broker		68,076
Reimbursement from investment adviser		32,802
Fund shares sold		3,808
Other assets		69,564
Total assets		310,208,983
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		23,421
Written option contracts, at value (premium received $555,692)		540,321
Variation margin on futures contracts		260,821
Payables:
Investments purchased		587,263
Distribution and Service fees and Transfer Agency fees		65,139
Management fees		39,407
Fund shares redeemed		26,151
Accrued expenses		141,688
Total liabilities		1,684,211
Net Assets:
Paid-in capital		184,467,036
Total distributable earnings		124,057,736
NET ASSETS	$	308,524,772
Net Assets:
Class A	$	144,419,852
Class C		7,214,907
Institutional		15,280,771
Service		252,715
Investor		4,516,030
Class R6		3,096,458
Class R		5,385,575
Class P		128,358,464
Total Net Assets	$	308,524,772
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,963,283
Class C		413,045
Institutional		828,955
Service		13,954
Investor		252,814
Class R6		167,950
Class R		300,445
Class P		6,957,294
Net asset value, offering and redemption price per share:(b)
Class A		$18.14
Class C		17.47
Institutional		18.43
Service		18.11
Investor		17.86
Class R6		18.44
Class R		17.93
Class P		18.45

(a) Includes segregated cash of $1,977,371 and $3,164,461 relating to initial margin requirements and/or collateral on futures and options transactions, respectively.

(b) Maximum public offering price per share for Class A Shares is $19.20. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

Investment income:
Dividends from Affiliated Funds	$	3,089,205
Interest		970
Total investment income	$	3,090,175
Expenses:
Management fees		301,733
Distribution and Service (12b-1) fees(a)		253,208
Transfer Agency fees(a)		180,695
Registration fees		58,951
Professional fees		50,444
Printing and mailing costs		44,656
Custody, accounting and administrative services		37,249
Trustee fees		11,054
Service fees — Class C		10,931
Shareholder Administration fees — Service Class		351
Other		7,414
Total expenses		956,686
Less — expense reductions		(201,228	)
Net expenses		755,458
NET INVESTMENT INCOME		2,334,717
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Affiliated Funds		100,323,594
Purchased options		(978,825	)
Futures contracts		(5,925,783	)
Written options		67,213
Swap contracts		724,104
Forward foreign currency exchange contracts		1,751,996
Foreign currency transactions		64
Net change in unrealized gain (loss) on:
Affiliated Funds		(180,529,203	)
Purchased options		(121,743	)
Futures contracts		(4,488,052	)
Written options		(197,508	)
Swap contracts		24,704
Forward foreign currency exchange contracts		520,745
Foreign currency translation		13,796
Net realized and unrealized loss		(88,814,898	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(86,480,181	)

(a) Class specific Distribution and/or Service (12 b-1) and Transfer Agency fees were as follows:

Distribution and/or Service (12 b-1) Fees								Transfer Agency Fees
Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
$	204,953	$	32,793	$	351	$	15,111	$	131,170	$	6,996	$	3,472	$	56	$	4,034	$	8,410	$	4,836	$	21,721

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	Dynamic Global Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	2,334,717		$	13,886,224
Net realized gain		95,962,363			87,663,925
Net change in unrealized gain (loss)		(184,777,261	)		62,133,651
Net increase (decrease) in net assets resulting from operations		(86,480,181	)		163,683,800
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(21,200,803	)
Class C Shares		—			(1,144,912	)
Institutional Shares		—			(2,199,570	)
Service Shares		—			(35,736	)
Investor Shares		—			(685,427	)
Class R6 Shares		—			(62,812,794	)
Class R Shares		—			(739,023	)
Class P Shares		—			(18,499,746	)
Total distributions to shareholders		—			(107,318,011	)
From share transactions:
Proceeds from sales of shares		10,448,676			33,704,055
Reinvestment of distributions		—			105,373,693
Cost of shares redeemed		(547,893,281	)		(89,658,618	)
Net increase (decrease) in net assets resulting from share transactions		(537,444,605	)		49,419,130
TOTAL INCREASE (DECREASE)		(623,924,786	)		105,784,919
Net assets:
Beginning of period		932,449,558			826,664,639
End of period	$	308,524,772		$	932,449,558

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.80		$	21.36		$	19.32		$	16.26		$	18.84		$	15.25
Net investment income(a)(b)		0.12			0.31			0.18			0.29			0.20			0.16
Net realized and unrealized gain (loss)		(4.78	)		3.96			2.36			3.86			(2.35	)		3.80
Total from investment operations		(4.66	)		4.27			2.54			4.15			(2.15	)		3.96
Distributions to shareholders from net investment income		—			(1.01	)		(0.18	)		(0.27	)		(0.43	)		(0.37	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.83	)		(0.50	)		(1.09	)		(0.43	)		(0.37	)
Net asset value, end of period	$	18.14		$	22.80		$	21.36		$	19.32		$	16.26		$	18.84
Total return(c)		(20.44	)%		20.07	%		13.15	%		25.66	%		(11.40	)%		25.96	%
Net assets, end of period (in 000s)	$	144,420		$	185,213		$	166,449		$	162,028		$	135,758		$	137,276
Ratio of net expenses to average net assets(d)		0.57	%(e)		0.56	%		0.57	%		0.58	%		0.58	%		0.59	%
Ratio of total expenses to average net assets(d)		0.67	%(e)		0.60	%		0.64	%		0.66	%		0.66	%		0.67	%
Ratio of net investment income to average net assets(b)		1.20	%(e)		1.29	%		0.98	%		1.56	%		1.09	%		0.93	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.04		$	20.71		$	18.74		$	15.77		$	18.01		$	14.58
Net investment income (loss)(a)(b)		0.04			0.10			0.02			0.10			(0.05	)		0.01
Net realized and unrealized gain (loss)		(4.61	)		3.86			2.28			3.77			(2.12	)		3.65
Total from investment operations		(4.57	)		3.96			2.30			3.87			(2.17	)		3.66
Distributions to shareholders from net investment income		—			(0.81	)		(0.01	)		(0.08	)		(0.07	)		(0.23	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.63	)		(0.33	)		(0.90	)		(0.07	)		(0.23	)
Net asset value, end of period	$	17.47		$	22.04		$	20.71		$	18.74		$	15.77		$	18.01
Total return(c)		(20.74	)%		19.19	%		12.29	%		24.72	%		(12.04	)%		25.08	%
Net assets, end of period (in 000s)	$	7,215		$	10,309		$	13,716		$	17,348		$	23,020		$	68,315
Ratio of net expenses to average net assets(d)		1.32	%(e)		1.31	%		1.32	%		1.33	%		1.33	%		1.34	%
Ratio of total expenses to average net assets(d)		1.42	%(e)		1.35	%		1.39	%		1.41	%		1.40	%		1.42	%
Ratio of net investment income (loss) to average net assets(b)		0.37	%(e)		0.45	%		0.13	%		0.58	%		(0.29	)%		0.08	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

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

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	23.13		$	21.63		$	19.55		$	16.43		$	19.01		$	15.38
Net investment income(a)(b)		0.16			0.39			0.23			0.34			0.09			0.24
Net realized and unrealized gain (loss)		(4.86	)		4.03			2.42			3.93			(2.20	)		3.83
Total from investment operations		(4.70	)		4.42			2.65			4.27			(2.11	)		4.07
Distributions to shareholders from net investment income		—			(1.10	)		(0.25	)		(0.33	)		(0.47	)		(0.44	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.92	)		(0.57	)		(1.15	)		(0.47	)		(0.44	)
Net asset value, end of period	$	18.43		$	23.13		$	21.63		$	19.55		$	16.43		$	19.01
Total return(c)		(20.32	)%		20.50	%		13.56	%		26.18	%		(11.07	)%		26.48	%
Net assets, end of period (in 000s)	$	15,281		$	19,052		$	14,179		$	13,423		$	16,974		$	155,828
Ratio of net expenses to average net assets(d)		0.20	%(e)		0.19	%		0.19	%		0.20	%		0.19	%		0.20	%
Ratio of total expenses to average net assets(d)		0.30	%(e)		0.24	%		0.26	%		0.28	%		0.26	%		0.28	%
Ratio of net investment income to average net assets(b)		1.58	%(e)		1.62	%		1.25	%		1.82	%		0.47	%		1.40	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.78		$	21.35		$	19.30		$	16.20		$	18.75		$	15.19
Net investment income(a)(b)		0.11			0.29			0.15			0.21			0.15			0.16
Net realized and unrealized gain (loss)		(4.78	)		3.94			2.37			3.89			(2.31	)		3.76
Total from investment operations		(4.67	)		4.23			2.52			4.10			(2.16	)		3.92
Distributions to shareholders from net investment income		—			(0.98	)		(0.15	)		(0.18	)		(0.39	)		(0.36	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.80	)		(0.47	)		(1.00	)		(0.39	)		(0.36	)
Net asset value, end of period	$	18.11		$	22.78		$	21.35		$	19.30		$	16.20		$	18.75
Total return(c)		(20.50	)%		19.90	%		13.04	%		25.49	%		(11.48	)%		25.79	%
Net assets, end of period (in 000s)	$	253		$	310		$	269		$	380		$	543		$	684
Ratio of net expenses to average net assets(e)		0.69	%(d)		0.69	%		0.69	%		0.70	%		0.69	%		0.69	%
Ratio of total expenses to average net assets(e)		0.80	%(d)		0.74	%		0.76	%		0.78	%		0.77	%		0.78	%
Ratio of net investment income to average net assets(b)		1.09	%(d)		1.21	%		0.79	%		1.16	%		0.80	%		0.91	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Annualized.

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

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

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.43		$	21.05		$	19.04		$	16.03		$	18.58		$	15.03
Net investment income(a)(b)		0.15			0.38			0.23			0.30			0.24			0.18
Net realized and unrealized gain (loss)		(4.72	)		3.89			2.33			3.84			(2.32	)		3.78
Total from investment operations		(4.57	)		4.27			2.56			4.14			(2.08	)		3.96
Distributions to shareholders from net investment income		—			(1.07	)		(0.23	)		(0.31	)		(0.47	)		(0.41	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.89	)		(0.55	)		(1.13	)		(0.47	)		(0.41	)
Net asset value, end of period	$	17.86		$	22.43		$	21.05		$	19.04		$	16.03		$	18.58
Total return(c)		(20.37	)%		20.36	%		13.44	%		25.97	%		(11.18	)%		26.35	%
Net assets, end of period (in 000s)	$	4,516		$	5,797		$	4,908		$	4,517		$	5,703		$	5,481
Ratio of net expenses to average net assets(d)		0.32	%(e)		0.31	%		0.32	%		0.33	%		0.33	%		0.34	%
Ratio of total expenses to average net assets(d)		0.42	%(e)		0.35	%		0.39	%		0.41	%		0.41	%		0.42	%
Ratio of net investment income to average net assets(b)		1.48	%(e)		1.61	%		1.24	%		1.66	%		1.28	%		1.07	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	23.14		$	21.63		$	19.55		$	16.44		$	19.04		$	15.37
Net investment income (loss)(a)(b)		(0.01	)		0.40			0.25			0.49			1.61			0.12
Net realized and unrealized gain (loss)		(4.69	)		4.03			2.40			3.78			(3.71	)		3.96
Total from investment operations		(4.70	)		4.43			2.65			4.27			(2.10	)		4.08
Distributions to shareholders from net investment income		—			(1.10	)		(0.25	)		(0.34	)		(0.50	)		(0.41	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.92	)		(0.57	)		(1.16	)		(0.50	)		(0.41	)
Net asset value, end of period	$	18.44		$	23.14		$	21.63		$	19.55		$	16.44		$	19.04
Total return(c)		(20.31	)%		20.55	%		13.57	%		26.14	%		(11.00	)%		26.54	%
Net assets, end of period (in 000s)	$	3,096		$	544,796		$	490,832		$	478,073		$	4,485		$	13
Ratio of net expenses to average net assets(d)		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.18	%		0.18	%
Ratio of total expenses to average net assets(d)		0.22	%(e)		0.23	%		0.25	%		0.26	%		0.32	%		0.24	%
Ratio of net investment income (loss) to average net assets(b)		(0.07	)%(e)		1.66	%		1.36	%		2.55	%		9.20	%		0.66	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

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

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	22.56		$	21.17		$	19.15		$	16.13		$	18.69		$	15.15
Net investment income(a)(b)		0.10			0.23			0.13			0.24			0.14			0.19
Net realized and unrealized gain (loss)		(4.73	)		3.94			2.34			3.82			(2.32	)		3.70
Total from investment operations		(4.63	)		4.17			2.47			4.06			(2.18	)		3.89
Distributions to shareholders from net investment income		—			(0.96	)		(0.13	)		(0.22	)		(0.38	)		(0.35	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—			—
Total distributions		—			(2.78	)		(0.45	)		(1.04	)		(0.38	)		(0.35	)
Net asset value, end of period	$	17.93		$	22.56		$	21.17		$	19.15		$	16.13		$	18.69
Total return(c)		(20.52	)%		19.76	%		12.88	%		25.36	%		(11.63	)%		25.70	%
Net assets, end of period (in 000s)	$	5,386		$	6,611		$	5,700		$	5,922		$	4,938		$	5,910
Ratio of net expenses to average net assets(d)		0.82	%(e)		0.81	%		0.82	%		0.83	%		0.83	%		0.84	%
Ratio of total expenses to average net assets(d)		0.92	%(e)		0.85	%		0.89	%		0.91	%		0.91	%		0.92	%
Ratio of net investment income to average net assets(b)		0.97	%(e)		0.97	%		0.70	%		1.31	%		0.77	%		1.06	%
Portfolio turnover rate(f)		4	%		4	%		12	%		40	%		11	%		53	%

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

(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(e) Annualized.

(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.

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

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Global Equity Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	23.15		$	21.64		$	19.56		$	16.44		$	19.43
Net investment income(b)(c)		0.16			0.40			0.26			0.37			0.31
Net realized and unrealized gain (loss)		(4.86	)		4.03			2.39			3.91			(2.80	)
Total from investment operations		(4.70	)		4.43			2.65			4.28			(2.49	)
Distributions to shareholders from net investment income		—			(1.10	)		(0.25	)		(0.34	)		(0.50	)
Distributions to shareholders from net realized gains		—			(1.82	)		(0.32	)		(0.82	)		—
Total distributions		—			(2.92	)		(0.57	)		(1.16	)		(0.50	)
Net asset value, end of period	$	18.45		$	23.15		$	21.64		$	19.56		$	16.44
Total return(d)		(20.30	)%		20.54	%		13.57	%		26.19	%		(12.80	)%
Net assets, end of period (in 000s)	$	128,358		$	160,360		$	130,610		$	127,367		$	103,074
Ratio of net expenses to average net assets(e)		0.19	%(f)		0.18	%		0.18	%		0.19	%		0.18	%(f)
Ratio of total expenses to average net assets(e)		0.29	%(f)		0.23	%		0.25	%		0.27	%		0.27	%(f)
Ratio of net investment income to average net assets(c)		1.59	%(f)		1.64	%		1.37	%		1.96	%		2.33	%(f)
Portfolio turnover rate(g)		4	%		4	%		12	%		40	%		11	%

(a) Commenced operations on April 17, 2018.

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

(c) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f) Annualized.

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

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements

June 30, 2022 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Dynamic Global Equity Fund (the “Fund”). The Fund is a diversified fund and currently offers eight classes of shares: Class A, Class C, Institutional, Service, Investor, Class R6, Class R, and Class P Shares.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as

investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

The Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include underlying funds (including exchange-traded funds (“ETFs”)) (collectively, the “Underlying Funds”), futures, forwards, options, swaps and other instruments with similar economic exposures. The Fund may invest in Underlying Funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The valuation policy of the Fund and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

20

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The Level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest Level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described

below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

21

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Underlying Funds (including Money Market Funds) — Underlying Funds include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

Exchange-traded derivatives, including futures and options contracts, are 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.

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.

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.

iii.  Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

22

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A total return swap is an agreement that gives the Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

Investment Type	Level 1		Level 2		Level 3
Assets
Underlying Funds
Equity	$	103,144,266	$	—	$	—
Exchange Traded Funds		182,482,472		—		—
Investment Company		7,581,707		—		—
Total	$	293,208,445	$	—	$	—

23

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	523,848		$	—
Purchased Options Contracts		623,219			—			—
Total	$	623,219		$	523,848		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(23,421	)	$	—
Futures Contracts(a)		(1,720,922	)		—			—
Written Option Contracts		(540,321	)		—			—
Total	$	(2,261,243	)	$	(23,421	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest	Purchased options, at value	$	623,219	—	$	—
Equity	—		—	Variation margin on futures contracts(a); Written options, at value		(2,261,243)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		523,848	Payable for unrealized loss on forward foreign currency exchange contract.		(23,421)
Total		$	1,147,067		$	(2,284,664)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2022 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

24

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options	$	(978,825	)	$	(121,743	)
Equity	Net realized gain (loss) from futures contracts, swaps contracts and written options/Net change in unrealized gain (loss) on futures contracts, swaps contracts and written options		(5,134,466	)		(4,660,856	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,751,996			520,745
Total		$	(4,361,295	)	$	(4,261,854	)

For the six months ended June 30, 2022, the relevant values for each derivative type was as follows:

Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Futures contracts		Forward contracts		Swap Agreements		Purchased Options		Written Options
	262	$	45,934,104.0	$	14,908,963		2,165,000		11,214

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Portfolio held such derivatives during the period ended June 30, 2022.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets of 0.15%.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of the Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Fund, as set forth below.

The Trust, on behalf of Service Shares of the Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service

25

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Fund, as set forth below.

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

* 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.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained $23,876 of the front end sales charges and $1,194 of the CDSC for this Fund.

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares and a Shareholder Administration Plan to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/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 Fund, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition,

the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements,were $201,228.

G.  Line of Credit Facility — As of June 30, 2022, the Fund participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — The Fund invests primarily in the Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2022 (in thousands):

Underlying Funds	Market Value 12/31/2021		Purchases at Cost*		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Market Value 6/30/2022		Shares as of 6/30/2022		Dividend Income
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	$	62,014	$	—	$	(36,262	)	$	5,372		(10,073	)	$	21,051		708	$	417
Goldman Sachs ActiveBeta International Equity ETF		157,139		—		(92,712	)		18,453		(32,890	)		49,990		1,800		1,102
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		253,314		—		(146,195	)		55,714		(82,540	)		80,293		1,071		645
Goldman Sachs Emerging Markets Equity Insights Fund — Class R6		31,675		—		(18,657	)		708		(2,566	)		11,160		1,376		—
Goldman Sachs Financial Square Government Fund — Institutional Shares		54,000		56,085		(102,503	)		—		—			7,582		7,582		17
Goldman Sachs Global Infrastructure Fund — Class R6		15,246		61		(10,611	)		1,385		(1,976	)		4,105		325		61
Goldman Sachs Global Real Estate Securities Fund — Class R6		14,416		41		(9,726	)		520		(2,180	)		3,071		313		41
Goldman Sachs International Equity Insights Fund — Class R6		74,600		—		(43,546	)		6,574		(12,076	)		25,552		2,188		—
Goldman Sachs International Small Cap Insights Fund — Class R6		16,011		—		(13,337	)		1,596		(2,708	)		1,562		143		—
Goldman Sachs Large Cap Growth Insights Fund — Class R6		68,662		1,701		(37,439	)		104		(10,448	)		22,580		862		—
Goldman Sachs Large Cap Value Insights Fund — Class R6		62,718		6,150		(36,385	)		4,132		(8,042	)		28,573		1,397		150
Goldman Sachs MarketBeta Emerging Markets Equity ETF		29,492		—		(17,405	)		2,374		(4,164	)		10,297		247		241
Goldman Sachs MarketBeta International Equity ETF		38,746		23,461		(36,098	)		2,990		(8,247	)		20,852		465		415
Goldman Sachs Small Cap Equity Insights Fund — Class R6		20,011		—		(11,254	)		402		(2,619	)		6,540		304		—
Total	$	898,044	$	87,499	$	(612,130	)	$	100,324	$	(180,529	)	$	293,208			$	3,089

* Includes reinvestment of distributions.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, are $31,926,468 and $14,807,806, respectively.

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2021, certain timing differences on a tax basis were as follows:

Timing differences (Straddle Loss Deferral) $(1,036)

As of June 30, 2022, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	275,785,626
Gross unrealized gain		28,972,395
Gross unrealized loss		(11,549,576	)
Net unrealized gains (loss)	$	17,422,819

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures and options contracts and net mark to market gains/(losses) on foreign currency contracts.

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

8. OTHER RISKS

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

Derivatives Risk —The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance,

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

8. OTHER RISKS (continued)

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.

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

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If 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.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

8. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Global Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		123,561		$	2,497,336			447,388		$	10,465,500
Reinvestment of distributions		—			—			835,193			19,471,814
Shares redeemed		(283,830	)		(5,811,919	)		(952,749	)		(22,455,855	)
		(160,269	)		(3,314,583	)		329,832			7,481,459
Class C Shares
Shares sold		10,124			199,942			32,367			734,171
Reinvestment of distributions		—			—			50,432			1,134,953
Shares redeemed		(64,796	)		(1,248,102	)		(277,299	)		(6,214,088	)
		(54,672	)		(1,048,160	)		(194,500	)		(4,344,964	)
Institutional Shares
Shares sold		107,991			2,238,127			185,277			4,556,350
Reinvestment of distributions		—			—			90,955			2,151,529
Shares redeemed		(102,667	)		(2,091,080	)		(108,213	)		(2,561,457	)
		5,324			147,047			168,019			4,146,422
Service Shares
Shares sold		348			7,494			112			2,670
Reinvestment of distributions		—			—			1,262			29,400
Shares redeemed		(6	)		(153	)		(376	)		(8,411	)
		342			7,341			998			23,659
Investor Shares
Shares sold		20,059			401,537			40,132			943,819
Reinvestment of distributions		—			—			29,852			685,427
Shares redeemed		(25,727	)		(549,161	)		(44,715	)		(1,046,455	)
		(5,668	)		(147,624	)		25,269			582,791
Class R6 Shares
Shares sold		28,993			650,667			109,199			2,469,003
Reinvestment of distributions		—			—			2,647,554			62,667,602
Shares redeemed		(23,406,501	)		(534,613,431	)		(1,902,056	)		(45,255,149	)
		(23,377,508	)		(533,962,764	)		854,697			19,881,456
Class R Shares
Shares sold		22,758			456,667			24,324			566,994
Reinvestment of distributions		—			—			32,052			739,023
Shares redeemed		(15,316	)		(307,775	)		(32,657	)		(758,976	)
		7,442			148,892			23,719			547,041
Class P Shares
Shares sold		185,830			3,996,906			583,073			13,965,548
Reinvestment of distributions		—			—			781,031			18,493,945
Shares redeemed		(155,486	)		(3,271,660	)		(472,272	)		(11,358,227	)
		30,344			725,246			891,832			21,101,266
NET INCREASE (DECREASE)		(23,554,665	)	$	(537,444,605	)		2,099,866		$	49,419,130

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Global Equity Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time; and

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

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

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds;

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

(i) whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and the Underlying Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund, the Underlying Funds, and the Investment Adviser and its affiliates.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Fund and the Underlying Funds. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2022. They noted that in February 2019, the Fund had been repositioned from the Equity Growth Strategy Portfolio, which involved changes to the Fund’s investment strategies.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Fund and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.

The Trustees noted that, although the Fund itself does not have breakpoints in its management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Fund at the specified asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

35

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2023.

36

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

37

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Fund’s operations are difficult to predict.

38

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

Fund Expenses — Six Months Period Ended  June 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses.

The Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022 which represents a period of 181 days of a 365 day year.

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

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

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

	Dynamic Global Equity Fund
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*
Class A
Actual	$	1,000.00	$	795.60		$	2.54
Hypothetical 5% return		1,000.00		1,021.97	+		2.86
Class C
Actual		1,000.00		792.60			5.87
Hypothetical 5% return		1,000.00		1,018.25			6.61
Institutional
Actual		1,000.00		796.80			0.89
Hypothetical 5% return		1,000.00		1,023.80	+		1.00
Service
Actual		1,000.00		795.00			3.07
Hypothetical 5% return		1,000.00		1,021.37	+		3.46
Investor
Actual		1,000.00		796.30			1.43
Hypothetical 5% return		1,000.00		1,023.21	+		1.61
Class R6
Actual		1,000.00		796.90			0.80
Hypothetical 5% return		1,000.00		1,023.90	+		0.90
Class R
Actual		1,000.00		794.80			3.65
Hypothetical 5% return		1,000.00		1,020.73	+		4.11
Class P
Actual		1,000.00		797.00			0.85
Hypothetical 5% return		1,000.00		1,023.85			0.95

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Dynamic Global Equity		0.57	%		1.32	%		0.20	%		0.69	%		0.32	%		0.18	%		0.82	%		0.19	%

39

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

Diversification does not protect an investor from market risk and does not ensure a profit.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice.

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

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

© 2022 Goldman Sachs. All rights reserved. 287739-OTU-1652721 DYNGLEQSAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Real Estate Securities and Global Infrastructure Funds
	Global Infrastructure Fund
	Global Real Estate Securities
	Real Estate Securities

Goldman Sachs Real Estate Securities and Global Infrastructure Funds

∎ GLOBAL INFRASTRUCTURE FUND

∎ GLOBAL REAL ESTATE SECURITIES

∎ REAL ESTATE SECURITIES

TABLE OF CONTENTS
Market Review	1
Fund Basics	3
Schedules of Investments	9
Financial Statements	14
Financial Highlights	18
Global Infrastructure Fund	18
Global Real Estate Securities	25
Real Estate Securities	32
Notes to Financial Statements	40
Other Information	63

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Real Estate Securities and Global Infrastructure Funds

The following are highlights both of key factors affecting the real estate securities and infrastructure securities markets and of any key changes made to the Goldman Sachs Real Estate Securities Funds or Goldman Sachs Global Infrastructure Fund (the “Funds”) during the six months ended June 30, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

Global Infrastructure Securities

• Global infrastructure securities, as measured by the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged), returned -4.14% during the Reporting Period overall amid widespread volatility and falling global equity prices.

• Still, global infrastructure securities outperformed both the global equity and global fixed income markets.

• These results were attributable, in the view of the Goldman Sachs Global Infrastructure Team, to the attractive yield offered by the asset class, its improved growth prospects, its potential inflation hedging-benefits and its status as a beneficiary of government fiscal spending.

• There was a wide dispersion of returns across companies and infrastructure types during the Reporting Period.

• Among market sectors, energy infrastructure was the strongest performer and the only sector to record positive absolute returns, benefiting from high crude oil prices.

• The weakest performing sector was communications infrastructure, which was hurt by the broad weakness of information technology stocks.

• In the first quarter of 2022, when the Reporting Period started, global infrastructure securities retreated along with the broad global equity market, as investors dramatically revised their expectations about Fed policy action.

• Amid elevated and persistent inflation pressures, the Fed was widely expected to take a more aggressive interest rate hike path. Indeed, in March 2022, Fed officials raised short-term interest rates for the first time since the end of 2018.

• The markets also seemed to believe that the Fed, which was planning to reduce the size of its balance sheet, would take a more aggressive approach than previously anticipated.

• In the second calendar quarter, global infrastructure securities remained under pressure. Global equities faced multiple headwinds, including an ongoing geopolitical crisis caused by Russia’s invasion of Ukraine in late February and the imposition of trade restrictions on Russia; continued Fed rate hikes; the Fed’s balance sheet run-off, which started on June 1, 2022; the spread of new COVID-19 variants; and the slowdown of credit growth in China.

• Investors awaited second calendar quarter earnings season with some caution as input price pressures and consumption trends suggested the potential of downward revisions to earnings estimates.

Sector and subsector allocations are defined by Goldman Sachs Asset Management and may differ from sector allocations used by the Dow Jones Brookfield Global Infrastructure Index.

Real Estate Securities

• Representing the global real estate securities market, the FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) (the “FTSE Index”) returned -20.65% for the Reporting Period. The Wilshire U.S. Real Estate Securities Index (with dividends reinvested) (the “Wilshire Index”), representing the U.S. real estate securities market, returned -21.65% for the Reporting Period.

• For the Reporting Period as a whole, the global real estate securities market underperformed bonds, as measured by the -13.91% return of the Bloomberg Global Aggregate Bond Index and performed in line with the broader global equity market, as measured by the -20.18% return of the MSCI All Country World Index (net).

• The weak performance of global real estate investment trusts (“REITs”) may be attributed to concerns, which we believe were overstated, around rising interest rates.

• Still, there was wide dispersion of returns across companies and property types during the Reporting Period.

1

MARKET REVIEW

• Within the global real estate securities market:

• The hotel REIT subsector was the top performer, driven by a robust resurgence in demand for vacations and leisure travel following two years of COVID-19-induced lockdowns and stay-at-home orders.

• The industrial REIT subsector was weakest, negatively affected during the Reporting Period by persistent supply-chain disruptions. The subsector also came under pressure after Amazon.com announced a plan to slow warehouse expansion due to excess capacity concerns.

• Within the U.S. real estate securities market:

• The health care REIT subsector was the top performer, benefiting from the more value-oriented segments of the subsector, which proved to be resilient.

• The retail REIT subsector was weakest, driven by concerns around inflation and rising costs.

• During the first quarter of 2022, the global and U.S. real estate securities markets outperformed the broader global and U.S. equity markets, respectively, though these months were marked by widespread volatility and low equity returns.

• Among the major economic and geopolitical developments of the first quarter was the dramatic repricing of the U.S. Federal Reserve (“Fed”) interest rate hike path. Expectations for a more aggressive balance sheet runoff phase were accelerated due to concerns about elevated and persistent inflation pressures.

• Across both the global and U.S. real estate securities markets, health care REITs performed best, given their defensive and value tilt. Technology REITs lagged most, giving way to the rotation away from more growth-oriented names during the quarter.

• During the second quarter of 2022, the global and U.S. real estate securities markets underperformed their respective broad equity markets, as a risk-off, or heightened risk aversion, atmosphere seemed to pervade.

• Inflation, the U.S. Fed’s policy response and recession worries remained at the core of narratives during the quarter, resulting in a broad sell-off.

• In both the global and U.S. real estate securities markets, the technology REIT subsector performed best, although still reporting negative returns. Office REITs were weakest, driven by rising interest rate concerns.

• At the end of the Reporting Period, we remained constructive on REITs based on the asset class delivering an attractive yield, improved growth prospects, hedging benefits against rising inflation and corporate taxes (since REITs are exempt from corporate taxes) and being the beneficiary of government fiscal spending.

Sector and subsector allocations throughout this shareholder report are defined by Goldman Sachs Asset Management and may differ from sector and subsector allocations used by the FTSE Index and/or Wilshire Index.

Fund Changes and Highlights

Goldman Sachs International Real Estate Securities Fund

• Effective April 8, 2022, the Fund was reorganized with and into the Goldman Sachs Global Real Estate Securities Fund.

• The reorganization was recommended by the Funds’ investment adviser, Goldman Sachs Asset Management, L.P., because it believes the reorganization: (i) would consolidate Funds that have the same investment objectives and similar investment strategies (albeit with some notable differences); (ii) may provide enhanced opportunities to realize greater efficienices in the form of lower total operating expenses over time; and (iii) would enable the combined Fund to be better positioned for asset growth.

• The Board of Trustees of the Goldman Sachs Trust, after careful consideration, unanimously approved the reorganization plan. The Board concluded that: (i) the reorganization is in the best interests of each Fund; and (ii) the interests of the shareholders of each Fund would not be diluted as a result of the reorganization.

• For more details on the reorganization, please see the Goldman Sachs Trust prospectus supplement dated December 17, 2021 to the Prospectus and Summary Prospectuses, each dated April 30, 2021.

2

FUND BASICS

Global Infrastructure Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)2
Class A		-5.40	%		-4.14	%
Class C		-5.70			-4.14
Institutional		-5.16			-4.14
Investor		-5.28			-4.14
Class R6		-5.17			-4.14
Class R		-5.52			-4.14
Class P		-5.25			-4.14

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) intends to measure the stock performance of pure-play infrastructure companies domiciled globally. The index covers all sectors of the infrastructure market. Components are required to have more than 70% of cash flows derived from infrastructure lines of business. It is not possible to invest directly in an index.

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

TOP 10 HOLDINGS AS OF 6/30/22³

Holding	% of Net Assets			Line of Business	Country
American Tower Corp.		11.2	%	Equity Real Estate Investment Trusts	United States
Enbridge, Inc.		6.3		Oil, Gas & Consumable Fuels	Canada
National Grid PLC		5.3		Multi-Utilities	United Kingdom
Vinci SA		5.1		Construction & Engineering	France
Crown Castle International Corp.		4.5		Equity Real Estate Investment Trusts	United States
Cheniere Energy, Inc.		4.1		Oil, Gas & Consumable Fuels	United States
Transurban Group		3.6		Transportation Infrastructure	Australia
SBA Communications Corp.		3.5		Equity Real Estate Investment Trusts	United States
Sempra Energy		3.5		Multi-Utilities	United States
Cellnex Telecom SA		3.4		Diversified Telecommunication Services	Spain

³ The top 10 holdings may not be representative of the Fund’s future investments.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

4

FUND BASICS

Global Real Estate Securities Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			FTSE EPRA Nareit Developed Index (Net, USD, Unhedged)2
Class A		-21.71	%		-20.65	%
Class C		-22.01			-20.65
Institutional		-21.59			-20.65
Investor		-21.60			-20.65
Class R6		-21.62			-20.65
Class R		-21.77			-20.65
Class P		-21.56			-20.65

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The FTSE EPRA Nareit Developed Index (Net, USD, Unhedged) is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The figures do not reflect any fees or expenses. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 6/30/223
Holding	% of Net Assets			Line of Business	Country
Public Storage REIT		4.6	%	Real Estate	United States
Prologis, Inc. REIT		4.3		Real Estate	United States
Equinix, Inc. REIT		3.2		Real Estate	United States
Digital Realty Trust, Inc. REIT		3.2		Real Estate	United States
Welltower, Inc. REIT		2.8		Real Estate	United States
Vonovia SE		2.8		Real Estate	Germany
AvalonBay Communities, Inc. REIT		2.8		Real Estate	United States
Invitation Homes, Inc. REIT		2.6		Real Estate	United States
Equity Residential REIT		2.5		Real Estate	United States
Alexandria Real Estate Equities, Inc. REIT		2.5		Real Estate	United States

³  The top 10 holdings may not be representative of the Fund’s future investments.

5

FUND BASICS

FUND VS. BENCHMARK COUNTRY ALLOCATION⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the graph above. The percentage shown for each country reflects the value of investments in that country as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Sector, subsector, region and country allocations throughout this shareholder report are defined by GSAM and may differ from sector, subsector, region and country allocations used by the FTSE Index. The above graph excludes investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares, which represents 2.1% of the Fund’s net assets at June 30, 2022.

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

6

FUND BASICS

Real Estate Securities Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			Wilshire U.S. Real Estate Securities Index2
Class A		-21.80	%		-21.65	%
Class C		-22.06			-21.65
Institutional		-21.68			-21.65
Service		21.83			-21.65
Investor		-21.70			-21.65
Class R6		-21.67			-21.65
Class R		-21.87			-21.65
Class P		-21.69			-21.65

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Wilshire U.S. Real Estate Securities Index is an unmanaged market capitalization-weighted index comprised of publicly traded REITs and real estate operating companies. The figures do not reflect any fees or expenses. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 6/30/223
Holding	% of Net Assets			Line of Business	Country
Prologis, Inc. REIT		8.9	%	Industrial	United States
Public Storage REIT		7.8		Specialized	United States
Equinix, Inc. REIT		7.8		Specialized	United States
Welltower, Inc. REIT		4.9		Health Care	United States
Digital Realty Trust, Inc. REIT		4.8		Specialized	United States
AvalonBay Communities, Inc. REIT		4.4		Residential	United States
Duke Realty Corp. REIT		3.8		Industrial	United States
Alexandria Real Estate Equities, Inc. REIT		3.7		Office	United States
Invitation Homes, Inc. REIT		3.7		Residential	United States
Equity Residential REIT		3.5		Residential	United States

³  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The above graph excludes the investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets at June 30, 2022.

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

8

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 102.8%
Australia – 4.9%
	457,696	APA Group (Gas Utilities)	$	3,564,432
	956,421	Transurban Group (Transportation Infrastructure)		9,515,729
				13,080,161
Canada – 15.5%
	392,189	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		16,562,612
	61,144	Fortis, Inc. (Electric Utilities)		2,890,470
	123,838	Keyera Corp. (Oil, Gas & Consumable Fuels)		2,828,494
	87,023	Northland Power, Inc. (Independent Power and Renewable Electricity Producers)		2,590,678
	217,161	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		7,676,216
	161,262	TC Energy Corp. (Oil, Gas & Consumable Fuels)		8,353,752
				40,902,222
China – 2.9%
	279,200	ENN Energy Holdings Ltd. (Gas Utilities)		4,614,819
	1,126,000	Guangdong Investment Ltd. (Water Utilities)		1,190,218
	2,190,000	Kunlun Energy Co. Ltd. (Gas Utilities)		1,795,907
				7,600,944
France – 7.9%
	166,500	Engie SA (Multi-Utilities)		1,927,898
	156,269	Getlink SE (Transportation Infrastructure)		2,771,485
	106,906	Veolia Environnement SA (Multi-Utilities)*		2,620,622
	151,337	Vinci SA (Construction & Engineering)		13,584,243
				20,904,248
Germany – 0.5%
	40,620	Vonovia SE (Real Estate Management & Development)		1,256,803
Hong Kong – 0.7%
	1,764,619	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		1,904,405
Italy – 1.2%
	358,618	Enav SpA (Transportation Infrastructure)*(a)		1,504,226
	323,420	Enel SpA (Electric Utilities)		1,773,708
				3,277,934
Spain – 6.1%
	28,852	Aena SME SA (Transportation Infrastructure)*(a)		3,681,546
	230,931	Cellnex Telecom SA (Diversified Telecommunication Services)*(a)		8,987,423
	322,997	Iberdrola SA (Electric Utilities)		3,362,857
				16,031,826
Common Stocks – (continued)
Thailand – 0.5%
	698,500	Airports of Thailand PCL (Transportation Infrastructure)*		1,404,097
United Kingdom – 6.1%
	7,139	Linde PLC (Chemicals)		2,052,677
	1,095,952	National Grid PLC (Multi-Utilities)		14,084,012
				16,136,689
United States – 56.5%
	115,599	AES Corp. (The) (Independent Power and Renewable Electricity Producers)		2,428,735
	42,879	Ameren Corp. (Multi-Utilities)		3,874,546
	115,810	American Tower Corp. (Equity Real Estate Investment Trusts (REITs))		29,599,878
	33,096	American Water Works Co., Inc. (Water Utilities)		4,923,692
	73,229	Archaea Energy, Inc. (Oil, Gas & Consumable Fuels)*		1,137,246
	46,026	Atmos Energy Corp. (Gas Utilities)		5,159,515
	200,095	CenterPoint Energy, Inc. (Multi-Utilities)		5,918,810
	82,038	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)		10,913,515
	67,090	CMS Energy Corp. (Multi-Utilities)		4,528,575
	35,055	Consolidated Edison, Inc. (Multi-Utilities)		3,333,730
	70,184	Crown Castle International Corp. (Equity Real Estate Investment Trusts (REITs))		11,817,582
	66,676	Edison International (Electric Utilities)		4,216,590
	4,049	Equinix, Inc. (Equity Real Estate Investment Trusts (REITs))		2,660,274
	62,094	Eversource Energy (Electric Utilities)		5,245,080
	222,520	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		3,729,435
	3,969	Martin Marietta Materials, Inc. (Construction Materials)		1,187,684
	18,342	NextEra Energy Partners LP (Independent Power and Renewable Electricity Producers)		1,360,243
	55,736	NextEra Energy, Inc. (Electric Utilities)		4,317,311
	80,478	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		4,466,529
	28,752	SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs))		9,202,078
	60,850	Sempra Energy (Multi-Utilities)		9,143,930
	114,305	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		6,820,579
	39,608	WEC Energy Group, Inc. (Multi-Utilities)		3,986,149
	224,339	Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels)		7,001,620
	38,528	Xcel Energy, Inc. (Electric Utilities)		2,726,241
				149,699,567
	TOTAL COMMON STOCKS
	(Cost $231,686,272)		$	272,198,896

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Investment Company – 1.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,747,452	1.367%	$	2,747,452
	(Cost $2,747,452)
	TOTAL INVESTMENTS – 103.8%
	(Cost $234,433,724)		$	274,946,348
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.8)%			(10,188,025	)
	NET ASSETS – 100.0%		$	264,758,323

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:
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

Sector	% of Total Market Value
Utilities		37.6	%
Energy		25.3
Real Estate		19.8
Industrials		11.8
Communication Services		3.3
Materials		1.2
Investment Company		1.0
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 102.2%
Australia – 3.7%
	98,664	Goodman Group REIT (Real Estate)	$	1,218,277
	608,663	Ingenia Communities Group REIT (Real Estate)		1,676,477
	197,420	NEXTDC Ltd. (Software & Services)*		1,453,000
	861,837	Scentre Group REIT (Real Estate)		1,547,471
	207,221	Stockland REIT (Real Estate)		517,386
				6,412,611
Canada – 2.5%
	45,736	Canadian Apartment Properties REIT (Real Estate)		1,592,517
	173,005	Chartwell Retirement Residences (Health Care Equipment & Services)		1,498,606
	21,325	Granite Real Estate Investment Trust REIT (Real Estate)		1,307,962
				4,399,085
China – 1.0%
	1,407,928	CIFI Holdings Group Co. Ltd. (Real Estate)		709,707
	393,000	ESR Group Ltd. (Real Estate)*(a)		1,065,680
				1,775,387
France – 1.4%
	17,403	Gecina SA REIT (Real Estate)		1,633,272
	41,417	Klepierre SA REIT (Real Estate)*		801,502
				2,434,774
Germany – 3.2%
	57,618	Instone Real Estate Group SE (Real Estate)(a)		683,272
	155,590	Vonovia SE (Real Estate)		4,814,031
				5,497,303
Hong Kong – 5.3%
	416,500	CK Asset Holdings Ltd. (Real Estate)		2,959,365
	656,000	Fortune Real Estate Investment Trust REIT (Real Estate)		544,148
	424,200	Hongkong Land Holdings Ltd. (Real Estate)		2,130,389
	67,100	Link REIT (Real Estate)		548,299
	1,130,000	Sino Land Co. Ltd. (Real Estate)		1,668,644
	523,200	Swire Properties Ltd. (Real Estate)		1,302,577
				9,153,422
Ireland – 0.5%
	231,960	Dalata Hotel Group PLC (Consumer Services)*		844,712
Japan – 10.3%
	1,002	Comforia Residential REIT, Inc. REIT (Real Estate)		2,478,835
	1,679	GLP J REIT (Real Estate)		2,057,545
	155	Hoshino Resorts REIT, Inc. REIT (Real Estate)		750,134
	1,049	Hulic REIT, Inc. REIT (Real Estate)		1,237,329
Common Stocks – (continued)
Japan – (continued)
	2,308	Japan Metropolitan Fund Invest REIT (Real Estate)		1,798,337
	155,600	Mitsubishi Estate Co. Ltd. (Real Estate)		2,255,165
	450	Mitsubishi Estate Logistics REIT Investment Corp. REIT (Real Estate)		1,528,545
	150,500	Mitsui Fudosan Co. Ltd. (Real Estate)		3,233,470
	17,300	Open House Group Co. Ltd. (Consumer Durables & Apparel)		688,639
	1,735	United Urban Investment Corp. REIT (Real Estate)		1,823,901
				17,851,900
Netherlands – 0.5%
	83,279	CTP NV (Real Estate)(a)		958,668
Singapore – 3.0%
	1,562,200	Ascendas India Trust (Real Estate)		1,316,502
	963,900	Ascendas Real Estate Investment Trust REIT (Real Estate)		1,978,258
	562,900	Far East Hospitality Trust (Real Estate)		260,118
	2,886,009	Lendlease Global Commercial REIT (Real Estate)		1,652,985
				5,207,863
Spain – 1.6%
	42,434	Cellnex Telecom SA (Telecommunication Services)*(a)		1,651,456
	122,120	Merlin Properties Socimi SA REIT (Real Estate)		1,182,653
				2,834,109
Sweden – 0.9%
	116,233	Castellum AB (Real Estate)(b)		1,498,388
United Kingdom – 5.2%
	128,852	Big Yellow Group PLC REIT (Real Estate)		2,067,369
	977,691	Capital & Counties Properties PLC REIT (Real Estate)		1,669,261
	408,161	LondonMetric Property PLC REIT (Real Estate)		1,134,369
	241,895	Segro PLC REIT (Real Estate)		2,887,688
	105,104	UNITE Group PLC (The) REIT (Real Estate)		1,366,203
				9,124,890
United States – 63.1%
	29,820	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		4,324,795
	7,701	American Tower Corp. REIT (Real Estate)		1,968,299
	85,272	Americold Realty Trust, Inc. REIT (Real Estate)		2,561,571
	24,709	AvalonBay Communities, Inc. REIT (Real Estate)		4,799,723

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	17,181	Camden Property Trust REIT (Real Estate)	$	2,310,501
	62,732	Cousins Properties, Inc. REIT (Real Estate)		1,833,656
	92,716	CubeSmart REIT (Real Estate)		3,960,827
	42,208	Digital Realty Trust, Inc. REIT (Real Estate)		5,479,865
	152,273	DigitalBridge Group, Inc. (Real Estate)*		743,092
	78,630	Duke Realty Corp. REIT (Real Estate)		4,320,718
	20,343	EastGroup Properties, Inc. REIT (Real Estate)		3,139,535
	8,544	Equinix, Inc. REIT (Real Estate)		5,613,579
	47,472	Equity LifeStyle Properties, Inc. REIT (Real Estate)		3,345,352
	60,550	Equity Residential REIT (Real Estate)		4,372,921
	13,490	Essex Property Trust, Inc. REIT (Real Estate)		3,527,770
	28,824	Federal Realty Investment Trust REIT (Real Estate)		2,759,610
	67,052	Healthcare Realty Trust, Inc. REIT (Real Estate)		1,823,814
	36,032	Healthpeak Properties, Inc. REIT (Real Estate)		933,589
	44,741	Hudson Pacific Properties, Inc. REIT (Real Estate)		663,956
	126,949	Invitation Homes, Inc. REIT (Real Estate)		4,516,845
	36,136	Kilroy Realty Corp. REIT (Real Estate)		1,890,997
	93,396	Park Hotels & Resorts, Inc. REIT (Real Estate)		1,267,384
	62,843	Prologis, Inc. REIT (Real Estate)		7,393,479
	25,744	Public Storage REIT (Real Estate)		8,049,376
	34,149	Realty Income Corp. REIT (Real Estate)		2,331,011
	56,374	Regency Centers Corp. REIT (Real Estate)		3,343,542
	93,468	RLJ Lodging Trust REIT (Real Estate)		1,030,952
	27,489	Ryman Hospitality Properties, Inc. REIT (Real Estate)*		2,089,989
	2,919	SBA Communications Corp. REIT (Real Estate)		934,226
	28,635	Simon Property Group, Inc. REIT (Real Estate)		2,718,034
	35,524	Terreno Realty Corp. REIT (Real Estate)		1,979,752
	80,969	Ventas, Inc. REIT (Real Estate)		4,164,236
	119,728	VICI Properties, Inc. REIT (Real Estate)		3,566,697
	58,683	Welltower, Inc. REIT (Real Estate)		4,832,545
	66,226	WeWork, Inc., Class A (Real Estate)*(b)		332,455
	10,846	W.P. Carey, Inc. REIT (Real Estate)		898,700
				109,823,393
	TOTAL COMMON STOCKS
	(Cost $173,074,768)		$	177,816,505

Shares		Dividend Rate	Value
Investment Company – 1.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,040,241	1.367%	$	2,040,241
	(Cost $2,040,241)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $175,115,009)		$	179,856,746
Securities Lending Reinvestment Vehicle – 0.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,502,828	1.367%	$	1,502,828
	(Cost $1,502,828)
	TOTAL INVESTMENTS – 104.3%
	(Cost $176,617,837)		$	181,359,574
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.3)%			(7,467,777	)
	NET ASSETS – 100.0%		$	173,891,797

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

Sector	% of Total Market Value
Real Estate		94.7	%
Investment Company		1.1
Communication Services		0.9
Consumer Discretionary		0.9
Health Care		0.8
Information Technology		0.8
Securities Lending Reinvestment Vehicle		0.8
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Development – 0.3%
	77,526	WeWork, Inc., Class A*(a)	$	389,181
Diversified – 0.6%
	157,234	DigitalBridge Group, Inc.*		767,302
Health Care – 10.0%
	62,818	Healthcare Realty Trust, Inc. REIT		1,708,650
	54,157	Healthpeak Properties, Inc. REIT		1,403,208
	74,403	Ventas, Inc. REIT		3,826,546
	80,624	Welltower, Inc. REIT		6,639,386
				13,577,790
Hotel – 3.8%
	117,558	Park Hotels & Resorts, Inc. REIT		1,595,262
	122,418	RLJ Lodging Trust REIT		1,350,271
	29,398	Ryman Hospitality Properties, Inc. REIT*		2,235,130
				5,180,663
Industrial – 18.3%
	57,321	Americold Realty Trust, Inc. REIT		1,721,923
	94,436	Duke Realty Corp. REIT		5,189,258
	20,745	EastGroup Properties, Inc. REIT		3,201,576
	103,070	Prologis, Inc. REIT		12,126,185
	46,875	Terreno Realty Corp. REIT		2,612,344
				24,851,286
Office – 8.3%
	34,915	Alexandria Real Estate Equities, Inc. REIT		5,063,722
	92,500	Cousins Properties, Inc. REIT		2,703,775
	33,790	Hudson Pacific Properties, Inc. REIT		501,444
	55,883	Kilroy Realty Corp. REIT		2,924,357
				11,193,298
Residential – 20.9%
	30,524	AvalonBay Communities, Inc. REIT		5,929,287
	21,464	Camden Property Trust REIT		2,886,479
	62,563	Equity LifeStyle Properties, Inc. REIT		4,408,815
	65,396	Equity Residential REIT		4,722,899
	16,514	Essex Property Trust, Inc. REIT		4,318,576
	140,318	Invitation Homes, Inc. REIT		4,992,514
	6,424	Sun Communities, Inc. REIT		1,023,729
				28,282,299
Retail – 7.3%
	29,693	Federal Realty Investment Trust REIT		2,842,808
	53,954	Regency Centers Corp. REIT		3,200,012
	41,216	Simon Property Group, Inc. REIT		3,912,222
				9,955,042
Common Stocks – (continued)
Specialized – 29.2%
	6,593	American Tower Corp. REIT		1,685,105
	95,894	CubeSmart REIT		4,096,592
	50,285	Digital Realty Trust, Inc. REIT		6,528,502
	16,076	Equinix, Inc. REIT		10,562,253
	11,645	Extra Space Storage, Inc. REIT		1,981,047
	33,970	Public Storage REIT		10,621,400
	4,524	SBA Communications Corp. REIT		1,447,906
	91,752	VICI Properties, Inc. REIT		2,733,292
				39,656,097
	TOTAL COMMON STOCKS
	(Cost $100,336,462)		$	133,852,958
Shares		Dividend Rate	Value
Investment Company – 0.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,233,984	1.367%	$	1,233,984
	(Cost $1,233,984)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $101,570,446)		$	135,086,942
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	386,657	1.367%	$	386,657
	(Cost $386,657)
	TOTAL INVESTMENTS – 99.9%
	(Cost $101,957,103)		$	135,473,599
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			209,135
	NET ASSETS – 100.0%		$	135,682,734

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

	Global Infrastructure Fund		Global Real Estate Securities Fund			Real Estate Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $231,686,272, $173,074,768 and $100,336,462, respectively)(a)	$	272,198,896	$	177,816,505		$	133,852,958
Investments in affiliated issuers, at value (cost $2,747,452, $2,040,241 and $1,233,984, respectively)		2,747,452		2,040,241			1,233,984
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		1,502,828			386,657
Cash		—		352,585			705,652
Foreign currency, at value (cost $66,334, $106,614 and $—, respectively)		65,710		106,936			—
Receivables:
Investments sold		3,709,940		4,421,547			—
Dividends		1,233,910		621,401			487,460
Fund shares sold		694,004		1,277,000			3,268
Foreign tax reclaims		115,178		160,142			—
Reimbursement from investment adviser		12,916		26,411			30,114
Securities lending income		—		1,684			—
Other assets		49,841		36,190			58,495
Total assets		280,827,847		188,363,470			136,758,588
Liabilities:
Payables:
Fund shares redeemed		14,014,000		9,500,412			361,143
Due to custodian		1,283,049		—			—
Investments purchased		417,108		3,122,524			1,444
Management fees		210,593		160,329			98,170
Distribution and Service fees and Transfer Agency fees		8,217		6,146			15,065
Payable upon return of securities loaned		—		1,502,828			386,657
Accrued expenses		136,557		179,434			213,375
Total liabilities		16,069,524		14,471,673			1,075,854
Net Assets:
Paid-in capital		231,267,868		177,284,824			96,690,496
Total distributable earnings (loss)		33,490,455		(3,393,027	)		38,992,238
NET ASSETS	$	264,758,323	$	173,891,797		$	135,682,734
Net Assets:
Class A	$	1,852,281	$	1,321,475		$	17,054,914
Class C		507,357		58,575			1,199,446
Institutional		17,121,907		4,819,294			28,166,800
Service		—		—			335,609
Investor		1,150,883		68,787			1,967,603
Class R6		136,238,904		90,356,308			2,787,966
Class R		34,971		30,201			878,342
Class P		107,852,020		77,237,157			83,292,054
Total Net Assets	$	264,758,323	$	173,891,797		$	135,682,734
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		146,737		134,279			1,470,568
Class C		40,529		6,001			111,625
Institutional		1,353,724		489,674			2,308,495
Service		—		—			28,591
Investor		91,140		7,006			167,069
Class R6		10,795,959		9,196,160			228,561
Class R		2,771		3,082			77,076
Class P		8,552,121		7,867,293			6,830,522
Net asset value, offering and redemption price per share:(b)
Class A		$12.62		$9.84			$11.60
Class C		12.52		9.76			10.75
Institutional		12.65		9.84			12.20
Service		—		—			11.74
Investor		12.63		9.82			11.78
Class R6		12.62		9.83			12.20
Class R		12.62		9.80			11.40
Class P		12.61		9.82			12.19

(a) Includes loaned securities having a market value of $–, $1,368,723 and $369,718 for Global Infrastructure Fund, Global Real Estate Securities Fund and Real Estate Securities Fund, respectively.

(b) Maximum public offering price per share for Class A Shares is $ 13.35, $ 10.41 and $ 12.28 for Global Infrastructure Fund, Global Real Estate Securities Fund and Real Estate Securities Fund, respectively. 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.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	Global Infrastructure Fund			Global Real Estate Securities Fund			Real Estate Securities Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $296,358, $95,848 and $—)	$	4,563,692		$	2,233,457		$	1,515,077
Dividends — affiliated issuers		7,462			2,762			2,411
Securities lending income — affiliated issuer		—			3,689			1,161
Total investment income		4,571,154			2,239,908			1,518,649
Expenses:
Management fees		1,310,076			786,535			669,952
Registration fees		50,135			55,286			54,020
Professional fees		49,296			45,456			38,757
Transfer Agency fees(a)		45,964			25,898			40,883
Custody, accounting and administrative services		32,068			57,700			50,050
Printing and mailing costs		23,780			9,317			23,818
Trustee fees		10,039			10,478			12,194
Distribution and/or Service (12b-1) fees(a)		3,940			1,000			33,155
Service fees — Class C		725			74			1,635
Shareholder Administration fees — Service Shares		—			—			582
Other		11,590			387			9,961
Total expenses		1,537,613			992,131			935,007
Less — expense reductions		(101,855	)		(176,477	)		(187,657	)
Net expenses		1,435,758			815,654			747,350
NET INVESTMENT INCOME		3,135,396			1,424,254			771,299
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,569,996	)		(3,239,081	)		3,381,766
Foreign currency transactions		10,165			(65,214	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(16,326,270	)		(42,063,375	)		(41,931,378	)
Foreign currency translations		(38,327	)		(11,820	)		—
Net realized and unrealized loss		(17,924,428	)		(45,379,490	)		(38,549,612	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,789,032	)	$	(43,955,236	)	$	(37,778,313	)

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Class R		Service		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Global Infrastructure Fund	$	1,673	$	2,176	$	91	$	—	$	1,071	$	464	$	2,481	$	—	$	498	$	23,788	$	29	$	17,633
Global Real Estate Securities Fund		691		223		86		—		442		48		430		—		41		17,018		27		7,892
Real Estate Securities Fund		25,197		4,904		2,472		582		16,126		1,046		6,406		93		1,922		95		791		14,404

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets

	Global Infrastructure Fund						Global Real Estate Securities Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	3,135,396		$	3,578,201		$	1,424,254		$	2,009,083
Net realized gain (loss)		(1,559,831	)		1,997,320			(3,304,295	)		14,444,434
Net change in unrealized gain (loss)		(16,364,597	)		30,179,157			(42,075,195	)		22,363,363
Net increase (decrease) in net assets resulting from operations		(14,789,032	)		35,754,678			(43,955,236	)		38,816,880
Distributions to shareholders:
From distributable earnings:
Class A Shares		(14,619	)		(10,884	)		(6,892	)		(1,263	)
Class C Shares		(2,420	)		(8,412	)		(171	)		(822	)
Institutional Shares		(163,673	)		(166,495	)		(28,995	)		(44,599	)
Investor Shares		(9,297	)		(4,434	)		(454	)		(841	)
Class R6 Shares		(1,516,520	)		(3,246,938	)		(854,322	)		(2,860,276	)
Class R Shares		(244	)		(513	)		(156	)		(654	)
Class P Shares		(1,101,821	)		(1,902,191	)		(546,393	)		(1,131,317	)
Total distributions to shareholders		(2,808,594	)		(5,339,867	)		(1,437,383	)		(4,039,772	)
From share transactions:
Proceeds from sales of shares		36,549,634			121,405,866			25,353,986			23,775,737
Proceeds received in connection with merger		—			—			38,550,687			—
Reinvestment of distributions		2,800,747			5,339,868			1,437,317			4,039,772
Cost of shares redeemed		(52,087,433	)		(42,666,786	)		(23,710,625	)		(64,718,634	)
Net increase (decrease) in net assets resulting from share transactions		(12,737,052	)		84,078,948			41,631,365			(36,903,125	)
TOTAL INCREASE (DECREASE)		(30,334,678	)		114,493,759			(3,761,254	)		(2,126,017	)
Net Assets:
Beginning of period		295,093,001			180,599,242			177,653,051			179,779,068
End of period	$	264,758,323		$	295,093,001		$	173,891,797		$	177,653,051

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Statements of Changes in Net Assets (continued)

	Real Estate Securities Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	771,299		$	1,292,813
Net realized gain		3,381,766			8,745,645
Net change in unrealized gain (loss)		(41,931,378	)		45,771,650
Net increase (decrease) in net assets resulting from operations		(37,778,313	)		55,810,108
Distributions to shareholders:
From distributable earnings:
Class A Shares		(80,157	)		(1,423,797	)
Class C Shares		(2,385	)		(91,892	)
Institutional Shares		(178,278	)		(2,271,763	)
Service Shares		(1,158	)		(51,452	)
Investor Shares		(12,071	)		(165,549	)
Class R6 Shares		(13,818	)		(27,708	)
Class R Shares		(2,981	)		(67,420	)
Class P Shares		(534,425	)		(6,567,981	)
Total distributions to shareholders		(825,273	)		(10,667,562	)
From share transactions:
Proceeds from sales of shares		9,478,155			31,014,980
Reinvestment of distributions		820,876			10,572,044
Cost of shares redeemed		(12,657,241	)		(29,473,867	)
Net increase (decrease) in net assets resulting from share transactions		(2,358,210	)		12,113,157
TOTAL INCREASE (DECREASE)		(40,961,796	)		57,255,703
Net Assets:
Beginning of period		176,644,530			119,388,827
End of period	$	135,682,734		$	176,644,530

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.45		$	11.78		$	12.47		$	9.68		$	10.85		$	9.89
Net investment income(a)		0.12			0.15			0.14			0.18			0.19			0.22	(b)
Net realized and unrealized gain (loss)		(0.84	)		1.74			(0.64	)		2.83			(1.19	)		0.99
Total from investment operations		(0.72	)		1.89			(0.50	)		3.01			(1.00	)		1.21
Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.16	)		(0.19	)		(0.17	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.05	)
Distributions to shareholders from return of capital		—			—			(0.03	)		(0.03	)		—			—	(c)
Total distributions		(0.11	)		(0.22	)		(0.19	)		(0.22	)		(0.17	)		(0.25	)
Net asset value, end of period	$	12.62		$	13.45		$	11.78		$	12.47		$	9.68		$	10.85
Total Return(d)		(5.40	)%		16.15	%		(3.97	)%		31.22	%		(9.31	)%		12.29	%
Net assets, end of period (in 000’s)	$	1,852		$	1,302		$	357		$	782		$	1,376		$	40
Ratio of net expenses to average net assets		1.35	%(e)		1.35	%		1.34	%		1.36	%		1.38	%		1.38	%
Ratio of total expenses to average net assets		1.43	%(e)		1.45	%		1.56	%		1.51	%		1.51	%		6.20	%
Ratio of net investment income to average net assets		1.89	%(e)		1.14	%		1.17	%		1.53	%		1.83	%		2.04	%(b)
Portfolio turnover rate(f)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

(c) Amount is less than $0.005 per share.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.34		$	11.70		$	12.41		$	9.65		$	10.84		$	9.88
Net investment income(a)		0.06			0.05			0.02			0.11			0.10			0.13	(b)
Net realized and unrealized gain (loss)		(0.82	)		1.73			(0.62	)		2.80			(1.17	)		1.00
Total from investment operations		(0.76	)		1.78			(0.60	)		2.91			(1.07	)		1.13
Distributions to shareholders from net investment income		(0.06	)		(0.10	)		(0.09	)		(0.13	)		(0.12	)		(0.14	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.03	)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.02	)		—			—	(c)
Total distributions		(0.06	)		(0.14	)		(0.11	)		(0.15	)		(0.12	)		(0.17	)
Net asset value, end of period	$	12.52		$	13.34		$	11.70		$	12.41		$	9.65		$	10.84
Total Return(d)		(5.70	)%		15.28	%		(4.78	)%		30.31	%		(9.96	)%		11.46	%
Net assets, end of period (in 000’s)	$	507		$	622		$	868		$	2,607		$	1,383		$	57
Ratio of net expenses to average net assets		2.10	%(e)		2.10	%		2.09	%		2.11	%		2.13	%		2.14	%
Ratio of total expenses to average net assets		2.18	%(e)		2.20	%		2.30	%		2.26	%		2.26	%		7.06	%
Ratio of net investment income to average net assets		0.98	%(e)		0.39	%		0.21	%		1.01	%		1.00	%		1.24	%(b)
Portfolio turnover rate(f)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

(c) Amount is less than $0.005 per share.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.47		$	11.80		$	12.50		$	9.71		$	10.85		$	9.89
Net investment income(a)		0.16			0.19			0.21			0.19			0.06			0.29	(b)
Net realized and unrealized gain (loss)		(0.85	)		1.74			(0.68	)		2.87			(1.02	)		0.96
Total from investment operations		(0.69	)		1.93			(0.47	)		3.06			(0.96	)		1.25
Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.17	)		(0.24	)		(0.18	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.08	)
Distributions to shareholders from return of capital		—			—			(0.06	)		(0.03	)		—			(0.01	)
Total distributions		(0.13	)		(0.26	)		(0.23	)		(0.27	)		(0.18	)		(0.29	)
Net asset value, end of period	$	12.65		$	13.47		$	11.80		$	12.50		$	9.71		$	10.85
Total Return(c)		(5.16	)%		16.50	%		(3.63	)%		31.66	%		(8.89	)%		12.72	%
Net assets, end of period (in 000’s)	$	17,122		$	8,983		$	6,772		$	1,264		$	1,737		$	222,546
Ratio of net expenses to average net assets		0.99	%(d)		0.99	%		0.99	%		1.00	%		0.99	%		0.99	%
Ratio of total expenses to average net assets		1.06	%(d)		1.08	%		1.19	%		1.13	%		1.06	%		1.29	%
Ratio of net investment income to average net assets		2.44	%(d)		1.50	%		1.82	%		1.70	%		0.54	%		2.65	%(b)
Portfolio turnover rate(e)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.46		$	11.78		$	12.47		$	9.68		$	10.85		$	9.89
Net investment income(a)		0.21			0.18			0.10			0.22			0.20			0.24	(b)
Net realized and unrealized gain (loss)		(0.92	)		1.75			(0.58	)		2.82			(1.18	)		0.99
Total from investment operations		(0.71	)		1.93			(0.48	)		3.04			(0.98	)		1.23
Distributions to shareholders from net investment income		(0.12	)		(0.21	)		(0.19	)		(0.22	)		(0.19	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.05	)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—			(0.01	)
Total distributions		(0.12	)		(0.25	)		(0.21	)		(0.25	)		(0.19	)		(0.27	)
Net asset value, end of period	$	12.63		$	13.46		$	11.78		$	12.47		$	9.68		$	10.85
Total Return(c)		(5.28	)%		16.49	%		(3.80	)%		31.49	%		(9.00	)%		12.56	%
Net assets, end of period (in 000’s)	$	1,151		$	248		$	181		$	929		$	279		$	28
Ratio of net expenses to average net assets		1.10	%(d)		1.10	%		1.09	%		1.10	%		1.13	%		1.14	%
Ratio of total expenses to average net assets		1.17	%(d)		1.20	%		1.29	%		1.26	%		1.25	%		6.05	%
Ratio of net investment income to average net assets		3.19	%(d)		1.39	%		0.86	%		1.96	%		1.95	%		2.23	%(b)
Portfolio turnover rate(e)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.44		$	11.77		$	12.47		$	9.69		$	10.85		$	9.89
Net investment income(a)		0.14			0.19			0.18			0.23			0.22			0.26	(b)
Net realized and unrealized gain (loss)		(0.83	)		1.74			(0.65	)		2.82			(1.18	)		0.99
Total from investment operations		(0.69	)		1.93			(0.47	)		3.05			(0.96	)		1.25
Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.19	)		(0.24	)		(0.20	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.06	)
Distributions to shareholders from return of capital		—			—			(0.04	)		(0.03	)		—			(0.01	)
Total distributions		(0.13	)		(0.26	)		(0.23	)		(0.27	)		(0.20	)		(0.29	)
Net asset value, end of period	$	12.62		$	13.44		$	11.77		$	12.47		$	9.69		$	10.85
Total Return(c)		(5.17	)%		16.55	%		(3.64	)%		31.63	%		(8.88	)%		12.74	%
Net assets, end of period (in 000’s)	$	136,239		$	166,430		$	160,304		$	187,335		$	183,306		$	28
Ratio of net expenses to average net assets		0.98	%(d)		0.98	%		0.98	%		0.99	%		0.98	%		0.97	%
Ratio of total expenses to average net assets		1.05	%(d)		1.07	%		1.18	%		1.11	%		1.10	%		5.88	%
Ratio of net investment income to average net assets		2.14	%(d)		1.51	%		1.57	%		1.94	%		2.17	%		2.40	%(b)
Portfolio turnover rate(e)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.45		$	11.78		$	12.48		$	9.69		$	10.85		$	9.89
Net investment income(a)		0.10			0.11			0.12			0.16			0.14			0.18	(b)
Net realized and unrealized gain (loss)		(0.84	)		1.75			(0.66	)		2.82			(1.16	)		1.00
Total from investment operations		(0.74	)		1.86			(0.54	)		2.98			(1.02	)		1.18
Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.13	)		(0.17	)		(0.14	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—			(0.04	)
Distributions to shareholders from return of capital		—			—			(0.03	)		(0.02	)		—			—	(c)
Total distributions		(0.09	)		(0.19	)		(0.16	)		(0.19	)		(0.14	)		(0.22	)
Net asset value, end of period	$	12.62		$	13.45		$	11.78		$	12.48		$	9.69		$	10.85
Total Return(d)		(5.52	)%		15.84	%		(4.24	)%		30.94	%		(9.49	)%		12.00	%
Net assets, end of period (in 000’s)	$	35		$	37		$	32		$	33		$	25		$	28
Ratio of net expenses to average net assets		1.60	%(e)		1.60	%		1.59	%		1.61	%		1.63	%		1.64	%
Ratio of total expenses to average net assets		1.69	%(e)		1.71	%		1.82	%		1.77	%		1.75	%		6.55	%
Ratio of net investment income to average net assets		1.55	%(e)		0.89	%		1.01	%		1.42	%		1.30	%		1.74	%(b)
Portfolio turnover rate(f)		18	%		50	%		57	%		39	%		67	%		103	%

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

(b) Reflects income recognized from special dividends which amounted to $0.08 per share and 0.71% of average net assets.

(c) Amount is less than $0.005 per share.

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

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL INFRASTRUCTURE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Infrastructure Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	13.44		$	11.76		$	12.47		$	9.68		$	10.47
Net investment income(b)		0.14			0.19			0.21			0.23			0.12
Net realized and unrealized gain (loss)		(0.84	)		1.75			(0.69	)		2.83			(0.73	)
Total from investment operations		(0.70	)		1.94			(0.48	)		3.06			(0.61	)
Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.17	)		(0.24	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.04	)		—			—			—
Distributions to shareholders from return of capital		—			—			(0.06	)		(0.03	)		—
Total distributions		(0.13	)		(0.26	)		(0.23	)		(0.27	)		(0.18	)
Net asset value, end of period	$	12.61		$	13.44		$	11.76		$	12.47		$	9.68
Total Return(c)		(5.25	)%		16.66	%		(3.72	)%		31.77	%		(5.91	)%
Net assets, end of period (in 000’s)	$	107,852		$	117,473		$	12,085		$	3,936		$	2,278
Ratio of net expenses to average net assets		0.98	%(d)		0.98	%		0.98	%		0.99	%		0.98	%(d)
Ratio of total expenses to average net assets		1.05	%(d)		1.07	%		1.18	%		1.12	%		1.14	%(d)
Ratio of net investment income to average net assets		2.15	%(d)		1.51	%		1.77	%		1.99	%		1.68	%(d)
Portfolio turnover rate(e)		18	%		50	%		57	%		39	%		67	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.65		$	10.25		$	11.14		$	9.79		$	10.64		$	10.05
Net investment income(a)		0.13			0.09			0.12			0.17			0.19			0.21
Net realized and unrealized gain (loss)		(2.87	)		2.55			(0.88	)		2.01			(0.79	)		0.63
Total from investment operations		(2.74	)		2.64			(0.76	)		2.18			(0.60	)		0.84
Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.10	)		(0.53	)		(0.20	)		(0.25	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.07	)		(0.24	)		(0.13	)		(0.83	)		(0.25	)		(0.25	)
Net asset value, end of period	$	9.84		$	12.65		$	10.25		$	11.14		$	9.79		$	10.64
Total Return(c)		(21.71	)%		25.92	%		(6.63	)%		22.47	%		(5.77	)%		8.50	%
Net assets, end of period (in 000’s)	$	1,321		$	54		$	50		$	54		$	905		$	1,768
Ratio of net expenses to average net assets		1.34	%(d)		1.34	%		1.35	%		1.36	%		1.37	%		1.39	%
Ratio of total expenses to average net assets		1.52	%(d)		1.58	%		1.60	%		1.52	%		1.52	%		1.59	%
Ratio of net investment income to average net assets		2.41	%(d)		0.80	%		1.21	%		1.55	%		1.85	%		2.03	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.55		$	10.18		$	11.09		$	9.79		$	10.64		$	10.04
Net investment income(a)		0.03			0.01			0.04			0.11			0.12			0.12
Net realized and unrealized gain (loss)		(2.79	)		2.53			(0.87	)		1.98			(0.80	)		0.65
Total from investment operations		(2.76	)		2.54			(0.83	)		2.09			(0.68	)		0.77
Distributions to shareholders from net investment income		(0.03	)		(0.17	)		(0.05	)		(0.49	)		(0.12	)		(0.17	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.03	)		(0.17	)		(0.08	)		(0.79	)		(0.17	)		(0.17	)
Net asset value, end of period	$	9.76		$	12.55		$	10.18		$	11.09		$	9.79		$	10.64
Total Return(c)		(22.01	)%		25.01	%		(7.39	)%		21.60	%		(6.45	)%		7.72	%
Net assets, end of period (in 000’s)	$	59		$	63		$	50		$	66		$	27		$	28
Ratio of net expenses to average net assets		2.09	%(d)		2.09	%		2.10	%		2.11	%		2.12	%		2.15	%
Ratio of total expenses to average net assets		2.30	%(d)		2.33	%		2.34	%		2.29	%		2.27	%		2.79	%
Ratio of net investment income to average net assets		0.52	%(d)		0.05	%		0.45	%		0.96	%		1.20	%		1.15	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.65		$	10.25		$	11.13		$	9.82		$	10.66		$	10.06
Net investment income (loss)(a)		0.14			0.13			0.15			0.22			(0.03	)		0.24
Net realized and unrealized gain (loss)		(2.87	)		2.55			(0.87	)		2.00			(0.54	)		0.65
Total from investment operations		(2.73	)		2.68			(0.72	)		2.22			(0.57	)		0.89
Distributions to shareholders from net investment income		(0.08	)		(0.28	)		(0.13	)		(0.61	)		(0.22	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.08	)		(0.28	)		(0.16	)		(0.91	)		(0.27	)		(0.29	)
Net asset value, end of period	$	9.84		$	12.65		$	10.25		$	11.13		$	9.82		$	10.66
Total Return(c)		(21.59	)%		26.38	%		(6.26	)%		22.91	%		(5.41	)%		8.96	%
Net assets, end of period (in 000’s)	$	4,819		$	411		$	2,150		$	2,131		$	1,855		$	338,527
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.97	%		0.97	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.15	%(d)		1.21	%		1.22	%		1.15	%		1.18	%		1.24	%
Ratio of net investment income (loss) to average net assets		2.66	%(d)		1.17	%		1.60	%		1.98	%		(0.26	)%		2.31	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.62		$	10.23		$	11.11		$	9.80		$	10.65		$	10.05
Net investment income(a)		0.10			0.12			0.14			0.21			0.23			0.22
Net realized and unrealized gain (loss)		(2.82	)		2.54			(0.87	)		2.00			(0.81	)		0.65
Total from investment operations		(2.72	)		2.66			(0.73	)		2.21			(0.58	)		0.87
Distributions to shareholders from net investment income		(0.08	)		(0.27	)		(0.12	)		(0.60	)		(0.22	)		(0.27	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.08	)		(0.27	)		(0.15	)		(0.90	)		(0.27	)		(0.27	)
Net asset value, end of period	$	9.82		$	12.62		$	10.23		$	11.11		$	9.80		$	10.65
Total Return(c)		(21.60	)%		26.20	%		(6.37	)%		22.79	%		(5.50	)%		8.80	%
Net assets, end of period (in 000’s)	$	69		$	40		$	32		$	34		$	27		$	29
Ratio of net expenses to average net assets		1.09	%(d)		1.09	%		1.10	%		1.11	%		1.12	%		1.15	%
Ratio of total expenses to average net assets		1.30	%(d)		1.33	%		1.34	%		1.29	%		1.27	%		1.75	%
Ratio of net investment income to average net assets		1.82	%(d)		1.05	%		1.45	%		1.85	%		2.20	%		2.13	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.63		$	10.23		$	11.11		$	9.80		$	10.66		$	10.06
Net investment income(a)		0.09			0.14			0.15			0.21			0.29			0.24
Net realized and unrealized gain (loss)		(2.81	)		2.55			(0.87	)		2.01			(0.86	)		0.65
Total from investment operations		(2.72	)		2.69			(0.72	)		2.22			(0.57	)		0.89
Distributions to shareholders from net investment income		(0.08	)		(0.29	)		(0.13	)		(0.61	)		(0.24	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.08	)		(0.29	)		(0.16	)		(0.91	)		(0.29	)		(0.29	)
Net asset value, end of period	$	9.83		$	12.63		$	10.23		$	11.11		$	9.80		$	10.66
Total Return(c)		(21.62	)%		26.45	%		(6.27	)%		22.97	%		(5.44	)%		8.97	%
Net assets, end of period (in 000’s)	$	90,356		$	126,806		$	144,290		$	193,139		$	259,662		$	29
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.96	%		0.96	%		0.97	%		0.99	%
Ratio of total expenses to average net assets		1.17	%(d)		1.20	%		1.20	%		1.14	%		1.11	%		1.59	%
Ratio of net investment income to average net assets		1.57	%(d)		1.18	%		1.58	%		1.90	%		2.76	%		2.29	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.59		$	10.21		$	11.10		$	9.80		$	10.65		$	10.05
Net investment income(a)		0.05			0.06			0.09			0.15			0.18			0.17
Net realized and unrealized gain (loss)		(2.79	)		2.54			(0.87	)		1.99			(0.81	)		0.65
Total from investment operations		(2.74	)		2.60			(0.78	)		2.14			(0.63	)		0.82
Distributions to shareholders from net investment income		(0.05	)		(0.22	)		(0.08	)		(0.54	)		(0.17	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—			—	(b)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)		—
Total distributions		(0.05	)		(0.22	)		(0.11	)		(0.84	)		(0.22	)		(0.22	)
Net asset value, end of period	$	9.80		$	12.59		$	10.21		$	11.10		$	9.80		$	10.65
Total Return(c)		(21.77	)%		25.56	%		(6.83	)%		22.10	%		(5.97	)%		8.26	%
Net assets, end of period (in 000’s)	$	30		$	39		$	31		$	33		$	27		$	29
Ratio of net expenses to average net assets		1.59	%(d)		1.59	%		1.60	%		1.61	%		1.62	%		1.65	%
Ratio of total expenses to average net assets		1.80	%(d)		1.83	%		1.84	%		1.79	%		1.77	%		2.25	%
Ratio of net investment income to average net assets		0.94	%(d)		0.55	%		0.95	%		1.35	%		1.70	%		1.63	%
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%		58	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.62		$	10.22		$	11.11		$	9.80		$	10.30
Net investment income(b)		0.10			0.14			0.15			0.22			0.23
Net realized and unrealized gain (loss)		(2.82	)		2.55			(0.88	)		2.01			(0.50	)
Total from investment operations		(2.72	)		2.69			(0.73	)		2.23			(0.27	)
Distributions to shareholders from net investment income		(0.08	)		(0.29	)		(0.13	)		(0.62	)		(0.18	)
Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.30	)		—
Distributions to shareholders from return of capital		—			—			(0.01	)		—			(0.05	)
Total distributions		(0.08	)		(0.29	)		(0.16	)		(0.92	)		(0.23	)
Net asset value, end of period	$	9.82		$	12.62		$	10.22		$	11.11		$	9.80
Total Return(c)		(21.56	)%		26.48	%		(6.36	)%		22.98	%		(2.69	)%
Net assets, end of period (in 000’s)	$	77,237		$	50,241		$	33,176		$	43,099		$	39,405
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.96	%		0.96	%		0.96	%(d)
Ratio of total expenses to average net assets		1.17	%(d)		1.20	%		1.20	%		1.14	%		1.11	%(d)
Ratio of net investment income to average net assets		1.88	%(d)		1.18	%		1.56	%		1.98	%		3.15	%(d)
Portfolio turnover rate(e)		42	%		52	%		75	%		42	%		67	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.90		$	11.03		$	13.27		$	12.61		$	15.53		$	18.40
Net investment income(a)		0.04			0.07			0.12			0.22			0.28			0.30
Net realized and unrealized gain (loss)		(3.29	)		4.75			(1.22	)		2.92			(0.94	)		0.06
Total from investment operations		(3.25	)		4.82			(1.10	)		3.14			(0.66	)		0.36
Distributions to shareholders from net investment income		(0.05	)		(0.13	)		(0.14	)		(0.22	)		(0.37	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.05	)		(0.95	)		(1.14	)		(2.48	)		(2.26	)		(3.23	)
Net asset value, end of period	$	11.60		$	14.90		$	11.03		$	13.27		$	12.61		$	15.53
Total Return(b)		(21.80	)%		44.33	%		(7.85	)%		25.49	%		(5.39	)%		2.11	%
Net assets, end of period (in 000’s)	$	17,055		$	23,278		$	19,177		$	27,488		$	26,002		$	38,120
Ratio of net expenses to average net assets		1.27	%(c)		1.28	%		1.29	%		1.30	%		1.30	%		1.31	%
Ratio of total expenses to average net assets		1.53	%(c)		1.55	%		1.62	%		1.57	%		1.50	%		1.54	%
Ratio of net investment income to average net assets		0.67	%(c)		0.55	%		1.06	%		1.51	%		1.88	%		1.65	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	13.82		$	10.31		$	12.50		$	11.99		$	14.88		$	17.79
Net investment income (loss)(a)		—			(0.02	)		0.03			0.10			0.12			0.16
Net realized and unrealized gain (loss)		(3.05	)		4.41			(1.14	)		2.78			(0.85	)		0.06
Total from investment operations		(3.05	)		4.39			(1.11	)		2.88			(0.73	)		0.22
Distributions to shareholders from net investment income		(0.02	)		(0.06	)		(0.08	)		(0.11	)		(0.27	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.02	)		(0.88	)		(1.08	)		(2.37	)		(2.16	)		(3.13	)
Net asset value, end of period	$	10.75		$	13.82		$	10.31		$	12.50		$	11.99		$	14.88
Total Return(b)		(22.06	)%		43.12	%		(8.50	)%		24.62	%		(6.12	)%		1.38	%
Net assets, end of period (in 000’s)	$	1,199		$	1,540		$	1,332		$	2,615		$	3,568		$	12,421
Ratio of net expenses to average net assets		2.02	%(c)		2.03	%		2.04	%		2.05	%		2.05	%		2.06	%
Ratio of total expenses to average net assets		2.28	%(c)		2.29	%		2.37	%		2.32	%		2.25	%		2.29	%
Ratio of net investment income (loss) to average net assets		(0.06	)%(c)		(0.20	)%		0.26	%		0.69	%		0.83	%		0.92	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.67		$	11.56		$	13.83		$	13.05		$	15.98		$	18.81
Net investment income(a)		0.07			0.13			0.17			0.28			0.23			0.37
Net realized and unrealized gain (loss)		(3.46	)		4.97			(1.26	)		3.03			(0.86	)		0.08
Total from investment operations		(3.39	)		5.10			(1.09	)		3.31			(0.63	)		0.45
Distributions to shareholders from net investment income		(0.08	)		(0.17	)		(0.18	)		(0.27	)		(0.41	)		(0.34	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.08	)		(0.99	)		(1.18	)		(2.53	)		(2.30	)		(3.28	)
Net asset value, end of period	$	12.20		$	15.67		$	11.56		$	13.83		$	13.05		$	15.98
Total Return(b)		(21.68	)%		44.74	%		(7.48	)%		26.01	%		(5.04	)%		2.58	%
Net assets, end of period (in 000’s)	$	28,167		$	37,235		$	23,409		$	30,069		$	31,337		$	206,095
Ratio of net expenses to average net assets		0.91	%(c)		0.91	%		0.91	%		0.92	%		0.91	%		0.91	%
Ratio of total expenses to average net assets		1.16	%(c)		1.17	%		1.24	%		1.19	%		1.12	%		1.14	%
Ratio of net investment income to average net assets		1.06	%(c)		0.92	%		1.47	%		1.86	%		1.50	%		1.98	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.07		$	11.15		$	13.40		$	12.71		$	15.65		$	18.52
Net investment income(a)		0.01			0.05			0.11			0.21			0.26			0.29
Net realized and unrealized gain (loss)		(3.30	)		4.80			(1.23	)		2.94			(0.95	)		0.06
Total from investment operations		(3.29	)		4.85			(1.12	)		3.15			(0.69	)		0.35
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.13	)		(0.20	)		(0.36	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.04	)		(0.93	)		(1.13	)		(2.46	)		(2.25	)		(3.22	)
Net asset value, end of period	$	11.74		$	15.07		$	11.15		$	13.40		$	12.71		$	15.65
Total Return(b)		(21.83	)%		44.13	%		(7.95	)%		25.40	%		(5.56	)%		2.07	%
Net assets, end of period (in 000’s)	$	336		$	893		$	940		$	1,608		$	1,429		$	2,446
Ratio of net expenses to average net assets		1.41	%(c)		1.41	%		1.41	%		1.42	%		1.41	%		1.41	%
Ratio of total expenses to average net assets		1.65	%(c)		1.68	%		1.74	%		1.69	%		1.61	%		1.64	%
Ratio of net investment income to average net assets		0.18	%(c)		0.42	%		0.95	%		1.43	%		1.73	%		1.60	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Investor Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.13		$	11.19		$	13.43		$	12.73		$	15.65		$	18.50
Net investment income(a)		0.06			0.11			0.14			0.24			0.31			0.36
Net realized and unrealized gain (loss)		(3.34	)		4.81			(1.22	)		2.97			(0.94	)		0.06
Total from investment operations		(3.28	)		4.92			(1.08	)		3.21			(0.63	)		0.42
Distributions to shareholders from net investment income		(0.07	)		(0.16	)		(0.16	)		(0.25	)		(0.40	)		(0.33	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.07	)		(0.98	)		(1.16	)		(2.51	)		(2.29	)		(3.27	)
Net asset value, end of period	$	11.78		$	15.13		$	11.19		$	13.43		$	12.73		$	15.65
Total Return(b)		(21.70	)%		44.58	%		(7.59	)%		25.84	%		(5.18	)%		2.42	%
Net assets, end of period (in 000’s)	$	1,968		$	2,678		$	2,289		$	4,532		$	7,969		$	10,776
Ratio of net expenses to average net assets		1.02	%(c)		1.03	%		1.04	%		1.05	%		1.05	%		1.06	%
Ratio of total expenses to average net assets		1.27	%(c)		1.30	%		1.36	%		1.32	%		1.25	%		1.29	%
Ratio of net investment income to average net assets		0.89	%(c)		0.80	%		1.17	%		1.64	%		2.10	%		1.99	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.67		$	11.56		$	13.83		$	13.05		$	15.98		$	18.81
Net investment income(a)		0.27			0.12			0.18			0.30			0.16			0.41
Net realized and unrealized gain (loss)		(3.66	)		4.98			(1.27	)		3.01			(0.79	)		0.05
Total from investment operations		(3.39	)		5.10			(1.09	)		3.31			(0.63	)		0.46
Distributions to shareholders from net investment income		(0.08	)		(0.17	)		(0.18	)		(0.27	)		(0.41	)		(0.35	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.08	)		(0.99	)		(1.18	)		(2.53	)		(2.30	)		(3.29	)
Net asset value, end of period	$	12.20		$	15.67		$	11.56		$	13.83		$	13.05		$	15.98
Total Return(b)		(21.67	)%		44.74	%		(7.47	)%		26.02	%		(5.03	)%		2.60	%
Net assets, end of period (in 000’s)	$	2,788		$	443		$	1,116		$	973		$	797		$	227
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of total expenses to average net assets		1.16	%(c)		1.18	%		1.24	%		1.18	%		1.08	%		1.14	%
Ratio of net investment income to average net assets		4.18	%(c)		0.93	%		1.52	%		1.98	%		1.02	%		2.23	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class R Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	14.64		$	10.87		$	13.09		$	12.47		$	15.39		$	18.27
Net investment income(a)		0.03			0.04			0.09			0.18			0.24			0.26
Net realized and unrealized gain (loss)		(3.23	)		4.66			(1.19	)		2.88			(0.93	)		0.05
Total from investment operations		(3.20	)		4.70			(1.10	)		3.06			(0.69	)		0.31
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.12	)		(0.18	)		(0.34	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)		(2.94	)
Total distributions		(0.04	)		(0.93	)		(1.12	)		(2.44	)		(2.23	)		(3.19	)
Net asset value, end of period	$	11.40		$	14.64		$	10.87		$	13.09		$	12.47		$	15.39
Total Return(b)		(21.87	)%		43.82	%		(8.00	)%		25.14	%		(5.62	)%		1.92	%
Net assets, end of period (in 000’s)	$	878		$	1,134		$	910		$	1,440		$	1,770		$	3,092
Ratio of net expenses to average net assets		1.53	%(c)		1.53	%		1.54	%		1.55	%		1.55	%		1.56	%
Ratio of total expenses to average net assets		1.78	%(c)		1.79	%		1.87	%		1.82	%		1.75	%		1.79	%
Ratio of net investment income to average net assets		0.44	%(c)		0.93	%		0.79	%		1.22	%		1.60	%		1.45	%
Portfolio turnover rate(d)		20	%		37	%		57	%		37	%		43	%		35	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Real Estate Securities Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	15.66		$	11.55		$	13.82		$	13.04		$	14.90
Net investment income(b)		0.07			0.13			0.17			0.29			0.39
Net realized and unrealized gain (loss)		(3.46	)		4.97			(1.26	)		3.02			(0.01	)
Total from investment operations		(3.39	)		5.10			(1.09	)		3.31			0.38
Distributions to shareholders from net investment income		(0.08	)		(0.17	)		(0.18	)		(0.27	)		(0.35	)
Distributions to shareholders from net realized gains		—			(0.82	)		(1.00	)		(2.26	)		(1.89	)
Total distributions		(0.08	)		(0.99	)		(1.18	)		(2.53	)		(2.24	)
Net asset value, end of period	$	12.19		$	15.66		$	11.55		$	13.82		$	13.04
Total Return(c)		(21.69	)%		44.79	%		(7.48	)%		26.04	%		1.36	%
Net assets, end of period (in 000’s)	$	83,292		$	109,444		$	70,215		$	89,616		$	89,479
Ratio of net expenses to average net assets		0.90	%(d)		0.90	%		0.90	%		0.91	%		0.90	%(d)
Ratio of total expenses to average net assets		1.15	%(d)		1.16	%		1.23	%		1.18	%		1.07	%(d)
Ratio of net investment income to average net assets		1.06	%(d)		0.93	%		1.47	%		1.90	%		3.56	%(d)
Portfolio turnover rate(e)		20	%		37	%		57	%		37	%		43	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements

June 30, 2022 (Unaudited)

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
Global Infrastructure	A, C, Institutional, Investor, R6, R and P	Non-diversified
Global Real Estate Securities	A, C, Institutional, Investor, R6, R and P	Diversified
Real Estate Securities	A, C, Institutional, Service, Investor, R6, R and P	Non-diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

40

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Global Infrastructure, Global Real Estate Securities and Real Estate Securities	Quarterly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

41

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

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, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees 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 Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

42

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of June 30, 2022:

GLOBAL INFRASTRUCTURE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	10,909,446	$	—
Europe		2,052,677		55,554,823		—
North America		190,601,789		—		—
Oceania		—		13,080,161		—
Investment Company		2,747,452		—		—
Total	$	195,401,918	$	79,544,430	$	—
GLOBAL REAL ESTATE SECURITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	260,118	$	33,728,454	$	—
Europe		844,712		22,348,132		—
North America		114,222,478		—		—
Oceania		—		6,412,611		—
Investment Company		2,040,241		—		—
Securities Lending Reinvestment Vehicle		1,502,828		—		—
Total	$	118,870,377	$	62,489,197	$	—
REAL ESTATE SECURITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	133,852,958	$	—	$	—
Investment Company		1,233,984		—		—
Securities Lending Reinvestment Vehicle		386,657		—		—
Total	$	135,473,599	$	—	$	—

(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.

43

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Global Infrastructure		0.90	%		0.81	%		0.77	%		0.75	%		0.74	%		0.90	%		0.90	%
Global Real Estate Securities		0.93			0.84			0.80			0.78			0.76			0.93			0.93
Real Estate Securities		0.87			0.78			0.74			0.73			0.71			0.87			0.87

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund.

For the six months ended June 30, 2022, GSAM waived $3,423, $1,240 and $820 of the Global Infrastructure, Global Real Estate Securities, and Real Estate Securities Funds’ management fees, respectively.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to 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
	Class A*			Class C			Service			Class R*
Distribution and/or Service Plans		0.25	%		0.75	%		0.25	%		0.50	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Global Infrastructure	$	20	$	—
Global Real Estate Securities		1		—
Real Estate Securities		534		—

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.01% and 0.03% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Global Infrastructure Fund and the Real Estate Securities Fund, respectively. This arrangement will remain in effect through at least April 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to April 29, 2022, Goldman Sachs did not waive such fees of the Real Estate Securities Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%, except Global Infrastructure which is at 0.054%. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset 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.

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Fee Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Global Infrastructure	$	3,423	$	128	$	98,304	$	101,855
Global Real Estate Securities		1,240		—		175,237		176,477
Real Estate Securities		820		1,117		185,720		187,657

G.  Line of Credit Facility — As of June 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Market Value as of June 30, 2022		Shares as of June 30, 2022		Dividend Income
Global Infrastructure	$	4,633,943	$	49,641,576	$	(51,528,067	)	$	2,747,452		2,747,452	$	7,462
Global Real Estate Securities		1,903,476		23,753,032		(23,616,267	)		2,040,241		2,040,241		2,762
Real Estate Securities		1,663,941		10,572,718		(11,002,675	)		1,233,984		1,233,984		2,411

As of June 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Global Infrastructure		—	%		—	%		—	%		7	%		—	%		100	%		—	%
Global Real Estate Securities		—			50			—			45			—			100			—

As of June 30, 2022, the following Goldman Sachs Fund of Funds and Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Global Infrastructure		6	%		6	%		8	%		22	%
Global Real Estate Securities		—			—			—			31

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, were as follows:

Fund	Purchases		Sales
Global Infrastructure	$	54,748,413	$	52,561,475
Global Real Estate Securities		82,049,839		71,284,241
Real Estate Securities		30,616,683		32,149,486

6. SECURITIES LENDING

The Real Estate Securities Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the 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 Global Real Estate Securities and Real Estate Securities Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

6. SECURITIES LENDING (continued)

The Funds, GSAL, and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended June 30, 2022				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Global Real Estate Securities	$	422	$	—	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022
Global Real Estate Securities	$	1,017,300	$	10,256,780	$	(9,771,252	)	$	1,502,828
Real Estate Securities		90,000		2,643,627		(2,346,970	)		386,657

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2021, the Funds’ certain timing differences, on a tax-basis were as follows:

	Global Infrastructure			Global Real Estate Securities		Real Estate Securities
Timing differences (Real Estate Investment Trusts, Qualified Late Year Ordinary Loss Deferral and Post October Loss Deferral)	$	(865,017	)	$	57,817	$	179,029

As of June 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax

purposes were as follows:

	Global Infrastructure			Global Real Estate Securities			Real Estate Securities
Tax Cost	$	239,649,640		$	183,181,891		$	102,757,703
Gross unrealized gain		50,052,349			15,332,307			37,155,176
Gross unrealized loss		(14,755,641	)		(17,154,624	)		(4,439,281	)
Net unrealized gain (loss)	$	35,296,708		$	(1,822,317	)	$	32,715,895

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of real estate investment trust investments, partnership investments and passive foreign investment companies.

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

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

8. OTHER RISKS (continued)

intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Global Infrastructure and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

9. IDEMNIFICATIONS

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.

10. OTHER MATTERS

Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between the Goldman Sachs International Real Estate Securities Fund (the “Acquired Fund"), and the Goldman Sachs Global Real Estate Securities Fund (the “Survivor Fund”), as of the close of business on April 22, 2022, all of the assets and liabilities of each share class of the Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

10. OTHER MATTERS (continued)

Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:

Acquired Fund/Survivor Fund	Exchanged Shares of Survivor Fund Issued		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of April 22, 2022
International Real Estate Securities, Class A/Global Real Estate Securities, Class A		135,552	$	1,602,224		276,117
International Real Estate Securities, Class C/Global Real Estate Securities, Class C		983		11,514		1,962
International Real Estate Securities, Institutional/Global Real Estate Securities, Institutional		453,687		5,362,585		960,520
International Real Estate Securities, Investor/Global Real Estate Securities, Investor		4,062		47,895		8,337
International Real Estate Securities, Class R6/Global Real Estate Securities, Class R6		5,184		61,174		10,970
International Real Estate Securities, Class P/Global Real Estate Securities, Class P		2,668,812		31,465,295		5,650,181

The following chart shows Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation:

Acquired Fund/Survivor Fund	Survivor Fund’s Aggregate Net Assets before acquisition		Acquired Fund’s Aggregate Net Assets before acquisition		Survivor Fund’s Aggregate Net Assets immediately after acquisition		Acquired Fund’s Unrealized Appreciation (Depreciation)(1)			Acquired Fund’s Capital Loss Carryforward(2)
International Real Estate Securities/Global Real Estate Securities	$	162,891,993	$	38,550,687	$	201,442,680	$	(462,748	)		(11,380,465	)

(1) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets.

(2) Due to Fund reorganization, utilization of acquired losses may be substantially limited under the Code.

Assuming the acquisition had been completed on January 1, 2022, the Survivor Fund’s pro-forma results of operations for the six months ended June 30, 2022 are as follows:

Net investment income	$	1,324,552	(a)
Net realized and unrealized loss on investments	$	(43,005,490	)(b)
Net decrease in net assets from operations	$	(41,680,938	)

(a) $1,424,254 net investment income as reported at June 30, 2022, minus $230,803 from Acquired Fund pre-reorganization net investment income, plus $2,789 in lower net advisory fees, plus $128,312 of pro-forma eliminated other expenses.

(b) $3,304,295 realized loss as reported at June 30, 2022, minus $42,063,375 pro-forma June 30, 2022 unrealized appreciation, plus $1,899,432 net realized losses as reported at April 22, 2022, plus $462,748 in net unrealized loss from Acquired Fund pre-reorganization.

Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since April 22, 2022.

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Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

11. SUBSEQUENT EVENTS

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Global Infrastructure Fund
	For the Six Months Ended June 30. 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		52,701		$	664,237			78,880		$	1,029,669
Reinvestment of distributions		1,146			14,619			842			10,884
Shares redeemed		(3,897	)		(50,937	)		(13,230	)		(169,032	)
		49,950			627,919			66,492			871,521
Class C Shares
Shares sold		6			83			529			6,249
Reinvestment of distributions		193			2,420			654			8,412
Shares redeemed		(6,267	)		(84,137	)		(28,786	)		(374,835	)
		(6,068	)		(81,634	)		(27,603	)		(360,174	)
Institutional Shares
Shares sold		720,543			9,506,550			173,497			2,217,644
Reinvestment of distributions		12,762			163,673			12,889			166,495
Shares redeemed		(46,200	)		(585,250	)		(93,759	)		(1,216,878	)
		687,105			9,084,973			92,627			1,167,261
Investor Shares
Shares sold		75,998			1,056,715			3,141			39,068
Reinvestment of distributions		733			9,297			343			4,434
Shares redeemed		(4,012	)		(54,517	)		(431	)		(5,388	)
		72,719			1,011,495			3,053			38,114
Class R6 Shares
Shares sold		438,210			5,848,045			1,533,995			18,318,983
Reinvestment of distributions		117,789			1,516,519			252,127			3,246,939
Shares redeemed		(2,139,733	)		(28,024,203	)		(3,024,415	)		(37,219,433	)
		(1,583,734	)		(20,659,639	)		(1,238,293	)		(15,653,511	)
Class R Shares
Reinvestment of distributions		19			244			40			513
		19			244			40			513
Class P Shares
Shares sold		1,467,630			19,474,004			7,853,489			99,794,253
Reinvestment of distributions		84,924			1,093,975			147,276			1,902,191
Shares redeemed		(1,744,104	)		(23,288,389	)		(284,296	)		(3,681,220	)
		(191,550	)		(2,720,410	)		7,716,469			98,015,224
NET INCREASE/(DECREASE)		(971,559	)	$	(12,737,052	)		6,612,785		$	84,078,948

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Global Real Estate Securities Fund
	For the Fiscal Year Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		345		$	7,581			1,760		$	18,460
Proceeds received in connection with merger		135,552			1,602,224			—			—
Reinvestment of distributions		691			6,851			107			1,263
Shares redeemed		(6,552	)		(70,750	)		(2,536	)		(31,424	)
		130,036			1,545,906			(669	)		(11,701	)
Class C Shares
Shares sold		15			311			—			—
Proceeds received in connection with merger		983			11,514			—			—
Reinvestment of distributions		17			171			69			822
Shares redeemed		(15	)		(142	)		—			—
		1,000			11,854			69			822
Institutional Shares
Shares sold		4,885			71,468			13,495			143,505
Proceeds received in connection with merger		453,687			5,362,585			—			—
Reinvestment of distributions		2,900			28,887			3,778			44,599
Shares redeemed		(4,243	)		(44,317	)		(194,628	)		(2,391,739	)
		457,229			5,418,623			(177,355	)		(2,203,635	)
Investor Shares
Shares sold		201			2,384			—			—
Proceeds received in connection with merger		4,062			47,895			—			—
Reinvestment of distributions		45			455			71			841
Shares redeemed		(461	)		(4,900	)		—			—
		3,847			45,834			71			841
Class R6 Shares
Shares sold		252,820			3,244,225			417,992			4,864,136
Proceeds received in connection with merger		5,184			61,174			—			—
Reinvestment of distributions		81,357			854,322			241,640			2,860,276
Shares redeemed		(1,185,836	)		(12,073,480	)		(4,722,957	)		(50,093,718	)
		(846,475	)		(7,913,759	)		(4,063,325	)		(42,369,306	)
Class R Shares
Reinvestment of distributions		15			238			55			654
		15			238			55			654

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Global Real Estate Securities Fund
	For the Fiscal Year Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class P Shares
Shares sold		2,173,954		$	22,028,017			1,660,568		$	18,749,636
Proceeds received in connection with merger		2,668,812			31,465,295			—			—
Reinvestment of distributions		53,431			546,393			95,498			1,131,317
Shares redeemed		(1,010,347	)		(11,517,036	)		(1,019,691	)		(12,201,753	)
		3,885,850			42,522,669			736,375			7,679,200
NET INCREASE/(DECREASE)		3,631,502		$	41,631,365			(3,504,779	)	$	(36,903,125	)
	Real Estate Securities Fund
	For the Fiscal Year Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		61,818		$	831,201			261,452		$	3,474,537
Reinvestment of distributions		6,460			77,688			98,461			1,374,972
Shares redeemed		(159,953	)		(2,086,706	)		(535,583	)		(6,949,385	)
		(91,675	)		(1,177,817	)		(175,670	)		(2,099,876	)
Class C Shares
Shares sold		26,682			321,035			23,475			311,598
Reinvestment of distributions		221			2,384			7,048			91,893
Shares redeemed		(26,671	)		(333,471	)		(48,409	)		(579,022	)
		232			(10,052	)		(17,886	)		(175,531	)
Institutional Shares
Shares sold		167,045			2,401,474			846,648			10,847,402
Reinvestment of distributions		13,814			178,083			155,150			2,269,344
Shares redeemed		(248,320	)		(3,607,843	)		(651,410	)		(9,524,433	)
		(67,461	)		(1,028,286	)		350,388			3,592,313
Service Shares
Shares sold		2,887			39,270			15,402			202,220
Reinvestment of distributions		98			1,156			1,932			27,290
Shares redeemed		(33,635	)		(462,593	)		(42,347	)		(544,995	)
		(30,650	)		(422,167	)		(25,013	)		(315,485	)
Investor Shares
Shares sold		24,894			344,738			58,594			821,695
Reinvestment of distributions		959			11,917			11,704			165,549
Shares redeemed		(35,746	)		(458,485	)		(98,003	)		(1,342,218	)
		(9,893	)		(101,830	)		(27,705	)		(354,974	)

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Real Estate Securities Fund
	For the Fiscal Year Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class R6 Shares
Shares sold		201,907		$	2,488,689			13,972		$	187,160
Reinvestment of distributions		999			12,242			516			7,607
Shares redeemed		(2,621	)		(32,174	)		(82,746	)		(1,027,333	)
		200,285			2,468,757			(68,258	)		(832,566	)
Class R Shares
Shares sold		4,786			60,571			17,105			227,505
Reinvestment of distributions		258			2,981			4,897			67,408
Shares redeemed		(5,393	)		(68,815	)		(28,316	)		(351,064	)
		(349	)		(5,263	)		(6,314	)		(56,151	)
Class P Shares
Shares sold		206,913			2,991,177			1,122,099			14,942,863
Reinvestment of distributions		41,465			534,425			448,322			6,567,981
Shares redeemed		(405,542	)		(5,607,154	)		(662,435	)		(9,155,417	)
		(157,164	)		(2,081,552	)		907,986			12,355,427
NET INCREASE/(DECREASE)		(156,675	)	$	(2,358,210	)		937,528		$	12,113,157

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Global Infrastructure Fund, Goldman Sachs Global Real Estate Securities Fund, and Goldman Sachs Real Estate Securities Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time; and

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

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

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

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

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

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, (in the case of the Global Real Estate Securities Fund) securities lending, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

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

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Provider as of March 31, 2022. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees considered that the Global Infrastructure Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one- and five-year periods ended March 31, 2022. They noted that the Global Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2022. The Trustees observed that the Real Estate Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Real Estate Securities Fund and Global Infrastructure Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Global Infrastructure Fund and total Fund expenses of the Real Estate Securities Fund, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

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

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

	Global Infrastructure Fund			Global Real Estate Securities Fund			Real Estate Securities Fund
First $1 billion		0.90	%		0.93	%		0.87	%
Next $1 billion		0.81			0.84			0.78
Next $3 billion		0.77			0.80			0.74
Next $3 billion		0.75			0.78			0.73
Over $8 billion		0.74			0.76			0.71

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of its transfer agency fees with respect to certain share classes of the Global Infrastructure Fund and Real Estate Securities Fund. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) (in the case of the Global Real Estate Securities Fund) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (g) (in the case of the Global Real Estate Securities Fund) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

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GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

61

GOLDMAN SACHS REAL ESTATE SECURITIES AND GLOBAL INFRASTRUCTURE FUNDS

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

62

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

Fund Expenses — Six Month Period  Ended June 30, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days of a 365 day year.

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

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

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

	Global Infrastructure Fund							Global Real Estate Securities Fund							Real Estate Securities Fund
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/2022*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/2022*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/2022*
Class A
Actual	$	1,000.00	$	945.99		$	6.51	$	1,000.00	$	784.11		$	5.94	$	1,000.00	$	783.24		$	5.63
Hypothetical 5% return		1,000.00		1,018.10	+		6.76		1,000.00		1,018.14	+		6.72		1,000.00		1,018.48	+		6.37
Class C
Actual		1,000.00		943.03			10.12		1,000.00		779.95			9.24		1,000.00		781.73			8.94
Hypothetical 5% return		1,000.00		1,014.38	+		10.49		1,000.00		1,014.42	+		10.45		1,000.00		1,014.76	+		10.11
Institutional
Actual		1,000.00		948.40			4.78		1,000.00		783.78			4.30		1,000.00		721.49			3.90
Hypothetical 5% return		1,000.00		1,019.89	+		4.96		1,000.00		1,019.97	+		4.87		1,000.00		1,020.27	+		4.57
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		779.40			6.23
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,017.79	+		7.07
Investor
Actual		1,000.00		947.19			5.31		1,000.00		782.25			4.83		1,000.00		781.31			4.52
Hypothetical 5% return		1,000.00		1,019.34	+		5.51		1,000.00		1,019.38	+		5.47		1,000.00		1,019.72	+		5.13
Class R6
Actual		1,000.00		948.29			4.73		1,000.00		783.96			4.26		1,000.00		783.01			3.99
Hypothetical 5% return		1,000.00		1,019.93	+		4.91		1,000.00		1,020.02	+		4.82		1,000.00		1,020.32	+		4.52
Class R
Actual		1,000.00		944.81			7.72		1,000.00		782.89			7.04		1,000.00		782.04			6.77
Hypothetical 5% return		1,000.00		1,016.86	+		8.00		1,000.00		1,016.90	+		7.96		1,000.00		1,017.19	+		7.67
Class P
Actual		1,000.00		947.54			4.73		1,000.00		784.41			4.26		1,000.00		783.14			3.99
Hypothetical 5% return		1,000.00		1,019.93	+		4.91		1,000.00		1,020.02	+		4.82		1,000.00		1,020.32	+		4.52

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares		Investor Shares			Class R6 Shares			Class R Shares			Class P Shares
Global Infrastructure Fund		1.35	%		2.10	%		0.99	%		N/A		1.10	%		0.98	%		1.60	%		0.98	%
Global Real Estate Securities Fund		1.34			2.09			0.97			N/A		1.09			0.96			1.59			0.96
Real Estate Securities Fund		1.27			2.02			0.91			1.41		1.02			0.90			1.53			0.90

63

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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

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

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

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

© 2022 Goldman Sachs. All rights reserved. 287440-OTU-08/2022 RESSAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Tax-Advantaged Equity Funds I
	International Tax-Managed Equity
	U.S. Tax-Managed Equity

Goldman Sachs Tax-Advantaged Equity Funds

∎ INTERNATIONAL TAX-MANAGED EQUITY

∎ U.S. TAX-MANAGED EQUITY

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	4
Schedules of Investments	8
Financial Statements	18
Financial Highlights	21
International Tax-Managed Equity	21
U.S. Tax-Managed Equity	27
Notes to the Financial Statements	34
Other Information	55

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Tax-Advantaged Funds I

The following are highlights both of key factors affecting the U.S. and international equity markets and of any key changes made to the Goldman Sachs Tax-Advantaged Funds I (the “Funds”) during the six months ended June 30, 2022 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -19.57% for the Reporting Period, in line with the U.S. equity market, as represented by the -19.96% return of the S&P 500 Index.

• During the first quarter of 2022, the MSCI EAFE Index (net) returned -5.91%.

• International equity prices faced pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Fed, rising bond yields, valuation concerns, and Russia’s late February invasion of Ukraine.

• Certain governments around the world took a public stance condemning Russia’s action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets.

• Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation.

• Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter.

• Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced worries about supply-side inflation and a potential stagflation scenario—particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength.

• Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues.

• During the second quarter of 2022, the MSCI EAFE Index (net) returned -14.51%.

• All major regions performed roughly in line with each other, as inflationary pressures persisted, and odds of a U.S. recession grew.

• Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its COVID-19-induced restrictions, mitigating the disruption.

• In the Euro area, the geopolitical crisis of the ongoing war in Ukraine remained on the forefront of concerns, in part due to worries about potential gas shortages due to reduced supply from Russia. This was particularly concerning for countries with high energy dependence, such as Italy, Spain and Germany. Germany triggered an emergency plan in June 2022 that allowed utilities to pass on cost increases to consumers.

• The Bank of England introduced a 25 basis point interest rate hike in June despite negative economic growth in the country.

• Japanese equities fell, as the yen significantly weakened against the U.S. dollar, driven by concerns around a U.S. recession, currency markets and monetary policy. Inflation was also a headwind for Japan, with its inflation at the highest since 2008 and its consumer confidence index falling to its lowest level since January 2021.

1

MARKET REVIEW

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and consumer discretionary.

• All of the country constituents of the MSCI EAFE Index posted negative total returns during the Reporting Period. On a relative basis, however, Hong Kong, Portugal, Norway and the U.K. were the best performing countries within the MSCI EAFE Index during the Reporting Period. The weakest performing countries during the Reporting Period were Ireland, Austria, Sweden and the Netherlands.

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of -19.96%, its worst showing in the first half of a calendar year since 1970 and erasing nearly all the gains achieved in 2021. The Russell 3000^® Index generated a return of -21.10%.

• Inflationary pressures, shifting U.S. Federal Reserve (“Fed”) policy, COVID-19 pandemic overhangs and ongoing war between Russia and Ukraine were the primary concerns pressuring the U.S. equity markets during the Reporting Period.

• During the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the first quarterly decline since the first quarter of 2020.

• Among the major economic and geopolitical developments were the dramatic repricing of the Fed interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures.

• The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record. (Hawkish suggests higher interest rates; opposite of dovish.)

• COVID-19, and more specifically, the Omicron variants, was still an overhang, with resurgent cases bringing back supply-chain issues and worker shortages.

• Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.)

• Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term.

• During the second quarter of 2022, the S&P 500 Index returned -16.10%.

• Inflation, the Fed’s policy response and recession worries were at the core of investors’ narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere.

• Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends.

• On the other hand, equity inflows, buyback strength, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds.

• In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date lows represented the start of a recovery or a bear-market rally.

• This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500^® Index to new year-to-date lows.

• Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed’s unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100^th of a percentage point.)

2

MARKET REVIEW

• At the end of the quarter, investors were looking ahead to the second quarter corporate earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

• During the Reporting Period overall, all segments of the U.S. equity markets declined, but small-cap stocks were weakest, followed by mid-cap stocks and large-cap stocks. Value stocks meaningfully outperformed growth stocks on a relative basis across the capitalization spectrum during the Reporting Period.

• Ten of the 11 sectors of the S&P 500 Index declined during the Reporting Period. The best performing sector by far within the S&P 500 Index during the Reporting Period was energy, the only one to produce a positive total return. Still, utilities, consumer staples and health care also produced total returns that notably outpaced the broad S&P 500 Index. The weakest performing sectors during the Reporting Period were consumer discretionary, communication services and information technology.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

3

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2
Class A		-19.22	%		-19.57	%
Class C		-19.45			-19.57
Institutional		-19.01			-19.57
Investor		-19.07			-19.57
Class R6		-19.05			-19.57
Class P		-19.05			-19.57

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 6/30/223
Holding	% of Net Assets			Line of Business
Novo Nordisk A/S, Class B		2.3	%	Pharmaceuticals, Biotechnology & Life Sciences
ASML Holding NV		2.0		Semiconductors & Semiconductor Equipment
Shell PLC		1.8		Energy
Commonwealth Bank of Australia		1.5		Banks
GSK PLC ADR		1.5		Pharmaceuticals, Biotechnology & Life Sciences
British American Tobacco PLC		1.3		Food, Beverage & Tobacco
BHP Group Ltd.		1.3		Materials
UBS Group AG		1.2		Diversified Financials
Rio Tinto PLC ADR		1.1		Materials
Nestle SA		1.1		Food, Beverage & Tobacco

³  The top 10 holdings may not be representative of the Fund’s future investments.

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets at June 30, 2022. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

5

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022– June 30, 2022	Fund Total Return (based on NAV)1			Russell 3000® Index2
Class A		-22.72	%		-21.10	%
Class C		-23.02			-21.10
Institutional		-22.61			-21.10
Service		-22.79			-21.10
Investor		-22.63			-21.10
Class R6		-22.60			-21.10
Class P		-22.60			-21.10

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

TOP TEN HOLDINGS AS OF 6/30/223
Holding	% of Net Assets			Line of Business
Microsoft Corp.		5.3	%	Software & Services
Apple, Inc.		4.4		Technology Hardware & Equipment
AbbVie, Inc.		2.0		Pharmaceuticals, Biotechnology & Life Sciences
Amazon.com, Inc.		1.8		Retailing
Alphabet, Inc., Class A		1.6		Media & Entertainment
Alphabet, Inc., Class C		1.5		Media & Entertainment
Elevance Health, Inc.		1.5		Health Care Equipment & Services
Tesla, Inc.		1.4		Automobiles & Components
AutoZone, Inc.		1.3		Retailing
Charles Schwab Corp. (The)		1.2		Diversified Financials

³  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2022

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

7

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 95.9%
Australia – 10.7%
	218,527	Aristocrat Leisure Ltd. (Consumer Services)	$	5,197,891
	1,817,929	Aurizon Holdings Ltd. (Transportation)		4,781,212
	388,694	Australia & New Zealand Banking Group Ltd. (Banks)		5,920,088
	317,850	BHP Group Ltd. (Materials)		8,863,032
	167,225	Commonwealth Bank of Australia (Banks)		10,447,643
	161,526	Computershare Ltd. (Software & Services)		2,754,530
	52,109	Fortescue Metals Group Ltd. (Materials)		626,598
	216,803	Glencore PLC (Materials)*		1,174,300
	300,776	Goodman Group REIT (Real Estate)		3,713,902
	143,879	Harvey Norman Holdings Ltd. (Retailing)		368,922
	1,144,166	Incitec Pivot Ltd. (Materials)		2,633,074
	258,444	National Australia Bank Ltd. (Banks)		4,900,834
	125,711	Rio Tinto PLC ADR (Materials)		7,668,371
	713,902	Telstra Corp. Ltd. (Telecommunication Services)		1,898,819
	551,236	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		4,322,907
	96,596	Wesfarmers Ltd. (Retailing)		2,793,942
	419,941	Westpac Banking Corp. (Banks)		5,664,548
				73,730,613
Belgium – 1.0%
	35,122	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		1,891,389
	30,817	D’ieteren Group (Retailing)		4,528,431
	4,542	KBC Group NV (Banks)		255,538
	7,916	Telenet Group Holding NV (Media & Entertainment)		164,488
	3,235	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		274,132
				7,113,978
Canada – 0.4%
	304,713	International Petroleum Corp. (Energy)*		2,961,968
China – 0.0%
	43,000	Kerry Logistics Network Ltd. (Transportation)		92,490
Denmark – 3.9%
	369	AP Moller – Maersk A/S, Class A (Transportation)		856,433
	1,776	AP Moller – Maersk A/S, Class B (Transportation)		4,169,334
	15,205	Carlsberg AS, Class B (Food, Beverage & Tobacco)		1,943,241
	16,910	D/S Norden A/S (Transportation)		589,107
	2,584	DSV A/S (Transportation)		363,355
Common Stocks – (continued)
Denmark – (continued)
	144,814	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		16,060,219
	14,260	Orsted AS (Utilities)(a)		1,501,919
	9,157	Royal Unibrew A/S (Food, Beverage & Tobacco)		814,953
	16,493	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)(a)		323,311
	1,808	Topdanmark AS (Insurance)		94,100
				26,715,972
Finland – 1.5%
	160,435	Kesko OYJ, Class B (Food & Staples Retailing)		3,796,826
	47,035	Metsa Board OYJ, Class B (Materials)		393,913
	196,673	Nokia OYJ (Technology Hardware & Equipment)		911,590
	609,656	Nordea Bank Abp (Banks)		5,385,411
				10,487,740
France – 7.6%
	6,039	Alten SA (Software & Services)		661,620
	29,333	Arkema SA (Materials)		2,623,912
	35,442	BNP Paribas SA (Banks)		1,695,262
	3,298	Christian Dior SE (Consumer Durables & Apparel)		1,968,762
	11,010	Covivio REIT (Real Estate)		615,104
	27,388	Dassault Aviation SA (Capital Goods)		4,276,990
	97,608	Dassault Systemes (Software & Services)		3,615,487
	8,537	Edenred (Software & Services)		404,404
	2,782	Eiffage SA (Capital Goods)		251,660
	20,957	Eutelsat Communications SA (Media & Entertainment)		236,507
	6,183	Gaztransport Et Technigaz SA (Energy)		776,613
	2,260	Gecina SA REIT (Real Estate)		212,101
	2,483	Hermes International (Consumer Durables & Apparel)		2,794,440
	1,949	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		184,538
	2,963	Legrand SA (Capital Goods)		219,998
	1,356	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		831,063
	34,064	Pernod Ricard SA (Food, Beverage & Tobacco)		6,297,578
	45,948	Renault SA (Automobiles & Components)*		1,160,000
	38,373	Rexel SA (Capital Goods)*		592,940
	3,584	Rubis SCA (Utilities)		84,295
	22,390	Safran SA (Capital Goods)		2,229,273
	72,840	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		7,345,631
	14,043	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		4,430,819
	102,088	SCOR SE (Insurance)		2,198,884

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	60,239	Societe Generale SA (Banks)	$	1,331,867
	40,236	Thales SA (Capital Goods)		4,940,060
	386	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)		150,931
				52,130,739
Gabon – 0.0%
	50,571	BW Energy Ltd. (Energy)*		130,810
Germany – 8.4%
	1,481	Aurubis AG (Materials)		101,057
	131,435	BASF SE (Materials)		5,750,580
	118,091	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)		7,051,973
	66,220	Bayerische Motoren Werke AG (Automobiles & Components)		5,133,418
	33,426	Brenntag SE (Capital Goods)		2,188,676
	27,159	Covestro AG (Materials)(a)		943,740
	168,462	Deutsche Post AG (Transportation)		6,360,481
	578,250	E.ON SE (Utilities)		4,870,646
	3,253	FUCHS PETROLUB SE (Materials)		79,754
	3,394	GEA Group AG (Capital Goods)		117,663
	2,331	Hapag-Lloyd AG (Transportation)(a)(b)		609,442
	174,048	K+S AG (Materials)		4,235,957
	13,365	Knorr-Bremse AG (Capital Goods)		765,480
	108,813	Mercedes-Benz Group AG (Automobiles & Components)		6,319,684
	31,961	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		5,421,270
	20,385	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Insurance)		4,822,021
	23,729	RWE AG (Utilities)		877,643
	10,704	Softwareone Holding AG (Technology Hardware & Equipment)*		128,314
	15,495	Wacker Chemie AG (Materials)		2,247,117
				58,024,916
Hong Kong – 0.9%
	48,000	CK Asset Holdings Ltd. (Real Estate)		341,055
	4,900	Jardine Matheson Holdings Ltd. (Capital Goods)		257,250
	72,500	Kerry Properties Ltd. (Real Estate)		201,608
	92,000	NWS Holdings Ltd. (Capital Goods)		87,415
	4,000	Orient Overseas International Ltd. (Transportation)		106,573
	433,000	Sun Hung Kai Properties Ltd. (Real Estate)		5,126,747
				6,120,648
Italy – 1.9%
	54,271	A2A SpA (Utilities)		69,062
	206,658	Davide Campari-Milano NV (Food, Beverage & Tobacco)		2,180,181
	422,298	Leonardo SpA (Capital Goods)		4,284,554
	110,138	Prysmian SpA (Capital Goods)		3,025,814
	285,081	Snam SpA (Utilities)		1,495,641
Common Stocks – (continued)
Italy – (continued)
	284,699	Terna – Rete Elettrica Nazionale (Utilities)		2,238,371
				13,293,623
Japan – 24.9%
	66,000	Air Water, Inc. (Materials)		831,670
	10,600	ASKA Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		78,491
	42,800	Central Japan Railway Co. (Transportation)		4,919,127
	280,700	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		3,355,416
	11,300	Cosmo Energy Holdings Co. Ltd. (Energy)		311,599
	144,400	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		3,106,119
	606,200	Daiwa Securities Group, Inc. (Diversified Financials)		2,714,340
	124,800	ENEOS Holdings, Inc. (Energy)		469,596
	47,300	Fujitsu Ltd. (Software & Services)		5,918,553
	6,500	Fuyo General Lease Co. Ltd. (Diversified Financials)		368,842
	95,800	H2O Retailing Corp. (Retailing)		739,340
	69,700	Hankyu Hanshin Holdings, Inc. (Transportation)		1,903,735
	21,000	Happinet Corp. (Retailing)		246,270
	16,200	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		418,763
	157,100	Hitachi Metals Ltd. (Materials)*		2,378,206
	120,200	Honda Motor Co. Ltd. (Automobiles & Components)		2,898,154
	2,700	Horiba Ltd. (Technology Hardware & Equipment)		115,180
	107,800	Inui Global Logistics Co. Ltd. (Commercial & Professional Services)		1,388,806
	61,300	Japan Post Holdings Co. Ltd. (Insurance)		438,597
	336,300	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		5,827,671
	35,500	JGC Holdings Corp. (Capital Goods)		455,976
	14,500	Kamigumi Co. Ltd. (Transportation)		280,306
	60,900	Kansai Electric Power Co., Inc. (The) (Utilities)		602,823
	14,700	KDDI Corp. (Telecommunication Services)		463,555
	6,600	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)		214,009
	44,700	Kokuyo Co. Ltd. (Commercial & Professional Services)		566,348
	73,000	Konami Group Corp. (Media & Entertainment)		4,044,311
	59,700	Lawson, Inc. (Food & Staples Retailing)		1,986,858
	496,500	Marubeni Corp. (Capital Goods)		4,454,391

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	18,600	Maxell Ltd. (Technology Hardware & Equipment)	$	181,627
	12,100	Mitsubishi Estate Co. Ltd. (Real Estate)		175,370
	78,400	Mitsubishi Gas Chemical Co., Inc. (Materials)		1,134,132
	1,062,400	Mitsubishi HC Capital, Inc. (Diversified Financials)		4,903,375
	2,800	Mitsubishi Research Institute, Inc. (Software & Services)		85,151
	81,200	Mitsubishi Shokuhin Co. Ltd. (Food & Staples Retailing)		2,267,807
	257,500	Mitsui & Co. Ltd. (Capital Goods)		5,658,443
	271,900	Mitsui Fudosan Co. Ltd. (Real Estate)		5,841,730
	164,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		5,028,795
	120,200	NEC Corp. (Software & Services)		4,689,839
	111,700	NGK Insulators Ltd. (Capital Goods)		1,504,877
	141,000	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		4,051,377
	69,600	Nippon Yusen KK (Transportation)		4,772,120
	20,200	Nishi-Nippon Railroad Co. Ltd. (Transportation)		432,990
	3,400	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		78,656
	13,200	Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco)		911,739
	17,700	Nomura Real Estate Holdings, Inc. (Real Estate)		433,038
	2,800	NS Solutions Corp. (Software & Services)		74,786
	82,200	NTT Data Corp. (Software & Services)		1,140,348
	600,200	Obayashi Corp. (Capital Goods)		4,365,412
	2,800	OKUMA Corp. (Capital Goods)		105,159
	6,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		164,411
	4,900	Oriental Land Co. Ltd. (Consumer Services)		684,295
	167,000	Osaka Gas Co. Ltd. (Utilities)		3,200,595
	146,800	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,240,277
	10,500	Relia, Inc. (Software & Services)		82,651
	14,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		109,300
	6,200	Ricoh Leasing Co. Ltd. (Diversified Financials)		159,656
	3,300	S Foods, Inc. (Food, Beverage & Tobacco)		76,068
	495,800	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,911,341
	16,700	Sato Holdings Corp. (Commercial & Professional Services)		229,972
Common Stocks – (continued)
Japan – (continued)
	53,800	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,650,458
	138,700	Seiko Epson Corp. (Technology Hardware & Equipment)		1,962,187
	1,100	Shin-Etsu Chemical Co. Ltd. (Materials)		123,652
	97,400	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,971,144
	100,200	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		398,502
	108,000	SoftBank Group Corp. (Telecommunication Services)		4,185,919
	102,200	Sompo Holdings, Inc. (Insurance)		4,513,965
	25,100	Square Enix Holdings Co. Ltd. (Media & Entertainment)		1,114,108
	6,700	Starts Corp., Inc. (Real Estate)		137,397
	190,800	Subaru Corp. (Automobiles & Components)		3,374,957
	353,000	Sumitomo Corp. (Capital Goods)		4,798,488
	25,800	Sumitomo Mitsui Construction Co. Ltd. (Capital Goods)		87,611
	31,200	Taisei Corp. (Capital Goods)		972,815
	30,900	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,221,414
	224,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,297,408
	1,600	Toei Co. Ltd. (Media & Entertainment)		209,324
	75,300	Tokio Marine Holdings, Inc. (Insurance)		4,390,890
	144,000	Tokyo Century Corp. (Diversified Financials)		4,783,989
	190,100	Tokyo Gas Co. Ltd. (Utilities)		3,939,642
	95,700	Tokyo Tatemono Co. Ltd. (Real Estate)		1,320,243
	62,900	Tokyu Corp. (Transportation)		742,438
	260,900	Tokyu Fudosan Holdings Corp. (Real Estate)		1,372,975
	7,600	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		179,749
	203,700	Tosoh Corp. (Materials)		2,533,770
	54,000	Toyota Motor Corp. (Automobiles & Components)		833,183
	5,200	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		116,957
	1,200	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)		40,873
	15,000	Yokorei Co. Ltd. (Food & Staples Retailing)		97,383
				171,563,830
Luxembourg – 0.6%
	51,680	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		4,081,595

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Netherlands – 7.3%
	10,014	Aalberts NV (Capital Goods)	$	388,873
	18,606	ASM International NV (Semiconductors & Semiconductor Equipment)		4,629,310
	29,329	ASML Holding NV (Semiconductors & Semiconductor Equipment)		13,856,139
	44,261	ASR Nederland NV (Insurance)		1,784,471
	62,272	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		2,975,620
	26,979	Heineken Holding NV (Food, Beverage & Tobacco)		1,959,881
	54,306	Heineken NV (Food, Beverage & Tobacco)		4,943,023
	174,588	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		4,544,357
	33,558	OCI NV (Materials)		1,103,914
	489,106	Shell PLC (Energy)		12,691,105
	13,622	Wolters Kluwer NV (Commercial & Professional Services)		1,320,217
				50,196,910
Norway – 2.8%
	123,237	Aker BP ASA (Energy)		4,268,050
	126,086	Aker BP ASA SDR (Energy)*		4,366,256
	83,266	Aker Solutions ASA (Energy)		225,877
	17,920	Austevoll Seafood ASA (Food, Beverage & Tobacco)		211,352
	187,013	DNB Bank ASA (Banks)		3,385,602
	249,849	Golden Ocean Group Ltd. (Transportation)		2,954,465
	28,933	Grieg Seafood ASA (Food, Beverage & Tobacco)		414,772
	64,846	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		464,301
	1,213,610	MPC Container Ships ASA (Transportation)		2,420,785
	209,998	Odfjell Drilling Ltd. (Energy)*		495,375
				19,206,835
Portugal – 0.1%
	135,267	REN – Redes Energeticas Nacionais SGPS SA (Utilities)		407,229
	245,953	Sonae SGPS SA (Food & Staples Retailing)		301,791
				709,020
Singapore – 0.9%
	229,033	DBS Group Holdings Ltd. (Banks)		4,900,713
	17,800	Singapore Exchange Ltd. (Diversified Financials)		121,270
	394,400	Singapore Technologies Engineering Ltd. (Capital Goods)		1,161,042
				6,183,025
Common Stocks – (continued)
South Africa – 1.0%
	191,469	Anglo American PLC (Materials)		6,844,744
Spain – 0.9%
	138,811	Banco Bilbao Vizcaya Argentaria SA (Banks)		630,561
	161,913	Bankinter SA (Banks)		1,012,743
	13,346	Merlin Properties Socimi SA REIT (Real Estate)		129,247
	231,577	Red Electrica Corp. SA (Utilities)		4,383,658
				6,156,209
Sweden – 4.4%
	12,106	AddLife AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		182,570
	20,633	Atlas Copco AB, Class B (Capital Goods)		172,882
	144,586	Boliden AB (Materials)		4,623,931
	38,333	Cloetta AB, Class B (Food, Beverage & Tobacco)		78,740
	144,792	Epiroc AB, Class B (Capital Goods)		1,962,136
	33,902	Essity AB, Class B (Household & Personal Products)		886,217
	14,546	Getinge AB, Class B (Health Care Equipment & Services)		337,123
	8,388	Intrum AB (Commercial & Professional Services)		160,455
	98,882	Orron Energy ab (Energy)		67,236
	348,839	Skandinaviska Enskilda Banken AB, Class A (Banks)		3,436,706
	289,164	SSAB AB, Class B (Materials)		1,201,543
	79,428	Svenska Cellulosa AB SCA, Class B (Materials)		1,193,410
	226,538	Svenska Handelsbanken AB, Class A (Banks)		1,944,582
	362,832	Swedbank AB, Class A (Banks)		4,601,651
	16,437	Tele2 AB, Class B (Telecommunication Services)		187,429
	881,185	Telia Co. AB (Telecommunication Services)		3,382,080
	353,257	Volvo AB, Class B (Capital Goods)		5,496,464
				29,915,155
Switzerland – 5.3%
	10,815	Baloise Holding AG (Insurance)		1,770,343
	10	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		1,048,552
	11	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		112,002
	68,592	Cie Financiere Richemont SA (Consumer Durables & Apparel)		7,377,974
	8,297	Helvetia Holding AG (Insurance)		974,427
	20,600	Kuehne + Nagel International AG (Transportation)		4,894,612
	11,998	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,408,581
	11,441	Mobilezone Holding AG (Retailing)		199,993

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	4,556	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)	$	386,261
	736	PSP Swiss Property AG (Real Estate)		81,942
	1,076	Schindler Holding AG Participation Certificates (Capital Goods)		196,756
	2,760	Sonova Holding AG (Health Care Equipment & Services)		882,045
	503,449	UBS Group AG (Diversified Financials)		8,139,124
	8,783	Zurich Insurance Group AG (Insurance)		3,830,033
				36,302,645
United Kingdom – 6.5%
	1,722	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		113,773
	995,534	Aviva PLC (Insurance)		4,876,392
	19,412	BP PLC ADR (Energy)		550,330
	210,715	British American Tobacco PLC (Food, Beverage & Tobacco)		9,032,148
	73,958	Central Asia Metals PLC (Materials)		199,414
	7,820	Clarkson PLC (Transportation)		285,503
	299,233	Compass Group PLC (Consumer Services)		6,143,671
	1,936	DCC PLC (Capital Goods)		120,451
	125,914	Diageo PLC (Food, Beverage & Tobacco)		5,438,569
	259,478	Imperial Brands PLC (Food, Beverage & Tobacco)		5,809,125
	1,221,531	M&G PLC (Diversified Financials)		2,895,910
	71,372	National Grid PLC (Utilities)		917,197
	41,423	Next PLC (Retailing)		2,959,273
	10,307	Odfjell Technology Ltd. (Energy)*		21,347
	42,086	Segro PLC REIT (Real Estate)		502,413
	254,715	SSE PLC (Utilities)		5,026,888
				44,892,404
United States – 4.9%
	35,211	Ferguson PLC (Capital Goods)		3,944,425
	235,089	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		10,233,424
	63,607	Nestle SA (Food, Beverage & Tobacco)		7,433,926
	16,244	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		5,430,367
	434,881	Stellantis NV (Automobiles & Components)		5,398,939
	14,145	Swiss Re AG (Insurance)		1,097,906
				33,538,987
	TOTAL COMMON STOCKS
	(Cost $620,685,790)		$	660,394,856

Shares		Description	Rate			Value
Preferred Stocks – 1.6%
Germany – 1.6%
	7,073	Bayerische Motoren Werke AG (Automobiles & Components)		8.32	%	$	504,485
	63,781	Henkel AG & Co. KGaA (Household & Personal Products)		3.06			3,946,809
	21,811	Porsche Automobil Holding SE (Automobiles & Components)		3.89			1,450,672
	37,279	Volkswagen AG (Automobiles & Components)		5.85			5,019,238
	TOTAL PREFERRED STOCKS
	(Cost $12,280,055)					$	10,921,204
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $632,965,845)					$	671,316,060

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.1%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
615,824		1.367	%	$	615,824
(Cost $615,824)
TOTAL INVESTMENTS – 97.6%
(Cost $633,581,669)				$	671,931,884
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.4%					16,712,820
NET ASSETS – 100.0%				$	688,644,704

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SDR	—Swedish Depositary Receipt

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Sector	% of Total Market Value
Financials		17.2	%
Industrials		16.0
Health Care		13.6
Consumer Staples		12.3
Consumer Discretionary		10.3
Materials		8.8
Information Technology		7.1
Utilities		4.4
Energy		4.1
Communication Services		3.1
Real Estate		3.0
Securities Lending Reinvestment Vehicle		0.1
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		155		09/16/22	$	5,648,724	$	(96,396	)
FTSE 100 Index		24		09/16/22		2,085,952		(13,765	)
Hang Seng Index		4		07/28/22		562,769		(8,457	)
MSCI Singapore Index		8		07/28/22		168,496		(6,529	)
SPI 200 Index		7		09/15/22		795,562		(19,532	)
TOPIX Index		21		09/08/22		3,071,883		(91,567	)
Total Futures Contracts							$	(236,246	)

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 90.8%
Automobiles & Components – 2.6%
	436,408	Ford Motor Co.	$	4,857,221
	699,035	General Motors Co.*		22,201,352
	21,887	Gentex Corp.		612,179
	15,203	Harley-Davidson, Inc.		481,327
	45,421	Tesla, Inc.*		30,587,410
				58,739,489
Banks – 1.4%
	11,523	Cadence Bank		270,560
	66,283	Columbia Banking System, Inc.		1,899,008
	64,190	East West Bancorp, Inc.		4,159,512
	13,386	Essent Group Ltd.		520,715
	40,192	First BanCorp. (Puerto Rico)		518,879
	56,420	First Hawaiian, Inc.		1,281,298
	30,357	FNB Corp.		329,677
	160,200	Hope Bancorp, Inc.		2,217,168
	19,845	International Bancshares Corp.		795,388
	40,827	JPMorgan Chase & Co.		4,597,528
	80,240	MGIC Investment Corp.		1,011,024
	10,646	National Bank Holdings Corp., Class A		407,422
	114,836	PacWest Bancorp		3,061,528
	24,228	Pinnacle Financial Partners, Inc.		1,751,927
	5,054	PNC Financial Services Group, Inc. (The)		797,370
	25,107	Popular, Inc. (Puerto Rico)		1,931,482
	2,591	Signature Bank		464,333
	5,001	SVB Financial Group*		1,975,345
	72,884	Trustmark Corp.		2,127,484
	17,489	Western Alliance Bancorp		1,234,723
				31,352,371
Capital Goods – 4.0%
	74,677	AECOM		4,870,434
	5,761	AGCO Corp.		568,611
	29,484	AMETEK, Inc.		3,239,997
	2,784	Atkore, Inc.*		231,100
	32,308	Emerson Electric Co.		2,569,778
	12,799	Encore Wire Corp.		1,330,072
	13,565	Fortive Corp.		737,665
	26,238	General Dynamics Corp.		5,805,157
	28,001	H&E Equipment Services, Inc.		811,189
	50,186	Hexcel Corp.		2,625,230
	6,443	Honeywell International, Inc.		1,119,858
	97,597	Illinois Tool Works, Inc.		17,787,053
	96,928	Johnson Controls International PLC		4,640,912
	12,408	Lockheed Martin Corp.		5,334,944
	77,352	Otis Worldwide Corp.		5,466,466
	63,668	PACCAR, Inc.		5,242,423
	10,598	Parker-Hannifin Corp.		2,607,638
	149,820	Raytheon Technologies Corp.		14,399,200
	30,166	Snap-on, Inc.		5,943,607
	86,073	Textron, Inc.		5,256,478
				90,587,812
Common Stocks – (continued)
Commercial & Professional Services – 0.7%
	5,740	Booz Allen Hamilton Holding Corp.		518,666
	29,156	Cintas Corp.		10,890,641
	4,185	Clean Harbors, Inc.*		366,899
	71,280	CoStar Group, Inc.*		4,306,025
				16,082,231
Consumer Durables & Apparel – 0.6%
	73,950	Capri Holdings Ltd.*		3,032,689
	25,635	Garmin Ltd.		2,518,639
	385	NVR, Inc.*		1,541,594
	42,262	Whirlpool Corp.		6,545,116
				13,638,038
Consumer Services – 1.7%
	28,505	Boyd Gaming Corp.		1,418,124
	20,334	Bright Horizons Family Solutions, Inc.*		1,718,630
	18,628	Chipotle Mexican Grill, Inc.*		24,351,639
	9,796	Churchill Downs, Inc.		1,876,228
	2,086	Graham Holdings Co., Class B		1,182,428
	19,334	Grand Canyon Education, Inc.*		1,821,070
	13,020	Hyatt Hotels Corp., Class A*		962,308
	142,560	International Game Technology PLC		2,645,914
	9,524	Marriott International, Inc., Class A		1,295,359
	25,703	Red Rock Resorts, Inc., Class A		857,452
	5,222	Yum! Brands, Inc.		592,749
				38,721,901
Diversified Financials – 8.5%
	90,429	Ally Financial, Inc.		3,030,276
	1,351,022	Annaly Capital Management, Inc. REIT		7,984,540
	452,097	Bank of New York Mellon Corp. (The)		18,856,966
	38,603	Berkshire Hathaway, Inc., Class B*		10,539,391
	143,740	Capital One Financial Corp.		14,976,271
	20,369	Cboe Global Markets, Inc.		2,305,567
	418,859	Charles Schwab Corp. (The)		26,463,512
	108,351	CME Group, Inc.		22,179,450
	96,351	Discover Financial Services		9,112,878
	19,961	Interactive Brokers Group, Inc., Class A		1,098,055
	63,834	Intercontinental Exchange, Inc.		6,002,949
	163,062	Jefferies Financial Group, Inc.		4,503,772
	23,105	LPL Financial Holdings, Inc.		4,262,410
	3,482	MarketAxess Holdings, Inc.		891,427
	112,434	Morgan Stanley		8,551,730
	26,713	Navient Corp.		373,715
	67,382	Northern Trust Corp.		6,501,015
	21,967	Raymond James Financial, Inc.		1,964,069
	42,630	State Street Corp.		2,628,139
	85,751	Stifel Financial Corp.		4,803,771
	525,118	Synchrony Financial		14,503,759
	42,112	TPG RE Finance Trust, Inc. REIT		379,429
	325,896	Voya Financial, Inc.		19,400,589
				191,313,680

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Energy – 3.6%
	8,224	Cactus, Inc., Class A	$	331,181
	89,256	EOG Resources, Inc.		9,857,433
	14,466	Exxon Mobil Corp.		1,238,868
	89,700	Golar LNG Ltd. (Cameroon)*		2,040,675
	12,264	Hess Corp.		1,299,248
	1,100,198	Kinder Morgan, Inc.		18,439,318
	60,808	Magnolia Oil & Gas Corp., Class A		1,276,360
	327,779	Marathon Oil Corp.		7,368,472
	81,529	Marathon Petroleum Corp.		6,702,499
	10,451	Matador Resources Co.		486,912
	8,760	ONEOK, Inc.		486,180
	120,372	Ovintiv, Inc.		5,319,239
	33,190	Pioneer Natural Resources Co.		7,404,025
	94,650	Schlumberger NV		3,384,684
	125,572	SM Energy Co.		4,293,307
	103,628	Targa Resources Corp.		6,183,483
	156,754	Williams Cos., Inc. (The)		4,892,292
				81,004,176
Food & Staples Retailing – 0.4%
	43,330	Casey’s General Stores, Inc.		8,015,184
	3,528	Costco Wholesale Corp.		1,690,900
	4,183	Ingles Markets, Inc., Class A		362,875
				10,068,959
Food, Beverage & Tobacco – 1.7%
	123,479	Archer-Daniels-Midland Co.		9,581,970
	66,358	Campbell Soup Co.		3,188,502
	13,668	Coca-Cola Consolidated, Inc.		7,707,385
	51,135	Darling Ingredients, Inc.*		3,057,873
	35,242	Lamb Weston Holdings, Inc.		2,518,393
	9,833	Lancaster Colony Corp.		1,266,294
	61,956	Monster Beverage Corp.*		5,743,321
	24,171	Sanderson Farms, Inc.		5,209,576
				38,273,314
Health Care Equipment & Services – 6.9%
	6,362	Abbott Laboratories		691,231
	301,607	Cano Health, Inc.*		1,321,039
	209,248	Centene Corp.*		17,704,473
	21,748	Cigna Corp.		5,731,033
	72,981	Edwards Lifesciences Corp.*		6,939,763
	71,276	Elevance Health, Inc.		34,396,372
	92,329	Envista Holdings Corp.*		3,558,360
	127,879	HCA Healthcare, Inc.		21,491,345
	34,579	Humana, Inc.		16,185,392
	14,459	IDEXX Laboratories, Inc.*		5,071,205
	45,173	Molina Healthcare, Inc.*		12,630,823
	4,033	Patterson Cos., Inc.		122,200
	986	Teleflex, Inc.		242,408
	47,957	UnitedHealth Group, Inc.		24,632,154
	54,345	Universal Health Services, Inc., Class B		5,473,085
				156,190,883
Common Stocks – (continued)
Household & Personal Products – 1.3%
	69,740	Energizer Holdings, Inc.		1,977,129
	163,676	Kimberly-Clark Corp.		22,120,811
	8,185	Procter & Gamble Co. (The)		1,176,921
	24,983	Reynolds Consumer Products, Inc.		681,287
	12,835	WD-40 Co.		2,584,456
				28,540,604
Insurance – 1.8%
	189,479	American Equity Investment Life Holding Co.		6,929,247
	35,396	American Financial Group, Inc.		4,913,319
	30,962	AMERISAFE, Inc.		1,610,334
	60,068	Arch Capital Group Ltd.*		2,732,493
	59,191	Brighthouse Financial, Inc.*		2,428,015
	10,472	CNA Financial Corp.		470,193
	73,120	Globe Life, Inc.		7,127,006
	6,827	Goosehead Insurance, Inc., Class A		311,789
	15,650	Marsh & McLennan Cos., Inc.		2,429,663
	178,797	Old Republic International Corp.		3,997,901
	17,273	Reinsurance Group of America, Inc.		2,025,950
	129,586	Ryan Specialty Holdings, Inc.*		5,078,475
	25,412	W R Berkley Corp.		1,734,623
				41,789,008
Materials – 2.8%
	4,937	Air Products and Chemicals, Inc.		1,187,250
	14,386	Alcoa Corp.		655,714
	4,735	Alpha Metallurgical Resources, Inc.		611,430
	78,720	Avient Corp.		3,155,098
	154,972	CF Industries Holdings, Inc.		13,285,750
	28,500	Corteva, Inc.		1,542,990
	2,903	Crown Holdings, Inc.		267,569
	8,601	Dow, Inc.		443,898
	71,308	Element Solutions, Inc.		1,269,282
	435,506	Freeport-McMoRan, Inc.		12,742,906
	4,026	International Flavors & Fragrances, Inc.		479,577
	14,430	Louisiana-Pacific Corp.		756,276
	18,102	LSB Industries, Inc.*		250,894
	140,756	Mosaic Co. (The)		6,647,906
	56,853	Olin Corp.		2,631,157
	3,885	Packaging Corp. of America		534,187
	32,225	Ramaco Resources, Inc.		423,759
	57,894	Sherwin-Williams Co. (The)		12,963,045
	34,799	Summit Materials, Inc., Class A*		810,469
	96,209	United States Steel Corp.		1,723,103
	50,694	Warrior Met Coal, Inc.		1,551,743
				63,934,003
Media & Entertainment – 6.1%
	16,330	Alphabet, Inc., Class A*		35,587,316
	15,750	Alphabet, Inc., Class C*		34,452,337
	11,964	Charter Communications, Inc., Class A*		5,605,493
	94,443	Comcast Corp., Class A		3,705,943
	171,552	Liberty Broadband Corp., Class C*		19,838,273

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	106,950	Meta Platforms, Inc., Class A*	$	17,245,688
	17,336	Netflix, Inc.*		3,031,546
	43,049	Nexstar Media Group, Inc., Class A		7,011,821
	79,508	ROBLOX Corp., Class A*		2,612,633
	61,991	Take-Two Interactive Software, Inc.*		7,595,757
	17,797	TripAdvisor, Inc.*		316,787
				137,003,594
Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	288,435	AbbVie, Inc.		44,176,705
	17,691	Agilent Technologies, Inc.		2,101,160
	96,743	Avantor, Inc.*		3,008,707
	16,914	Biogen, Inc.*		3,449,441
	44,077	Bruker Corp.		2,766,273
	318,524	Gilead Sciences, Inc.		19,687,968
	207,757	Horizon Therapeutics PLC*		16,570,698
	7,809	IQVIA Holdings, Inc.*		1,694,475
	88,523	Johnson & Johnson		15,713,718
	64,030	Medpace Holdings, Inc.*		9,583,370
	26,154	Merck & Co., Inc.		2,384,460
	8,389	Mettler-Toledo International, Inc.*		9,637,032
	54,255	PerkinElmer, Inc.		7,716,146
	128,361	Pfizer, Inc.		6,729,967
	161,686	Prestige Consumer Healthcare, Inc.*		9,507,137
	124,587	QIAGEN NV*		5,880,506
	22,821	Regeneron Pharmaceuticals, Inc.*		13,490,178
	11,995	Syneos Health, Inc.*		859,802
	41,866	Thermo Fisher Scientific, Inc.		22,744,960
	20,879	West Pharmaceutical Services, Inc.		6,313,183
				204,015,886
Real Estate – 5.7%
	1	Apartment Income REIT Corp. REIT		42
	1	Apartment Investment and Management Co., Class A REIT*		6
	21,275	Brixmor Property Group, Inc. REIT		429,968
	99,127	Camden Property Trust REIT		13,330,599
	52,484	CubeSmart REIT		2,242,116
	181,398	Duke Realty Corp. REIT		9,967,820
	9,981	EPR Properties REIT		468,408
	300,929	Equity LifeStyle Properties, Inc. REIT		21,206,467
	55,317	Extra Space Storage, Inc. REIT		9,410,528
	102,128	First Industrial Realty Trust, Inc. REIT		4,849,037
	231,786	Healthpeak Properties, Inc. REIT		6,005,575
	36,933	Host Hotels & Resorts, Inc. REIT		579,109
	17,107	Lamar Advertising Co., Class A REIT		1,504,903
	73,274	Life Storage, Inc. REIT		8,181,775
	93,298	Mid-America Apartment Communities, Inc. REIT		16,296,362
	49,771	National Storage Affiliates Trust REIT		2,492,034
	84,261	NexPoint Residential Trust, Inc. REIT		5,267,155
	5,356	Prologis, Inc. REIT		630,133
	25,819	Public Storage REIT		8,072,827
	93,086	Rexford Industrial Realty, Inc. REIT		5,360,823
	2	Simon Property Group, Inc. REIT		190
	385,160	STORE Capital Corp. REIT		10,044,973
Common Stocks – (continued)
Real Estate – (continued)
	14,722	Terreno Realty Corp. REIT		820,457
	28,435	Ventas, Inc. REIT		1,462,412
	1	Vornado Realty Trust REIT		29
				128,623,748
Retailing – 7.0%
	379,300	Amazon.com, Inc.*		40,285,453
	1,486	Asbury Automotive Group, Inc.*		251,639
	76,783	AutoNation, Inc.*		8,581,268
	13,220	AutoZone, Inc.*		28,411,366
	11,019	Dick’s Sporting Goods, Inc.		830,502
	14,530	Dollar General Corp.		3,566,243
	34,974	eBay, Inc.		1,457,367
	2,779	Group 1 Automotive, Inc.		471,874
	4,651	Home Depot, Inc. (The)		1,275,630
	459,588	LKQ Corp.		22,561,175
	91,859	Lowe’s Cos., Inc.		16,045,012
	1,541	MercadoLibre, Inc. (Brazil)*		981,417
	56,522	Murphy USA, Inc.		13,162,278
	1,394	O’Reilly Automotive, Inc.*		880,673
	63,300	Penske Automotive Group, Inc.		6,626,877
	85,697	Target Corp.		12,102,987
	1	Victoria’s Secret & Co.*		28
				157,491,789
Semiconductors & Semiconductor Equipment – 3.4%
	218,165	Applied Materials, Inc.		19,848,652
	11,460	Axcelis Technologies, Inc.*		628,466
	1,194	Broadcom, Inc.		580,057
	29,632	First Solar, Inc.*		2,018,828
	31,784	Intel Corp.		1,189,040
	3,264	KLA Corp.		1,041,477
	5,571	Monolithic Power Systems, Inc.		2,139,487
	130,588	NVIDIA Corp.		19,795,835
	84,881	ON Semiconductor Corp.*		4,270,363
	13,204	Power Integrations, Inc.		990,432
	83,156	QUALCOMM, Inc.		10,622,348
	96,616	Texas Instruments, Inc.		14,845,048
				77,970,033
Software & Services – 13.4%
	44,829	Adobe, Inc.*		16,410,104
	6,213	Autodesk, Inc.*		1,068,387
	6,586	Black Knight, Inc.*		430,659
	17,268	Citrix Systems, Inc.		1,677,932
	54,965	Clear Secure, Inc., Class A*		1,099,300
	37,536	Cognizant Technology Solutions Corp., Class A		2,533,305
	19,642	CommVault Systems, Inc.*		1,235,482
	1,531	Concentrix Corp.		207,665
	32,242	DXC Technology Co.*		977,255
	4,119	E2open Parent Holdings, Inc.*		32,046
	5,074	EPAM Systems, Inc.*		1,495,714
	12,948	ExlService Holdings, Inc.*		1,907,629
	395,400	Fortinet, Inc.*		22,371,732
	250,799	Freshworks, Inc., Class A*		3,298,007

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	89,478	Gartner, Inc.*	$	21,638,465
	112,207	Genpact Ltd.		4,753,088
	97,098	International Business Machines Corp.		13,709,267
	20,412	Intuit, Inc.		7,867,601
	32,371	Manhattan Associates, Inc.*		3,709,717
	465,359	Microsoft Corp.		119,518,152
	3,505	MongoDB, Inc.*		909,547
	152,347	NortonLifeLock, Inc.		3,345,540
	8,419	Okta, Inc.*		761,078
	171,682	Oracle Corp.		11,995,421
	34,746	Palo Alto Networks, Inc.*		17,162,439
	2,441	Paycom Software, Inc.*		683,773
	39,135	Perficient, Inc.*		3,588,288
	5,399	ServiceNow, Inc.*		2,567,332
	46,733	Synopsys, Inc.*		14,192,812
	68,082	Toast, Inc., Class A*		880,981
	71,028	VeriSign, Inc.*		11,885,115
	7,791	Visa, Inc., Class A		1,533,970
	43,289	Zscaler, Inc.*		6,472,138
				301,919,941
Technology Hardware & Equipment – 5.8%
	724,768	Apple, Inc.		99,090,281
	6,480	Arista Networks, Inc.*		607,435
	169,981	Dell Technologies, Inc., Class C		7,854,822
	287,874	Hewlett Packard Enterprise Co.		3,817,209
	94,239	Keysight Technologies, Inc.*		12,990,846
	70,812	NetApp, Inc.		4,619,775
	3,898	Teledyne Technologies, Inc.*		1,462,179
	1	Vontier Corp.		23
				130,442,570
Transportation – 1.9%
	1,106	AMERCO		528,922
	13,827	Copa Holdings SA, Class A (Panama)*		876,217
	94,059	CSX Corp.		2,733,354
	98,020	Knight-Swift Transportation Holdings, Inc.		4,537,346
	61,864	Norfolk Southern Corp.		14,061,069
Common Stocks – (continued)
Transportation – (continued)
	7,053	Old Dominion Freight Line, Inc.		1,807,543
	36,542	Ryder System, Inc.		2,596,674
	173,235	Safe Bulkers, Inc. (Greece)		661,758
	75,100	Union Pacific Corp.		16,017,328
				43,820,211
Utilities – 0.5%
	118,762	CMS Energy Corp.		8,016,435
	3,186	DTE Energy Co.		403,826
	68,737	NRG Energy, Inc.		2,623,691
				11,043,952
	TOTAL COMMON STOCKS
	(Cost $1,370,464,698)		$	2,052,568,193

Shares	Dividend Rate			Value
Investment Company – 0.2%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,681,221		1.367	%	$	3,681,221
(Cost $3,681,221)
TOTAL INVESTMENTS – 91.0%
(Cost $1,374,145,919)				$	2,056,249,414
OTHER ASSETS IN EXCESS OF     LIABILITIES – 9.0%					204,605,455
NET ASSETS – 100.0%				$	2,260,854,869

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:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		199		09/16/22	$	17,055,608	$	(61,008	)
S&P 500 E-Mini Index		899		09/16/22		170,580,848		(242,823	)
Total Futures Contracts							$	(303,831	)

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

	International Tax-Managed Equity Fund			U.S. Tax- Managed Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $632,965,845 and $1,370,464,698, respectively)(a)	$	671,316,060		$	2,052,568,193
Investments in affiliated issuers, at value (cost $0 and $3,681,221, respectively)		—			3,681,221
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		615,824			—
Cash		1,108,617			32,753,791
Foreign currency, at value (cost $12,436,829 and $—, respectively)		12,369,139			—
Receivables:
Foreign tax reclaims		3,140,112			—
Dividends		1,533,443			1,431,134
Fund shares sold		232,827			173,785,518
Reimbursement from investment adviser		65,414			—
Securities lending income		1,514			—
Due from broker		—			10,477,102
Variation margin on futures contracts		103,418			—
Other assets		35,428			106,132
Total assets		690,521,796			2,274,803,091
Liabilities:
Variation margin on futures contracts		—			10,456,916
Payables:
Payable upon return of securities loaned		615,824			—
Management fees		504,307			1,169,447
Due to broker		284,175			—
Fund shares redeemed		53,749			451,434
Distribution and Service fees and Transfer Agency fees		20,834			104,146
Investments purchased		—			441,521
Accrued expenses		398,203			1,324,758
Total liabilities		1,877,092			13,948,222
Net Assets:
Paid-in capital		693,737,690			1,588,527,493
Total distributable earnings (loss)		(5,092,986	)		672,327,376
NET ASSETS	$	688,644,704		$	2,260,854,869
Net Assets:
Class A	$	5,408,665		$	84,680,898
Class C		752,226			15,924,529
Institutional		9,489,872			57,173,733
Service		—			1,817,322
Investor		10,145,768			15,871,724
Class R6		597,902,130			1,917,501,555
Class P		64,946,043			167,885,108
Total Net Assets	$	688,644,704		$	2,260,854,869
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		545,031			2,861,582
Class C		77,650			577,117
Institutional		952,264			1,880,559
Service		—			61,106
Investor		1,017,780			526,973
Class R6		60,416,423			63,631,578
Class P		6,559,440			5,569,891
Net asset value, offering and redemption price per share:(b)
Class A		$9.92			$29.59
Class C		9.69			27.59
Institutional		9.97			30.40
Service		—			29.74
Investor		9.97			30.12
Class R6		9.90			30.13
Class P		9.90			30.14

(a) Includes loaned securities having a market value of $578,852 and $—.

(b) Maximum public offering price per share for Class A Shares of the International Tax-Managed Equity Fund and U.S. Tax-Managed Equity Fund is $10.50 and $31.31, 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.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	International Tax-Managed Equity Fund			U.S. Tax- Managed Equity Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,682,348 and $11,840, respectively)	$	25,804,517		$	13,901,379
Securities lending income — affiliated issuer		3,622			1,099
Dividends — affiliated issuers		69			4,853
Total investment income		25,808,208			13,907,331
Expenses:
Management fees		3,272,486			7,553,258
Custody, accounting and administrative services		165,844			782,847
Transfer Agency fees(a)		126,035			436,124
Professional fees		69,211			38,898
Registration fees		44,877			28,069
Printing and mailing costs		18,072			20,454
Distribution and/or Service (12b-1) fees(a)		11,183			195,308
Trustee fees		10,888			12,291
Service fees — Class C		1,111			23,407
Shareholder Administration fees — Service Shares		—			3,081
Other		1,522			7,689
Total expenses		3,721,229			9,101,426
Less — expense reductions		(260,419	)		(621,360	)
Net expenses		3,460,810			8,480,066
NET INVESTMENT INCOME		22,347,398			5,427,265
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		15,515,887			(9,389,048	)
Futures contracts		(786,243	)		(2,750,057	)
Foreign currency transactions		(841,041	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(197,532,624	)		(587,806,038	)
Futures contracts		(359,670	)		(303,831	)
Foreign currency translations		(343,309	)		—
Net realized and unrealized loss		(184,347,000	)		(600,248,974	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(161,999,602	)	$	(594,821,709	)

(a) Class specific Distribution and/or Service (12b-1) fees and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Service		Investor		Class R6		Class P
International Tax- Managed Equity Fund	$	7,852	$	3,331	$	—	$	5,025	$	711	$	2,076	$	—	$	6,591	$	100,501	$	11,131
U.S. Tax-Managed Equity Fund		122,442		70,220		2,646		78,363		14,980		11,266		423		14,684		287,491		28,917

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets

	International Tax-Managed Equity Fund						U.S. Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	22,347,398		$	20,635,904		$	5,427,265		$	10,712,268
Net realized gain (loss)		13,888,603			48,290,528			(12,139,105	)		129,304,964
Net change in unrealized gain (loss)		(198,235,603	)		20,055,463			(588,109,869	)		433,085,566
Net increase (decrease) in net assets resulting from operations		(161,999,602	)		88,981,895			(594,821,709	)		573,102,798
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			(222,523	)		—			(187,075	)
Class C Shares		—			(19,506	)		—			—
Institutional Shares		—			(332,199	)		—			(234,991	)
Service Shares		—			—			—			(215	)
Investor Shares		—			(208,042	)		—			(72,929	)
Class R6 Shares		—			(21,530,042	)		—			(9,154,253	)
Class P Shares		—			(2,422,168	)		—			(964,387	)
Total distributions to shareholders		—			(24,734,480	)		—			(10,613,850	)
From share transactions:
Proceeds from sales of shares		35,097,463			100,699,707			388,110,205			354,091,106
Proceeds paid in connection with in-kind transactions		—			(56,160,000	)		—			(145,620,000	)
Reinvestment of distributions		—			24,732,502			—			10,555,178
Cost of shares redeemed		(23,134,734	)		(30,644,213	)		(78,300,155	)		(86,099,028	)
Net increase in net assets resulting from share transactions		11,962,729			38,627,996			309,810,050			132,927,256
TOTAL INCREASE (DECREASE)		(150,036,873	)		102,875,411			(285,011,659	)		695,416,204
Net Assets:
Beginning of period		838,681,577			735,806,166			2,545,866,528			1,850,450,324
End of period	$	688,644,704		$	838,681,577		$	2,260,854,869		$	2,545,866,528

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.28		$	11.32		$	10.43		$	8.93		$	10.93		$	8.62
Net investment income(a)		0.30			0.28			0.10			0.02			0.18			0.11
Net realized and unrealized gain (loss)		(2.66	)		1.07			0.92			1.49			(2.03	)		2.38
Total from investment operations		(2.36	)		1.35			1.02			1.67			(1.85	)		2.49
Distributions to shareholders from net investment income		—			(0.39	)		(0.13	)		(0.17	)		(0.15	)		(0.18	)
Net asset value, end of period	$	9.92		$	12.28		$	11.32		$	10.43		$	8.93		$	10.93
Total Return(b)		(19.22	)%		12.02	%		9.75	%		18.66	%		(16.86	)%		28.85	%
Net assets, end of period (in 000’s)	$	5,409		$	7,235		$	6,662		$	8,419		$	8,145		$	9,429
Ratio of net expenses to average net assets		1.22	%(c)		1.22	%		1.23	%		1.25	%		1.29	%		1.31	%
Ratio of total expenses to average net assets		1.34	%(c)		1.33	%		1.36	%		1.37	%		1.37	%		1.36	%
Ratio of net investment income to average net assets		5.38	%(c)		2.33	%		1.07	%		1.81	%		1.69	%		1.04	%
Portfolio turnover rate(d)		113	%		162	%		177	%		231	%		177	%		134	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.03		$	11.04		$	10.18		$	8.68		$	10.59		$	8.39
Net investment income(a)		0.25			0.20			0.03			0.12			0.10			0.04
Net realized and unrealized gain (loss)		(2.59	)		1.03			0.88			1.42			(1.94	)		2.30
Total from investment operations		(2.34	)		1.23			0.91			1.54			(1.84	)		2.34
Distributions to shareholders from net investment income		—			(0.24	)		(0.05	)		(0.04	)		(0.07	)		(0.14	)
Net asset value, end of period	$	9.69		$	12.03		$	11.04		$	10.18		$	8.68		$	10.59
Total Return(b)		(19.45	)%		11.19	%		8.89	%		17.74	%		(17.39	)%		27.85	%
Net assets, end of period (in 000’s)	$	752		$	1,009		$	1,060		$	1,308		$	2,551		$	2,661
Ratio of net expenses to average net assets		1.97	%(c)		1.96	%		1.98	%		2.01	%		2.04	%		2.06	%
Ratio of total expenses to average net assets		2.09	%(c)		2.07	%		2.11	%		2.12	%		2.12	%		2.11	%
Ratio of net investment income to average net assets		4.63	%(c)		1.59	%		0.33	%		1.25	%		1.01	%		0.40	%
Portfolio turnover rate(d)		113	%		162	%		177	%		231	%		177	%		134	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.31		$	11.29		$	10.40		$	8.91		$	10.85		$	8.54
Net investment income(a)		0.33			0.32			0.13			0.21			0.31			0.17
Net realized and unrealized gain (loss)		(2.67	)		1.07			0.92			1.48			(2.10	)		2.34
Total from investment operations		(2.34	)		1.39			1.05			1.69			(1.79	)		2.51
Distributions to shareholders from net investment income		—			(0.37	)		(0.16	)		(0.20	)		(0.15	)		(0.20	)
Net asset value, end of period	$	9.97		$	12.31		$	11.29		$	10.40		$	8.91		$	10.85
Total Return(b)		(19.01	)%		12.42	%		10.11	%		19.01	%		(16.49	)%		29.42	%
Net assets, end of period (in 000’s)	$	9,490		$	11,247		$	9,998		$	15,783		$	16,948		$	619,288
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.92	%
Ratio of total expenses to average net assets		0.97	%(c)		0.96	%		0.99	%		0.99	%		0.96	%		0.97	%
Ratio of net investment income to average net assets		5.83	%(c)		2.65	%		1.36	%		2.11	%		2.87	%		1.74	%
Portfolio turnover rate(d)		113	%		162	%		177	%		231	%		177	%		134	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.32		$	11.30		$	10.40		$	8.91		$	10.91		$	8.61
Net investment income(b)		0.35			0.31			0.13			0.20			0.19			0.13
Net realized and unrealized gain (loss)		(2.70	)		1.07			0.92			1.48			(2.00	)		2.36
Total from investment operations		(2.35	)		1.38			1.05			1.68			(1.81	)		2.49
Distributions to shareholders from net investment income		—			(0.36	)		(0.15	)		(0.19	)		(0.19	)		(0.19	)
Net asset value, end of period	$	9.97		$	12.32		$	11.30		$	10.40		$	8.91		$	10.91
Total Return(c)		(19.07	)%		12.31	%		10.09	%		18.90	%		(16.66	)%		29.09	%
Net assets, end of period (in 000’s)	$	10,146		$	7,290		$	9,085		$	18,290		$	14,008		$	15,547
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.98	%		1.00	%		1.04	%		1.05	%
Ratio of total expenses to average net assets		1.10	%(d)		1.08	%		1.11	%		1.12	%		1.12	%		1.11	%
Ratio of net investment income to average net assets		6.40	%(d)		2.58	%		1.38	%		2.06	%		1.82	%		1.30	%
Portfolio turnover rate(e)		113	%		162	%		177	%		231	%		177	%		134	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

(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.

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.23		$	11.22		$	10.33		$	8.85		$	10.92
Net investment income(b)		0.32			0.32			0.14			0.21			0.08
Net realized and unrealized gain (loss)		(2.65	)		1.06			0.92			1.47			(1.95	)
Total from investment operations		(2.33	)		1.38			1.06			1.68			(1.87	)
Distributions to shareholders from net investment income		—			(0.37	)		(0.17	)		(0.20	)		(0.20	)
Net asset value, end of period	$	9.90		$	12.23		$	11.22		$	10.33		$	8.85
Total Return(c)		(19.05	)%		12.43	%		10.20	%		19.05	%		(17.07	)%
Net assets, end of period (in 000’s)	$	597,902		$	730,126		$	640,212		$	660,555		$	530,891
Ratio of net expenses to average net assets		0.89	%(d)		0.89	%		0.89	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		0.96	%(d)		0.95	%		0.97	%		0.98	%		0.99	%(d)
Ratio of net investment income to average net assets		5.81	%(d)		2.66	%		1.42	%		2.12	%		1.14	%(d)
Portfolio turnover rate(e)		113	%		162	%		177	%		231	%		177	%

(a) Commenced operations on April 30, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	12.23		$	11.22		$	10.34		$	8.86		$	11.07
Net investment income(b)		0.32			0.32			0.14			0.21			0.10
Net realized and unrealized gain (loss)		(2.65	)		1.06			0.91			1.47			(2.11	)
Total from investment operations		(2.33	)		1.38			1.05			1.68			(2.01	)
Distributions to shareholders from net investment income		—			(0.37	)		(0.17	)		(0.20	)		(0.20	)
Net asset value, end of period	$	9.90		$	12.23		$	11.22		$	10.34		$	8.86
Total Return(c)		(19.05	)%		12.42	%		10.09	%		19.02	%		(18.09	)%
Net assets, end of period (in 000’s)	$	64,946		$	81,775		$	68,788		$	67,038		$	64,578
Ratio of net expenses to average net assets		0.89	%(d)		0.89	%		0.89	%		0.89	%		0.89	%(d)
Ratio of total expenses to average net assets		0.96	%(d)		0.95	%		0.98	%		0.98	%		1.00	%(d)
Ratio of net investment income to average net assets		5.77	%(d)		2.66	%		1.45	%		2.15	%		1.43	%(d)
Portfolio turnover rate(e)		113	%		162	%		177	%		231	%		177	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

(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.

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.29		$	29.78		$	25.54		$	20.43		$	22.37		$	18.75
Net investment income(a)		0.03			0.05			0.06			0.11			0.10			0.13
Net realized and unrealized gain (loss)		(8.73	)		8.52			4.31			5.09			(1.93	)		3.60
Total from investment operations		(8.70	)		8.57			4.37			5.20			(1.83	)		3.73
Distributions to shareholders from net investment income		—			(0.06	)		(0.09	)		(0.09	)		(0.11	)		(0.11	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		—			(0.06	)		(0.13	)		(0.09	)		(0.11	)		(0.11	)
Net asset value, end of period	$	29.59		$	38.29		$	29.78		$	25.54		$	20.43		$	22.37
Total Return(b)		(22.72	)%		28.80	%		17.06	%		25.48	%		(8.15	)%		19.88	%
Net assets, end of period (in 000’s)	$	84,681		$	111,821		$	75,584		$	68,427		$	57,833		$	50,218
Ratio of net expenses to average net assets		1.05	%(c)		1.06	%		1.08	%		1.10	%		1.14	%		1.15	%
Ratio of total expenses to average net assets		1.14	%(c)		1.11	%		1.12	%		1.13	%		1.14	%		1.15	%
Ratio of net investment income to average net assets		0.15	%(c)		0.16	%		0.24	%		0.47	%		0.44	%		0.61	%
Portfolio turnover rate(d)		108	%		116	%		177	%		205	%		152	%		108	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	35.84		$	28.04		$	24.11		$	19.36		$	21.24		$	17.86
Net investment loss(a)		(0.09	)		(0.19	)		(0.13	)		(0.06	)		(0.07	)		(0.03	)
Net realized and unrealized gain (loss)		(8.16	)		7.99			4.06			4.81			(1.81	)		3.41
Total from investment operations		(8.25	)		7.80			3.93			4.75			(1.88	)		3.38
Net asset value, end of period	$	27.59		$	35.84		$	28.04		$	24.11		$	19.36		$	21.24
Total Return(b)		(23.02	)%		27.82	%		16.25	%		24.54	%		(8.85	)%		18.93	%
Net assets, end of period (in 000’s)	$	15,925		$	21,720		$	19,502		$	18,341		$	14,380		$	22,337
Ratio of net expenses to average net assets		1.80	%(c)		1.81	%		1.83	%		1.85	%		1.88	%		1.90	%
Ratio of total expenses to average net assets		1.90	%(c)		1.86	%		1.87	%		1.88	%		1.89	%		1.90	%
Ratio of net investment loss to average net assets		(0.60	)%(c)		(0.59	)%		(0.53	)%		(0.28	)%		(0.33	)%		(0.14	)%
Portfolio turnover rate(d)		108	%		116	%		177	%		205	%		152	%		108	%

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

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

(c) Annualized.

(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.

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	39.28		$	30.53		$	26.16		$	20.91		$	22.71		$	19.04
Net investment income(a)		0.08			0.17			0.15			0.20			0.19			0.21
Net realized and unrealized gain (loss)		(8.96	)		8.74			4.43			5.23			(1.97	)		3.65
Total from investment operations		(8.88	)		8.91			4.58			5.43			(1.78	)		3.86
Distributions to shareholders from net investment income		—			(0.16	)		(0.17	)		(0.18	)		(0.02	)		(0.19	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		—			(0.16	)		(0.21	)		(0.18	)		(0.02	)		(0.19	)
Net asset value, end of period	$	30.40		$	39.28		$	30.53		$	26.16		$	20.91		$	22.71
Total Return(b)		(22.61	)%		29.23	%		17.48	%		25.90	%		(7.78	)%		20.29	%
Net assets, end of period (in 000’s)	$	57,174		$	56,035		$	47,997		$	45,718		$	34,812		$	1,395,335
Ratio of net expenses to average net assets		0.72	%(c)		0.74	%		0.74	%		0.74	%		0.74	%		0.75	%
Ratio of total expenses to average net assets		0.77	%(c)		0.75	%		0.75	%		0.75	%		0.74	%		0.75	%
Ratio of net investment income to average net assets		0.49	%(c)		0.48	%		0.56	%		0.83	%		0.79	%		1.02	%
Portfolio turnover rate(d)		108	%		116	%		177	%		205	%		152	%		108	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Service Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.52		$	29.96		$	25.70		$	20.57		$	22.51		$	18.88
Net investment income (loss)(a)		(0.01	)		—	(b)		0.02			0.08			0.08			0.11
Net realized and unrealized gain (loss)		(8.77	)		8.56			4.33			5.13			(1.94	)		3.61
Total from investment operations		(8.78	)		8.56			4.35			5.21			(1.86	)		3.72
Distributions to shareholders from net investment income		—			—	(b)		(0.05	)		(0.08	)		(0.08	)		(0.09	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		—			—	(b)		(0.09	)		(0.08	)		(0.08	)		(0.09	)
Net asset value, end of period	$	29.74		$	38.52		$	29.96		$	25.70		$	20.57		$	22.51
Total Return(c)		(22.79	)%		28.58	%		16.87	%		25.31	%		(8.26	)%		19.71	%
Net assets, end of period (in 000’s)	$	1,817		$	2,476		$	1,932		$	1,649		$	732		$	736
Ratio of net expenses to average net assets		1.26	%(d)		1.23	%		1.24	%		1.24	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.32	%(d)		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income (loss) to average net assets		(0.07	)%(d)		0.01	%		0.08	%		0.33	%		0.33	%		0.52	%
Portfolio turnover rate(e)		108	%		116	%		177	%		205	%		152	%		108	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Investor Shares(a)
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	38.93		$	30.26		$	25.93		$	20.73		$	22.70		$	19.03
Net investment income(b)		0.07			0.14			0.12			0.17			0.16			0.18
Net realized and unrealized gain (loss)		(8.88	)		8.67			4.40			5.18			(1.97	)		3.65
Total from investment operations		(8.81	)		8.81			4.52			5.35			(1.81	)		3.83
Distributions to shareholders from net investment income		—			(0.14	)		(0.15	)		(0.15	)		(0.16	)		(0.16	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—			—
Total distributions		—			(0.14	)		(0.19	)		(0.15	)		(0.16	)		(0.16	)
Net asset value, end of period	$	30.12		$	38.93		$	30.26		$	25.93		$	20.73		$	22.70
Total Return(c)		(22.63	)%		29.13	%		17.38	%		25.82	%		(7.95	)%		20.14	%
Net assets, end of period (in 000’s)	$	15,872		$	20,599		$	15,938		$	21,591		$	17,894		$	17,251
Ratio of net expenses to average net assets		0.80	%(d)		0.82	%		0.83	%		0.85	%		0.89	%		0.90	%
Ratio of total expenses to average net assets		0.89	%(d)		0.87	%		0.87	%		0.88	%		0.89	%		0.90	%
Ratio of net investment income to average net assets		0.40	%(d)		0.40	%		0.46	%		0.72	%		0.68	%		0.88	%
Portfolio turnover rate(e)		108	%		116	%		177	%		205	%		152	%		108	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	38.93		$	30.26		$	25.93		$	20.73		$	22.93
Net investment income(b)		0.08			0.17			0.15			0.20			0.13
Net realized and unrealized gain (loss)		(8.88	)		8.67			4.40			5.18			(2.14	)
Total from investment operations		(8.80	)		8.84			4.55			5.38			(2.01	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.18	)		(0.18	)		(0.19	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—
Total distributions		—			(0.17	)		(0.22	)		(0.18	)		(0.19	)
Net asset value, end of period	$	30.13		$	38.93		$	30.26		$	25.93		$	20.73
Total Return(c)		(22.60	)%		29.24	%		17.49	%		25.96	%		(8.72	)%
Net assets, end of period (in 000’s)	$	1,917,502		$	2,111,315		$	1,536,722		$	1,575,990		$	1,263,556
Ratio of net expenses to average net assets		0.71	%(d)		0.73	%		0.73	%		0.73	%		0.74	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.74	%		0.74	%		0.74	%		0.74	%(d)
Ratio of net investment income to average net assets		0.50	%(d)		0.49	%		0.57	%		0.84	%		0.85	%(d)
Portfolio turnover rate(e)		108	%		116	%		177	%		205	%		152	%

(a) Commenced operations on April 30, 2018.

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

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

(d) Annualized.

(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.

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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Tax-Managed Equity Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									Period Ended December 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	38.94		$	30.27		$	25.94		$	20.74		$	23.43
Net investment income(b)		0.08			0.17			0.15			0.20			0.16
Net realized and unrealized gain (loss)		(8.88	)		8.67			4.40			5.18			(2.66	)
Total from investment operations		(8.80	)		8.84			4.55			5.38			(2.50	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.18	)		(0.18	)		(0.19	)
Distributions to shareholders from return of capital		—			—			(0.04	)		—			—
Total distributions		—			(0.17	)		(0.22	)		(0.18	)		(0.19	)
Net asset value, end of period	$	30.14		$	38.94		$	30.27		$	25.94		$	20.74
Total Return(c)		(22.60	)%		29.23	%		17.48	%		25.94	%		(10.62	)%
Net assets, end of period (in 000’s)	$	167,885		$	221,902		$	152,775		$	138,399		$	97,892
Ratio of net expenses to average net assets		0.71	%(d)		0.73	%		0.73	%		0.73	%		0.74	%(d)
Ratio of total expenses to average net assets		0.77	%(d)		0.74	%		0.74	%		0.74	%		0.75	%(d)
Ratio of net investment income to average net assets		0.50	%(d)		0.49	%		0.59	%		0.83	%		0.95	%(d)
Portfolio turnover rate(e)		108	%		116	%		177	%		205	%		152	%

(a) Commenced operations on April 17, 2018.

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

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

(d) Annualized.

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

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2022 (Unaudited)

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	A, C, Institutional, Investor, R6 and P	Diversified
U.S. Tax-Managed Equity	A, C, Institutional, Service, Investor, R6 and P	Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

34

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
International Tax-Managed Equity	Annually	Annually
U.S. Tax-Managed Equity	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

F.  In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

35

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees 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 Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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

36

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

INTERNATIONAL TAX- MANAGED EQUITY FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	6,975,554	$	—
Asia		257,250			183,702,743		—
Europe		2,027,516			368,121,429		—
North America		10,233,424			26,267,531		—
Oceania		7,668,371			66,062,242		—
Securities Lending Reinvestment Vehicle		615,824			—		—
Total	$	20,802,385		$	651,129,499	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(236,246	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

37

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. TAX-MANAGED EQUITY FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,040,675		$	—	$	—
Europe		661,758			—		—
North America		2,048,884,343			—		—
South America		981,417			—		—
Investment Company		3,681,221			—		—
Total	$	2,056,249,414		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(303,831	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Fund	Risk	Statements of Assets and Liabilities	Liabilities
International Tax-Managed Equity	Equity	Variation margin on futures contracts	$	(236,246	)(a)
U.S. Tax-Managed Equity	Equity	Variation margin on futures contracts		(303,831	)(a)
Total			$	(540,077	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of June 30, 2022 is reported within the Statements of Assets and Liabilities    

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

38

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
International Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(786,243)		$	(359,670	)
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(2,750,057	)		(303,831	)
Total			$	(3,536,300	)	$	(663,501	)

For the six months ended June 30, 2022, the relevant values for each derivative type were as follows:

	Average number of Contracts(1)
Fund	Futures Contracts
International Tax-Managed Equity		147
U.S. Tax-Managed Equity		72

(1) Amounts disclosed represent average number of contracts for futures contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2022.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

Fund	Contractual Management Rate																		Effective Net Management Rate^
	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
International Tax-Managed Equity		0.85	%		0.77	%		0.73	%		0.72	%		0.71	%		0.85	%		0.85	%
U.S. Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.66			0.66

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those

39

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2022, GSAM waived $52 and $3,075 of the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds’ management fees, respectively.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.25	%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
International Tax-Managed Equity	$	662	$	—
U.S. Tax-Managed Equity		4,177		—

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

40

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund are 0.014% and 0.044%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Transfer Agency Waivers/Credits		Total Expense Reductions
International Tax-Managed Equity	$	52	$	256,515	$	3,852	$	260,419
U.S. Tax-Managed Equity		3,075		591,278		27,007		621,360

G.  Line of Credit Facility — As of June 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended June 30, 2022, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the International Tax-Managed Equity Fund and the U.S. Tax-Managed Equity Fund, respectively.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022		Shares as of June 30, 2022		Dividend Income
International Tax-Managed Equity	$	—	$	3,190,280	$	(3,190,280	)	$	—		—	$	69
U.S. Tax-Managed Equity		—		120,763,344		(117,082,123	)		3,681,221		3,681,221		4,853

41

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2022, the following Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Tax-Advantaged Global Equity Portfolio
International Tax-Managed Equity		86	%
U.S. Tax-Managed Equity		83	%

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, were as follows:

	Purchases				Sales
Fund	Long Term		In-Kind		Long Term		In-Kind
International Tax-Managed Equity	$	888,336,714	$	—	$	860,613,194	$	—
U.S. Tax-Managed Equity		2,598,608,519		—		2,484,978,107		—

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

42

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

7. SECURITIES LENDING (continued)

replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2022, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended June 30, 2022
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2022
International Tax-Managed Equity	$	410	$	—	$	—
U.S. Tax-Managed Equity		122		8		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended June 30, 2022:

Fund	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022
International Tax-Managed Equity	$	—	$	20,551,555	$	(19,935,731	)	$	615,824
U.S. Tax-Managed Equity		—		11,677,750		(11,677,750	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2021, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:    

	International Tax-Managed Equity			U.S. Tax-Managed Equity
Capital loss carryforwards:
Perpetual Short-term	$	(71,024,776	)	$	—
Total capital loss carryforwards	$	(71,024,776	)	$	—
Timing differences (Qualified Late Year Loss Deferral/Real Estate Investment Trust/Post October Capital Loss Deferral)	$	(6,353,388	)	$	(2,471,659	)

43

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

8. TAX INFORMATION (continued)

As of June 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	International Tax-Managed Equity			U.S. Tax-Managed Equity
Tax cost	$	635,427,423		$	1,374,720,838
Gross unrealized gain		77,866,678			704,813,101
Gross unrealized loss		(41,362,217	)		(23,284,525	)
Net unrealized gain (loss)	$	36,504,461		$	681,528,576

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

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

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign

44

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

9. OTHER RISKS (continued)

custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

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

45

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	International Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		38,568		$	428,198			82,169		$	978,215
Reinvestment of distributions		—			—			18,720			222,204
Shares redeemed		(82,600	)		(930,571	)		(100,557	)		(1,205,539	)
		(44,032	)		(502,373	)		332		$	(5,120	)
Class C Shares
Shares sold		664			7,305			11,059			131,494
Reinvestment of distributions		—			—			1,676			19,506
Shares redeemed		(6,843	)		(72,170	)		(24,912	)		(289,233	)
		(6,179	)		(64,865	)		(12,177	)		(138,233	)
Institutional Shares
Shares sold		94,556			1,056,060			134,048			1,620,123
Reinvestment of distributions								27,898			331,986
Shares redeemed		(55,557	)		(628,336	)		(134,055	)		(1,614,884	)
		38,999			427,724			27,891			337,225
Investor Shares
Shares sold		519,802			5,789,950			112,645			1,380,415
Reinvestment of distributions		—			—			17,347			206,596
Shares redeemed		(93,636	)		(1,034,683	)		(342,650	)		(4,283,493	)
		426,166			4,755,267			(212,658	)		(2,696,482	)
Class R6 Shares
Shares sold		2,056,513			23,887,771			7,411,481			89,650,350
Reinvestment of distributions		—			—			1,821,493			21,530,042
Shares redeemed		(1,347,177	)		(15,136,382	)		(1,693,155	)		(20,462,337	)
Shares redeemed in connection with in-kind transactions		—			—			(4,913,386	)		(56,160,000	)
		709,336			8,751,389			2,626,433			34,558,055
Class P Shares
Shares sold		357,154			3,928,179			580,266			6,939,110
Reinvestment of distributions		—			—			204,748			2,422,168
Shares redeemed		(481,832	)		(5,332,592	)		(231,168	)		(2,788,727	)
		(124,678	)		(1,404,413	)		553,846			6,572,551
NET INCREASE		999,612		$	11,962,729			2,983,667		$	38,627,996

46

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Tax-Managed Equity Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		158,902		$	5,385,309			561,640		$	19,883,314
Reinvestment of distributions		—			—			4,823			175,710
Shares redeemed		(217,441	)		(6,978,388	)		(184,155	)		(6,276,955	)
		(58,539	)		(1,593,079	)		382,308		$	13,782,069
Class C Shares
Shares sold		39,792			1,246,051			51,099			1,652,501
Reinvestment of distributions		—			—			—			—
Shares redeemed		(68,702	)		(2,130,480	)		(140,687	)		(4,315,583	)
		(28,910	)		(884,429	)		(89,588	)		(2,663,082	)
Institutional Shares
Shares sold		635,835			22,132,493			198,502			6,943,237
Reinvestment of distributions		—			—			5,097			190,438
Shares redeemed		(181,941	)		(6,210,670	)		(349,173	)		(12,553,273	)
		453,894			15,921,823			(145,574	)		(5,419,598	)
Service Shares
Shares sold		4,138			136,677			7,861			270,576
Reinvestment of distributions		—			—			5			215
Shares redeemed		(7,305	)		(250,337	)		(8,075	)		(275,024	)
		(3,167	)		(113,660	)		(209	)		(4,233	)
Investor Shares
Shares sold		28,367			1,012,985			37,510			1,318,026
Reinvestment of distributions		—			—			1,926			71,313
Shares redeemed		(30,568	)		(1,028,054	)		(36,996	)		(1,308,185	)
		(2,201	)		(15,069	)		2,440			81,154
Class R6 Shares
Shares sold		10,658,651			345,275,616			8,763,616			296,622,030
Reinvestment of distributions		—			—			247,212			9,154,253
Shares redeemed		(1,261,376	)		(44,154,146	)		(1,583,015	)		(55,340,703	)
Shares redeemed in connection with in-kind transactions		—			—			(3,977,655	)		(145,620,000	)
		9,397,275			301,121,470			3,450,158			104,815,580
Class P Shares
Shares sold		375,957			12,921,074			791,646			27,401,422
Reinvestment of distributions		—			—			26,006			963,249
Shares redeemed		(504,880	)		(17,548,080	)		(166,433	)		(6,029,305	)
		(128,923	)		(4,627,006	)		651,219			22,335,366
NET INCREASE		9,629,429		$	309,810,050			4,250,754		$	132,927,256

47

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Tax-Managed Equity Fund and Goldman Sachs U.S. Tax-Managed Equity Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(ii) the Fund’s expense trends over time; and

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

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

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

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

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

48

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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

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

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

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

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

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Fund’s investment performance was provided for the one-, three-, five-,

49

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the International Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. They noted that the U.S. Tax-Managed Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the third quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2022.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

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

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

50

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

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

	International Tax-Managed Equity Fund			U.S. Tax-Managed Equity Fund
First $1 billion		0.85	%		0.70	%
Next $1 billion		0.77			0.63
Next $3 billion		0.73			0.60
Next $3 billion		0.72			0.59
Over $8 billion		0.71			0.58

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of its transfer agency fee with respect to certain share classes of each of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Tax-Managed Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the

51

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

52

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

53

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

54

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended  June 30, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days of a 365 day year.

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

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

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

	International Tax-Managed Equity Fund							U.S. Tax-Managed Equity Fund
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/2022*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/2022*
Class A
Actual	$	1,000.00	$	809.91		$	5.49	$	1,000.00	$	773.93		$	4.63
Hypothetical 5% return		1,000.00		1,018.72	+		6.13		1,000.00		1,019.58	+		5.27
Class C
Actual		1,000.00		805.49			8.84		1,000.00		772.07			7.92
Hypothetical 5% return		1,000.00		1,015.01	+		9.86		1,000.00		1,015.86	+		9.01
Institutional
Actual		1,000.00		809.49			4.06		1,000.00		773.95			3.17
Hypothetical 5% return		1,000.00		1,020.31	+		4.53		1,000.00		1,021.22	+		3.61
Service
Actual		1,000.00		N/A			N/A		1,000.00		769.81			5.54
Hypothetical 5% return		1,000.00		N/A			N/A		1,000.00		1,018.53	+		6.32
Investor
Actual		1,000.00		807.82			4.37		1,000.00		772.79			3.53
Hypothetical 5% return		1,000.00		1,019.96	+		4.88		1,000.00		1,020.82	+		4.02
Class R6
Actual		1,000.00		809.25			4.01		1,000.00		773.70			3.13
Hypothetical 5% return		1,000.00		1,020.36	+		4.48		1,000.00		1,021.27	+		3.57
Class P
Actual		1,000.00		809.49			4.01		1,000.00		774.01			3.13
Hypothetical 5% return		1,000.00		1,020.36	+		4.48		1,000.00		1,021.26	+		3.57

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A Shares			Class C Shares			Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class P Shares
International Tax-Managed Equity		1.22	%		1.97	%		0.90	%		N/A			0.97	%		0.89	%		0.89	%
U.S. Tax-Managed Equity		1.05			1.80			0.72			1.26	%		0.80			0.71			0.71

55

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2022 Goldman Sachs. All rights reserved. 287742-OTU-08/2022 TAXADVSAR-22

Goldman Sachs Funds

Semi-Annual Report	June 30, 2022
	Tax-Advantaged Equity Funds II
	International Equity Dividend and Premium
	U.S. Equity Dividend and Premium

Goldman Sachs Tax-Advantaged Equity Funds II

∎ INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

∎ U.S. EQUITY DIVIDEND AND PREMIUM

TABLE OF CONTENTS
Market Review	1
Fund Basics	5
Schedules of Investments	9
Financial Statements	20
Financial Highlights	23
International Equity Dividend and Premium	23
U.S. Equity Dividend and Premium	29
Notes to the Financial Statements	35
Other Information	56

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Tax-Advantaged Funds II

The following are highlights both of key factors affecting the U.S. and international equity markets and of any key changes made to the Goldman Sachs Tax-Advantaged Funds (the “Funds”) during the six months ended June 30, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2022.

Market and Economic Review

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -19.57% for the Reporting Period, in line with the U.S. equity market, as represented by the -19.96% return of the S&P 500 Index.

• During the first quarter of 2022, the MSCI EAFE Index (net) returned -5.91%.

• International equity prices faced pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Fed, rising bond yields, valuation concerns, and Russia’s late February invasion of Ukraine.

• Certain governments around the world took a public stance condemning Russia’s action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions boosted the price of crude oil in the global markets.

• Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation.

• Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter.

• Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced worries about supply-side inflation and a potential stagflation scenario—particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength.

• Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues.

• During the second quarter of 2022, the MSCI EAFE Index (net) returned -14.51%.

• All major regions performed roughly in line with each other, as inflationary pressures persisted, and odds of a U.S. recession grew.

• Supply-chain issues worsened as China initially instituted lockdowns following a surge in COVID-19 cases. However, as the quarter progressed, China began easing its COVID-19-induced restrictions, mitigating the disruption.

• In the Euro area, the geopolitical crisis of the ongoing war in Ukraine remained on the forefront of concerns, in part due to worries about potential gas shortages due to reduced supply from Russia. This was particularly concerning for countries with high energy dependence, such as Italy, Spain and Germany. Germany triggered an emergency plan in June 2022 that allowed utilities to pass on cost increases to consumers.

1

MARKET REVIEW

• The Bank of England introduced a 25 basis point interest rate hike in June despite negative economic growth in the country.

• Japanese equities fell, as the yen significantly weakened against the U.S. dollar, driven by concerns around a U.S. recession, currency markets and monetary policy. Inflation was also a headwind for Japan, with its inflation at the highest since 2008 and its consumer confidence index falling to its lowest level since January 2021.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and consumer discretionary.

• All of the country constituents of the MSCI EAFE Index posted negative total returns during the Reporting Period. On a relative basis, however, Hong Kong, Portugal, Norway and the U.K. were the best performing countries within the MSCI EAFE Index during the Reporting Period. The weakest performing countries during the Reporting Period were Ireland, Austria, Sweden and the Netherlands.

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of -19.96%, its worst showing in the first half of a calendar year since 1970 and erasing nearly all the gains achieved in 2021.

• Inflationary pressures, shifting U.S. Federal Reserve (“Fed”) policy, COVID-19 pandemic overhangs and ongoing war between Russia and Ukraine were the primary concerns pressuring the U.S. equity markets during the Reporting Period.

• During the first quarter of 2022, the S&P 500 Index returned -4.95%, marking the first quarterly decline since the first quarter of 2020.

• Among the major economic and geopolitical developments were the dramatic repricing of the Fed interest rate hike path and accelerated expectations for a more aggressive balance sheet runoff phase due to concerns about elevated and persistent inflation pressures.

• The hawkish Fed policy shift drove a large increase in bond yields, and U.S. Treasuries suffered one of their worst quarters on record. (Hawkish suggests higher interest rates; opposite of dovish.)

• COVID-19, and more specifically, the Omicron variants, was still an overhang, with resurgent cases bringing back supply-chain issues and worker shortages.

• Amid this backdrop, dampened corporate earnings momentum played into the bearish narrative for the U.S. equities markets. (Bearish refers to an expected downward movement in the prices of securities.)

• Growth equities meaningfully lagged value equities as a potential by-product of anticipated higher interest rates in the near term.

• During the second quarter of 2022, the S&P 500 Index returned -16.10%.

• Inflation, the Fed’s policy response and recession worries were at the core of investors’ narratives, resulting in a broad risk-off, or heightened risk aversion, atmosphere.

• Geopolitical overhang also remained a concern, as it affected energy prices, leading to low consumer sentiment and potentially changing consumer spending trends.

• On the other hand, equity inflows, buyback strength, insider buying, resilient consumer spending and some hints of cooling in the labor market were seen by the consensus as tailwinds.

• In late May/early June 2022, it remained unclear whether a rebound seen in the U.S. equity markets from the May 20, 2022 year-to-date lows represented the start of a recovery or a bear-market rally.

2

MARKET REVIEW

• This question was quickly answered later in the month after the release of a higher than consensus expected May Consumer Price Index report, which sent the S&P 500^® Index to new year-to-date lows.

• Moreover, following a 25 basis point hike in March 2022 and a 50 basis point increase in May 2022, the Fed agreed to a 75 basis point interest rate hike during its June 2022 meeting, wherein Fed Chair Powell asserted the Fed’s unconditional commitment to price stability with a policy response evolving based on incoming data. (A basis point is 1/100^th of a percentage point.)

• At the end of the quarter, investors were looking ahead to the second quarter corporate earnings reporting season with some caution, as input price pressures and consumption trends factored into analyst arguments for downward revisions to earnings estimates.

• During the Reporting Period overall, all segments of the U.S. equity markets declined, but small-cap stocks were weakest, followed by mid-cap stocks and large-cap stocks. Value stocks meaningfully outperformed growth stocks on a relative basis across the capitalization spectrum during the Reporting Period.

• Ten of the 11 sectors of the S&P 500 Index declined during the Reporting Period. The best performing sector by far within the S&P 500 Index during the Reporting Period was energy, the only one to produce a positive total return. Still, utilities, consumer staples and health care also produced total returns that notably outpaced the broad S&P 500 Index. The weakest performing sectors during the Reporting Period were consumer discretionary, communication services and information technology.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs International Equity Dividend and Premium Fund

• The Fund outperformed its benchmark, the MSCI EAFE Index (net, USD, unhedged), during the Reporting Period.

• Security selection contributed positively to the Fund’s relative returns, especially the Fund’s bias toward stocks with higher dividend yields.

• On a sector level, the Fund was helped most by investments in the industrials sector, followed by the consumer discretionary, financials and energy sectors. There was no sector in which stock selection had a negative impact overall on relative performance.

• Regarding individual stock holdings, the Fund benefited from overweight positions versus the MSCI EAFE Index in Shell, a U.K.-based oil and gas company, and HSBC Holdings, a British investment bank. An investment in German pharmaceutical and life sciences company Bayer AG, in which the Fund was rather neutrally weighted compared to the MSCI EAFE Index, also bolstered relative returns. These positive results were partially offset by the Fund’s overweights in Nestle, a Swiss nutrition, health and wellness company; ASML Holding, a Netherlands-based manufacturer of photolithography systems used in the manufacturing of semiconductors; and Toyota Motor, a Japanese automaker.

• The sale of call options on the MSCI EAFE Index added to the Fund’s total return during the Reporting Period. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

• When the Fund sells an index call option, it retains the premium it receives from the sale, but the premium may not exceed the difference in the value of the index as call options are exercised. However, during the Reporting Period, the MSCI EAFE Index declined, and thus the Fund’s call writing added to performance.

Goldman Sachs U.S. Equity Dividend and Premium Fund

• The Fund outperformed its benchmark, the S&P 500 Index (with dividends reinvested), during the Reporting Period.

• Security selection added most to the Fund’s relative returns, especially the Fund’s bias toward stocks with higher dividend yields.

3

MARKET REVIEW

• On a sector level, the Fund benefited from its investments in the health care, industrials and communication services sectors. Selection in the consumer discretionary sector detracted minimally from relative performance.

• In terms of individual stock holdings, the Fund was helped by overweight positions versus the S&P 500 Index in telecommunications company AT&T and energy and utility holding company PPL. An underweight in online payment system PayPal Holdings also bolstered results. These positive results were partially offset by underweights in technology companies Apple, Microsoft and Alphabet, which detracted from relative returns.

• The sale of call options on the S&P 500 Index contributed positively to the Fund’s total return during the Reporting Period. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

• When the Fund sells an index call option, it retains the premium it receives from the sale, but the premium may not exceed the difference in the value of the index as call options are exercised. However, during the Reporting Period, the S&P 500 Index declined, and thus the Fund’s call writing added to performance.

4

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			MSCI EAFE Index (net, USD, unhedged)2			Bloomberg Global Aggregate Bond Index (gross, USD,  unhedged)3
Class A		-15.68	%		-19.57	%		-13.91	%
Class C		-16.09			-19.57			-13.91
Institutional		-15.60			-19.57			-13.91
Investor		-15.69			-19.57			-13.91
Class R6		-15.60			-19.57			-13.91
Class P		-15.58			-19.57			-13.91

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI EAFE Index (net, USD, unhedged) is an unmanaged market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

³  The Bloomberg Global Aggregate Bond Index (gross, USD, unhedged) represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 6/30/224
Holding	% of Net Assets			Line of Business	Country
Nestle SA		3.1	%	Food Products	United States
Zurich Insurance Group AG		2.0		Insurance	Switzerland
Shell PLC		1.9		Oil, Gas & Consumable Fuels	Netherlands
ASML Holding NV		1.8		Semiconductors & Semiconductor Equipment	Netherlands
Toyota Motor Corp.		1.8		Automobiles	Japan
LVMH Moet Hennessy Louis Vuitton SE		1.8		Textiles, Apparel & Luxury Goods	France
Novartis AG		1.7		Pharmaceuticals	Switzerland
Novo Nordisk A/S Class B		1.7		Pharmaceuticals	Denmark
National Australia Bank Ltd.		1.6		Banks	Australia
Rio Tinto PLC ADR		1.5		Metals & Mining	Germany

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s Investment strategies, holdings, and performance.

6

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2022

PERFORMANCE REVIEW
January 1, 2022–June 30, 2022	Fund Total Return (based on NAV)1			S&P 500® Index2			Bloomberg U.S. Aggregate Bond Index3
Class A		-16.67	%		-19.96	%		-10.35	%
Class C		-17.00			-19.96			-10.35
Institutional		-16.58			-19.96			-10.35
Investor		-16.61			-19.96			-10.35
Class R6		-16.53			-19.96			-10.35
Class P		-16.58			-19.96			-10.35

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index is an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 6/30/224
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.5	%	Technology Hardware, Storage & Peripherals
Microsoft Corp.		6.0		Software
Amazon.com, Inc.		2.9		Internet & Direct Marketing Retail
Alphabet, Inc. Class A		2.6		Interactive Media & Services
Tesla, Inc.		1.9		Automobiles
UnitedHealth Group, Inc.		1.7		Health Care Providers & Services
The Home Depot, Inc.		1.5		Specialty Retail
Johnson & Johnson		1.5		Pharmaceuticals
The Procter & Gamble Co.		1.3		Household Products
Chevron Corp.		1.3		Oil, Gas & Consumable Fuels

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2022

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s Investment strategies, holdings, and performance.

8

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 104.2%
Australia – 10.2%
	87,768	APA Group (Gas Utilities)	$	683,517
	462,911	Aurizon Holdings Ltd. (Road & Rail)		1,217,470
	52,370	Australia & New Zealand Banking Group Ltd. (Banks)		797,632
	47,767	BHP Group Ltd. (Metals & Mining)		1,367,741
	36,465	Coles Group Ltd. (Food & Staples Retailing)		448,751
	11,774	Commonwealth Bank of Australia (Banks)		735,599
	809	CSL Ltd. (Biotechnology)		150,211
	127,784	Fortescue Metals Group Ltd. (Metals & Mining)		1,536,571
	181,654	Medibank Pvt. Ltd. (Insurance)		408,572
	121,850	National Australia Bank Ltd. (Banks)		2,310,622
	8,515	Rio Tinto Ltd. (Metals & Mining)		607,450
	11,619	Rio Tinto PLC (Metals & Mining)		694,661
	34,840	Rio Tinto PLC ADR(a) (Metals & Mining)		2,125,240
	9,879	Sonic Healthcare Ltd. (Health Care Providers & Services)		225,175
	24,176	Transurban Group (Transportation Infrastructure)		240,534
	24,555	Wesfarmers Ltd. (Multiline Retail)		710,229
	20,881	Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)		458,933
				14,718,908
Belgium – 1.1%
	16,368	Ageas SA (Insurance)		721,708
	57,166	Proximus SADP (Diversified Telecommunication Services)		843,761
				1,565,469
Brazil – 0.3%
	11,034	Yara International ASA (Chemicals)		462,335
China – 0.6%
	50,600	Budweiser Brewing Co. APAC Ltd.(b) (Beverages)		151,835
	40,000	ESR Cayman Ltd.*(b) (Real Estate Management & Development)		108,466
	8,877	Prosus NV* (Internet & Direct Marketing Retail)		574,818
				835,119
Denmark – 3.7%
	7,006	Ambu A/S Class B (Health Care Equipment & Supplies)		68,456
	375	AP Moller – Maersk A/S Class A (Marine)		870,358
	430	AP Moller – Maersk A/S Class B (Marine)		1,009,467
	6,157	Coloplast A/S Class B (Health Care Equipment & Supplies)		703,497
	1	Danske Bank A/S (Banks)		14
	21,512	Novo Nordisk A/S Class B (Pharmaceuticals)		2,385,730
Common Stocks – (continued)
Denmark – (continued)
	13,235	Vestas Wind Systems A/S (Electrical Equipment)		281,403
				5,318,925
Finland – 2.9%
	2,441	Kesko Oyj Class B (Food & Staples Retailing)		57,768
	7,102	Kone Oyj Class B (Machinery)		339,441
	7,263	Neste Oyj (Oil, Gas & Consumable Fuels)		323,065
	184,503	Nordea Bank Abp (Banks)		1,629,811
	4,735	Orion Oyj Class B (Pharmaceuticals)		211,913
	26,278	Sampo Oyj Class A (Insurance)		1,148,378
	3	Stora Enso Oyj Class R (Paper & Forest Products)		48
	16,505	Valmet Oyj (Machinery)		406,738
				4,117,162
France – 11.0%
	5,647	Airbus SE (Aerospace & Defense)		552,332
	8,762	Amundi SA(b) (Capital Markets)		482,410
	31,098	BNP Paribas SA (Banks)		1,487,478
	21,873	Bouygues SA (Construction & Engineering)		675,077
	1,796	Capgemini SE (IT Services)		309,738
	152,111	Credit Agricole SA (Banks)		1,402,305
	21,499	Danone SA (Food Products)		1,203,991
	3,705	Dassault Systemes SE (Software)		137,236
	8,725	Edenred (IT Services)		413,309
	646	Euroapi Sasu Common Stock* (Pharmaceuticals)		10,191
	1,617	Kering SA (Textiles, Apparel & Luxury Goods)		837,973
	2,385	L’Oreal SA (Personal Products)		828,085
	4,118	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		2,523,830
	4,048	Orange SA (Diversified Telecommunication Services)		47,700
	2,445	Pernod Ricard SA (Beverages)		452,019
	6,820	Publicis Groupe SA (Media)		335,411
	3,760	Safran SA (Aerospace & Defense)		374,366
	14,858	Sanofi (Pharmaceuticals)		1,498,370
	548	Sartorius Stedim Biotech (Life Sciences Tools & Services)		172,904
	24,616	TotalEnergies SE (Oil, Gas & Consumable Fuels)		1,295,711
	1,533	Unibail-Rodamco-Westfield* (Equity Real Estate Investment Trusts (REITs))		77,938
	8,158	Vinci SA (Construction & Engineering)		732,274
	1	Vivendi SE (Media)		10
				15,850,658
Germany – 8.1%
	1,494	Adidas AG (Textiles, Apparel & Luxury Goods)		265,381
	1,665	Allianz SE (Insurance)		319,197

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	24,132	BASF SE (Chemicals)	$	1,055,829
	7,182	Bayer AG (Pharmaceuticals)		428,883
	29,535	Bayerische Motoren Werke AG (Automobiles)		2,181,606
	1,503	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		180,705
	27,689	Covestro AG(b) (Chemicals)		962,156
	11,048	Deutsche Post AG (Air Freight & Logistics)		417,130
	893	HelloFresh SE* (Food & Staples Retailing)		29,134
	6,529	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		158,821
	659	LEG Immobilien SE (Real Estate Management & Development)		54,843
	24,481	Mercedes-Benz Group AG (Automobiles)		1,421,815
	2	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Insurance)		473
	799	Nemetschek SE (Software)		48,609
	2,633	Puma SE (Textiles, Apparel & Luxury Goods)		174,690
	13,192	SAP SE (Software)		1,202,456
	12,579	Siemens AG (Industrial Conglomerates)		1,293,077
	4,920	Siemens Healthineers AG(b) (Health Care Equipment & Supplies)		250,853
	337,548	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		973,390
	9,614	Vonovia SE (Real Estate Management & Development)		297,462
				11,716,510
Hong Kong – 2.6%
	104,400	AIA Group Ltd. (Insurance)		1,140,733
	28,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		53,279
	98	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		106
	14,596	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		721,863
	1,100	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		57,798
	181,487	Link REIT (Equity Real Estate Investment Trusts (REITs))		1,482,996
	24,276	Sino Land Co. Ltd. (Real Estate Management & Development)		35,848
	500	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		5,920
	400	Swire Properties Ltd. (Real Estate Management & Development)		996
	24,000	Techtronic Industries Co. Ltd. (Machinery)		250,612
				3,750,151
Common Stocks – (continued)
Ireland – 0.6%
	24,567	CRH PLC (Construction Materials)		847,778
Israel – 0.2%
	20,126	ICL Group Ltd. (Chemicals)		183,849
	1,445	Wix.com Ltd.*(a) (IT Services)		94,720
				278,569
Italy – 1.7%
	3,890	Amplifon SpA (Health Care Providers & Services)		119,596
	27,996	Coca-Cola HBC AG (Beverages)		623,798
	2,914	Davide Campari-Milano NV (Beverages)		30,742
	1,438	DiaSorin SpA (Health Care Equipment & Supplies)		189,112
	128,207	Enel SpA (Electric Utilities)		703,115
	4,925	Eni SpA (Oil, Gas & Consumable Fuels)		58,414
	47,270	Mediobanca Banca di Credito Finanziario SpA (Banks)		409,955
	2,098	Moncler SpA (Textiles, Apparel & Luxury Goods)		90,394
	48,755	Snam SpA (Gas Utilities)		255,787
				2,480,913
Japan – 22.3%
	2,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)		129,064
	14,500	AGC, Inc. (Building Products)		509,496
	2,200	Aisin Corp. (Auto Components)		68,092
	1,600	Asahi Group Holdings Ltd. (Beverages)		52,617
	7,100	Astellas Pharma, Inc. (Pharmaceuticals)		110,772
	1,600	Bandai Namco Holdings, Inc. (Leisure Products)		112,949
	5,700	Benefit One, Inc. (Professional Services)		77,222
	28,200	Bridgestone Corp. (Auto Components)		1,028,154
	22,100	Canon, Inc. (Technology Hardware, Storage & Peripherals)		500,816
	11,600	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		296,734
	1,500	Dai-ichi Life Holdings, Inc. (Insurance)		27,743
	20,500	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		521,366
	1,200	Daikin Industries Ltd. (Building Products)		192,671
	2,400	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		207,615
	132,700	Daiwa Securities Group, Inc. (Capital Markets)		594,181
	2,900	Denso Corp. (Auto Components)		153,069
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)		356,943
	6,400	Eisai Co. Ltd. (Pharmaceuticals)		270,593
	4,000	FANUC Corp. (Machinery)		626,957
	2,600	Fuji Electric Co. Ltd. (Electrical Equipment)		107,494
	1,300	Hikari Tsushin, Inc. (Specialty Retail)		133,642

10 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	7,400	Hino Motors Ltd. (Machinery)	$	38,092
	1,916	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		254,409
	1,400	Hitachi Ltd. (Industrial Conglomerates)		66,598
	1,200	Honda Motor Co. Ltd. (Automobiles)		28,933
	3,100	Hoya Corp. (Health Care Equipment & Supplies)		265,307
	6,800	Iida Group Holdings Co. Ltd. (Household Durables)		104,396
	7,700	Isuzu Motors Ltd. (Automobiles)		85,173
	39,600	ITOCHU Corp. (Trading Companies & Distributors)		1,068,327
	2,000	Japan Exchange Group, Inc. (Capital Markets)		28,989
	16,700	Japan Post Insurance Co. Ltd. (Insurance)		267,279
	21,900	Japan Tobacco, Inc. (Tobacco)		379,500
	6,400	JSR Corp. (Chemicals)		166,311
	12,400	Kajima Corp. (Construction & Engineering)		142,186
	9,300	Kakaku.com, Inc. (Interactive Media & Services)		154,464
	1,700	Kao Corp. (Personal Products)		68,934
	600	Keyence Corp. (Electronic Equipment, Instruments & Components)		205,763
	900	Kikkoman Corp. (Food Products)		47,895
	1,800	Kintetsu Group Holdings Co. Ltd. (Road & Rail)		56,001
	38,100	Kirin Holdings Co. Ltd. (Beverages)		601,867
	12,500	Komatsu Ltd. (Machinery)		278,339
	1,700	Kose Corp. (Personal Products)		154,931
	1,100	Lawson, Inc. (Food & Staples Retailing)		36,609
	30,600	Lixil Corp. (Building Products)		575,144
	8,100	M3, Inc. (Health Care Technology)		233,158
	2,100	Makita Corp. (Machinery)		52,052
	52,200	Marubeni Corp. (Trading Companies & Distributors)		468,317
	1,900	Mercari, Inc.* (Internet & Direct Marketing Retail)		27,712
	33,800	Mitsubishi Corp. (Trading Companies & Distributors)		1,006,604
	23,400	Mitsubishi Electric Corp. (Electrical Equipment)		251,530
	49,600	Mitsubishi HC Capital, Inc. (Diversified Financial Services)		228,923
	162,300	Mitsubishi UFJ Financial Group, Inc. (Banks)		868,313
	12,100	Mitsui & Co. Ltd. (Trading Companies & Distributors)		265,892
	12,500	Mitsui OSK Lines Ltd. (Marine)		287,557
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		420,088
	8,800	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		478,960
	400	Nidec Corp. (Electrical Equipment)		24,787
Common Stocks – (continued)
Japan – (continued)
	1,500	Nintendo Co. Ltd. (Entertainment)		645,084
	2,700	Nippon Express Holdings, Inc. (Road & Rail)		147,077
	1,000	Nippon Paint Holdings Co. Ltd. (Chemicals)		7,482
	38	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts (REITs))		93,593
	1	Nippon Steel Corp. (Metals & Mining)		14
	8,200	Nippon Yusen KK (Marine)		562,232
	5,000	Nisshin Seifun Group, Inc. (Food Products)		58,515
	4,200	Nitto Denko Corp. (Chemicals)		271,650
	51,900	Nomura Holdings, Inc. (Capital Markets)		188,558
	14,700	Nomura Research Institute Ltd. (IT Services)		394,497
	2,200	Obic Co. Ltd. (IT Services)		312,853
	300	Odakyu Electric Railway Co. Ltd. (Road & Rail)		4,048
	5,100	Olympus Corp. (Health Care Equipment & Supplies)		103,352
	1,700	Omron Corp. (Electronic Equipment, Instruments & Components)		86,524
	5,400	Otsuka Corp. (IT Services)		160,709
	45,300	Panasonic Corp. (Household Durables)		365,761
	13,200	Pola Orbis Holdings, Inc. (Personal Products)		163,388
	17,600	Recruit Holdings Co. Ltd. (Professional Services)		518,328
	66,300	Resona Holdings, Inc. (Banks)		247,996
	1,000	Ryohin Keikaku Co. Ltd. (Multiline Retail)		9,796
	17,100	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		241,913
	2,400	Sekisui House Ltd. (Household Durables)		42,133
	5,000	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		158,478
	3,900	Shin-Etsu Chemical Co. Ltd. (Chemicals)		438,403
	300	Shiseido Co. Ltd. (Personal Products)		12,092
	140,000	SoftBank Corp. (Wireless Telecommunication Services)		1,554,354
	3,900	SoftBank Group Corp. (Wireless Telecommunication Services)		151,158
	900	Sompo Holdings, Inc. (Insurance)		39,751
	7,500	Sony Group Corp. (Household Durables)		611,676
	3,700	Subaru Corp. (Automobiles)		65,447
	11,800	Sumitomo Corp. (Trading Companies & Distributors)		160,403
	6,900	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		213,930
	46,600	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,385,189
	300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		9,272

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	2,700	Sysmex Corp. (Health Care Equipment & Supplies)	$	162,920
	38,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		1,072,974
	3,000	TDK Corp. (Electronic Equipment, Instruments & Components)		92,755
	33,100	The Kansai Electric Power Co., Inc. (Electric Utilities)		327,643
	1,600	Tokio Marine Holdings, Inc. (Insurance)		93,299
	3,500	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,142,376
	300	Tokyo Gas Co. Ltd. (Gas Utilities)		6,217
	3,900	TOTO Ltd. (Building Products)		129,134
	165,600	Toyota Motor Corp. (Automobiles)		2,555,093
	2,500	Toyota Tsusho Corp. (Trading Companies & Distributors)		81,507
	57,500	USS Co. Ltd. (Specialty Retail)		996,594
	3,000	Yamaha Corp. (Leisure Products)		123,675
	200	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		3,201
	900	Yaskawa Electric Corp. (Machinery)		29,068
	3,900	ZOZO, Inc. (Internet & Direct Marketing Retail)		70,561
				32,080,203
Macau – 0.3%
	37,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		221,651
	77,600	Sands China Ltd.* (Hotels, Restaurants & Leisure)		186,682
				408,333
Netherlands – 5.2%
	466	Adyen NV*(b) (IT Services)		672,500
	1	Akzo Nobel NV (Chemicals)		65
	555	Argenx SE* (Biotechnology)		209,209
	600	ASM International NV (Semiconductors & Semiconductor Equipment)		149,284
	5,588	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,639,983
	4,999	Heineken NV (Beverages)		455,017
	2,547	Just Eat Takeaway.com NV*(b) (Internet & Direct Marketing Retail)		40,022
	4,249	NN Group NV (Insurance)		192,449
	3,570	Randstad NV (Professional Services)		172,540
	103,576	Shell PLC (Oil, Gas & Consumable Fuels)		2,696,981
	14,656	Universal Music Group NV (Entertainment)		293,648
				7,521,698
New Zealand – 1.1%
	9,788	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		121,936
Common Stocks – (continued)
New Zealand – (continued)
	72,733	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		212,246
	431,573	Spark New Zealand Ltd. (Diversified Telecommunication Services)		1,291,588
				1,625,770
Norway – 0.5%
	12,697	DNB Bank ASA (Banks)		229,861
	58	Gjensidige Forsikring ASA (Insurance)		1,181
	18,513	Norsk Hydro ASA (Metals & Mining)		104,622
	9,166	Orkla ASA (Food Products)		73,426
	27,368	Telenor ASA (Diversified Telecommunication Services)		365,724
				774,814
Portugal – 0.3%
	14,664	Galp Energia SGPS SA (Oil, Gas & Consumable Fuels)		171,583
	9,319	Jeronimo Martins SGPS SA (Food & Staples Retailing)		202,021
				373,604
Russia(c) – 0.0%
	74,513	Evraz PLC (Metals & Mining)		—
Singapore – 1.4%
	238	CDL Hospitality Trusts (Equity Real Estate Investment Trusts (REITs))		218
	1,500	City Developments Ltd. (Real Estate Management & Development)		8,810
	36,746	DBS Group Holdings Ltd. (Banks)		786,269
	5,200	Keppel Corp. Ltd. (Industrial Conglomerates)		24,292
	2,866	Sea Ltd. ADR*(a) (Entertainment)		191,621
	17,600	Singapore Exchange Ltd. (Capital Markets)		119,907
	208,400	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		613,491
	121,600	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		221,320
				1,965,928
South Africa – 0.0%
	997	Anglo American PLC (Metals & Mining)		35,641
				35,641
South Korea*(b) – 0.2%
	8,465	Delivery Hero SE (Internet & Direct Marketing Retail)		319,349
Spain – 2.8%
	205	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		4,996

12 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Spain – (continued)
	169	Amadeus IT Group SA* (IT Services)	$	9,463
	46,749	Enagas SA (Gas Utilities)		1,033,926
	98,111	Endesa SA (Electric Utilities)		1,856,006
	30,922	Ferrovial SA (Construction & Engineering)		786,772
	4,443	Naturgy Energy Group SA (Gas Utilities)		128,383
	6,715	Red Electrica Corp. SA (Electric Utilities)		127,112
	2,879	Siemens Gamesa Renewable Energy SA* (Electrical Equipment)		54,282
				4,000,940
Sweden – 2.0%
	17,280	Atlas Copco AB Class A (Machinery)		161,742
	45,108	Atlas Copco AB Class B (Machinery)		377,956
	28,324	Electrolux AB Class B (Household Durables)		382,568
	6,784	EQT AB (Capital Markets)		139,432
	2,714	Lundin Energy AB (Oil, Gas & Consumable Fuels)		1,845
	2,714	Lundin Energy Mergerco AB (Diversified Financial Services)		110,449
	43,039	Nibe Industrier AB Class B (Building Products)		324,438
	74,470	Skandinaviska Enskilda Banken AB Class A (Banks)		733,666
	1	Telefonaktiebolaget LM Ericsson Class B (Communications Equipment)		8
	160,202	Telia Co. AB (Diversified Telecommunication Services)		614,872
	4,781	Volvo AB Class B (Machinery)		74,389
				2,921,365
Switzerland – 8.1%
	15,419	Adecco Group AG (Professional Services)		525,554
	1,194	Bachem Holding AG (Life Sciences Tools & Services)		83,222
	501	Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods)		53,889
	68,110	Clariant AG (Chemicals)		1,298,740
	313	Geberit AG (Building Products)		150,585
	12,034	Holcim Ltd. (Construction Materials)		516,133
	28,173	Novartis AG (Pharmaceuticals)		2,388,523
	672	Partners Group Holding AG (Capital Markets)		606,881
	5,781	Roche Holding AG (Pharmaceuticals)		1,932,587
	164	SGS SA (Professional Services)		376,163
	918	Sonova Holding AG (Health Care Equipment & Supplies)		293,376
	2,490	Straumann Holding AG (Health Care Equipment & Supplies)		299,960
	907	VAT Group AG(b) (Machinery)		216,915
	6,693	Zurich Insurance Group AG (Insurance)		2,918,639
				11,661,167
Common Stocks – (continued)
United Kingdom – 11.9%
	1,429	Ashtead Group PLC (Trading Companies & Distributors)		60,116
	24,776	AstraZeneca PLC ADR(a) (Pharmaceuticals)		1,636,950
	340,902	Aviva PLC (Insurance)		1,669,828
	103,363	BAE Systems PLC (Aerospace & Defense)		1,046,446
	35,015	Barclays PLC (Banks)		65,477
	5,642	Berkeley Group Holdings PLC (Household Durables)		256,511
	16,560	BP PLC ADR(a) (Oil, Gas & Consumable Fuels)		469,476
	18,061	British American Tobacco PLC (Tobacco)		774,171
	6,250	Coca-Cola Europacific Partners PLC(a) (Beverages)		322,563
	13,945	Diageo PLC (Beverages)		602,322
	7,315	Experian PLC (Professional Services)		214,774
	240,798	HSBC Holdings PLC (Banks)		1,573,018
	29,201	Imperial Brands PLC (Tobacco)		653,744
	133,695	M&G PLC (Diversified Financial Services)		316,953
	43,746	National Grid PLC (Multi-Utilities)		562,177
	64,199	Persimmon PLC (Household Durables)		1,460,649
	43,583	Phoenix Group Holdings PLC (Insurance)		313,996
	1,916	Reckitt Benckiser Group PLC (Household Products)		144,107
	17,073	RELX PLC (Professional Services)		463,555
	104,340	Rolls-Royce Holdings PLC* (Aerospace & Defense)		106,183
	22,706	Segro PLC (Equity Real Estate Investment Trusts (REITs))		271,059
	44,462	SSE PLC (Electric Utilities)		877,472
	9,344	St. James’s Place PLC (Capital Markets)		125,727
	17,470	Unilever PLC(a) (Personal Products)		793,493
	20,386	Unilever PLC ADR (Personal Products)		934,290
	92,607	Vodafone Group PLC ADR(a) (Wireless Telecommunication Services)		1,442,817
				17,157,874
United States – 5.1%
	446	CyberArk Software Ltd.* (Software)		57,070
	40,622	GlaxoSmithKline PLC ADR(a) (Pharmaceuticals)		1,768,275
	37,662	Nestle SA (Food Products)		4,401,659
	7,531	Schneider Electric SE (Electrical Equipment)		897,360
	23,089	Sinch AB*(b) (Software)		75,419
	4,973	Tenaris SA (Energy Equipment & Services)		63,874
				7,263,657
	TOTAL COMMON STOCKS
	(Cost $145,092,618)		$	150,052,840

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Preferred Stocks – 0.2%
Germany – 0.2%
	Sartorius AG (Health Care Equipment & Supplies)
	1,081	0.000%	$	379,397
	TOTAL INVESTMENTS – 104.4%
	(Cost $145,421,294)		$	150,432,237
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.4)%			(6,400,754	)
	NET ASSETS – 100.0%		$	144,031,483

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
ADR	—American Depositary Receipt
BP	—British Pound Offered Rate
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Allocation as of June 30, 2022
Sector Name	% of Total Market Value
Financials		19.5
Industrials		16.0
Health Care		13.0
Consumer Discretionary		12.7
Consumer Staples		10.2
Materials		9.0
Information Technology		7.3
Communication Services		6.3
Utilities		4.7
Energy		3.8
Real Estate		1.9
TOTAL INVESTMENTS		104.4

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Euro Stoxx 50 Index		23		09/16/22	$	791,430	$	(14,133	)
FTSE 100 Index		3		09/16/22		213,630		(1,557	)
Hang Seng Index		1		07/28/22		1,087,200		(1,462	)
MSCI Singapore Index		1		07/28/22		28,055		(846	)
SPI 200 Index		1		09/15/22		161,525		(2,780	)
Topix Index		3		09/08/22		56,115,000		(12,942	)
TOTAL FUTURES CONTRACTS							$	(33,720	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Euro Stoxx 50 Index	3,500.000		09/16/2022		(643	)		(225,050,000	)	$	(899,565	)	$	(1,047,457	)	$	147,892
FTSE 100 Index	7,100.000		09/16/2022		(89	)		(63,190,000	)		(315,269	)		(287,558	)		(27,711	)
Nikkei 225 Index	28,500.000		09/09/2022		(64	)		(182,400,000	)		(101,415	)		(371,146	)		269,731
TOTAL					(796	)				$	(1,316,249	)	$	(1,706,161	)	$	389,912

14 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Aerospace & Defense – 2.1%
	53,634	Lockheed Martin Corp.	$	23,060,475
	265,130	Raytheon Technologies Corp.		25,481,644
	49,400	The Boeing Co.*		6,753,968
				55,296,087
Air Freight & Logistics – 0.9%
	124,398	United Parcel Service, Inc. Class B		22,707,611
Auto Components – 0.1%
	12,900	Lear Corp.		1,623,981
	1,100	QuantumScape Corp.*		9,449
				1,633,430
Automobiles* – 1.9%
	72,074	Tesla, Inc.		48,536,073
Banks – 4.3%
	440,579	Bank of America Corp.		13,715,224
	7,300	First Hawaiian, Inc.		165,783
	62,000	First Horizon Corp.		1,355,320
	127,200	FNB Corp.		1,381,392
	1,244,300	Huntington Bancshares, Inc.		14,968,929
	269,929	JPMorgan Chase & Co.(a)		30,396,705
	104,900	The PNC Financial Services Group, Inc.		16,550,073
	413,400	Truist Financial Corp.		19,607,562
	135,800	U.S. Bancorp		6,249,516
	412,300	Umpqua Holdings Corp.		6,914,271
	8,800	Webster Financial Corp.		370,920
				111,675,695
Beverages – 2.1%
	28,500	Keurig Dr Pepper, Inc.		1,008,615
	151,782	PepsiCo, Inc.		25,295,988
	465,600	The Coca-Cola Co.(a)		29,290,896
				55,595,499
Biotechnology – 2.6%
	205,186	AbbVie, Inc.(a)		31,426,288
	57,402	Amgen, Inc.		13,965,907
	2,500	BioMarin Pharmaceutical, Inc.*		207,175
	8,300	Exact Sciences Corp.*		326,937
	233,194	Gilead Sciences, Inc.		14,413,721
	33,285	Moderna, Inc.*		4,754,762
	1,200	Natera, Inc.*		42,528
	5,400	Novavax, Inc.*		277,722
	5,400	Sarepta Therapeutics, Inc.*		404,784
	5,800	Seagen, Inc.*		1,026,252
				66,846,076
Capital Markets – 2.9%
	150,600	Ares Management Corp. Class A		8,563,116
	20,700	BlackRock, Inc.		12,607,128
	307,800	Franklin Resources, Inc.		7,174,818
	196,600	Janus Henderson Group PLC		4,622,066
	53,600	Jefferies Financial Group, Inc.		1,480,432
	324,064	Morgan Stanley		24,648,308
Common Stocks – (continued)
Capital Markets – (continued)
	74,800	State Street Corp.		4,611,420
	66,700	T. Rowe Price Group, Inc.		7,577,787
	75,300	The Carlyle Group, Inc.		2,383,998
	72,300	Virtu Financial, Inc. Class A		1,692,543
				75,361,616
Chemicals – 1.3%
	49,526	Air Products & Chemicals, Inc.		11,910,013
	3	Dow, Inc.		155
	36,600	Element Solutions, Inc.		651,480
	228,100	Huntsman Corp.		6,466,635
	50,478	Linde PLC		14,513,939
	16,300	The Chemours Co.		521,926
				34,064,148
Communications Equipment – 0.8%
	383,748	Cisco Systems, Inc.(a)		16,363,015
	163,300	Juniper Networks, Inc.		4,654,050
				21,017,065
Construction & Engineering – 0.0%
	36,900	MDU Resources Group, Inc.		995,931
Consumer Finance – 0.5%
	145,802	Ally Financial, Inc.		4,885,825
	47,649	American Express Co.		6,605,104
	12,400	OneMain Holdings, Inc.		463,512
				11,954,441
Containers & Packaging – 0.8%
	252,799	International Paper Co.		10,574,582
	61,500	Packaging Corp. of America		8,456,250
	42,900	Sonoco Products Co.		2,447,016
				21,477,848
Diversified Consumer Services – 0.3%
	5,500	Bright Horizons Family Solutions, Inc.*		464,860
	148,300	H&R Block, Inc.		5,237,956
	71,383	Mister Car Wash, Inc.*		776,647
	6,100	Service Corp. International		421,632
				6,901,095
Diversified Financial Services – 1.3%
	160,000	Apollo Global Management, Inc.		7,756,800
	82,126	Berkshire Hathaway, Inc. Class B*		22,422,041
	195,100	Equitable Holdings, Inc.		5,086,257
				35,265,098
Diversified Telecommunication Services(a) – 2.2%
	1,370,228	AT&T, Inc.		28,719,979
	592,002	Verizon Communications, Inc.		30,044,101
				58,764,080
Electric Utilities – 2.5%
	1,400	Avangrid, Inc.		64,568
	214,000	Duke Energy Corp.		22,942,940

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Electric Utilities – (continued)
	218,800	OGE Energy Corp.	$	8,436,928
	283,101	PPL Corp.		7,680,530
	357,001	The Southern Co.		25,457,741
				64,582,707
Electrical Equipment – 0.8%
	83,662	Eaton Corp. PLC		10,540,575
	84,661	Emerson Electric Co.		6,733,936
	11,122	Hubbell, Inc.		1,986,167
	2,143	nVent Electric PLC		67,140
	23,800	Plug Power, Inc.*		394,366
	23,100	Sunrun, Inc.*		539,616
				20,261,800
Electronic Equipment, Instruments & Components – 0.4%
	31,900	Avnet, Inc.		1,367,872
	156,400	Corning, Inc.		4,928,164
	109,430	National Instruments Corp.		3,417,499
				9,713,535
Entertainment* – 0.5%
	33,690	Netflix, Inc.		5,891,370
	5,428	Roku, Inc.		445,856
	95,800	Skillz, Inc.		118,792
	76,926	The Walt Disney Co.		7,261,815
				13,717,833
Equity Real Estate Investment Trusts (REITs) – 2.6%
	3,300	American Campus Communities, Inc.		212,751
	129,991	American Homes 4 Rent Class A		4,606,881
	46,000	Apartment Income REIT Corp.		1,913,600
	59,187	Camden Property Trust		7,959,468
	38,400	Crown Castle International Corp.		6,465,792
	17,100	CubeSmart		730,512
	16,500	Equinix, Inc.		10,840,830
	19,400	Equity LifeStyle Properties, Inc.		1,367,118
	1,800	First Industrial Realty Trust, Inc.		85,464
	6,800	Healthcare Trust of America, Inc. Class A		189,788
	125,900	Invitation Homes, Inc.		4,479,522
	2,600	Kilroy Realty Corp.		136,058
	1,800	Lamar Advertising Co. Class A		158,346
	1,500	Life Storage, Inc.		167,490
	5	Omega Healthcare Investors, Inc.		141
	17,900	Public Storage		5,596,793
	1	Realty Income Corp.		68
	82,100	Rexford Industrial Realty, Inc.		4,728,139
	36,600	SBA Communications Corp. Class A		11,713,830
	40,193	Sun Communities, Inc.		6,405,157
	19,800	VICI Properties, Inc.		589,842
				68,347,590
Food & Staples Retailing – 1.3%
	23,300	Costco Wholesale Corp.		11,167,224
	273,900	Walgreens Boots Alliance, Inc.		10,380,810
	107,741	Walmart, Inc.		13,099,151
				34,647,185
Common Stocks – (continued)
Food Products – 0.5%
	5,900	Bunge Ltd.		535,071
	78,000	Flowers Foods, Inc.		2,052,960
	3,200	Ingredion, Inc.		282,112
	268,400	The Kraft Heinz Co.		10,236,776
				13,106,919
Gas Utilities – 0.0%
	3,900	National Fuel Gas Co.		257,595
Health Care Equipment & Supplies – 2.5%
	153,042	Abbott Laboratories		16,628,013
	13,400	Align Technology, Inc.*		3,171,378
	53,792	DexCom, Inc.*		4,009,118
	11,300	Insulet Corp.*		2,462,722
	32,170	Intuitive Surgical, Inc.*		6,456,841
	263,153	Medtronic PLC		23,617,982
	800	Novocure Ltd.*		55,600
	2,341	Penumbra, Inc.*		291,501
	47,640	Stryker Corp.		9,477,025
	4,988	Tandem Diabetes Care, Inc.*		295,240
				66,465,420
Health Care Providers & Services – 2.7%
	190,600	Cardinal Health, Inc.		9,962,662
	26,300	Cigna Corp.		6,930,576
	119,478	CVS Health Corp.		11,070,831
	2,200	Guardant Health, Inc.*		88,748
	1,900	Oak Street Health, Inc.*		31,236
	84,177	UnitedHealth Group, Inc.(a)		43,235,833
				71,319,886
Health Care Technology* – 0.0%
	15,600	Teladoc Health, Inc.		518,076
Hotels, Restaurants & Leisure – 0.8%
	11,871	Aramark		363,609
	3,300	Booking Holdings, Inc.*		5,771,667
	3,627	Choice Hotels International, Inc.		404,882
	11,719	Hyatt Hotels Corp. Class A*		866,151
	15,465	Planet Fitness, Inc. Class A*		1,051,775
	26,900	Six Flags Entertainment Corp.*		583,730
	93,400	Starbucks Corp.		7,134,826
	68,700	Travel + Leisure Co.		2,666,934
	14,043	Wyndham Hotels & Resorts, Inc.		922,906
				19,766,480
Household Durables – 0.5%
	74,700	Garmin Ltd.		7,339,275
	10,527	Lennar Corp. Class B		618,040
	20,120	Toll Brothers, Inc.		897,352
	27,900	Whirlpool Corp.		4,320,873
				13,175,540
Household Products – 1.9%
	101,498	Kimberly-Clark Corp.		13,717,455
	12,800	Reynolds Consumer Products, Inc.		349,056
	245,198	The Procter & Gamble Co.		35,257,020
				49,323,531

16 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Industrial Conglomerates – 0.7%
	142,868	3M Co.	$	18,488,548
Insurance – 2.3%
	1,600	Axis Capital Holdings Ltd.		91,344
	21,400	CNA Financial Corp.		960,860
	1,800	Erie Indemnity Co. Class A		345,942
	219,600	Fidelity National Financial, Inc.		8,116,416
	42,800	First American Financial Corp.		2,264,976
	232,499	Mercury General Corp.		10,299,706
	556,706	Old Republic International Corp.		12,447,946
	232,600	Prudential Financial, Inc.		22,255,168
	91,200	Unum Group		3,102,624
				59,884,982
Interactive Media & Services* – 4.8%
	31,229	Alphabet, Inc. Class A		68,056,110
	12,466	Alphabet, Inc. Class C(a)		27,268,752
	1	Match Group, Inc.		70
	179,894	Meta Platforms, Inc. Class A		29,007,907
	66,700	Snap, Inc. Class A		875,771
	4,600	ZoomInfo Technologies, Inc.		152,904
				125,361,514
Internet & Direct Marketing Retail* – 3.0%
	725,080	Amazon.com, Inc.		77,010,747
	1,218	MercadoLibre, Inc.		775,707
				77,786,454
IT Services – 5.3%
	47,800	Accenture PLC Class A		13,271,670
	2,500	Affirm Holdings, Inc.*		45,150
	27,608	Automatic Data Processing, Inc.		5,798,784
	14,110	Block, Inc.*		867,201
	34,600	Cloudflare, Inc. Class A*		1,513,750
	200	Globant SA*		34,800
	209,801	International Business Machines Corp.		29,621,803
	3	Kyndryl Holdings, Inc.*		29
	67,655	Mastercard, Inc. Class A		21,343,799
	8,422	MongoDB, Inc.*		2,185,509
	8,827	Okta, Inc.*		797,961
	132,900	Paychex, Inc.		15,133,323
	59,391	PayPal Holdings, Inc.*		4,147,867
	12,700	Sabre Corp.*		74,041
	13,000	Snowflake, Inc. Class A*		1,807,780
	883,299	The Western Union Co.		14,547,935
	14,800	Twilio, Inc. Class A*		1,240,388
	135,447	Visa, Inc. Class A		26,668,160
				139,099,950
Leisure Products – 0.0%
	11,100	Brunswick Corp.		725,718
Life Sciences Tools & Services – 1.5%
	4,600	10X Genomics, Inc. Class A*		208,150
	35,700	Adaptive Biotechnologies Corp.*		288,813
	3,800	Azenta, Inc.		273,980
	800	Bruker Corp.		50,208

Shares		Description	Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	66,367	Danaher Corp.	$	16,825,362
	7,300	Maravai LifeSciences Holdings, Inc. Class A*		207,393
	24,300	Repligen Corp.*		3,946,320
	32,589	Thermo Fisher Scientific, Inc.		17,704,952
				39,505,178
Machinery – 1.0%
	79,287	Caterpillar, Inc.		14,173,344
	70,150	Illinois Tool Works, Inc.		12,784,838
				26,958,182
Media – 1.1%
	299,819	Comcast Corp. Class A		11,764,898
	146,200	Omnicom Group, Inc.		9,299,782
	309,701	The Interpublic Group of Cos., Inc.		8,526,068
				29,590,748
Metals & Mining – 0.8%
	4,100	Alcoa Corp.		186,878
	64,300	Newmont Corp.		3,836,781
	322,400	Southern Copper Corp.		16,058,744
	1,400	Steel Dynamics, Inc.		92,610
				20,175,013
Multi-Utilities – 1.1%
	164,100	Consolidated Edison, Inc.		15,605,910
	87,997	Dominion Energy, Inc.		7,023,041
	104,500	Public Service Enterprise Group, Inc.		6,612,760
				29,241,711
Oil, Gas & Consumable Fuels – 3.5%
	237,098	Chevron Corp.		34,327,048
	111,000	ConocoPhillips		9,968,910
	47,177	EOG Resources, Inc.		5,210,228
	395,119	Exxon Mobil Corp.(a)		33,837,991
	71,600	Occidental Petroleum Corp.		4,215,808
	18,300	Pioneer Natural Resources Co.		4,082,364
				91,642,349
Paper & Forest Products – 0.0%
	7	Sylvamo Corp.		229
Pharmaceuticals – 5.6%
	279,101	Bristol-Myers Squibb Co.		21,490,777
	64,878	Eli Lilly & Co.		21,035,394
	214,934	Johnson & Johnson		38,152,934
	355,653	Merck & Co., Inc.		32,424,884
	7	Organon & Co		236
	653,399	Pfizer, Inc.		34,257,710
	5	Viatris, Inc.		52
				147,361,987
Professional Services – 0.1%
	7,100	Booz Allen Hamilton Holding Corp.		641,556
	24,300	ManpowerGroup, Inc.		1,856,763
	886	TransUnion		70,871
				2,569,190

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate Management & Development* – 0.0%
	1,475	Zillow Group, Inc. Class A	$	46,920
Road & Rail – 1.3%
	39,546	Norfolk Southern Corp.		8,988,410
	28,200	Ryder System, Inc.		2,003,892
	107,562	Union Pacific Corp.		22,940,824
				33,933,126
Semiconductors & Semiconductor Equipment – 5.7%
	158,396	Advanced Micro Devices, Inc.*		12,112,542
	84,300	Analog Devices, Inc.		12,315,387
	45,190	Broadcom, Inc.		21,953,754
	409,909	Intel Corp.		15,334,696
	12,100	KLA Corp.		3,860,868
	25,953	Lam Research Corp.		11,059,871
	36,501	Marvell Technology, Inc.		1,588,888
	212,600	NVIDIA Corp.		32,228,034
	119,497	QUALCOMM, Inc.		15,264,547
	151,650	Texas Instruments, Inc.(a)		23,301,022
				149,019,609
Software – 8.2%
	8,500	Asana, Inc. Class A*		149,430
	6,500	Atlassian Corp. PLC Class A*		1,218,100
	7,300	Avalara, Inc.*		515,380
	8,300	Bill.com Holdings, Inc.*		912,502
	9,000	Coupa Software, Inc.*		513,900
	18,100	Crowdstrike Holdings, Inc. Class A*		3,050,936
	24,800	Datadog, Inc. Class A*		2,361,952
	22,268	DocuSign, Inc.*		1,277,738
	18,400	Dynatrace, Inc.*		725,696
	11,700	HubSpot, Inc.*		3,517,605
	32,200	Intuit, Inc.		12,411,168
	608,833	Microsoft Corp.(a)		156,366,579
	37,000	Palantir Technologies, Inc. Class A*		335,590
	1,600	RingCentral, Inc. Class A*		83,616
	76,435	salesforce.com, Inc.*		12,614,833
	27,762	ServiceNow, Inc.*		13,201,386
	10,100	Smartsheet, Inc. Class A*		317,443
	39,500	The Trade Desk, Inc. Class A*		1,654,655
	14,300	Unity Software, Inc.*		526,526
	18,100	Zscaler, Inc.*		2,706,131
				214,461,166
Specialty Retail – 2.4%
	43,100	Dick’s Sporting Goods, Inc.		3,248,447
	1,700	Floor & Decor Holdings, Inc. Class A*		107,032
	200	Lithia Motors, Inc.		54,962
	75,999	Lowe’s Cos., Inc.		13,274,745
	12,300	Penske Automotive Group, Inc.		1,287,687
	140,876	The Home Depot, Inc.		38,638,061
	78,500	The TJX Cos., Inc.		4,384,225
	22,000	Williams-Sonoma, Inc.		2,440,900
				63,436,059
Technology Hardware, Storage & Peripherals – 7.0%
	1,239,556	Apple, Inc.(a)		169,472,096
	51,500	Dell Technologies, Inc. Class C		2,379,815
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	88,100	NetApp, Inc.		5,747,644
	68,800	Seagate Technology Holdings PLC		4,915,072
				182,514,627
Textiles, Apparel & Luxury Goods – 0.5%
	2,433	Capri Holdings Ltd.*		99,777
	3	Kontoor Brands, Inc.		100
	637	Lululemon Athletica, Inc.*		173,653
	130,200	NIKE, Inc. Class B		13,306,440
				13,579,970
Tobacco – 0.8%
	184,400	Altria Group, Inc.		7,702,388
	132,454	Philip Morris International, Inc.		13,078,508
				20,780,896
Trading Companies & Distributors – 0.8%
	130,798	Fastenal Co.		6,529,436
	93,900	MSC Industrial Direct Co., Inc. Class A		7,052,829
	27,699	Watsco, Inc.		6,615,075
				20,197,340
	TOTAL COMMON STOCKS
	(Cost $2,155,806,378)		$	2,579,657,356
Shares		Dividend Rate	Value
Investment Company(b) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,929,141	1.367%	$	14,929,141
	(Cost $14,929,141)
	TOTAL INVESTMENTS – 99.2%
	(Cost $2,170,735,519)		$	2,594,586,497
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%			19,996,993
	NET ASSETS – 100.0%		$	2,614,583,490

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

18 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		79		09/16/22	$	14,968,525	$	(437,020	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following written options contracts:

EXCHANGE TRADED INDEX OPTIONS

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts:
Calls
S&P 500 Index	$4,240.000		08/31/2022		(631	)	$	(267,544,000	)	$	(918,105	)	$	(8,643,438	)	$	7,725,333
S&P 500 Index	3,860.000		09/30/2022		(621	)		(239,706,000	)		(9,283,950	)		(9,127,458	)		(156,492	)
Total written option contracts					(1,252	)				$	(10,202,055	)	$	(17,770,896	)	$	7,568,841

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund
Assets:
Investments in unaffiliated issuers, at value (cost $2,155,806,378 and $145,421,294, respectively)	$	150,432,237		$	2,579,657,356
Investments in affiliated issuers, at value (cost $14,929,141 and $0, respectively)		—			14,929,141
Cash		—			4,082,493
Foreign currencies, at value (cost $0 and $319,863, respectively)		309,808			—
Variation margin on futures contracts		1,832			—
Receivables:
Fund shares sold		270,158			18,067,300
Investments sold		—			9,127,458
Dividends and interest		1,502,116			2,682,631
Reimbursement from investment adviser		36,641			47,557
Due from broker		111,889			16,788
Collateral on futures contracts(a)		371,233			—
Foreign tax reclaims		1,675,162			—
Other assets		37,868			83,850
Total assets		154,748,944			2,628,694,574
Liabilities:
Due to custodian (overdraft)		1,175,232			—
Variation margin on futures contracts		—			142,174
Written option contracts, at value (premium received $17,770,896 and $1,706,161, respectively)		1,316,249			10,202,055
Payables:
Fund shares redeemed		7,835,029			1,639,171
Management fees		105,692			1,446,779
Distribution and Service fees and Transfer Agency fees		4,854			226,576
Investments purchased		—			17,250
Due to Broker		—			19,178
Accrued expenses		280,405			417,901
Total liabilities		10,717,461			14,111,084
Net Assets:
Paid-in capital		220,876,495			2,080,248,367
Total distributable earnings (loss)		(76,845,012	)		534,335,123
NET ASSETS	$	144,031,483		$	2,614,583,490
Net Assets:
Class A	$	1,571,044		$	158,888,992
Class C		214,976			81,024,426
Institutional		3,857,747			1,097,389,389
Investor		2,093,775			381,957,978
Class R6		69,533,033			314,229,229
Class P		66,760,908			581,093,476
Total Net Assets	$	144,031,483		$	2,614,583,490
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		254,748			11,677,387
Class C		36,185			5,979,402
Institutional		639,713			80,918,649
Investor		348,253			28,144,575
Class R6		11,533,695			23,182,045
Class P		11,056,324			42,856,301
Net asset value, offering and redemption price per share:(b)
Class A		$6.17			$13.61
Class C		5.94			13.55
Institutional		6.03			13.56
Investor		6.01			13.57
Class R6		6.03			13.55
Class P		6.04			13.56

(a) Segregated for initial margin and/or collateral for futures contracts.

(b) Maximum public offering price per share for Class A Shares of the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds is $14.40 and $6.53, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

20 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Operations

For the Six Months Ended June 30, 2022 (Unaudited)

	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund
Investment income:
Dividends — unaffiliated issuers	$	5,193,461		$	30,493,493
Dividends — affiliated issuers		489			48,128
Interest		3,036			2,563
Total investment income		5,196,986			30,544,184
Expenses:
Management fees		681,110			9,995,174
Transfer Agency fees(a)		28,590			949,788
Distribution and Service (12b-1) fees(a)		3,543			575,143
Custody, accounting and administrative services		66,077			183,534
Printing and mailing costs		19,058			123,253
Service fees — Class C		371			119,391
Registration fees		39,435			73,875
Professional fees		83,427			52,332
Trustee fees		10,615			12,714
Other		56,212			29,313
Total expenses		988,438			12,114,517
Less — expense reductions		(238,731	)		(962,051	)
Net expenses		749,707			11,152,466
NET INVESTMENT INCOME		4,447,279			19,391,718
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(93,121	)		36,658,615
Futures contracts		153,684			(1,470,736	)
Written options		2,169,556			67,506,306
Foreign currency transactions		(260,881	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(35,265,515	)		(658,936,112	)
Futures contracts		(79,877	)		(588,485	)
Written options		872,616			16,821,053
Foreign currency translation		(140,519	)		—
Net realized and unrealized loss		(32,644,057	)		(540,009,359	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,196,778	)	$	(520,617,641	)

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Investor		Class R6		Class P
International Equity Dividend and Premium	$	2,431	$	1,112	$	1,556	$	237	$	843	$	2,088	$	12,589	$	11,277
U.S. Equity Dividend and Premium		216,970		358,173		138,862		76,410		244,196		347,407		46,322		96,591

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statements of Changes in Net Assets

	International Equity Dividend and Premium Fund						U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	4,447,279		$	5,974,522		$	19,439,393		$	36,810,190
Net realized gain		1,969,238			9,841,480			102,690,036			147,586,957
Net change in unrealized gain (loss)		(34,613,295	)		1,174,822			(642,747,070	)		414,042,886
Net increase (decrease) in net assets resulting from operations		(28,196,778	)		16,990,824			(520,617,641	)		598,440,033
Distributions to shareholders:
From distributable earnings:
Class A Shares		(65,285	)		(59,547	)		(917,481	)		(9,824,749	)
Class C Shares		(7,390	)		(7,337	)		(135,254	)		(5,383,356	)
Institutional Shares		(152,258	)		(146,586	)		(8,364,440	)		(77,734,244	)
Investor Shares		(78,132	)		(154,566	)		(2,747,202	)		(26,472,514	)
Class R6 Shares		(3,043,015	)		(2,859,038	)		(2,196,949	)		(19,587,103	)
Class P Shares		(2,675,950	)		(2,564,990	)		(4,450,473	)		(40,891,276	)
Total distributions to shareholders		(6,022,030	)		(5,792,064	)		(18,811,799	)		(179,893,242	)
From share transactions:
Proceeds from sales of shares		7,435,106			15,077,004			310,421,253			604,320,258
Reinvestment of distributions		5,948,185			5,716,638			17,114,422			163,634,347
Cost of shares redeemed		(20,213,257	)		(47,759,106	)		309,575,451			(762,104,051	)
Net increase (decrease) in net assets resulting from share transactions		(6,829,966	)		(26,965,464	)		17,960,224			5,850,554
TOTAL INCREASE (DECREASE)		(41,048,774	)		(15,766,704	)		(521,469,216	)		424,397,345
Net assets:
Beginning of period		185,080,257			200,846,961			3,136,052,706			2,711,655,361
End of period	$	144,031,483		$	185,080,257		$	2,614,583,490		$	3,136,052,706

22 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	7.59		$	7.16		$	7.28		$	6.55		$	7.76		$	6.43
Net investment income(a)		0.18			0.21			0.15			0.20			0.20			0.15
Net realized and unrealized gain (loss)		(1.36	)		0.42			(0.11	)		0.73			(1.22	)		1.34
Total from investment operations		(1.18	)		0.63			0.04			0.93			(1.02	)		1.49
Distributions to shareholders from net investment income		(0.24	)		(0.20	)		(0.16	)		(0.20	)		(0.19	)		(0.16	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.24	)		(0.20	)		(0.16	)		(0.20	)		(0.19	)		(0.16	)
Net asset value, end of period	$	6.17		$	7.59		$	7.16		$	7.28		$	6.55		$	7.76
Total return(c)		(15.68	)%		8.94	%		0.93	%		14.42	%		(13.34	)%		23.36	%
Net assets, end of period (in 000s)	$	1,571		$	2,170		$	2,050		$	2,424		$	2,232		$	3,962
Ratio of net expenses to average net assets		1.23	%(d)		1.23	%		1.27	%		1.33	%		1.34	%		1.34	%
Ratio of total expenses to average net assets		1.55	%(d)		1.39	%		1.48	%		1.44	%		1.38	%		1.34	%
Ratio of net investment income to average net assets		4.95	%(d)		2.85	%		2.39	%		2.86	%		2.71	%		2.16	%
Portfolio turnover rate(e)		11	%		17	%		34	%		9	%		14	%		17	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	7.32		$	6.90		$	7.02		$	6.32		$	7.48		$	6.21
Net investment income(a)		0.15			0.14			0.10			0.14			0.16			0.09
Net realized and unrealized gain (loss)		(1.32	)		0.42			(0.11	)		0.71			(1.20	)		1.30
Total from investment operations		(1.17	)		0.56			(0.01	)		0.85			(1.04	)		1.39
Distributions to shareholders from net investment income		(0.21	)		(0.14	)		(0.11	)		(0.15	)		(0.12	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.21	)		(0.14	)		(0.11	)		(0.15	)		(0.12	)		(0.12	)
Net asset value, end of period	$	5.94		$	7.32		$	6.90		$	7.02		$	6.32		$	7.48
Total return(c)		(16.09	)%		8.22	%		0.18	%		13.54	%		(14.01	)%		22.50	%
Net assets, end of period (in 000s)	$	215		$	362		$	621		$	815		$	1,252		$	4,276
Ratio of net expenses to average net assets		1.98	%(d)		1.98	%		2.02	%		2.08	%		2.09	%		2.09	%
Ratio of total expenses to average net assets		2.30	%(d)		2.16	%		2.23	%		2.19	%		2.11	%		2.09	%
Ratio of net investment income to average net assets		3.92	%(d)		1.91	%		1.63	%		2.11	%		2.24	%		1.29	%
Portfolio turnover rate(e)		11	%		17	%		34	%		9	%		14	%		17	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(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.

24 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	7.43		$	7.01		$	7.14		$	6.42		$	7.62		$	6.32
Net investment income(a)		0.19			0.24			0.16			0.22			0.31			0.18
Net realized and unrealized gain (loss)		(1.34	)		0.41			(0.10	)		0.73			(1.29	)		1.31
Total from investment operations		(1.15	)		0.65			0.06			0.95			(0.98	)		1.49
Distributions to shareholders from net investment income		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.22	)		(0.19	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.22	)		(0.19	)
Net asset value, end of period	$	6.03		$	7.43		$	7.01		$	7.14		$	6.42		$	7.62
Total return(c)		(15.60	)%		9.38	%		1.18	%		14.82	%		(12.96	)%		23.85	%
Net assets, end of period (in 000s)	$	3,858		$	4,417		$	4,897		$	12,005		$	15,696		$	399,955
Ratio of net expenses to average net assets		0.89	%(d)		0.89	%		0.92	%		0.95	%		0.95	%		0.95	%
Ratio of total expenses to average net assets		1.18	%(d)		1.04	%		1.10	%		1.06	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		5.34	%(d)		3.19	%		2.51	%		3.28	%		4.12	%		2.58	%
Portfolio turnover rate(e)		11	%		17	%		34	%		9	%		14	%		17	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	7.41		$	7.00		$	7.12		$	6.41		$	7.60		$	6.31
Net investment income(b)		0.19			0.23			0.15			0.21			0.20			0.17
Net realized and unrealized gain (loss)		(1.35	)		0.40			(0.09	)		0.72			(1.18	)		1.30
Total from investment operations		(1.16	)		0.63			0.06			0.93			(0.98	)		1.47
Distributions to shareholders from net investment income		(0.24	)		(0.22	)		(0.18	)		(0.22	)		(0.21	)		(0.18	)
Distributions to shareholders from return of capital		—			—			—	(c)		—			—			—
Total distributions		(0.24	)		(0.22	)		(0.18	)		(0.22	)		(0.21	)		(0.18	)
Net asset value, end of period	$	6.01		$	7.41		$	7.00		$	7.12		$	6.41		$	7.60
Total return(d)		(15.69	)%		9.15	%		1.20	%		14.71	%		(13.10	)%		23.58	%
Net assets, end of period (in 000s)	$	2,094		$	5,313		$	4,288		$	8,915		$	8,207		$	6,048
Ratio of net expenses to average net assets		0.98	%(e)		0.98	%		1.03	%		1.08	%		1.09	%		1.09	%
Ratio of total expenses to average net assets		1.30	%(e)		1.14	%		1.23	%		1.19	%		1.14	%		1.09	%
Ratio of net investment income to average net assets		4.95	%(e)		3.09	%		2.39	%		3.14	%		2.76	%		2.36	%
Portfolio turnover rate(f)		11	%		17	%		34	%		9	%		14	%		17	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(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.

26 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									April 17, 2018* to December 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.43		$	7.01		$	7.13		$	6.42		$	7.60
Net investment income(a)		0.19			0.23			0.17			0.22			0.08
Net realized and unrealized gain (loss)		(1.34	)		0.42			(0.10	)		0.72			(1.07	)
Total from investment operations		(1.15	)		0.65			0.07			0.94			(0.99	)
Distributions to shareholders from net investment income		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—
Total distributions		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)
Net asset value, end of period	$	6.03		$	7.43		$	7.01		$	7.13		$	6.42
Total return(c)		(15.60	)%		9.38	%		1.34	%		14.85	%		(13.25	)%
Net assets, end of period (in 000s)	$	69,533		$	91,208		$	102,041		$	136,241		$	125,311
Ratio of net expenses to average net assets		0.88	%(d)		0.88	%		0.90	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		1.17	%(d)		1.02	%		1.10	%		1.05	%		1.03	%(d)
Ratio of net investment income to average net assets		5.30	%(d)		3.14	%		2.70	%		3.23	%		1.81	%(d)
Portfolio turnover rate(e)		11	%		17	%		34	%		9	%		14	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									April 17, 2018* to December 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	7.44		$	7.02		$	7.14		$	6.43		$	7.71
Net investment income(a)		0.19			0.23			0.17			0.22			0.09
Net realized and unrealized gain (loss)		(1.34	)		0.42			(0.10	)		0.72			(1.18	)
Total from investment operations		(1.15	)		0.65			0.07			0.94			(1.09	)
Distributions to shareholders from net investment income		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—
Total distributions		(0.25	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)
Net asset value, end of period	$	6.04		$	7.44		$	7.02		$	7.14		$	6.43
Total return(c)		(15.58	)%		9.37	%		1.33	%		14.83	%		(14.35	)%
Net assets, end of period (in 000s)	$	66,761		$	81,611		$	86,949		$	138,381		$	162,129
Ratio of net expenses to average net assets		0.88	%(d)		0.88	%		0.90	%		0.94	%		0.93	%(d)
Ratio of total expenses to average net assets		1.17	%(d)		1.02	%		1.10	%		1.05	%		1.03	%(d)
Ratio of net investment income to average net assets		5.30	%(d)		3.17	%		2.67	%		3.26	%		1.81	%(d)
Portfolio turnover rate(e)		11	%		17	%		34	%		9	%		14	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(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.

28 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class A Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.43		$	14.20		$	13.38		$	11.46		$	13.16		$	12.11
Net investment income(a)		0.08			0.15			0.18			0.21			0.21			0.19
Net realized and unrealized gain (loss)		(2.82	)		3.01			1.61			2.57			(1.05	)		1.61
Total from investment operations		(2.74	)		3.16			1.79			2.78			(0.84	)		1.80
Distributions to shareholders from net investment income		(0.08	)		(0.15	)		(0.19	)		(0.21	)		(0.22	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.08	)		(0.93	)		(0.97	)		(0.86	)		(0.86	)		(0.75	)
Net asset value, end of period	$	13.61		$	16.43		$	14.20		$	13.38		$	11.46		$	13.16
Total return(c)		(16.67	)%		22.42	%		13.62	%		24.62	%		(6.63	)%		14.83	%
Net assets, end of period (in 000s)	$	158,889		$	183,895		$	135,937		$	195,689		$	187,524		$	275,451
Ratio of net expenses to average net assets		1.05	%(d)		1.06	%		1.09	%		1.12	%		1.12	%		1.13	%
Ratio of total expenses to average net assets		1.14	%(d)		1.13	%		1.15	%		1.16	%		1.15	%		1.15	%
Ratio of net investment income to average net assets		1.07	%(d)		0.97	%		1.41	%		1.65	%		1.61	%		1.47	%
Portfolio turnover rate(e)		19	%		19	%		39	%		26	%		37	%		34	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class C Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.36		$	14.14		$	13.33		$	11.41		$	13.11		$	12.07
Net investment income(a)		0.03			0.04			0.08			0.12			0.11			0.10
Net realized and unrealized gain (loss)		(2.82	)		2.99			1.60			2.57			(1.05	)		1.60
Total from investment operations		(2.79	)		3.03			1.68			2.69			(0.94	)		1.70
Distributions to shareholders from net investment income		(0.02	)		(0.03	)		(0.09	)		(0.12	)		(0.12	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.02	)		(0.81	)		(0.87	)		(0.77	)		(0.76	)		(0.66	)
Net asset value, end of period	$	13.55		$	16.36		$	14.14		$	13.33		$	11.41		$	13.11
Total return(c)		(17.00	)%		21.48	%		12.83	%		23.72	%		(7.38	)%		13.99	%
Net assets, end of period (in 000s)	$	81,024		$	109,023		$	118,819		$	141,029		$	139,580		$	177,178
Ratio of net expenses to average net assets		1.80	%(d)		1.81	%		1.84	%		1.87	%		1.87	%		1.88	%
Ratio of total expenses to average net assets		1.89	%(d)		1.88	%		1.90	%		1.91	%		1.90	%		1.90	%
Ratio of net investment income to average net assets		0.32	%(d)		0.23	%		0.64	%		0.90	%		0.86	%		0.76	%
Portfolio turnover rate(e)		19	%		19	%		39	%		26	%		37	%		34	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

30 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Institutional Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.37		$	14.16		$	13.35		$	11.43		$	13.13		$	12.09
Net investment income(a)		0.11			0.21			0.23			0.26			0.27			0.24
Net realized and unrealized gain (loss)		(2.82	)		2.99			1.60			2.57			(1.06	)		1.60
Total from investment operations		(2.71	)		3.20			1.83			2.83			(0.79	)		1.84
Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.24	)		(0.26	)		(0.27	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.10	)		(0.99	)		(1.02	)		(0.91	)		(0.91	)		(0.80	)
Net asset value, end of period	$	13.56		$	16.37		$	14.16		$	13.35		$	11.43		$	13.13
Total return(c)		(16.58	)%		22.82	%		14.12	%		25.06	%		(6.28	)%		15.31	%
Net assets, end of period (in 000s)	$	1,097,389		$	1,329,450		$	1,252,383		$	1,242,858		$	1,106,179		$	2,565,883
Ratio of net expenses to average net assets		0.71	%(d)		0.71	%		0.72	%		0.75	%		0.74	%		0.74	%
Ratio of total expenses to average net assets		0.77	%(d)		0.76	%		0.78	%		0.77	%		0.76	%		0.76	%
Ratio of net investment income to average net assets		1.42	%(d)		1.33	%		1.73	%		2.02	%		2.01	%		1.89	%
Portfolio turnover rate(e)		19	%		19	%		39	%		26	%		37	%		34	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Investor Shares(a)
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.38		$	14.17		$	13.36		$	11.44		$	13.14		$	12.10
Net investment income(b)		0.10			0.19			0.21			0.25			0.25			0.23
Net realized and unrealized gain (loss)		(2.81	)		2.99			1.60			2.57			(1.06	)		1.60
Total from investment operations		(2.71	)		3.18			1.81			2.82			(0.81	)		1.83
Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.22	)		(0.25	)		(0.25	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)		(0.56	)
Distributions to shareholders from return of capital		—			—			—	(c)		—			—			—
Total distributions		(0.10	)		(0.97	)		(1.00	)		(0.90	)		(0.89	)		(0.79	)
Net asset value, end of period	$	13.57		$	16.38		$	14.17		$	13.36		$	11.44		$	13.14
Total return(d)		(16.61	)%		22.78	%		13.90	%		25.00	%		(6.47	)%		15.18	%
Net assets, end of period (in 000s)	$	381,958		$	473,054		$	402,711		$	468,254		$	432,136		$	473,178
Ratio of net expenses to average net assets		0.80	%(e)		0.81	%		0.83	%		0.87	%		0.87	%		0.88	%
Ratio of total expenses to average net assets		0.89	%(e)		0.88	%		0.90	%		0.91	%		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.32	%(e)		1.23	%		1.64	%		1.90	%		1.86	%		1.76	%
Portfolio turnover rate(f)		19	%		19	%		39	%		26	%		37	%		34	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(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.

32 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class R6 Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									April 30, 2018 to December 31, 2018*
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	16.36		$	14.15		$	13.34		$	11.42		$	12.84
Net investment income(a)		0.11			0.21			0.23			0.26			0.17
Net realized and unrealized gain (loss)		(2.82	)		2.99			1.60			2.57			(0.75	)
Total from investment operations		(2.71	)		3.20			1.83			2.83			(0.58	)
Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.24	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—
Total distributions		(0.10	)		(0.99	)		(1.02	)		(0.91	)		(0.84	)
Net asset value, end of period	$	13.55		$	16.36		$	14.15		$	13.34		$	11.42
Total return(c)		(16.53	)%		22.85	%		14.13	%		25.09	%		(4.78	)%
Net assets, end of period (in 000s)	$	314,229		$	336,827		$	208,584		$	275,973		$	252,381
Ratio of net expenses to average net assets		0.70	%(d)		0.70	%		0.72	%		0.74	%		0.73	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.75	%		0.77	%		0.76	%		0.76	%(d)
Ratio of net investment income to average net assets		1.43	%(d)		1.33	%		1.77	%		2.03	%		1.91	%(d)
Portfolio turnover rate(e)		19	%		19	%		39	%		26	%		37	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Dividend and Premium Fund
	Class P Shares
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31,									April 17, 2018* to December 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	16.37		$	14.15		$	13.34		$	11.43		$	13.12
Net investment income(a)		0.11			0.21			0.23			0.26			0.18
Net realized and unrealized gain (loss)		(2.82	)		3.00			1.60			2.56			(1.03	)
Total from investment operations		(2.71	)		3.21			1.83			2.82			(0.85	)
Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.24	)		(0.26	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.78	)		(0.78	)		(0.65	)		(0.64	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—
Total distributions		(0.10	)		(0.99	)		(1.02	)		(0.91	)		(0.84	)
Net asset value, end of period	$	13.56		$	16.37		$	14.15		$	13.34		$	11.43
Total return(c)		(16.58	)%		22.93	%		14.05	%		25.07	%		(6.73	)%
Net assets, end of period (in 000s)	$	581,093		$	703,803		$	593,220		$	679,431		$	648,424
Ratio of net expenses to average net assets		0.70	%(d)		0.70	%		0.72	%		0.74	%		0.73	%(d)
Ratio of total expenses to average net assets		0.76	%(d)		0.75	%		0.77	%		0.76	%		0.76	%(d)
Ratio of net investment income to average net assets		1.43	%(d)		1.34	%		1.76	%		2.03	%		1.93	%(d)
Portfolio turnover rate(e)		19	%		19	%		39	%		26	%		37	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(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.

34 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements

June 30, 2022 (Unaudited)

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 Equity Dividend and Premium and U.S. Equity Dividend and Premium	A, C, Institutional, 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, Investor, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

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

35

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Investment income distributions, if any, are declared and paid at least quarterly. 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 Equity Dividend and Premium	Quarterly	Annually
U.S. Equity Dividend and Premium	Quarterly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM 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

36

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees 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 Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives 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.

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

37

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

The International Equity Dividend and Premium Fund has limited market value in Russian securities. These Russian assets have been fair valued to reflect the limited liquidity and transferability in the current environment. With the closure of local markets and imposition of sanctions in February and March, there is currently only a limited degree of portfolio management actions possible as most of these assets are either sanctioned and/or cannot be settled. These assets continue to be closely monitored and proactively managed to ensure the Fund complies with all sanctions and to maximize shareholder value where possible.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2022:

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,166,753		$	37,525,339		$	—
Australia and Oceania		—			13,524,777			—
Europe		11,405,492			86,701,410			—
North America		—			108,466			—
Total	$	12,572,245		$	137,859,992		$	—
Derivative Type
Liabilities
Futures contracts(b)	$	(33,720	)	$	—		$	—
Written option contracts		—			(1,316,249	)		—
Total	$	(33,720	)	$	(1,316,249	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Australia and Oceania	$	1,218,100		$	—		$	—
Europe		68,437,544			—			—
North America		2,493,167,260			—			—
South America		16,834,452			—			—
Investment Company		14,929,141			—			—
Total	$	2,594,586,497		$	—		$	—
Derivative Type
Liabilities
Futures contracts(b)	$	(437,020	)	$	—		$	—
Written option contracts		—			(10,202,055	)		—
Total	$	(437,020	)	$	(10,202,055	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENT IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	—	$	—	Variation margin on futures contracts; Payable for written options, at value	$	(1,349,969)	(a)
U.S. EQUITY DIVIDEND AND PREMIUM FUND
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	—	$	—	Variation margin on futures contracts; Payable for written options, at value	$	(10,639,075)	(a)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only variation margin as of June 30,2022 is reported within the Statements of Assets and Liabilities.

39

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND
Risk	Statement of Operations	Net Realized Loss		Net Change in Unrealized Loss
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	2,323,240	$(792,739)
U.S. EQUITY DIVIDEND AND PREMIUM FUND
Risk	Statement of Operations	Net Realized Loss		Net Change in Unrealized Loss
Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	66,035,570	$16,232,568

For the six months ended June 30, 2022, the relevant values for each derivative type were as follows:

	Average Number of Contracts or Shares/Units(a)
Fund	Futures Contracts		Written Options
International Equity Dividend and Premium Fund		32		8,057
U.S. Equity Dividend and Premium Fund		76		184,025

(a) Amounts disclosed represent average number of contracts for futures contracts, or shares/units outstanding for written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Funds held such derivatives for the six months ended June 30, 2022.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. For the six months ended June 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Goldman Sachs International Equity Dividend and Premium		0.81	%		0.73	%		0.69	%		0.68	%		0.67	%		0.81	%		0.81	%
Goldman Sachs U.S. Equity Dividend and Premium		0.75			0.68			0.65			0.64			0.63			0.70			0.65	*

^ Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

* GSAM has agreed to waive a portion of its management fee in an amount equal to 0.04% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2022, GSAM waived $182 and $19,783 of the management fee for the International Equity Dividend and Premium and U.S. Equity Dividend Funds, respectively.

B.  Distribution and/or Service (12b-1) Plans —The Trust, on behalf of Class A 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 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.

	Distribution and/or Service Plan Rates
	Class A*			Class C
Distribution Plan and/or Service Plan		0.25	%		0.75	%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended June 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contigent Deferred Sales Charge
Fund	Class A		Class C
International Equity Dividend and Premium	$	17	$	—
U.S. Equity Dividend and Premium		7,823		—

41

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D.  Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.04% and 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium and U.S. Equity Dividend Funds, respectively. These arrangements will remain in effect through at least April 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to April 29, 2022, Goldman Sachs waived its transfer agent fee equal to 0.02% of the U.S. Equity Dividend and Premium Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Dividend and Premium and U.S. Equity Dividend Funds are 0.044% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended June 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
International Equity Dividend and Premium	$	182	$	728	$	237,821	$	238,731
U.S. Equity Dividend and Premium		595,203		93,210		273,638		962,051

G.  Line of Credit Facility — As of June 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2022:

Fund Name	Beginning Value as of December 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2022		Shares as of June 30, 2022		Dividend Income
International Equity Dividend and Premium	$	504,243	$	5,198,508	$	(5,702,751	)	$	—	$	—	$	489
U.S. Equity Dividend and Premium		4,137,766		191,126,885		(180,335,510	)		14,929,141		14,929,141		48,128

As of June 30, 2022, the following Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Enhanced Dividend Global Equity Portfolio
International Equity Dividend and Premium		48	%
U.S. Equity Dividend and Premium		7

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2022, were as follows:

Fund	Purchases		Sales
International Equity Dividend and Premium	$	25,471,733	$	19,179,834
U.S. Equity Dividend and Premium		551,343,934		536,724,488

7. TAX INFORMATION

As of December 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:

	International Equity Dividend and Premium			U.S. Equity Dividend and Premium
Capital loss carryforwards:
Perpetual Short-Term	$	(74,546,117	)	$	—
Perpetual Long-Term		(8,437,388	)		—
Total capital loss carryforwards	$	(82,983,505	)	$	—
Timing differences (Real Estate Investment Trusts/Post October Capital Loss Deferral)	$	(21,840	)	$	(9,121,110	)

43

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2022, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	International Equity Dividend and Premium			U.S. Equity Dividend and Premium
Tax Cost	$	144,919,031		$	2,161,703,788
Gross unrealized gain		23,378,679			579,630,668
Gross unrealized loss		(17,865,473	)		(146,747,959	)
Net unrealized security gain (loss)	$	5,513,206		$	432,882,709

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and options contracts, and differences in the tax treatment of partnership investments and real estate investment trust 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.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other

44

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

8. OTHER RISKS (continued)

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 rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

45

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	International Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		15,493		$	107,925			38,276		$	286,919
Reinvestment of distributions		10,297			65,285			7,993			59,547
Shares redeemed		(56,856	)		(377,661	)		(46,827	)		(350,353	)
		(31,066	)		(204,451	)		(558	)		(3,887	)
Class C Shares
Shares sold		3,660			25,308			4,171			30,400
Reinvestment of distributions		1,219			7,390			1,003			7,221
Shares redeemed		(18,189	)		(118,907	)		(45,662	)		(326,957	)
		(13,310	)		(86,209	)		(40,488	)		(289,336	)
Institutional Shares
Shares sold		69,939			482,618			81,531			591,238
Reinvestment of distributions		16,755			104,138			12,678			92,444
Shares redeemed		(41,572	)		(286,390	)		(198,016	)		(1,459,775	)
		45,122			300,366			(103,807	)		(776,093	)
Investor Shares
Shares sold		28,685			172,782			275,916			2,021,371
Reinvestment of distributions		12,583			78,132			21,259			154,566
Shares redeemed		(409,982	)		(2,966,840	)		(193,155	)		(1,419,459	)
		(368,714	)		(2,715,926	)		104,020			756,478
Class R6 Shares
Shares sold		593,782			4,086,093			1,073,091			7,884,259
Reinvestment of distributions		490,271			3,043,015			392,194			2,859,038
Shares redeemed		(1,832,054	)		(11,652,332	)		(3,738,617	)		(27,034,591	)
		(748,001	)		(4,523,224	)		(2,273,332	)		(16,291,294	)
Class P Shares
Shares sold		374,561			2,560,380			576,440			4,262,817
Reinvestment of distributions		425,897			2,650,225			348,446			2,543,822
Shares redeemed		(717,107	)		(4,811,127	)		(2,336,341	)		(17,167,971	)
		83,351			399,478			(1,411,455	)		(10,361,332	)
NET DECREASE		(1,032,618	)	$	(6,829,966	)		(3,725,620	)	$	(26,965,464	)

47

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Notes to Financial Statements (continued)

June 30, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2022 (Unaudited)						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,616,261		$	24,683,081			3,071,696		$	47,934,630
Reinvestment of distributions		54,089			798,801			538,836			8,627,242
Shares redeemed		(1,188,370	)		(18,079,277	)		(1,986,087	)		(31,209,475	)
		481,980			7,402,605			1,624,445			25,352,397
Class C Shares
Shares sold		248,883			3,808,833			663,493			10,366,879
Reinvestment of distributions		8,442			124,191			306,290			4,890,543
Shares redeemed		(943,211	)		(14,005,262	)		(2,707,607	)		(41,897,327	)
		(685,886	)		(10,072,238	)		(1,737,824	)		(26,639,905	)
Institutional Shares
Shares sold		10,617,473			159,464,649			15,305,046			239,419,750
Reinvestment of distributions		510,306			7,509,948			4,277,140			68,232,724
Shares redeemed		(11,414,679	)		(169,794,596	)		(26,845,489	)		(423,221,873	)
		(286,900	)		(2,819,999	)		(7,263,303	)		(115,569,399	)
Investor Shares
Shares sold		3,485,487			53,002,629			6,748,651			106,802,082
Reinvestment of distributions		186,255			2,747,043			1,657,720			26,470,639
Shares redeemed		(4,401,942	)		(65,346,761	)		(7,959,798	)		(123,914,679	)
		(730,200	)		(9,597,089	)		446,573			9,358,042
Class R6 Shares
Shares sold		3,447,713			48,273,147			8,807,588			141,751,659
Reinvestment of distributions		100,966			1,483,966			910,495			14,521,923
Shares redeemed		(951,417	)		(14,627,866	)		(3,874,637	)		(60,289,891	)
		2,597,262			35,129,247			5,843,446			95,983,691
Class P Shares
Shares sold		1,404,719			21,188,914			3,705,712			58,045,258
Reinvestment of distributions		302,191			4,450,473			2,563,555			40,891,276
Shares redeemed		(1,848,735	)		(27,721,689	)		(5,184,667	)		(81,570,806	)
		(141,825	)		(2,082,302	)		1,084,600			17,365,728
NET INCREASE (DECREASE)		1,234,431		$	17,960,224			(2,063	)	$	5,850,554

48

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 14-15, 2022 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

49

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. The information on each Fund’s investment performance was provided for the one-, three-, five-,

50

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Equity Dividend and Premium Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2022. They noted that the U.S. Equity Dividend and Premium Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

51

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

	International Equity Dividend and Premium Fund			U.S. Equity Dividend and Premium Fund
First $1 billion		0.81	%		0.75	%
Next $1 billion		0.73			0.68
Next $3 billion		0.69			0.65
Next $3 billion		0.68			0.64
Over $8 billion		0.67			0.63

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to waive a portion of its management fee with respect to U.S. Equity Dividend and Premium Fund and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of its transfer agency fee with respect to each of the Funds. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the

52

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2023.

53

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

54

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Impact of Russian Invasion of Ukraine (Unaudited)

The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds’ operations are difficult to predict.

55

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

Fund Expenses — Six Month Period Ended  June 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6 or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) contingent deferred sales charges on redemptions (with respect to Class C Shares), (if any); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A and Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6 and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual

expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	International Equity Dividend and Premium Fund							U.S. Equity Dividend and Premium Fund
Share Class	Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*		Beginning Account Value 1/1/22		Ending Account Value 6/30/22			Expenses Paid for the 6 months ended 6/30/22*
Class A
Actual	$	1,000.00	$	843.20		$	5.62	$	1,000.00	$	833.30		$	4.77
Hypothetical 5% return		1,000.00		1,018.70	+		6.16		1,000.00		1,019.59	+		5.26
Class C
Actual		1,000.00		839.10			9.03		1,000.00		830.00			8.17
Hypothetical 5% return		1,000.00		1,014.98	+		9.89		1,000.00		1,015.87	+		9.00
Institutional
Actual		1,000.00		844.00			4.07		1,000.00		834.20			3.23
Hypothetical 5% return		1,000.00		1,020.38	+		4.46		1,000.00		1,021.27	+		3.56
Investor
Actual		1,000.00		843.10			4.48		1,000.00		833.90			3.64
Hypothetical 5% return		1,000.00		1,019.93	+		4.91		1,000.00		1,020.83	+		4.01
Class R6
Actual		1,000.00		844.00			4.02		1,000.00		834.70			3.18
Hypothetical 5% return		1,000.00		1,020.43			4.41		1,000.00		1,021.32	+		3.51
Class P
Actual		1,000.00		844.20			4.02		1,000.00		834.20			3.18
Hypothetical 5% return		1,000.00		1,020.43	+		4.41		1,000.00		1,020.32	+		3.51

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class P
International Equity Dividend and Premium		1.23	%		1.98	%		0.89	%		0.98	%		0.88	%		0.88	%
U.S. Equity Dividend and Premium		1.05			1.80			0.71			0.80			0.70			0.70

56

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund⁵

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁶

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown are as of June 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2022 Goldman Sachs. All rights reserved. 287744-OTU-08/2022 TAXADVSAR2-22

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is filed herewith.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)		Not applicable to open-end investment companies.
(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

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
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 26, 2022

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
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	August 26, 2022
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 26, 2022

EX-99.CODE

POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Applicability: All GSAM

This policy is applicable to GST, GS VIT, GST II, CEFs, ETFs, CEIF

A. Preamble

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission (the “SEC”) has adopted rules requiring annual disclosure of an investment company’s code of ethics applicable to its principal executive, principal financial and principal accounting officers. Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs Trust II, Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II (together, the “Trusts”), Goldman Sachs Real Estate Diversified Income Fund (a “Closed-End Interval Fund”), and Goldman Sachs Closed-End Funds¹ (the “Closed-End Funds” and together with the Trusts and Closed-End Interval Fund, the “Registrants”) have adopted this Code of Ethics (the “Code”) pursuant to these rules.

B. Covered Officers/Purpose of Code

This Code applies to the Principal Executive Officer and Principal Financial Officer/Principal Accounting Officer (the “Covered Officers”) of the Registrants for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrants files with, or submits to, the SEC and in other public communications made by the Registrants;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of this Code to an appropriate person or persons identified herein; and

• accountability for adherence to this Code.

Each Covered Officer owes a duty to the Registrants to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to both actual and apparent conflicts of interest. Each Covered Officer should encourage his or her colleagues who provide services to the Registrants, whether directly or indirectly, to do the same.

¹  This Code shall apply to any closed-end management investment company managed by Goldman Sachs Asset Management, L.P. (“GSAM”) or an affiliated person of GSAM, as listed in Schedule A of this Code.

Effective Date: April 16, 2018 For Internal Use Only Page 1 of 8

POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

C. Covered Officers Should Handle Actual and Apparent Conflicts of Interest Ethically

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Registrant. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, received improper personal benefits as a result of his or her position with the Registrant.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and a Registrant and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940” Act), and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Registrant. The compliance programs and procedures of the Registrants and their investment advisers and distributor (as applicable) are designed to prevent or identify and correct violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures.

Although they typically do not present an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Registrants and their investment advisers and distributor (as applicable), of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions which will have different effects on the investment advisers, the distributor (as applicable) and the Registrants. The participation of the Covered Officers in such activities is inherent in these contractual relationships and is consistent with the performance by the Covered Officers of their duties as officers of the Registrants and, if addressed in conformity with the provisions of the 1940 Act and the Advisers Act, will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. Covered Officers should keep in mind that the following list of prohibitions does not cover every possible situation. The overarching principle – that the personal interest of a Covered Officer should not be placed improperly before the interest of the Registrants – should be the guiding principle in all circumstances.

Each Covered Officer must:

• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Registrants whereby the Covered Officer would benefit personally to the detriment of the Registrants;

• not cause the Registrants to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Registrants;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Registrants to profit personally or cause others to profit by the market effect of such transactions; and

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POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

• report at least annually his or her affiliations and other relationships as requested in the Registrant’s annual Trustees and Officers Questionnaire.

There are some conflict of interest situations that may be material and should be discussed with the Secretary of a Registrant. Examples of these include:

• any outside business activity that detracts from the ability of a Covered Officer to devote appropriate time and attention to his or her responsibilities as a Covered Officer of the Registrant;

• the receipt of any non-nominal gifts related to the business of the Registrant that may be inconsistent with any policy on gifts established by the Registrant’s investment advisers and distributor (as applicable) from time to time; and

• a direct or indirect personal financial interest in commissions, transaction charges or spreads paid by the Registrant for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

D. Disclosure

Each Covered Officer:

• must familiarize himself or herself with the disclosure requirements applicable to a Registrant and its disclosure controls and procedures;

• must not knowingly misrepresent, or cause others to misrepresent, facts about the Registrant to others, whether within or outside the Registrant, including to the Registrant’s trustees and auditors and governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Registrant and its investment advisers and distributor and take other appropriate steps with the goal of promoting full, fair, accurate and timely disclosure in the reports and documents the Registrant files with, or submits to, the SEC and that are signed or certified by him or her; and

• must cooperate with the Registrant’s independent accountants, regulatory agencies and internal auditors in their review or inspection of the Registrant and its operations.

E. Compliance

It is the responsibility of each Covered Officer to otherwise promote adherence with the standards and restrictions imposed by applicable laws, rules and regulations.

Effective Date: April 16, 2018 For Internal Use Only Page 3 of 8

POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

F. Reporting and Accountability

Each Covered Officer must:

• upon adoption of this Code, affirm in writing that he or she has received and read this Code and understands it;

• annually thereafter affirm that he or she has complied with the requirements of this Code;

• not retaliate against any person for reports of potential violations that are made in good faith; and

• notify the Secretary of a Registrant promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Secretary of the Registrant or the Chief Legal Officer of the Registrant is responsible for applying this Code to specific situations in the event questions are presented under it and has the authority to interpret this Code in any particular situation.

G. Investigations and Enforcements

The Registrants will follow these procedures in investigating and enforcing this Code:

• the Secretary of the Registrant or the Chief Legal Officer of the Registrant will take all appropriate action to investigate any violations and potential violations reported to him or her;

• violations will be reported to the Board of Trustees (or Board of Managers, as applicable) of the Registrant (the “Board”) after such investigation;

• if the Board determines that a violation has occurred, it will consider appropriate action, which may, without limitation, include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment advisers, distributor or their respective boards; or recommendation of the dismissal of the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as required by SEC rules.

H. Other Policies and Procedures

The Registrants’ and their investment advisers’ and distributor’s (as applicable) codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

I. Amendments

This Code may not be amended except in written form, which is specifically approved or ratified by the Board.

Effective Date: April 16, 2018 For Internal Use Only Page 4 of 8

POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

J. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed to anyone other than the Board, the Registrants’ investment advisers and distributor (as applicable), and their respective counsel.

K. Internal Use

This Code is intended solely for the internal use by the Registrants. This Code is a statement of certain fundamental principles, policies and procedures that govern the Covered Officers in the conduct of the Registrants’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person.

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POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Schedule A

Goldman Sachs Closed-End Funds

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs Real Estate Diversified Income Fund

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POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Additional Revision History²

• August 26, 2021 (Addition of Goldman Sachs ETF Trust II)

• December 18, 2019 (Addition of Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund and removal of Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC)

• December 7, 2017 (Addition of Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC)

• April 16, 2015 (Addition of Goldman Sachs ETF Trust)

• August 14, 2014 (Addition of Goldman Sachs MLP and Energy Renaissance Fund)

• October 17, 2013 (Addition of Goldman Sachs MLP Income Opportunities Fund)

• April 16, 2013 (GST II - Initial Approval)

• July 31, 2003 (GST - First web posting)

²  Due to system limitations the revision history in this section was not migrated from PLS to GS DOCS. The revision history in this section is in addition to the Revision History at the end of this policy/procedure.

Effective Date: April 16, 2018 For Internal Use Only Page 7 of 8

POLICY ON CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

REVISION HISTORY

1. Version 5.7, March 01, 2022 (Current version: Other; Minor typographical changes.)

2. Version 5.6, September 10, 2021 (Other; Updated to add ETF Trust II)

3. Version 5.5, April 16, 2021 (Routine review cycle; Added Goldman Sachs Real Estate Diversified Income Fund, removed Goldman Sachs MLP Income Opportunities Fund from Appendix A, and made typographical changes.)

4. Version 5.4, June 30, 2020 (Other; Removing GS Credit Income Fund)

5. Version 5.3, April 09, 2020 (Other; Reformatting the revision history)

6. Version 5.2, April 07, 2020 (Other; Reformatting, adding a footnote in the additional revision history section of the policy. )

7. Version 5.1, April 02, 2020 (Onboard to new application/document format)

8. Version 5.0, June 02, 2018 (Revised to combine the policy for GST and GSVIT with GST II, CEF, and ETF)

9. Version 4.0, April 01, 2016 (GST - Revised to delete GS Credit Strategies Fund)

10. Version 3.0, September 17, 2013 (Adding revision history; GST - Reviewed and re-approved without change)

11. Version 2.0, June 28, 2013 (Reviewed and reapproved without change)

12. Version 1.0, March 10, 2012 (New Document)

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EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 26, 2022

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 26, 2022

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906 CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2022 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Joseph F. DiMaria
James A. McNamara	Joseph F. DiMaria
Date: August 26, 2022	August 26, 2022

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.